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Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of March 31, 2023 and December 31, 2022 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at March 31, 2023
Maturity DateMarch 31, 2023December 31, 2022
Revolving credit facilities
Senior unsecured credit facility—
(1)(2)
October 2026$— $— 
PHL unsecured credit facility—
(1)
October 2026— — 
Total revolving credit facilities$— $— 
Unsecured term loans
Term Loan 20246.80%
(1)
October 2024460,000 460,000 
Term Loan 20254.73%
(1)
October 2025460,000 460,000 
Term Loan 20273.49%
(1)
October 2027460,000 460,000 
Term loan principal$1,380,000 $1,380,000 
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 Resort7.06%
(4)
May 2023161,500 161,500 
Estancia La Jolla Hotel & Spa5.07%September 202858,987 59,485 
Mortgage loans principal$220,487 $220,985 
Total debt principal$2,400,487 $2,400,985 
Unamortized debt premiums, discount and deferred financing costs, net(12,470)(13,692)
Debt, Net$2,388,017 $2,387,293 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at March 31, 2023 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)    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.
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, 2023 and 2022 (in thousands):
For the three months ended March 31,
20232022
Unsecured revolving credit facilities$568 $493 
Unsecured term loan facilities16,551 13,534 
Convertible senior notes3,281 3,281 
Senior unsecured notes589 645 
Mortgage debt3,535 1,810 
Amortization of deferred financing fees, (premiums) and discounts1,851 2,285 
Other1,055 524 
Total interest expense$27,430 $22,572 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at March 31, 2023 and December 31, 2022 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturityMarch 31, 2023December 31, 2022
Swap-cash flow
0.05% - 0.07%
January 2023$— $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$840,000 $1,040,000