DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Mortgages Payable and Interest Expense

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

	December 31, 2022		December 31, 2021
Mortgage Indebtedness	$	208,880	$	306,078
Net Unamortized Premium	7		13
Net Unamortized Deferred Financing Costs	(533)		(1,477)
Mortgages Payable	$	208,354	$	304,614

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

	December 31, 2022		December 31, 2021
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness	$	51,548	$	51,548
Net Unamortized Deferred Financing Costs	(653)		(706)
Statutory Trust I and Statutory Trust II Notes Payable	50,895		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	$	50,895	$	198,490

The table below shows the interest expense incurred by the Company during the years ended December 31, 2022, 2021, and 2020:

	Years Ended December 31,
	2022		2021		2020
Mortgage Loans Payable	12,495		10,537		12,277
Interest Rate Swap Contracts on Mortgages	105		2,477		1,895
Unsecured Notes Payable	12,159		15,073		2,037
Credit Facility and Term Loans	19,593		15,587		21,927
Interest Rate Swap Contracts on Credit Facility and Term Loans*	(433)		7,376		9,524
Deferred Financing Costs Amortization	4,013		4,628		3,551
Other	491		381		574
Total Interest Expense	$	48,423	$	56,059	$	51,785

*Negative amount indicates decrease to interest expense.

Schedule of Borrowing Base Assets

As of December 31, 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	- Mystic Marriott Hotel & Spa, Groton, CT
- Philadelphia Westin, Philadelphia, PA	- Hilton Garden Inn JFK Airport, New York, NY

Summary of Balances Outstanding and Interest Rate Spread

The following table summarizes the balances outstanding at December 31, 2022:

	Outstanding Balance
Borrowing	December 31, 2022
Line of Credit	$	—
Secured Term Loan:
Principal	372,853
Deferred Financing Costs	(2,217)
Total Secured Term Loan	$	370,636

The following table summarizes the balances outstanding and interest rate spread for each borrowing as of December 31, 2021:

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

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 for the five years following December 31, 2022 and thereafter are as follows:

Year Ending December 31,	Amount
2023	$	123,994
2024	84,886
2025	372,853
2026	—
2027	—
Thereafter	51,548
	$	633,281