DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of mortgages payable and interest expense

Mortgages payable at December 31, 2021 and December 31, 2020 consisted of the following:

	December 31, 2021		December 31, 2020
Mortgage Indebtedness	$	306,078	$	332,264
Net Unamortized Premium	13		354
Net Unamortized Deferred Financing Costs	(1,477)		(1,770)
Mortgages Payable	$	304,614	$	330,848

Notes payable at December 31, 2021 and December 31, 2020 consisted of the following:

	December 31, 2021		December 31, 2020
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness	$	51,548	$	51,548
Net Unamortized Deferred Financing Costs	(706)		(759)
Statutory Trust I and Statutory Trust II Notes Payable	50,842		50,789
Junior Notes Payable Indebtedness	$	156,239	$	—
Net Unamortized Deferred Financing Costs	(4,209)		—
Net Unamortized Discount	(4,382)		—
Junior Notes Payable	147,648		—
Total Notes Payable	$	198,490	$	50,789

The table below shows the interest expense incurred by the Company during the twelve months ended December 31, 2021, 2020, and 2019:

	Years Ended December 31,
	2021		2020		2019
Mortgage Loans Payable	10,537		12,277		15,804
Interest Rate Swap Contracts on Mortgages*	2,477		1,895		(453)
Unsecured Notes Payable	15,073		2,037		2,837
Credit Facility and Term Loans	15,587		21,927		33,745
Interest Rate Swap Contracts on Credit Facility and Term Loans*	8,866		11,018		(2,630)
Deferred Financing Costs Amortization	4,628		3,551		2,241
Capitalized Interest*	—		—		(74)
Other	381		574		735
Total Interest Expense	$	57,549	$	53,279	$	52,205

*Negative amount indicates decrease to interest expense.

Summary of borrowing base assets

As of December 31, 2021, the following hotel properties were borrowing base assets:

- Courtyard by Marriott Brookline, Brookline, MA	- Hampton Inn, Washington, DC
- The Envoy Boston Seaport, Boston, MA	- Ritz-Carlton Georgetown, Washington, DC
- The Boxer, Boston, MA	- Hilton Garden Inn, M Street, Washington, DC
- Hampton Inn Seaport, Seaport, New York, NY	- The Winter Haven Hotel Miami Beach, Miami, FL
- Holiday Inn Express Chelsea, 29th Street, New York, NY	- The Blue Moon Hotel Miami Beach, Miami, FL
- Gate Hotel JFK Airport, New York, NY	- Cadillac Hotel & Beach Club, Miami, FL
- Hilton Garden Inn JFK Airport, New York, NY	- The Parrot Key Hotel & Villas, Key West, FL
- NU Hotel, Brooklyn, New York, NY	- TownePlace Suites, Sunnyvale, CA
- Hyatt House White Plains, White Plains, NY	- The Ambrose Hotel, Santa Monica, CA
- Hampton Inn Center City/ Convention Center, Philadelphia, PA	- The Pan Pacific Hotel Seattle, Seattle, WA
- The Rittenhouse, Philadelphia, PA	- Mystic Marriott Hotel & Spa, Groton, CT
- Philadelphia Westin, Philadelphia, PA

Summary of the balances outstanding and interest rate spread

The following table summarizes the balances outstanding and interest rate spread for each borrowing:

		Outstanding Balance
Borrowing	Spread	December 31, 2021		December 31, 2020
Line of Credit	1.50% to 2.25%	$	118,684	$	133,053
Secured Term Loan:
First Term Loan	1.45% to 2.20%	192,404		202,158
Second Term Loan	1.35% to 2.00%	278,846		292,983
Third Term Loan	1.45% to 2.20%	26,231		189,365
Deferred Financing Costs		(1,396)		(2,762)
Total Secured Term Loan		$	496,085	$	681,744

Schedule of aggregate annual principal payments for mortgages and notes payable

Aggregate annual principal payments for the Company’s credit facility and secured term loans, as amended, mortgages, Statutory Trust I and Statutory Trust II notes, and Junior notes payable for the five years following December 31, 2021 and thereafter are as follows:

Year Ending December 31,	Amount
2022	$	385,666
2023	103,148
2024	401,654
2025	40,250
2026	147,764
Thereafter	51,548
	$	1,130,030