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Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of March 31, 2022 and December 31, 2021 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateMarch 31, 2022December 31, 2021
Revolving credit facilities
Senior unsecured credit facilityFloating
(1)(2)
March 2023$— $— 
PHL unsecured credit facilityFloating
(3)
March 2023— — 
Total revolving credit facilities$— $— 
Unsecured term loans
First Term LoanFloating
(4)
January 202326,000 26,000 
First Term Loan ExtendedFloating
(4)
March 2024274,000 274,000 
Second Term LoanFloating
(4)(10)
April 202226,327 26,327 
Fourth Term LoanFloating
(4)
October 2024110,000 110,000 
Sixth Term Loan
Tranche 2021 ExtendedFloating
(4)(8)
November 202282,071 82,071 
Tranche 2022Floating
(4)(9)
November 2022114,670 114,670 
Tranche 2023Floating
(4)
November 2023400,000 400,000 
Tranche 2024Floating
(4)
January 2024400,000 400,000 
Total Sixth Term Loan996,741 996,741 
Total term loans at stated value1,433,068 1,433,068 
Deferred financing costs, net(4,883)(5,812)
Total term loans$1,428,185 $1,427,256 
Convertible senior notes
Convertible senior notes1.75%December 2026750,000 750,000 
Debt premium (discount), net11,020 11,605 
Deferred financing costs, net(15,386)(16,204)
Total convertible senior notes$745,634 $745,401 
Senior unsecured notes
Series A Notes5.15%
(5)
December 202347,600 47,600 
Series B Notes5.38%
(6)
December 20252,400 2,400 
Total senior unsecured notes at stated value50,000 50,000 
Deferred financing costs, net(142)(162)
Total senior unsecured notes$49,858 $49,838 
Mortgage loans
Margaritaville Hollywood Beach ResortFloating
(7)
May 2023161,500 161,500 
Estancia La Jolla Hotel & Spa5.07%September 202861,049 61,373 
Total mortgage loans at stated value222,549 222,873 
Debt premium (discount), net(2,447)(2,735)
Deferred financing costs, net(689)(745)
Total mortgage loans$219,413 $219,393 
Total debt$2,443,090 $2,441,888 
______________________
(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)    $39.0 million of the total borrowing capacity matured 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.
(3)    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.
(4)    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 March 31, 2022, approximately $1.1 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.05%, after taking into account interest rate swap agreements, and approximately $293.1 million bore an effective weighted-average floating interest rate of 2.82%. 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 a weighted-average floating interest rate of 2.64%.
(5)    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.
(6)    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.
(7)    In April 2022, the Company exercised the option to extend the maturity date to May 2023. 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 to May 2024.
(8)    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.
(9)    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.
(10)    The Company used cash on hand to payoff this term loan upon maturity in April 2022.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the three months ended March 31, 2022 and 2021 (in thousands):
For the three months ended March 31,
20222021
Unsecured revolving credit facilities$493 $561 
Unsecured term loan facilities13,534 15,909 
Convertible senior notes3,281 2,819 
Senior unsecured notes645 1,252 
Mortgage debt1,810 — 
Amortization of deferred financing fees, (premiums) and discounts2,285 2,659 
Other524 2,131 
Total interest expense$22,572 $25,331 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at March 31, 2022 and December 31, 2021 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate RangeMaturityMarch 31, 2022December 31, 2021
Swap-cash flow
1.78% - 1.79%
January 2022$— $180,000 
Swap-cash flow
1.64% - 1.68%
April 2022100,000 100,000 
Swap-cash flow
0.17%
January 2023200,000 200,000 
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 2026290,000 290,000 
Total$1,140,000 $1,320,000