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Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (12)
Interest RateSeptember 30, 2021December 31, 2020
Mortgage loan (3)
Park Hyatt Beaver Creek Resort & SpaApril 2022April 2022
LIBOR (1) +3.00%
$67,500 $67,500 
Mortgage loan (4)
The Notary HotelJune 2022June 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. ThomasAugust 2022August 2024
LIBOR (1) + 3.95%
42,500 42,500 
Term loan (6)
EquityOctober 2022October 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 SarasotaApril 2023April 2023
LIBOR (1) + 2.65%
99,750 100,000 
Mortgage loan (7) (8)
Hotel YountvilleMay 2023May 2023
LIBOR (1) + 2.55%
51,000 51,000 
Mortgage loan (7) (8)
Bardessono Hotel and SpaAugust 2023August 2023
LIBOR (1) + 2.55%
40,000 40,000 
Mortgage loan (7)
The Ritz-Carlton Lake TahoeJanuary 2024January 2024
LIBOR (1) + 2.10%
54,000 54,000 
Mortgage loan (9)
Capital HiltonFebruary 2024February 2024
LIBOR (1) + 1.70%
195,203 197,229 
Hilton La Jolla Torrey Pines
Mortgage loan (10)
Mr. C Beverly Hills HotelAugust 2024August 2024
LIBOR (1) + 3.60%
30,000 — 
Mortgage loan (7)
Pier House Resort & SpaSeptember 2024September 2024
LIBOR (1) + 1.85%
80,000 80,000 
Convertible Senior Notes (11)
EquityJune 2026June 20264.50%86,250 — 
1,181,203 1,128,724 
Capitalized default interest and late charges4,425 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.