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DEBT (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable and Interest Expense
Mortgages payable at September 30, 2022 and December 31, 2021 consisted of the following:
September 30, 2022December 31, 2021
Mortgage Indebtedness$209,188 $306,078 
Net Unamortized Premium8 13 
Net Unamortized Deferred Financing Costs(576)(1,477)
Mortgages Payable$208,620 $304,614 
Notes payable at September 30, 2022 and December 31, 2021 consisted of the following:
September 30, 2022December 31, 2021
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness$51,548 $51,548 
Net Unamortized Deferred Financing Costs(666)(706)
Statutory Trust I and Statutory Trust II Notes Payable50,882 50,842 
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$50,882 $198,490 
The table below shows the interest expense incurred by the Company during the nine months ended September 30, 2022 and 2021:
Three Months Ended September 30,
Nine Months Ended September 30,
2022
2021
2022
2021
Mortgage Loans Payable$3,503 $2,533 $8,980 $7,947 
Interest Rate Swap Contracts on Mortgages(184)619 739 1,849 
Unsecured Notes Payable2,222 4,386 11,217 10,634 
Credit Facility and Term Loans5,455 3,735 13,611 11,856 
Interest Rate Swap Contracts on Credit Facilities(675)1,728 1,378 5,830 
Deferred Financing Costs Amortization896 1,119 3,322 3,499 
Other116 94 353 271 
     Total Interest Expense$11,333 $14,214 $39,600 $41,886 
Summary of Borrowing Base Assets As of September 30, 2022, the following hotel properties secure the Credit Agreement: 
 - The Envoy Boston Seaport, Boston, MA  - Ritz-Carlton Georgetown, Washington, DC
 - The Boxer, Boston, MA - The Winter Haven Hotel Miami Beach, Miami, FL
 - Hampton Inn Seaport, Seaport, New York, NY - The Blue Moon Hotel Miami Beach, Miami, FL
 - Holiday Inn Express Chelsea, 29th Street, New York, NY - Cadillac Hotel & Beach Club, Miami, FL
 - NU Hotel, Brooklyn, New York, NY - The Parrot Key Hotel & Villas, Key West, FL
 - Hyatt House White Plains, White Plains, NY - The Ambrose Hotel, Santa Monica, CA
 - The Rittenhouse, Philadelphia, PA - The Pan Pacific Hotel Seattle, Seattle, WA*
 - Philadelphia Westin, Philadelphia, PA - Mystic Marriott Hotel & Spa, Groton, CT



*On October 19, 2022, we sold this hotel and used a portion of the proceeds to pay down the term loan by $22,380, as required by the Credit Agreement. This hotel was removed as a borrowing base asset accordingly.