DEBT (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of mortgages payable and interest expense

Mortgages payable at June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022		December 31, 2021
Mortgage Indebtedness	$	230,334	$	306,078
Net Unamortized Premium	10		13
Net Unamortized Deferred Financing Costs	(739)		(1,477)
Mortgages Payable	$	229,605	$	304,614

Notes payable at June 30, 2022 and December 31, 2021 consisted of the following:

	June 30, 2022		December 31, 2021
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness	$	51,548	$	51,548
Net Unamortized Deferred Financing Costs	(679)		(706)
Statutory Trust I and Statutory Trust II Notes Payable	50,869		50,842
Junior Notes Payable Indebtedness	158,094		156,239
Net Unamortized Deferred Financing Costs	(3,716)		(4,209)
Net Unamortized Discount	(3,861)		(4,382)
Junior Notes Payable	150,517		147,648
Total Notes Payable	$	201,386	$	198,490

The table below shows the interest expense incurred by the Company during the six months ended June 30, 2022 and 2021:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Mortgage Loans Payable	$	2,948	$	2,680	$	5,477	$	5,415
Interest Rate Swap Contracts on Mortgages	358		627		923		1,230
Unsecured Notes Payable	4,589		4,311		8,995		6,248
Credit Facility and Term Loans	4,507		3,754		8,157		8,122
Interest Rate Swap Contracts on Prior Facilities	971		2,417		2,793		4,841
Deferred Financing Costs Amortization	1,235		1,088		2,426		2,380
Other	161		105		235		175
Total Interest Expense	$	14,769	$	14,982	$	29,006	$	28,411

Summary of borrowing base assets

As of June 30, 2022, the following hotel properties secured the amended facilities under the Prior Facilities: 

- Courtyard by Marriott Brookline, Brookline, MA(1)	- Hampton Inn, Washington, DC(1)
- The Envoy Boston Seaport, Boston, MA	- Ritz-Carlton Georgetown, Washington, DC
- The Boxer, Boston, MA	- Hilton Garden Inn, MStreet, Washington, DC(1)
- 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(1)
- Hyatt House White Plains, White Plains, NY	- The Ambrose Hotel, Santa Monica, CA
- Hampton Inn Center City/Convention Center, Philadelphia, PA(1)	- The Pan Pacific Hotel Seattle, Seattle, WA
- The Rittenhouse, Philadelphia, PA	- Mystic Marriott Hotel & Spa, Groton, CT
- Philadelphia Westin, Philadelphia, PA

(1) Hotel property sold to an unaffiliated buyer on August 4, 2022.

Schedule of Line of Credit Facilities

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

		Outstanding Balance
Borrowing	Spread	June 30, 2022		December 31, 2021
Prior Line of Credit	1.50% to 2.25%	$	118,684	$	118,684
Prior Term Loans:
Prior First Term Loan	1.45% to 2.20%	$	192,404	$	192,404
Prior Second Term Loan	1.35% to 2.00%	278,846		278,846
Prior Third Term Loan	1.45% to 2.20%	26,231		26,231
Prior Deferred Loan Costs		(954)		(1,396)
Total Prior Term Loans		$	496,527	$	496,085