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Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Components of Mortgage Debt Mortgage and revolving credit facility debt consisted of the following (dollars in thousands):
 
CollateralInterest RateMaturity Date9/30/20 Property Carrying ValueBalance Outstanding on Loan as of
September 30, 2020December 31,
2019
Revolving Credit Facility (1)3.09 %March 8, 2022$393,215 $173,000 $90,000 
Construction loan (2)7.75 %August 3, 202433,719 3,923 — 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202121,835 12,717 12,936 
Residence Inn by Marriott San Diego, CA 4.66 %February 6, 202343,836 26,798 27,272 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202328,887 15,290 15,563 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202331,267 20,911 21,291 
Courtyard by Marriott Houston, TX4.19 %May 6, 202330,376 17,237 17,559 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202334,058 21,157 21,520 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202362,765 43,220 43,857 
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202441,368 31,615 32,053 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202476,651 63,674 64,406 
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202484,863 69,471 70,270 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202463,382 47,755 48,305 
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202450,346 37,241 37,670 
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202433,639 29,477 29,817 
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202438,339 20,604 20,931 
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202413,252 15,484 15,693 
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202515,938 17,478 17,717 
Total debt before unamortized debt issue costs$1,097,736 $667,052 $586,860 
Unamortized mortgage debt issue costs(1,105)(1,395)
Total debt outstanding$665,947 $585,465 
 
1.The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million.
Future Scheduled Principal Payments of Debt Obligations
Future scheduled principal payments of debt obligations as of September 30, 2020, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2020 (remaining three months)$2,665 
202122,121 
2022182,954 
2023143,084 
2024300,309 
202515,919 
Thereafter— 
Total debt before unamortized debt issue costs$667,052 
Unamortized mortgage debt issue costs(1,105)
Total debt outstanding$665,947