XML 58 R39.htm IDEA: XBRL DOCUMENT v3.24.0.1
Indebtedness, net (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Indebtedness, net
Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness
Collateral
Current Maturity
Final
Maturity (16)
Interest Rate
December 31, 2023December 31, 2022
Debt Balance
Book Value of Collateral
Debt Balance
Book Value of Collateral
Mortgage loan (4)
Bardessono Hotel and SpaAugust 2023August 2023
SOFR (2) + 2.65%
$— — $40,000 51,514 
Mortgage loan (4)
The Ritz-Carlton SarasotaOctober 2023April 2024
LIBOR (1) +2.65%
— — 98,500 162,134 
Mortgage loan (4)
Hotel YountvilleNovember 2023May 2024
LIBOR (1) + 2.55%
— — 51,000 84,180 
Mortgage loan (5)
Capital HiltonFebruary 2024February 2024
SOFR (2) + 1.70%
— — 195,000 194,770 
Hilton La Jolla Torrey Pines
Mortgage loan (5) (6)
Hilton La Jolla Torrey PinesFebruary 2024February 2024
SOFR (2) + 1.70%
66,600 66,947 — — 
Mortgage loan (7)
Park Hyatt Beaver Creek Resort & SpaFebruary 2024February 2027
SOFR (2) + 2.86%
70,500 140,966 70,500 139,830 
Mortgage loan (8)
The Ritz-Carlton Reserve Dorado BeachMarch 2024March 2026
LIBOR (1) + 6.00%
— — 54,000 193,367 
Mortgage loan (9)
The Notary HotelJune 2024June 2025
SOFR (2) + 2.66%
293,180 378,335 435,000 403,896 
The Clancy
Sofitel Chicago Magnificent Mile
Marriott Seattle Waterfront
Mortgage loan (10)
Cameo Beverly Hills August 2024August 2024
SOFR (2) + 3.66%
30,000 71,196 30,000 71,820 
Mortgage loan (11) (12)
The Ritz-Carlton St. ThomasAugust 2024August 2024
SOFR (2) + 4.04%
42,500 114,224 42,500 119,492 
Mortgage loan (13)
Pier House Resort & SpaSeptember 2024September 2024
SOFR (2) + 1.95%
80,000 81,806 80,000 83,361 
Mortgage loan (14)
The Ritz-Carlton Lake Tahoe
January 2025
January 2026
SOFR (2) + 3.60%
53,413 132,467 54,000 112,777 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 — 86,250 — 
BAML Credit Facility (4)
Bardessono Hotel and SpaJuly 2026July 2027
Base Rate (3) +1.25% to 2.00% or
SOFR (2) + 2.35% to 3.10%
200,000 303,405 — — 
Hotel Yountville
The Ritz-Carlton Sarasota
Mortgage loan (15)
Four Seasons Resort ScottsdaleDecember 2026December 2028
SOFR (2) + 3.75%
140,000 261,737 100,000 267,460 
Mortgage loan (5)
Capital HiltonDecember 2026December 2028
SOFR (2) + 3.75%
110,600 143,840 — — 
1,173,043 $1,694,923 1,336,750 $1,884,601 
Capitalized default interest
and late charges, net
120 1,934 
Deferred loan costs, net(9,135)(5,054)
Premiums/(discounts), net(1,584)500 
Indebtedness, net$1,162,444 $1,334,130 
__________________
(1)LIBOR rate was 4.39% at December 31, 2022.
(2)SOFR rates were 5.35% and 4.36% at December 31, 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)On December 22, 2023, we entered into a new $110.6 million loan secured by Capital Hilton. The new mortgage loan is interest only and bears interest at a rate of SOFR + 3.75%, has a three-year initial term and two one-year extension options, subject to satisfaction of certain conditions, and has a SOFR floor of 2.00%. The Hilton La Jolla Torrey Pines remains encumbered by the original mortgage loan, which was partially paid down to a remaining balance of $66.6 million.
(6)On February 5, 2024, we amended this mortgage loan. Terms of the amendment included extending the maturity date by six months from February 2024 to August 2024, and converting the interest rate from a variable rate of SOFR + 1.70% to a fixed rate of 9.00%.
(7)This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised February 2024.
(8)On January 18, 2023, we repaid this mortgage loan.
(9)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 2023 and the variable interest rate increased from LIBOR + 2.61% to SOFR + 2.66%.
(10)This loan transitioned from LIBOR to SOFR in July 2023 and the variable interest rate increased from LIBOR + 3.60% to SOFR + 3.66%. This mortgage loan has a SOFR floor of 1.50%.
(11)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 2023 and the variable interest rate increased from LIBOR + 3.95% to SOFR + 4.04%. This mortgage loan has a SOFR floor of 1.00%.
(12)On January 29, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to August 2025, and the variable rate increased from SOFR + 4.04% to SOFR 4.35%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 4.00%.
(13)On January 3, 2024, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to September 2025, and the variable rate increased from SOFR + 1.95% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(14)On October 31, 2023, we amended this mortgage loan. Terms of the amendment included extending the current maturity date one year to January 2025, and the variable interest rate increased from SOFR + 2.20% to SOFR + 3.60%. This amended mortgage loan has one one-year extension option, subject to satisfaction of certain conditions.
(15)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%.
(16) The final maturity date assumes all available extension options will be exercised.
Schedule of Maturities of Long-term Debt
Maturities and scheduled amortization of indebtedness as of December 31, 2023, assuming no extension of existing extension options for each of the following five years and thereafter are as follows (in thousands):
2024$582,780 
202553,413 
2026536,850 
2027— 
2028— 
Thereafter— 
Total$1,173,043