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Debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of June 30, 2023 and December 31, 2022 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at June 30, 2023
Maturity DateJune 30, 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 20246.72%
(1)
October 2024460,000 460,000 
Term Loan 20255.13%
(1)
October 2025460,000 460,000 
Term Loan 20273.84%
(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 Resort7.77%
(4)
May 2024161,500 161,500 
Estancia La Jolla Hotel & Spa5.07%September 202858,491 59,485 
Mortgage loans principal$219,991 $220,985 
Total debt principal$2,399,991 $2,400,985 
Unamortized debt premiums, discount and deferred financing costs, net(11,208)(13,692)
Debt, Net$2,388,783 $2,387,293 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at June 30, 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 2.57%. The reference rate on this loan was converted from LIBOR to Term SOFR in July 2023. The Company expects to refinance this loan prior to its maturity.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the three and six months ended June 30, 2023 and 2022 (in thousands):
For the three months ended June 30,For the six months ended June 30,
2023202220232022
Unsecured revolving credit facilities$498 $786 $1,066 $1,279 
Unsecured term loan facilities18,422 13,609 34,973 27,143 
Convertible senior notes3,282 3,281 6,563 6,562 
Senior unsecured notes589 645 1,178 1,290 
Mortgage debt3,808 2,064 7,343 3,874 
Amortization of deferred financing fees, (premiums) and discounts1,880 2,164 3,731 4,449 
Other1,065 612 2,120 1,136 
Total interest expense$29,544 $23,161 $56,974 $45,733 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at June 30, 2023 and December 31, 2022 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturityJune 30, 2023December 31, 2022
Swap-cash flow
0.05% - 0.07%
January 2023$— $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 
Swap-cash flow
3.20% - 3.38%
October 2027165,000 — 
Total$1,005,000 $1,040,000