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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of December 31, 2023 and 2022 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at December 31, 2023
Maturity DateDecember 31, 2023December 31, 2022
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 20245.78%
(1)(5)
October 2024460,000 460,000 
Term Loan 20255.13%
(1)(6)
October 2025460,000 460,000 
Term Loan 20275.61%
(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 Notes-
(3)
December 2023— 47,600 
Series B Notes4.93%December 20252,400 2,400 
Senior unsecured notes principal$2,400 $50,000 
Mortgage loans
Margaritaville Hollywood Beach Resort7.04%
(4)
September 2026140,000 161,500 
Estancia La Jolla Hotel & Spa5.07%September 202857,497 59,485 
Mortgage loans principal$197,497 $220,985 
Total debt principal$2,329,897 $2,400,985 
Unamortized debt premiums, discount and deferred financing costs, net(10,096)(13,692)
Debt, Net$2,319,801 $2,387,293 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at December 31, 2023 gives effect to interest rate hedges.
(2)    The Company has the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee.
(3)    The Company paid off the Series A Notes using available cash.
(4)    This loan was refinanced during the third quarter of 2023 and now bears interest at a floating rate equal to daily SOFR plus of 3.75%. The interest rate at December 31, 2023 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, pursuant to certain terms and conditions and payment of an extension fee.
(5)    On January 3, 2024, the Company entered into the First Amendment to the Credit Agreement which extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. In connection with the extension, the Company also repaid $60.0 million of its outstanding Term Loan 2024 obligation with available cash. The remaining $43.3 million of Term Loan 2024's balance will continue to mature in October 2024 and will be paid with available cash or borrowings under the revolving credit facility at maturity.
(6)    On January 3, 2024, the Company repaid $50.0 million of its outstanding Term Loan 2025 obligation with available cash.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the years ended December 31, 2023, 2022, and 2021 (in thousands):
For the year ended December 31,
202320222021
Unsecured revolving credit facilities$2,074 $2,531 $2,092 
Unsecured term loan facilities73,151 52,355 61,529 
Convertible senior notes13,125 13,125 12,662 
Senior unsecured notes2,169 2,525 3,562 
Mortgage debt14,704 9,788 1,375 
Amortization of deferred financing fees, (premiums) and discounts8,104 16,465 9,741 
Other2,333 3,199 5,672 
Total interest expense$115,660 $99,988 $96,633 
Schedule of Future Minimum Principal Payments
As of December 31, 2023, 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):
2024$461,910 
2025464,592 
2026752,308 
2027462,429 
2028188,658 
Total debt principle payments$2,329,897 
Deferred financing costs, net(10,096)
Total debt$2,319,801 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at December 31, 2023 and 2022 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge Type
Interest Rate Range
(SOFR)(1)
MaturityDecember 31, 2023December 31, 2022
Swap-cash flow
0.05% - 0.07%
January 2023$— $200,000 
Swap-cash flow
1.84% - 1.87%
November 2023— 250,000 
Swap-cash flow
 2.47% - 2.50%
January 2024300,000 300,000 
Swap-cash flow
 3.22% - 3.25%
October 2025200,000 — 
Swap-cash flow
 1.33% - 1.36%
February 2026290,000 290,000 
Swap-cash flow
 3.02% - 3.03%
October 2026200,000 — 
Swap-cash flow3.29%October 2027165,000 — 
Total$1,155,000 $1,040,000