XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.1
Indebtedness, net (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (11)
Interest RateMarch 31, 2023December 31, 2022
Mortgage loan (3)
The Ritz-Carlton SarasotaApril 2023April 2023
LIBOR (1) + 2.65%
$98,250 $98,500 
Mortgage loan (4)
Hotel YountvilleMay 2023May 2023
LIBOR (1) + 2.55%
51,000 51,000 
Mortgage loan (5)
The Notary HotelJune 2023June 2025
LIBOR (1) + 2.16%
435,000 435,000 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loanBardessono Hotel and SpaAugust 2023August 2023
SOFR (2) + 2.65%
40,000 40,000 
Mortgage loan (6)
The Ritz-Carlton St. ThomasAugust 2023August 2024
LIBOR (1) + 3.95%
42,500 42,500 
Mortgage loan The Ritz-Carlton Lake TahoeJanuary 2024January 2024
SOFR (2) + 2.20%
54,000 54,000 
Mortgage loan
Capital HiltonFebruary 2024February 2024
LIBOR (1) + 1.70%
195,000 195,000 
Hilton La Jolla Torrey Pines
Mortgage loan (7)
Park Hyatt Beaver Creek Resort & SpaFebruary 2024February 2027
SOFR (2) + 2.86%
70,500 70,500 
Mortgage loan (8)
The Ritz-Carlton Reserve Dorado BeachMarch 2024March 2026
LIBOR (1) + 6.00%
— 54,000 
Mortgage loan (9)
Mr. C Beverly Hills HotelAugust 2024August 2024
LIBOR (1) + 3.60%
30,000 30,000 
Mortgage loanPier House Resort & SpaSeptember 2024September 2024
SOFR (2) + 1.95%
80,000 80,000 
Mortgage loan (10)
Four Seasons Resort ScottsdaleDecember 2025December 2027
SOFR (2) + 3.75%
100,000 100,000 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 86,250 
1,282,500 1,336,750 
Capitalized default interest and late charges, net1,465 1,934 
Deferred loan costs, net(4,266)(5,054)
Premiums/(discounts), net(2,057)500 
Indebtedness, net$1,277,642 $1,334,130 
__________________
(1)LIBOR rates were 4.86% and 4.39% at March 31, 2023 and December 31, 2022, respectively.
(2)SOFR rates were 4.80% and 4.36% at March 31, 2023 and December 31, 2022, respectively.
(3)On April 4, 2023, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR +2.65% with SOFR+2.75%, extended the current maturity date to October 2023, and added one six-month extension option, subject to satisfaction of certain conditions.
(4)On April 18, 2023, we amended this mortgage loan. Terms of the amendment replaced the variable interest rate of LIBOR +2.55% with SOFR+2.65%, extended the current maturity date to November 2023, and added one six-month extension option, subject to satisfaction of certain conditions.
(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)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%.
(7)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(8)On January 18, 2023, we repaid this mortgage loan.
(9)This mortgage loan has a LIBOR floor of 1.50%.
(10)This mortgage loan has a SOFR floor of 1.00%.
(11)The final maturity date assumes all available extension options will be exercised.