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Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of December 31, 2024 and 2023 (dollars in thousands):
   Balance Outstanding as of
 
Interest Rate at December 31, 2024
Maturity DateDecember 31, 2024December 31, 2023
Revolving credit facilities
Senior unsecured credit facility-
(1)(2)
October 2026 /
October 2028		$— $— 
PHL unsecured credit facility-
(1)
October 2028— — 
Revolving credit facilities$— $— 
Unsecured term loans
Term Loan 2024-
(4)
October 2024— 460,000 
Term Loan 20255.16%
(1)(5)
October 202514,783 460,000 
Term Loan 20275.56%
(1)(6)
October 2027360,000 460,000 
Term Loan 20283.88%
(1)
January 2028356,652 — 
Term Loan 20295.16%
(1)
January 2029185,217 — 
Unsecured term loan principal$916,652 $1,380,000 
Convertible senior notes principal1.75%December 2026$750,000 $750,000 
Senior unsecured notes
Series B Notes4.93%December 20252,400 2,400 
Senior Notes 20296.38%October 2029400,000 — 
Senior unsecured notes principal$402,400 $2,400 
Mortgage loans
Margaritaville Hollywood Beach Resort7.04%
(3)
September 2026140,000 140,000 
Estancia La Jolla Hotel & Spa5.07%September 202855,413 57,497 
Mortgage loans principal$195,413 $197,497 
Total debt principal$2,264,465 $2,329,897 
Unamortized debt premiums, discount and deferred financing costs, net(17,733)(10,096)
Debt, Net$2,246,732 $2,319,801 
______________________
(1)    Borrowings bear interest at floating rates. Interest rate at December 31, 2024 gives effect to interest rate hedges.
(2)    $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with 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 December 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 extended the maturity date of $356.7 million borrowed under Term Loan 2024 to January 2028. This indebtedness is 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 balance of Term Loan 2024 was repaid in October 2024 with proceeds from the Senior Notes 2029 offering.
(5)    On January 3, 2024, the Company repaid $50.0 million of its borrowings under Term Loan 2025 with available cash. On October 3, 2024, the Company repaid $210.0 million of its borrowings under Term Loan 2025 with proceeds from the Senior Notes 2029 offering. On November 1, 2024, the Company extended the maturity date of $185.2 million borrowed under Term Loan 2025 to January 2029. This indebtedness is shown above as Term Loan 2029.
(6)    On October 3, 2024, the Company repaid $100.0 million of its borrowings under Term Loan 2027 with proceeds from the Senior Notes 2029 offering.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in thousands):
For the year ended December 31,
202420232022
Unsecured revolving credit facilities$2,003 $2,074 $2,531 
Unsecured term loan facilities67,928 73,151 52,355 
Convertible senior notes13,125 13,125 13,125 
Senior unsecured notes6,493 2,169 2,525 
Mortgage debt12,931 14,704 9,788 
Amortization of deferred financing fees, (premiums) and discounts10,268 8,104 16,465 
Other(316)2,333 3,199 
Total interest expense$112,432 $115,660 $99,988 
Schedule of Future Minimum Principal Payments
As of December 31, 2024, 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):
2025$19,201 
2026752,308 
2027362,429 
2028545,310 
2029585,217 
Total debt principle payments$2,264,465 
Deferred financing costs, net(17,733)
Total debt$2,246,732 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at December 31, 2024 and 2023 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate Range
(SOFR)		MaturityDecember 31, 2024December 31, 2023
Swap-cash flow
 2.47% - 2.50%
January 2024$— $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 flow3.29%October 2027165,000 165,000 
Total$855,000 $1,155,000