DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of mortgages payable and interest expense

Mortgages payable at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022		December 31, 2021
Mortgage Indebtedness	$	305,525	$	306,078
Net Unamortized Premium	11		13
Net Unamortized Deferred Financing Costs	(1,288)		(1,477)
Mortgages Payable	$	304,248	$	304,614

Notes payable at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022		December 31, 2021
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness	$	51,548	$	51,548
Net Unamortized Deferred Financing Costs	(693)		(706)
Statutory Trust I and Statutory Trust II Notes Payable	50,855		50,842
Junior Notes Payable Indebtedness	158,094		156,239
Net Unamortized Deferred Financing Costs	(3,970)		(4,209)
Net Unamortized Discount	(4,124)		(4,382)
Junior Notes Payable	150,000		147,648
Total Notes Payable	$	200,855	$	198,490

The table below shows the interest expense incurred by the Company during the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022		2021
Mortgage Loans Payable	$	2,529	$	2,833
Interest Rate Swap Contracts on Mortgages	565		603
Unsecured Notes Payable	4,406		1,838
Credit Facility and Term Loans	3,649		4,368
Interest Rate Swap Contracts on Credit Agreements	1,822		2,424
Deferred Financing Costs Amortization	1,191		1,293
Other	75		70
Total Interest Expense	$	14,237	$	13,429

Summary of borrowing base assets

As of March 31, 2022, the following hotel properties secured the amended facilities under the Credit Agreements: 

- 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

Schedule of Line of Credit Facilities

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

		Outstanding Balance
Borrowing	Spread	March 31, 2022		December 31, 2021
Line of Credit	1.50% to 2.25%	$	118,684	$	118,684
Term Loans:
First Term Loan	1.45% to 2.20%	$	192,404	$	192,404
Second Term Loan	1.35% to 2.00%	278,846		278,846
Third Term Loan	1.45% to 2.20%	26,231		26,231
Deferred Loan Costs		(1,175)		(1,396)
Total Term Loans		$	496,306	$	496,085