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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of March 31, 2024 and December 31, 2023 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at March 31, 2024
Maturity DateMarch 31, 2024December 31, 2023
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 20247.62%
(1)(4)
October 202443,348 460,000 
Term Loan 20254.81%
(1)(5)
October 2025410,000 460,000 
Term Loan 20275.61%
(1)
October 2027460,000 460,000 
Term Loan 20287.62%
(1)(4)
January 2028356,652 — 
Term loan principal$1,270,000 $1,380,000 
Convertible senior notes principal1.75%December 2026$750,000 $750,000 
Senior unsecured notes principal4.93%December 2025$2,400 $2,400 
Mortgage loans
Margaritaville Hollywood Beach Resort7.04%
(3)
September 2026140,000 140,000 
Estancia La Jolla Hotel & Spa5.07%September 202857,149 57,497 
Mortgage loans principal$197,149 $197,497 
Total debt principal$2,219,549 $2,329,897 
Unamortized debt premiums, discount and deferred financing costs, net(12,898)(10,096)
Debt, Net$2,206,651 $2,319,801 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at March 31, 2024 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)    This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at March 31, 2024 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.
(4)    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 (shown above as Term Loan 2028). In connection with the extension, the Company also repaid $60.0 million of its borrowings under Term Loan 2024 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.
(5)    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 three months ended March 31, 2024 and 2023 (in thousands):
For the three months ended March 31,
20242023
Unsecured revolving credit facilities$498 $568 
Unsecured term loan facilities18,912 16,551 
Convertible senior notes3,281 3,281 
Senior unsecured notes30 589 
Mortgage debt3,225 3,535 
Amortization of deferred financing fees, (premiums) and discounts3,071 1,851 
Other(2,596)1,055 
Total interest expense$26,421 $27,430 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at March 31, 2024 and December 31, 2023 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range (SOFR)MaturityMarch 31, 2024December 31, 2023
Swap-cash flow
2.47% - 2.50%
January 2024$— $300,000 
Swap-cash flow
3.22% - 3.25%
October 2025200,000 200,000 
Swap-cash flow
1.33% - 1.36%
February 2026290,000 290,000 
Swap-cash flow
3.02% - 3.03%
October 2026200,000 200,000 
Swap-cash flow
3.29%
October 2027165,000 165,000 
Total$855,000 $1,155,000