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Indebtedness, net (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Indebtedness, net | Indebtedness, net consisted of the following (dollars in thousands):
Indebtedness |  | Collateral |  | Current Maturity |  | Final Maturity (14) |  | Interest Rate |  | March 31, 2024 |  | December 31, 2023
Mortgage loan (3) |  | The Notary Hotel |  | June 2024 |  | June 2025 |  | SOFR (1) + 2.66% |  | $ | 293,180 |  |  |  |  | $ | 293,180 |  |  |
|  | The Clancy |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (4) |  | Hilton La Jolla Torrey Pines |  | August 2024 |  | August 2024 |  | 9.00% |  | 66,600 |  |  |  |  | 66,600 |  |  |
Mortgage loan (5) |  | Cameo Beverly Hills |  | August 2024 |  | August 2024 |  | SOFR (1) + 3.66% |  | 30,000 |  |  |  |  | 30,000 |  |  |
Mortgage loan (6) |  | The Ritz-Carlton Lake Tahoe |  | January 2025 |  | January 2026 |  | SOFR (1) + 3.60% |  | 53,413 |  |  |  |  | 53,413 |  |  |
Mortgage loan (7) |  | Park Hyatt Beaver Creek Resort & Spa |  | February 2025 |  | February 2027 |  | SOFR (1) + 2.86% |  | 70,500 |  |  |  |  | 70,500 |  |  |
Mortgage loan (8) |  | The Ritz-Carlton St. Thomas |  | August 2025 |  | August 2026 |  | SOFR (1) + 4.35% |  | 42,500 |  |  |  |  | 42,500 |  |  |
Mortgage loan (9) |  | Pier House Resort & Spa |  | September 2025 |  | September 2026 |  | SOFR (1) + 3.60% |  | 80,000 |  |  |  |  | 80,000 |  |  |
Mortgage loan (10) |  | The Ritz-Carlton Reserve Dorado Beach |  | March 2026 |  | March 2026 |  | SOFR (1) + 4.75% |  | 62,000 |  |  |  |  | — |  |  |
Convertible Senior Notes |  | Equity |  | June 2026 |  | June 2026 |  | 4.50% |  | 86,250 |  |  |  |  | 86,250 |  |  |
BAML Credit Facility (11) |  | Bardessono Hotel and Spa |  | July 2026 |  | July 2027 |  | Base Rate (2) +1.25% to 2.00% or SOFR (1) + 2.35% to 3.10% |  | 200,000 |  |  |  |  | 200,000 |  |  |
|  | Hotel Yountville |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | The Ritz-Carlton Sarasota |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loan (12) |  | Four Seasons Resort Scottsdale |  | December 2026 |  | December 2028 |  | SOFR (1) + 3.75% |  | 140,000 |  |  |  |  | 140,000 |  |  |
Mortgage loan (13) |  | Capital Hilton |  | December 2026 |  | December 2028 |  | SOFR (1) + 3.75% |  | 110,600 |  |  |  |  | 110,600 |  |  |
|  |  |  |  |  |  |  |  |  | 1,235,043 |  |  |  |  | 1,173,043 |  |  |
Capitalized default interest and late charges, net |  |  |  |  |  |  |  |  |  | 52 |  |  |  |  | 120 |  |  |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (10,395) |  |  |  |  | (9,135) |  |  |
Premiums/(discounts), net |  |  |  |  |  |  |  |  |  | (1,423) |  |  |  |  | (1,584) |  |  |
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,223,277 |  |  |  |  | $ | 1,162,444 |  |  |
__________________ (1)SOFR rates were 5.33% and 5.35% at March 31, 2024 and December 31, 2023, respectively. (2)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%. (3)This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the fourth was exercised in June 2023. (4)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%. (5)This mortgage loan has a SOFR floor of 1.50%. On April 9, 2024, we repaid this mortgage loan. (6)This mortgage loan has one one-year extension option, subject to satisfaction of certain conditions. (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 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%. (9)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. (10)On March 7, 2024, we entered into a new $62.0 million mortgage loan. The new loan is interest only and bears interest at a rate of SOFR + 4.75%. (11)This secured credit facility has one one-year extension option, subject to satisfaction of certain conditions. (12)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%. (13)This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions. This mortgage loan has a SOFR floor of 2.00%. (14) The final maturity date assumes all available extension options will be exercised.

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