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Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (13)
Interest RateDecember 31, 2022December 31, 2021
Debt BalanceBook Value of CollateralDebt BalanceBook Value of Collateral
Mortgage loan (3)
Park Hyatt Beaver Creek Resort & SpaApril 2022April 2022
LIBOR (1) + 3.00%
$— $— $67,500 $137,718 
Mortgage loan (4)
The Ritz-Carlton SarasotaApril 2023April 2023
LIBOR (1) + 2.65%
98,500 162,134 99,500 162,621 
Mortgage loan (4)
Hotel YountvilleMay 2023May 2023
LIBOR (1) + 2.55%
51,000 84,180 51,000 85,847 
Mortgage loan (5)
The Notary HotelJune 2023June 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 SpaAugust 2023August 2023
LIBOR (1) + 2.55%
— — 40,000 53,413 
Mortgage loan (6)
Bardessono Hotel and SpaAugust 2023August 2023
SOFR (2) + 2.65%
40,000 51,514 — — 
Mortgage loan (7)
The Ritz-Carlton St. ThomasAugust 2023August 2024
LIBOR (1) + 3.95%
42,500 119,492 42,500 124,114 
Mortgage loan (4)(8)
The Ritz-Carlton Lake TahoeJanuary 2024January 2024
LIBOR (1) + 2.10%
— — 54,000 112,713 
Mortgage loan (8)
The Ritz-Carlton Lake TahoeJanuary 2024January 2024
SOFR (2) + 2.20%
54,000 112,777 — — 
Mortgage loan
Capital HiltonFebruary 2024February 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 & SpaFebruary 2024February 2027
SOFR (2) + 2.86%
70,500 139,830 — — 
Mortgage loan (9)
The Ritz-Carlton Reserve Dorado BeachMarch 2024March 2026
LIBOR (1) + 6.00%
54,000 193,367 — — 
Mortgage loan (10)
Mr. C Beverly Hills HotelAugust 2024August 2024
LIBOR (1) + 3.60%
30,000 71,820 30,000 73,587 
Mortgage loan (4) (11)
Pier House Resort & SpaSeptember 2024September 2024
LIBOR (1) + 1.85%
— — 80,000 85,281 
Mortgage loan (11)
Pier House Resort & SpaSeptember 2024September 2024
SOFR (2) + 1.95%
80,000 83,361 — — 
Mortgage loan (12)
Four Seasons Resort ScottsdaleDecember 2025December 2027
SOFR (2) + 3.75%
100,000 267,460 — — 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 — 86,250 — 
1,336,750 $1,884,601 1,180,750 $1,445,597 
Capitalized default interest and late charges, net1,934 3,904 
Deferred loan costs, net(5,054)(3,538)
Premiums/(discounts), net500 (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 
2024483,500 
2025100,000 
202686,250 
2027— 
Thereafter— 
Total$1,336,750