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v3.23.3

Indebtedness, net (Tables) | 9 Months Ended
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Sep. 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 |  | September 30, 2023 |  | December 31, 2022
Mortgage loan (4) |  | Bardessono Hotel and Spa |  | August 2023 |  | August 2023 |  | SOFR (2) + 2.65% |  | $ | — |  |  |  |  | $ | 40,000 |  |  |
Mortgage loan (4) |  | The Ritz-Carlton Sarasota |  | October 2023 |  | April 2024 |  | LIBOR (1) + 2.65% |  | — |  |  |  |  | 98,500 |  |  |
Mortgage loan (4) |  | Hotel Yountville |  | November 2023 |  | May 2024 |  | LIBOR (1) + 2.55% |  | — |  |  |  |  | 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 |  | SOFR (2) + 1.70% |  | 195,000 |  |  |  |  | 195,000 |  |  |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (5) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2024 |  | February 2027 |  | SOFR (2) + 2.86% |  | 70,500 |  |  |  |  | 70,500 |  |  |
Mortgage loan (6) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2024 |  | March 2026 |  | LIBOR (1) + 6.00% |  | — |  |  |  |  | 54,000 |  |  |
Mortgage loan (7) |  | The Notary Hotel |  | June 2024 |  | June 2025 |  | SOFR (2) + 2.66% |  | 293,180 |  |  |  |  | 435,000 |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (8) |  | Cameo Beverly Hills |  | August 2024 |  | August 2024 |  | SOFR (2) + 3.66% |  | 30,000 |  |  |  |  | 30,000 |  |  |
Mortgage loan (9) |  | The Ritz-Carlton St. Thomas |  | August 2024 |  | August 2024 |  | SOFR (2) + 4.04% |  | 42,500 |  |  |  |  | 42,500 |  |  |
Mortgage loan |  | Pier House Resort & Spa |  | September 2024 |  | September 2024 |  | SOFR (2) + 1.95% |  | 80,000 |  |  |  |  | 80,000 |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
BAML Credit Facility (4) |  | Bardessono Hotel and Spa |  | July 2026 |  | July 2027 |  | Base Rate (3) +1.25% to 2.00% or SOFR (2) + 2.35% to 3.10% |  | 196,000 |  |  |  |  | — |  |  |
|  | Hotel Yountville |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton Sarasota |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (10) |  | Four Seasons Resort Scottsdale |  | December 2026 |  | December 2028 |  | SOFR (2) + 3.75% |  | 140,000 |  |  |  |  | 100,000 |  |  |
|  |  |  |  |  |  |  |  |  | 1,187,430 |  |  |  |  | 1,336,750 |  |  |
Capitalized default interest and late charges, net |  |  |  |  |  |  |  |  |  | 625 |  |  |  |  | 1,934 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (7,591) |  |  |  |  | (5,054) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | (1,744) |  |  |  |  | 500 |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,178,720 |  |  |  |  | $ | 1,334,130 |  |  |
__________________ (1)LIBOR rate was 4.39% at December 31, 2022. (2)SOFR rates were 5.32% and 4.30% at September 30, 2023 and December 31, 2022, respectively. (3)Base Rate, as defined in the secured credit facility agreement, is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.50%, (iii) Term SOFR + 1.00%, or (iv) 1.00%. (4)On July 31, 2023, we entered into a new $200.0 million secured credit facility comprised of a $150.0 million term loan and a $50.0 million secured revolving credit facility with a three-year initial term and one one-year extension option, subject to satisfaction of certain conditions. The new facility is interest only and bears interest at a rate of SOFR + 2.35% to 3.10%. Proceeds from the facility were used to repay the mortgage loans secured by Bardessono Hotel & Spa, Hotel Yountville, and The Ritz-Carlton Sarasota. (5)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions. (6)On January 18, 2023, we repaid this mortgage loan. (7)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%. This loan transitioned from LIBOR to SOFR in July and the variable interest rate increased from LIBOR + 2.61% to SOFR + 2.66%. (8)This loan transitioned from LIBOR to SOFR in July and the variable interest rate increased from LIBOR + 3.60% to SOFR + 3.66%. This mortgage loan has a SOFR floor of 1.50%. (9)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in August 2023. This loan transitioned from LIBOR to SOFR in July and the variable interest rate increased from LIBOR + 3.95% to SOFR + 4.04%. This mortgage loan has a SOFR floor of 1.00%. (10)On September 29, 2023, we amended this mortgage loan. Terms of the amendment included increasing the outstanding principal from $100.0 million to $140.0 million, and extending the current maturity date by one year to December 2026. This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 1.00%. (11)The final maturity date assumes all available extensions options will be exercised.

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