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Indebtedness, net (Tables)
 3 Months Ended
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, 2024December 31, 2023
Mortgage loan (3)
The Notary HotelJune 2024June 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 20249.00%66,600 66,600 
Mortgage loan (5)
Cameo Beverly Hills August 2024August 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 2026March 2026
SOFR (1) + 4.75%
62,000 — 
Convertible Senior NotesEquityJune 2026June 20264.50%86,250 86,250 
BAML Credit Facility (11)
Bardessono Hotel and SpaJuly 2026July 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 ScottsdaleDecember 2026December 2028
SOFR (1) + 3.75%
140,000 140,000 
Mortgage loan (13)
Capital HiltonDecember 2026December 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.