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v3.22.1

Indebtedness, net (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (9) |  | Interest Rate |  | March 31, 2022 |  |  |  | December 31, 2021 |  |
Mortgage loan (3) |  | Park Hyatt Beaver Creek Resort & Spa |  | April 2022 |  | April 2022 |  | LIBOR (1) +3.00% |  | $ | — |  |  |  |  | $ | 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 |  |  |
Mortgage loan (6) |  | The Ritz-Carlton Sarasota |  | April 2023 |  | April 2023 |  | LIBOR (1) + 2.65% |  | 99,250 |  |  |  |  | 99,500 |  |  |
Mortgage loan (6) |  | Hotel Yountville |  | May 2023 |  | May 2023 |  | LIBOR (1) + 2.55% |  | 51,000 |  |  |  |  | 51,000 |  |  |
Mortgage loan (6) |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | LIBOR (1) + 2.55% |  | 40,000 |  |  |  |  | 40,000 |  |  |
Mortgage loan (6) |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | January 2024 |  | LIBOR (1) + 2.10% |  | 54,000 |  |  |  |  | 54,000 |  |  |
Mortgage loan |  | Capital Hilton |  | February 2024 |  | February 2024 |  | LIBOR (1) + 1.70% |  | 195,000 |  |  |  |  | 195,000 |  |  |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (3) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2024 |  | February 2027 |  | SOFR (2) + 2.86% |  | 70,500 |  |  |  |  | — |  |  |
Mortgage loan (7) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2024 |  | March 2026 |  | LIBOR (1) + 6.00% |  | 54,000 |  |  |  |  | — |  |  |
Mortgage loan (8) |  | Mr. C Beverly Hills Hotel |  | August 2024 |  | August 2024 |  | LIBOR (1) + 3.60% |  | 30,000 |  |  |  |  | 30,000 |  |  |
Mortgage loan (6) |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | LIBOR (1) + 1.85% |  | 80,000 |  |  |  |  | 80,000 |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
|  |  |  |  |  |  |  |  |  | 1,237,500 |  |  |  |  | 1,180,750 |  |  |
Capitalized default interest and late charges, net |  |  |  |  |  |  |  |  |  | 3,382 |  |  |  |  | 3,904 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (4,502) |  |  |  |  | (3,538) |  |  |
Premiums/(Discounts), net |  |  |  |  |  |  |  |  |  | 1,768 |  |  |  |  | (8,438) |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,238,148 |  |  |  |  | $ | 1,172,678 |  |  |
__________________ (1)LIBOR rates were 0.452% and 0.101% at March 31, 2022 and December 31, 2021, respectively. (2)SOFR rate was 0.302% at March 31, 2022. (3)On February 2, 2022, we refinanced this mortgage loan totaling $67.5 million with a new $70.5 million mortgage loan with a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 2.86%. (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)This mortgage loan has a LIBOR floor of 0.25%. (7)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a LIBOR floor of 0.75%. (8)This mortgage loan has a LIBOR floor of 1.50%. (9)The final maturity date assumes all available extensions options will be exercised.

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