XML 55 R41.htm IDEA: XBRL DOCUMENT v3.22.2.2
Notes Payable (Details)
$ in Thousands
9 Months Ended 12 Months Ended
Jul. 27, 2022
USD ($)
Sep. 30, 2022
USD ($)
property
Dec. 31, 2023
Dec. 31, 2021
USD ($)
property
Notes Payable        
Total notes payable [1]   $ 816,647   $ 611,437
Current portion of notes payable   2,145   21,401
Less: current portion of deferred financing costs   (57)   (707)
Current portion of notes payable, net   2,088   20,694
Notes payable, less current portion   814,502   590,036
Less: long-term portion of deferred financing costs   (3,593)   (1,295)
Carrying value of notes payable, less current portion   810,909   588,741
Hilton San Diego Bayfront mortgage        
Notes Payable        
Outstanding balance of secured debt   $ 220,000   $ 220,000
Interest rate added to base rate (as a percent)   1.05%   1.05%
Total interest rate, including effect of derivative   3.824%   1.14%
Debt maturity date   Dec. 09, 2022   Dec. 09, 2022
Debt instrument increase in spread on variable rate     0.25%  
Number of hotels provided as collateral | property   1   1
Term of extension period for secured debt   1 year   1 year
Hilton San Diego Bayfront mortgage | London Interbank Offered Rate (LIBOR)        
Notes Payable        
Interest rate, description of reference rate   one-month LIBOR plus 105 basis points   one-month LIBOR plus 105 basis points
Hilton San Diego Bayfront mortgage | Not designated as hedging instrument | Interest Rate Cap Derivative        
Notes Payable        
Interest rate, description of reference rate   one-month LIBOR   one-month LIBOR
JW Marriott New Orleans Mortgage        
Notes Payable        
Outstanding balance of secured debt   $ 76,647   $ 78,137
Debt maturity date   Dec. 11, 2024   Dec. 11, 2024
Number of hotels provided as collateral | property   1   1
Fixed interest rate (as a percent)   4.15%   4.15%
Unsecured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]        
Notes Payable        
Interest rate, description of reference rate adjusted term SOFR      
Unsecured Term Loans | Minimum        
Notes Payable        
Interest rate added to base rate (as a percent) 1.35%      
Unsecured Term Loans | Maximum        
Notes Payable        
Interest rate added to base rate (as a percent) 2.20%      
Term loan #1        
Notes Payable        
Debt maturity date   Jul. 25, 2027   Jul. 25, 2027
Outstanding balance of unsecured debt $ 175,000 $ 175,000   $ 19,400
Line of Credit Facility, Interest Rate at Period End   4.597%   3.941%
Term loan #1 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)   0.10%    
Interest rate, description of reference rate   SOFR and 10 basis points    
Term loan #1 | London Interbank Offered Rate (LIBOR)        
Notes Payable        
Interest rate, description of reference rate       one-month LIBOR
Debt instrument variable rate floor       0.25%
Term loan #1 | Interest Rate Swap Derivative        
Notes Payable        
Fixed rate under interest rate swap agreement       1.591%
Term loan #1 | Not designated as hedging instrument | Interest Rate Swap Derivative        
Notes Payable        
Interest rate, description of reference rate   one-month LIBOR   one-month LIBOR
Fixed rate under interest rate swap agreement   1.591%   1.591%
Term loan #1 | Minimum        
Notes Payable        
Interest rate added to base rate (as a percent)   1.35%   1.35%
Term loan #1 | Maximum        
Notes Payable        
Interest rate added to base rate (as a percent)   2.20%   2.35%
Term loan #2        
Notes Payable        
Debt maturity date   Jan. 25, 2028   Jan. 25, 2028
Outstanding balance of unsecured debt $ 175,000 $ 175,000   $ 88,900
Line of Credit Facility, Interest Rate at Period End   3.628%   4.203%
Term loan #2 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]        
Notes Payable        
Interest rate added to base rate (as a percent)   0.10%    
Interest rate, description of reference rate   SOFR and 10 basis points    
Term loan #2 | London Interbank Offered Rate (LIBOR)        
Notes Payable        
Interest rate, description of reference rate       one-month LIBOR
Debt instrument variable rate floor       0.25%
Term loan #2 | Interest Rate Swap Derivative        
Notes Payable        
Fixed rate under interest rate swap agreement   1.853%   1.853%
Term loan #2 | Not designated as hedging instrument | Interest Rate Swap Derivative        
Notes Payable        
Interest rate, description of reference rate   one-month LIBOR   one-month LIBOR
Fixed rate under interest rate swap agreement   1.853%   1.853%
Term loan #2 | Minimum        
Notes Payable        
Interest rate added to base rate (as a percent)   1.35%   1.35%
Term loan #2 | Maximum        
Notes Payable        
Interest rate added to base rate (as a percent)   2.20%   2.35%
Series A Senior Notes        
Notes Payable        
Debt maturity date   Jan. 10, 2026   Jan. 10, 2026
Fixed interest rate (as a percent)   5.94%   5.94%
Outstanding balance of unsecured debt   $ 65,000   $ 90,000
Series B Senior Notes        
Notes Payable        
Debt maturity date   Jan. 10, 2028   Jan. 10, 2028
Fixed interest rate (as a percent)   6.04%   6.04%
Outstanding balance of unsecured debt   $ 105,000   $ 115,000
Senior unsecured revolving credit facility        
Notes Payable        
Interest rate, description of reference rate adjusted term SOFR      
Repayment of revolving credit facility $ 230,000      
Senior unsecured revolving credit facility | Minimum        
Notes Payable        
Interest rate added to base rate (as a percent) 1.40%      
Senior unsecured revolving credit facility | Maximum        
Notes Payable        
Interest rate added to base rate (as a percent) 2.25%      
[1] The principal balance of debt is presented before any unamortized deferred financing costs.