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v3.21.2

Indebtedness, net (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (12) |  | Interest Rate |  | September 30, 2021 |  | December 31, 2020
Mortgage loan (3) |  | Park Hyatt Beaver Creek Resort & Spa |  | April 2022 |  | April 2022 |  | LIBOR (1) +3.00% |  | $ | 67,500 |  |  |  |  | $ | 67,500 |  |  |
Mortgage loan (4) |  | The Notary Hotel |  | June 2022 |  | June 2025 |  | LIBOR (1) + 2.16% |  | 435,000 |  |  |  |  | 435,000 |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (5) |  | The Ritz-Carlton St. Thomas |  | August 2022 |  | August 2024 |  | LIBOR (1) + 3.95% |  | 42,500 |  |  |  |  | 42,500 |  |  |
Term loan (6) |  | Equity |  | October 2022 |  | October 2022 |  | Base Rate (2) + 1.25% to 2.65% or LIBOR (1) + 2.25% to 3.65% |  | — |  |  |  |  | 61,495 |  |  |
Mortgage loan (7) |  | The Ritz-Carlton Sarasota |  | April 2023 |  | April 2023 |  | LIBOR (1) + 2.65% |  | 99,750 |  |  |  |  | 100,000 |  |  |
Mortgage loan (7) (8) |  | Hotel Yountville |  | May 2023 |  | May 2023 |  | LIBOR (1) + 2.55% |  | 51,000 |  |  |  |  | 51,000 |  |  |
Mortgage loan (7) (8) |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | LIBOR (1) + 2.55% |  | 40,000 |  |  |  |  | 40,000 |  |  |
Mortgage loan (7) |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | January 2024 |  | LIBOR (1) + 2.10% |  | 54,000 |  |  |  |  | 54,000 |  |  |
Mortgage loan (9) |  | Capital Hilton |  | February 2024 |  | February 2024 |  | LIBOR (1) + 1.70% |  | 195,203 |  |  |  |  | 197,229 |  |  |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (10) |  | Mr. C Beverly Hills Hotel |  | August 2024 |  | August 2024 |  | LIBOR (1) + 3.60% |  | 30,000 |  |  |  |  | — |  |  |
Mortgage loan (7) |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | LIBOR (1) + 1.85% |  | 80,000 |  |  |  |  | 80,000 |  |  |
Convertible Senior Notes (11) |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | — |  |  |
|  |  |  |  |  |  |  |  |  | 1,181,203 |  |  |  |  | 1,128,724 |  |  |
Capitalized default interest and late charges |  |  |  |  |  |  |  |  |  | 4,425 |  |  |  |  | 7,304 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (3,997) |  |  |  |  | (5,434) |  |  |
Discounts, net |  |  |  |  |  |  |  |  |  | (8,844) |  |  |  |  | — |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,172,787 |  |  |  |  | $ | 1,130,594 |  |  |
__________________ (1)LIBOR rates were 0.080% and 0.144% at September 30, 2021 and December 31, 2020, 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 January 9, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through June 2021. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in April 2021. (4)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in June 2021. (5)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in August 2021. This mortgage loan has a LIBOR floor of 1.00%. (6)Effective February 22, 2021, we amended this term loan. In conjunction with the amendment, the interest rate spread increased from a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.50% to a Base Rate + 1.25% - 2.65% or LIBOR + 2.25% - 3.65%, with a LIBOR floor of 0.50%. On May 18, 2021, we repaid this term loan in full. (7)Effective December 31, 2020, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits being waived from January 2021 through December 2021. This mortgage loan has a LIBOR floor of 0.25%. (8)On September 23, 2021, we amended this mortgage loan. Terms of the agreement included extending the current and final maturity dates by one year. (9)Effective March 5, 2021, we amended this mortgage loan. Terms of the agreement included monthly FF&E escrow deposits waived through July 1, 2021. (10)This mortgage loan has a LIBOR floor of 1.50%. (11)On May 18, 2021, we executed a purchase agreement to sell convertible senior notes in a private offering. In conjunction with the private offering, we sold convertible senior notes with an aggregate principal amount of $86.25 million. (12)The final maturity date assumes all available extensions options will be exercised.

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