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FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Of Interest Rate Swaps And Caps The table on the following page presents our derivative instruments as of December 31, 2022 and 2021.
NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED)
Estimated Fair Value
Asset / (Liability) Balance
Hedged DebtTypeStrike RateIndexEffective DateDerivative Contract Maturity DateNotional AmountDecember 31, 2022December 31, 2021
Term Loan Instruments:
Credit FacilitySwap1.824 %
1-Month LIBOR + 2.20%
September 3, 2019August 10, 2022103,500 — (970)
Credit FacilitySwap1.824 %
1-Month LIBOR + 2.20%
September 3, 2019August 10, 2022103,500 — (970)
Credit Facility (1)Swap1.460 %
1-Month LIBOR + 2.00%
September 10, 2019September 10, 2024300,000 — (3,729)
Credit Facility Swap1.341 %
1-Month SOFR + 2.50%
August 30, 2022September 10, 2024270,000 14,123 — 
Credit FacilitySwap1.279 %
1-Month SOFR + 2.50%
September 6, 2022August 4, 202430,000 1,533 — 
Mortgages:
Hyatt, Union Square, New York, NYSwap1.870 %
1-Month LIBOR + 2.30%
June 7, 2019June 7, 202356,000 699 (987)
Hilton Garden Inn Tribeca, New York, NYSwap1.768 %
1-Month LIBOR + 2.25%
July 25, 2019July 25, 202422,725 1,007 (460)
Hilton Garden Inn Tribeca, New York, NYSwap1.768 %
1-Month LIBOR +2.25%
July 25, 2019July 25, 202422,725 1,007 (460)
Hilton Garden Inn 52nd Street, New York, NYCap4.000 %1-Month SOFRDecember 4, 2022December 1, 202344,325 340 — 
Hilton Garden Inn 52nd Street, New York, NYSwap1.540 %
1-Month LIBOR + 2.30%
December 4, 2019December 4, 202244,325 — (458)
Courtyard, LA Westside, Culver City, CA (2)Cap2.500 %1-Month LIBORAugust 1, 2021August 1, 202435,000 — 92 
$18,709 $(7,942)
(1) This swap was amended on August 26, 2022 to replace the 1-month LIBOR index with a 1-month SOFR index, and $30,000 of the notional amount was terminated.
(2) This cap was terminated during the year ended December 31, 2022 as the hotel was sold and the underlying debt was paid off.