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Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
December 31, 2020December 31, 2019
IndebtednessCollateralMaturityInterest Rate Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Secured revolving credit facility (3)
EquityOctober 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 & SpaApril 2021
LIBOR (1) + 2.75%
67,500 140,516 67,500 144,667 
Mortgage loan (5)
The Notary HotelJune 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. ThomasAugust 2021
LIBOR (1) + 3.95%
42,500 130,216 42,500 134,796 
Mortgage loan (7)
Hotel YountvilleMay 2022
LIBOR (1) + 2.55%
51,000 87,795 51,000 90,088 
Mortgage loan (7)
Bardessono Hotel and SpaAugust 2022
LIBOR (1) + 2.55%
40,000 56,645 40,000 59,542 
Term loan (3)
EquityOctober 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 SarasotaApril 2023
LIBOR (1) + 2.65%
100,000 163,814 100,000 166,023 
Mortgage loan (7)
The Ritz-Carlton Lake TahoeJanuary 2024
LIBOR (1) + 2.10%
54,000 113,821 54,000 115,988 
Mortgage loan (8)
Capital HiltonFebruary 2024
LIBOR (1) + 1.70%
197,229 203,918 195,000 215,163 
Hilton La Jolla Torrey Pines
Mortgage loan (7)
Pier House Resort & SpaSeptember 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 charges7,304 — — — 
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 
2022132,495 
2023100,000 
2024329,000 
2025— 
Thereafter— 
Total$1,128,724