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v3.20.4

Indebtedness, net (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | December 31, 2020 |  | December 31, 2019
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | Debt Balance |  | Book Value of Collateral |  | Debt Balance |  | Book Value of Collateral
Secured revolving credit facility (3) |  | Equity |  | October 2022 |  | Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Mortgage loan (4) |  | Park Hyatt Beaver Creek Resort & Spa |  | April 2021 |  | LIBOR (1) + 2.75% |  | 67,500 |  |  | 140,516 |  |  | 67,500 |  |  | 144,667 |
Mortgage loan (5) |  | The Notary Hotel |  | June 2021 |  | LIBOR (1) + 2.16% |  | 435,000 |  |  | 439,215 |  |  | 435,000 |  |  | 465,005 |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (6) |  | The Ritz-Carlton St. Thomas |  | August 2021 |  | LIBOR (1) + 3.95% |  | 42,500 |  |  | 130,216 |  |  | 42,500 |  |  | 134,796 |
Mortgage loan (7) |  | Hotel Yountville |  | May 2022 |  | LIBOR (1) + 2.55% |  | 51,000 |  |  | 87,795 |  |  | 51,000 |  |  | 90,088 |
Mortgage loan (7) |  | Bardessono Hotel and Spa |  | August 2022 |  | LIBOR (1) + 2.55% |  | 40,000 |  |  | 56,645 |  |  | 40,000 |  |  | 59,542 |
Term loan (3) |  | Equity |  | October 2022 |  | Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% |  | 61,495 |  |  | — |  |  | — |  |  | — |
Mortgage loan (7) |  | The Ritz-Carlton Sarasota |  | April 2023 |  | LIBOR (1) + 2.65% |  | 100,000 |  |  | 163,814 |  |  | 100,000 |  |  | 166,023 |
Mortgage loan (7) |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | LIBOR (1) + 2.10% |  | 54,000 |  |  | 113,821 |  |  | 54,000 |  |  | 115,988 |
Mortgage loan (8) |  | Capital Hilton |  | February 2024 |  | LIBOR (1) + 1.70% |  | 197,229 |  |  | 203,918 |  |  | 195,000 |  |  | 215,163 |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (7) |  | Pier House Resort & Spa |  | September 2024 |  | LIBOR (1) + 1.85% |  | 80,000 |  |  | 88,650 |  |  | 80,000 |  |  | 90,150 |
|  |  |  |  |  |  |  | 1,128,724 |  |  | 1,424,590 |  |  | 1,065,000 |  |  | 1,481,422 |
Capitalized default interest and late charges |  |  |  |  |  |  |  | 7,304 |  |  | — |  |  | — |  |  | — |
Deferred loan costs, net |  |  |  |  |  |  |  | (5,434) |  |  | — |  |  | (6,514) |  |  | — |
Indebtedness, net |  |  |  |  |  |  |  | $ | 1,130,594 |  |  | $ | 1,424,590 |  |  | $ | 1,058,486 |  |  | $ | 1,481,422 |
__________________ (1)LIBOR rates were 0.144% and 1.763% at December 31, 2020 and December 31, 2019, respectively. (2)Base Rate, as defined in the secured term loan agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%, or (iii) LIBOR + 1.0%. (3)Effective June 8, 2020, we amended our secured revolving credit facility totaling $75 million, which was the total borrowing capacity. In conjunction with the amendment, we repaid $10.0 million of principal and converted the facility to a term loan with a principal balance of $65 million. The amended term loan is interest only until March 2021 and bears interest at a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.5%, with a LIBOR floor of 0.50%. (4)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020. (5)Effective June 9, 2020, we executed a FF&E accommodation agreement for this mortgage loan. Terms of the agreement included lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through January 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in June 2020. (6)The interest rate spread on this mortgage loan changed from 4.95% as of December 31, 2019, to 3.95% as of March 31, 2020, based on an appraisal received in accordance with the August 5, 2019 loan amendment. This mortgage loan has a LIBOR floor of 1.00%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (7)Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included adding a LIBOR floor of 0.25%; deferral of interest payments for three months with the option to extend the interest payment deferral an additional three months, which was exercised in August 2020, with all deferred payments due at maturity; lender-held reserves were made available to fund property-level operating expenses; and monthly FF&E escrow deposits were waived through December 2020. (8)Effective September 24, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included deferral of interest payments for six months, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020. In conjunction with the forbearance agreement, deferred interest payments of $2.2 million were capitalized into the principal balance and are to be repaid in 12 monthly installments beginning January 2021.
Schedule of Maturities of Long-term Debt | Maturities and scheduled amortization of indebtedness as of December 31, 2020, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands):
2021 | $ | 567,229 |
2022 | 132,495 |
2023 | 100,000 |
2024 | 329,000 |
2025 | — |
Thereafter | — |
Total | $ | 1,128,724 |

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