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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of December 31, 2021 and 2020 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateDecember 31, 2021December 31, 2020
Revolving credit facilities
Senior unsecured credit facilityFloating
(1)(2)(3)
March 2023$— $40,000 
PHL unsecured credit facilityFloating
(2)(4)
March 2023— — 
Total revolving credit facilities$— $40,000 
Unsecured term loans
First Term LoanFloating
(5)
January 202326,000 300,000 
First Term Loan ExtendedFloating
(5)
March 2024274,000 — 
Second Term LoanFloating
(5)
April 202226,327 65,000 
Fourth Term LoanFloating
(5)
October 2024110,000 110,000 
Sixth Term Loan
Tranche 2021Floating
(5)
November 2021— 40,966 
Tranche 2021 ExtendedFloating
(5)(9)
November 202282,071 173,034 
Tranche 2022Floating
(5)(10)
November 2022114,670 286,000 
Tranche 2023Floating
(5)
November 2023400,000 400,000 
Tranche 2024Floating
(5)
January 2024400,000 400,000 
Total Sixth Term Loan996,741 1,300,000 
Total term loans at stated value1,433,068 1,775,000 
Deferred financing costs, net(5,812)(8,455)
Total term loans$1,427,256 $1,766,545 
Convertible senior notes
Convertible senior notes1.75%December 2026750,000 500,000 
Debt premium (discount), net11,605 (113,099)
Deferred financing costs, net(16,204)(12,568)
Total convertible senior notes$745,401 $374,333 
Senior unsecured notes
Series A Notes5.15%
(6)
December 202347,600 60,000 
Series B Notes5.38%
(7)
December 20252,400 40,000 
Total senior unsecured notes at stated value50,000 100,000 
Deferred financing costs, net(162)(407)
Total senior unsecured notes$49,838 $99,593 
Mortgage loans
Margaritaville Hollywood Beach ResortFloating
(8)
May 2022161,500 — 
Estancia La Jolla Hotel & Spa5.07%September 202861,373 — 
Total mortgage loans at stated value222,873 — 
Debt premium (discount), net(2,735)— 
Deferred financing costs, net(745)— 
Total mortgage loans$219,393 $— 
Total debt$2,441,888 $2,280,471 
______________________
(1)    Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin.
(2)    In December 2021, the Company exercised the option to extend the maturity date to March 2023, pursuant to certain terms and conditions and payment of an extension fee.
(3)    Of the total borrowing capacity, $39.0 million will mature in January 2022. The Company has the option to extend the maturity date of March 2023 for the remaining $611.0 million for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee.
(4)    Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.
(5)    Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. As of December 31, 2021, approximately $1.3 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.06%, after taking into account interest rate swap agreements, and approximately $113.1 million bore an effective weighted-average floating interest rate of 2.64%. As of December 31, 2020, approximately $1.4 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.19%, after taking into account interest rate swap agreements, and approximately $345.0 million bore a weighted-average floating interest rate of 2.46%.
(6)    In February 2021, the interest rate increased from 4.70% to 5.15%. The increased interest rate is effective through the end of the waiver period.
(7)    In February 2021, the interest rate increased from 4.93% to 5.38%. The increased interest rate is effective through the end of the waiver period.
(8)    The loan bears interest at a floating rate equal to one-month LIBOR plus a weighted-average spread of 2.37%. The Company has the option to extend the maturity date for up to two one-year periods.
(9)    The Company has the option to extend the maturity date for $69.8 million of the principal balance by up to one year, subject to certain terms and conditions and payment of an extension fee.
(10)    The Company has the option to extend the maturity date for $93.0 million of the principal balance by up to one year, subject to certain terms and conditions and payment of an extension fee.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the years ended December 31, 2021, 2020, and 2019 (in thousands):
For the year ended December 31,
202120202019
Unsecured revolving credit facilities$2,092 $10,210 $4,530 
Unsecured term loan facilities61,529 72,642 79,813 
Convertible senior notes12,662 365 — 
Senior unsecured notes3,562 4,792 4,792 
Mortgage debt1,375 — 2,293 
Amortization of deferred financing fees, (premiums) and discounts9,741 7,296 7,115 
Other5,672 8,793 9,931 
Total interest expense$96,633 $104,098 $108,474 
Schedule of Future Minimum Principal Payments
As of December 31, 2021, the future minimum principal payments for the Company's debt, assuming all extension options available in the Company's debt agreements are exercised, are as follows (in thousands):
2022$62,124 
2023638,419 
2024947,584 
20254,602 
2026752,318 
Thereafter50,894 
Total debt principle payments$2,455,941 
Deferred financing costs, net(22,923)
Debt premium (discount), net8,870 
Total debt$2,441,888 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at December 31, 2021 and 2020 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate RangeMaturityDecember 31, 2021December 31, 2020
Swap-cash flow
1.46% - 1.75%
January 2021$— $490,000 
Swap-cash flow
2.60%
October 2021— 110,000 
Swap-cash flow
1.78% - 1.79%
January 2022180,000 180,000 
Swap-cash flow
1.64% - 1.68%
April 2022100,000 100,000 
Swap-cash flow
0.17%
January 2023200,000 — 
Swap-cash flow
1.99%
November 2023250,000 250,000 
Swap-cash flow
2.60%
January 2024300,000 300,000 
Swap-cash flow
1.43% - 1.44%
February 2026290,000 — 
Total$1,320,000 $1,430,000