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DEBT (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Mortgages Payable and Interest Expense
Mortgages payable at June 30, 2023 and December 31, 2022 consisted of the following:
June 30, 2023December 31, 2022
Mortgage Indebtedness$185,262 $208,880 
Net Unamortized Premium4 7 
Net Unamortized Deferred Financing Costs(325)(533)
Mortgages Payable$184,941 $208,354 
Notes payable at June 30, 2023 and December 31, 2022 consisted of the following:

June 30, 2023December 31, 2022
Statutory Trust I and Statutory Trust II Notes Payable Indebtedness$51,548 $51,548 
Net Unamortized Deferred Financing Costs(627)(653)
Statutory Trust I and Statutory Trust II Notes Payable$50,921 $50,895 
The table below summarizes interest expense incurred by the Company during the three and six months ended June 30, 2023 and 2022:
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Mortgage Loans Payable$3,712 $2,948 $7,509 $5,477 
Interest Rate Swap Contracts on Mortgages(695)358 (1,370)923 
Unsecured Notes Payable1,067 4,589 2,069 8,995 
Credit Facility and Term Loans6,920 4,507 13,547 8,157 
Interest Rate Swap Contracts on Credit Facilities(2,881)599 (5,344)2,054 
Deferred Financing Costs Amortization663 1,235 1,360 2,426 
Other79 161 183 235 
     Total Interest Expense$8,865 $14,397 $17,954 $28,267 
Schedule of Line of Credit Facilities The following table summarizes the secured term loan balances outstanding as of June 30, 2023 and December 31, 2022:
Outstanding Balance
June 30, 2023December 31, 2022
Principal$347,853 $372,853 
Deferred Loan Costs(1,517)(2,217)
Total Secured Term Loan$346,336 $370,636 
Schedule of Borrowing Base Assets As of June 30, 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