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DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable and Interest Expense
Mortgages payable at March 31, 2023 and December 31, 2022 consisted of the following:
March 31, 2023December 31, 2022
Mortgage Indebtedness$208,570 $208,880 
Net Unamortized Premium5 7 
Net Unamortized Deferred Financing Costs(389)(533)
Mortgages Payable$208,186 $208,354 
Notes payable at March 31, 2023 and December 31, 2022 consisted of the following:

March 31, 2023December 31, 2022
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness$51,548 $51,548 
Net Unamortized Deferred Financing Costs(640)(653)
Statutory Trust I and Statutory Trust II Notes Payable$50,908 $50,842 
The table below summarizes interest expense incurred by the Company during the three months ended March 31, 2023 and 2022:

Three Months Ended March 31,
2023
2022
Mortgage Loans Payable$3,797 $2,529 
Interest Rate Swap Contracts on Mortgages(676)565 
Unsecured Notes Payable1,002 4,406 
Credit Facility and Term Loans6,628 3,649 
Interest Rate Swap Contracts on Credit Facilities(2,463)1,455 
Deferred Financing Costs Amortization697 1,191 
Other104 75 
     Total Interest Expense$9,089 $13,870 
Schedule of Line of Credit Facilities The following table summarizes the secured term loan balances outstanding as of March 31, 2023 and December 31, 2022:
Outstanding Balance
March 31, 2023December 31, 2022
Principal$372,853 $372,853 
Deferred Loan Costs(1,867)(2,217)
Total Secured Term Loan$370,986 $370,636 
Schedule of Borrowing Base Assets As of March 31, 2023, 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