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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of December 31, 2022 and 2021 (dollars in thousands):
   Balance Outstanding as of
 Interest Rate at December 31, 2022Maturity DateDecember 31, 2022December 31, 2021
Revolving credit facilities
Senior unsecured credit facility-
(1)(2)
October 2026$— $— 
PHL unsecured credit facility-
(1)
October 2026— — 
Revolving credit facilities$— $— 
Unsecured term loans
Term Loan 20244.84%
(1)
October 2024460,000 — 
Term Loan 20253.59%
(1)
October 2025460,000 — 
Term Loan 20273.19%
(1)
October 2027460,000 — 
First Term Loan-January 2023— 26,000 
First Term Loan Extended-March 2024— 274,000 
Second Term Loan-April 2022— 26,327 
Fourth Term Loan-October 2024— 110,000 
Sixth Term Loan Tranche 2021 Extended-November 2022— 82,071 
Sixth Term Loan Tranche 2022-November 2022— 114,670 
Sixth Term Loan Tranche 2023-November 2023— 400,000 
Sixth Term Loan Tranche 2024-January 2024— 400,000 
Term loan principal$1,380,000 $1,433,068 
Convertible senior notes principal1.75%December 2026$750,000 $750,000 
Senior unsecured notes
Series A Notes4.70%
(3)
December 202347,600 47,600 
Series B Notes4.93%December 20252,400 2,400 
Senior unsecured notes principal$50,000 $50,000 
Mortgage loans
Margaritaville Hollywood Beach Resort6.69%
(4)
May 2023161,500 161,500 
Estancia La Jolla Hotel & Spa5.07%September 202859,485 61,373 
Mortgage loans principal$220,985 $222,873 
Total debt principal$2,400,985 $2,455,941 
Unamortized debt premiums, discount and deferred financing costs, net(13,692)(14,053)
Debt, Net$2,387,293 $2,441,888 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at December 31, 2022 gives effect to interest rate hedges.
(2)    The Company has the option to extend the maturity date of October 13, 2026 for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee, for a maximum maturity date of October 13, 2027.
(3)    The Company intends to pay off the Series A Notes using available cash or borrowings under the revolving credit facility at maturity.
(4)    In April 2022, the Company exercised its 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 further to May 2024, which the Company expects to exercise.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the years ended December 31, 2022, 2021, and 2020 (in thousands):
For the year ended December 31,
202220212020
Unsecured revolving credit facilities$2,531 $2,092 $10,210 
Unsecured term loan facilities52,355 61,529 72,642 
Convertible senior notes13,125 12,662 365 
Senior unsecured notes2,525 3,562 4,792 
Mortgage debt9,788 1,375 — 
Amortization of deferred financing fees, (premiums) and discounts16,465 9,741 7,296 
Other3,199 5,672 8,793 
Total interest expense$99,988 $96,633 $104,098 
Schedule of Future Minimum Principal Payments
As of December 31, 2022, 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):
2023$49,588 
2024623,584 
2025464,602 
2026752,318 
2027462,439 
Thereafter48,454 
Total debt principle payments$2,400,985 
Deferred financing costs, net(21,373)
Debt premium (discount), net7,681 
Total debt$2,387,293 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at December 31, 2022 and 2021 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge Type
Interest Rate Range
(SOFR)(1)
MaturityDecember 31, 2022December 31, 2021
Swap-cash flow—January 2022$— $180,000 
Swap-cash flow—April 2022— 100,000 
Swap-cash flow
0.05% - 0.07%
January 2023200,000 200,000 
Swap-cash flow
1.84% - 1.87%
November 2023250,000 250,000 
Swap-cash flow
 2.47% - 2.50%
January 2024300,000 300,000 
Swap-cash flow
 1.33% - 1.36%
February 2026290,000 290,000 
Total$1,040,000 $1,320,000 
______________________
(1)    In October 2022, the Company transitioned from LIBOR-based interest rates to SOFR-based interest rates for its interest rate swap agreements. There are no other substantive changes to its interest rate swap agreements as part of this transition.