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v3.23.2

Indebtedness, net (Tables) | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (11) |  | Interest Rate |  | June 30, 2023 |  | December 31, 2022
Mortgage loan (3) |  | The Ritz-Carlton Sarasota |  | April 2023 |  | April 2023 |  | LIBOR (1) + 2.65% |  | $ | — |  |  |  |  | $ | 98,500 |  |  |
Mortgage loan (4) |  | Hotel Yountville |  | May 2023 |  | May 2023 |  | LIBOR (1) + 2.55% |  | — |  |  |  |  | 51,000 |  |  |
Mortgage loan |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | SOFR (2) + 2.65% |  | 40,000 |  |  |  |  | 40,000 |  |  |
Mortgage loan (5) |  | The Ritz-Carlton St. Thomas |  | August 2023 |  | August 2024 |  | LIBOR (1) + 3.95% |  | 42,500 |  |  |  |  | 42,500 |  |  |
Mortgage loan (3) |  | The Ritz-Carlton Sarasota |  | October 2023 |  | April 2024 |  | SOFR (2) + 3.60% |  | 98,000 |  |  |  |  | — |  |  |
Mortgage loan (4) |  | Hotel Yountville |  | November 2023 |  | May 2024 |  | SOFR (2) + 2.65% |  | 51,000 |  |  |  |  | — |  |  |
Mortgage loan |  | The Ritz-Carlton Lake Tahoe |  | January 2024 |  | January 2024 |  | SOFR (2) + 2.20% |  | 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 (6) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2024 |  | February 2027 |  | SOFR (2) + 2.86% |  | 70,500 |  |  |  |  | 70,500 |  |  |
Mortgage loan (7) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2024 |  | March 2026 |  | LIBOR (1) + 6.00% |  | — |  |  |  |  | 54,000 |  |  |
Mortgage loan (8) |  | The Notary Hotel |  | June 2024 |  | June 2025 |  | LIBOR (1) + 2.61% |  | 293,180 |  |  |  |  | 435,000 |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (9) |  | Mr. C Beverly Hills Hotel |  | August 2024 |  | August 2024 |  | LIBOR (1) + 3.60% |  | 30,000 |  |  |  |  | 30,000 |  |  |
Mortgage loan |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | SOFR (2) + 1.95% |  | 80,000 |  |  |  |  | 80,000 |  |  |
Mortgage loan (10) |  | Four Seasons Resort Scottsdale |  | December 2025 |  | December 2027 |  | SOFR (2) + 3.75% |  | 100,000 |  |  |  |  | 100,000 |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
|  |  |  |  |  |  |  |  |  | 1,140,430 |  |  |  |  | 1,336,750 |  |  |
Capitalized default interest and late charges, net |  |  |  |  |  |  |  |  |  | 1,046 |  |  |  |  | 1,934 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (3,616) |  |  |  |  | (5,054) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | (1,902) |  |  |  |  | 500 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,135,958 |  |  |  |  | $ | 1,334,130 |  |  |
__________________ (1)LIBOR rates were 5.22% and 4.39% at June 30, 2023 and December 31, 2022, respectively. (2)SOFR rates were 5.14% and 4.36% at June 30, 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. Effective June 1, 2023, the variable interest rate increased from SOFR + 2.75% to SOFR + 3.60% in accordance with the loan agreement. (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 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%. (6)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (7)On January 18, 2023, we repaid this mortgage loan. (8)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. In accordance with exercising the fourth one-year extension option, we repaid $142.0 million of principal and the variable interest rate increased from LIBOR + 2.16% to LIBOR + 2.61%. (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.

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