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v3.22.4

Indebtedness, net (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (13) |  | Interest Rate |  | December 31, 2022 |  | December 31, 2021
|  |  |  |  | Debt Balance |  | Book Value of Collateral |  | Debt Balance |  | Book Value of Collateral
Mortgage loan (3) |  | Park Hyatt Beaver Creek Resort & Spa |  | April 2022 |  | April 2022 |  | LIBOR (1) + 3.00% |  | $ | — |  |  | $ | — |  |  | $ | 67,500 |  |  | $ | 137,718 |
Mortgage loan (4) |  | The Ritz-Carlton Sarasota |  | April 2023 |  | April 2023 |  | LIBOR (1) + 2.65% |  | 98,500 |  |  | 162,134 |  |  | 99,500 |  |  | 162,621 |
Mortgage loan (4) |  | Hotel Yountville |  | May 2023 |  | May 2023 |  | LIBOR (1) + 2.55% |  | 51,000 |  |  | 84,180 |  |  | 51,000 |  |  | 85,847 |
Mortgage loan (5) |  | The Notary Hotel |  | June 2023 |  | June 2025 |  | LIBOR (1) + 2.16% |  | 435,000 |  |  | 403,896 |  |  | 435,000 |  |  | 417,109 |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (4)(6) |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | LIBOR (1) + 2.55% |  | — |  |  | — |  |  | 40,000 |  |  | 53,413 |
Mortgage loan (6) |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | SOFR (2) + 2.65% |  | 40,000 |  |  | 51,514 |  |  | — |  |  | — |
Mortgage loan (7) |  | The Ritz-Carlton St. Thomas |  | August 2023 |  | August 2024 |  | LIBOR (1) + 3.95% |  | 42,500 |  |  | 119,492 |  |  | 42,500 |  |  | 124,114 |
Mortgage loan (4)(8) |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | January 2024 |  | LIBOR (1) + 2.10% |  | — |  |  | — |  |  | 54,000 |  |  | 112,713 |
Mortgage loan (8) |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | January 2024 |  | SOFR (2) + 2.20% |  | 54,000 |  |  | 112,777 |  |  | — |  |  | — |
Mortgage loan |  | Capital Hilton |  | February 2024 |  | February 2024 |  | LIBOR (1) + 1.70% |  | 195,000 |  |  | 194,770 |  |  | 195,000 |  |  | 193,194 |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (3) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2024 |  | February 2027 |  | SOFR (2) + 2.86% |  | 70,500 |  |  | 139,830 |  |  | — |  |  | — |
Mortgage loan (9) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2024 |  | March 2026 |  | LIBOR (1) + 6.00% |  | 54,000 |  |  | 193,367 |  |  | — |  |  | — |
Mortgage loan (10) |  | Mr. C Beverly Hills Hotel |  | August 2024 |  | August 2024 |  | LIBOR (1) + 3.60% |  | 30,000 |  |  | 71,820 |  |  | 30,000 |  |  | 73,587 |
Mortgage loan (4) (11) |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | LIBOR (1) + 1.85% |  | — |  |  | — |  |  | 80,000 |  |  | 85,281 |
Mortgage loan (11) |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | SOFR (2) + 1.95% |  | 80,000 |  |  | 83,361 |  |  | — |  |  | — |
Mortgage loan (12) |  | Four Seasons Resort Scottsdale |  | December 2025 |  | December 2027 |  | SOFR (2) + 3.75% |  | 100,000 |  |  | 267,460 |  |  | — |  |  | — |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  | — |  |  | 86,250 |  |  | — |
|  |  |  |  |  |  |  |  |  | 1,336,750 |  |  | $ | 1,884,601 |  |  | 1,180,750 |  |  | $ | 1,445,597 |
Capitalized default interest and late charges, net |  |  |  |  |  |  |  |  |  | 1,934 |  |  |  |  | 3,904 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (5,054) |  |  |  |  | (3,538) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | 500 |  |  |  |  | (8,438) |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,334,130 |  |  |  |  | $ | 1,172,678 |  |  |
__________________ (1)LIBOR rates were 4.392% and 0.101% at December 31, 2022 and December 31, 2021, respectively. (2)SOFR rate was 4.358% at December 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 a LIBOR floor of 0.25%. (5)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in June 2022. (6)On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.55% with SOFR + 2.65%. (7)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in August 2022. This mortgage loan has a LIBOR floor of 1.00%. (8)On October 27, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 2.10% with SOFR + 2.20%. (9)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%. (10)This mortgage loan has a LIBOR floor of 1.50%. (11)On September 29, 2022, we amended this mortgage loan. Terms of the agreement replaced the variable interest rate of LIBOR + 1.85% with SOFR + 1.95%. (12)On December 23, 2022, we entered into a new $100 million mortgage loan with a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%. This mortgage loan has a SOFR floor of 1.00%. (13)The final maturity date assumes all available extensions options will be exercised.
Schedule of Maturities of Long-term Debt | Maturities and scheduled amortization of indebtedness as of December 31, 2022, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands):
2023 | $ | 667,000 |
2024 | 483,500 |
2025 | 100,000 |
2026 | 86,250 |
2027 | — |
Thereafter | — |
Total | $ | 1,336,750 |

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