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Indebtedness, net (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
IndebtednessCollateralCurrent Maturity
Final
Maturity (11)
Interest RateSeptember 30, 2023December 31, 2022
Mortgage loan (4)
Bardessono Hotel and SpaAugust 2023August 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 TahoeJanuary 2024January 2024
SOFR (2) + 2.20%
54,000 54,000 
Mortgage loanCapital HiltonFebruary 2024February 2024
SOFR (2) + 1.70%
195,000 195,000 
Hilton La Jolla Torrey Pines
Mortgage loan (5)
Park Hyatt Beaver Creek Resort & SpaFebruary 2024February 2027
SOFR (2) + 2.86%
70,500 70,500 
Mortgage loan (6)
The Ritz-Carlton Reserve Dorado BeachMarch 2024March 2026
LIBOR (1) + 6.00%
— 54,000 
Mortgage loan (7)
The Notary HotelJune 2024June 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 2024August 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 loanPier House Resort & SpaSeptember 2024September 2024
SOFR (2) + 1.95%
80,000 80,000 
Convertible Senior NotesEquityJune 2026June 20264.50%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 ScottsdaleDecember 2026December 2028
SOFR (2) + 3.75%
140,000 100,000 
1,187,430 1,336,750 
Capitalized default interest and late charges, net625 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.