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DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of outstanding indebtedness
At December 31, 2020 and 2019 our outstanding indebtedness was as follows (in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)		Maturity DateNumber of 
Properties
Encumbered		Balance at
December 31,
12/31/202020202019
$600 Million Senior Credit and Term Loan Facility (1)
 
Deutsche Bank AG New York Branch
$400 Million Revolver
 
2.40% Variable
n/aMarch 31, 2023n/a$155,000 $75,000 
$200 Million Term Loan
2.35% Variable
n/aApril 1, 2024n/a200,000 200,000 
Total Senior Credit and Term Loan Facility     355,000 275,000 
Joint Venture Credit Facility (2)
Bank of America, N.A.
$125 Million Revolver
2.40% Variable
n/aOctober 8, 2023n/a67,500 65,000 
$75 Million Term Loan
2.35% Variable
n/aOctober 8, 2023n/a75,000 75,000 
Total Joint Venture Credit Facility    142,500 140,000 
Term Loans (1)
       
Term Loan (KeyBank National Association, as Administrative Agent)
2.45% Variable
n/aNovember 25, 2022n/a225,000 225,000 
Term Loan (KeyBank National Association, as Administrative Agent)
2.15% Variable
n/aFebruary 14, 2025n/a225,000 225,000 
Secured Mortgage Indebtedness
KeyBank National Association(3)
4.46% Fixed
30February 1, 2023319,039 19,510 
(4)
4.52% Fixed
30April 1, 2023319,520 19,992 
 (5)
4.30% Fixed
30April 1, 2023318,852 19,323 
 (6)
4.95% Fixed
30August 1, 2023233,947 34,695 
MetaBank(7)
4.44% Fixed
25July 1, 2027346,172 47,226 
Bank of Cascades(8)
2.14% Variable
25December 19, 202418,224 8,490 
 (8)
4.30% Fixed
25December 19, 2024—8,224 8,490 
Total Mortgage Loans    15153,978 157,726 
Total Debt    1,101,478 1,022,726 
Unamortized debt issuance costs(6,733)(6,563)
Debt, net of issuance costs$1,094,745 $1,016,163 

(1) The $600 million Senior Revolving Credit and Term Loan Facility and Term Loans are supported by a borrowing base of 52 unencumbered hotel properties and a pledge of the equity securities of the entities that own the 52 properties and their affiliates. On January 12, 2021, we closed the Convertible Notes Offering of $287.5 million and used a portion of the proceeds to repay all of the $160.0 million of outstanding obligations under the $400 Million Revolver and $98.5 million of the outstanding balance of the 2017 Term Loan.

(2) The Joint Venture Credit Facility is secured by pledges of the equity in the entities (and affiliated entities) that own the hotels.

(3) On January 25, 2013, we closed on a $29.4 million loan with a fixed rate of 4.46% and a maturity of February 1, 2023. This loan is secured by three of the Hyatt Place hotels we acquired in October 2012. These hotels are located in Chicago (Lombard), IL; Denver (Lone Tree), CO; and Denver (Englewood), CO.  This loan is subject to defeasance costs if prepaid. On March 19, 2019, we defeased $6.3 million of the principal balance to have the encumbrance released on
one property, the Hyatt Place in Arlington, TX, to facilitate the sale of the property. As a result of this transaction, we recorded debt transaction costs of $0.6 million in 2019 primarily related to the debt defeasance premium.
 
(4) On March 7, 2013, we closed on a $22.7 million loan with a fixed rate of 4.52% and a maturity of April 1, 2023. This loan is secured by three of the Hyatt hotels we acquired in October 2012. These hotels include a Hyatt House in Denver (Englewood), CO and Hyatt Place hotels in Baltimore (Owings Mills), MD and Scottsdale, AZ.  This loan is subject to defeasance if prepaid.
 
(5) On March 8, 2013, we closed on a $22.0 million loan with a fixed rate of 4.30% and a maturity of April 1, 2023. This loan is secured by the three Hyatt Place hotels we acquired in January 2013. These hotels are located in Chicago (Hoffman Estates), IL; Orlando (Convention), FL; and Orlando (Universal), FL. This loan is subject to defeasance if prepaid.
 
(6) On July 22, 2013, we closed on a $38.7 million loan with a fixed rate of 4.95% and a maturity of August 1, 2023. This loan is secured by two Marriott hotels we acquired in May 2013. These hotels include a Fairfield Inn & Suites and SpringHill Suites in Louisville, KY. This loan is subject to defeasance if prepaid.
 
(7) On June 30, 2017, we entered into the MetaBank Loan. The MetaBank Loan is secured by the Hampton Inn & Suites in Minneapolis, MN, the Four Points by Sheraton Hotel & Suites in South San Francisco, CA, and the Hyatt Place in Mesa, AZ. The MetaBank Loan is subject to a prepayment penalty if prepaid prior to April 1, 2027.

(8) On December 19, 2014, we refinanced our loan with Bank of the Cascades and increased the amount financed by $7.9 million.  As part of the refinance the loan was split into two notes. Note A carries a variable interest rate of 30-day LIBOR plus 200 basis points and Note B carries a fixed interest rate of 4.3%. Both notes have amortization periods of 25 years and maturity dates of December 19, 2024. The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted.
Schedule of total fixed-rate and variable-rate debt, after giving effect to interest rate derivatives
Our total fixed-rate and variable-rate debt at December 31, 2020 and 2019, after giving effect to our interest rate derivatives, is as follows (in thousands): 

 2020Percentage2019Percentage
Fixed-rate debt$545,754 50 %$549,236 54 %
Variable-rate debt555,724 50 %473,490 46 %
 $1,101,478 $1,022,726 
Schedule of principal payments for each of the next five years
Contractual principal payments for each of the next five years are as follows (in thousands): 

2021$3,912 
2022229,072 
2023385,935 
2024216,105 
2025226,319 
Thereafter40,135 
 $1,101,478 
Schedule of the fair value of fixed-rate debt that is not recorded at fair value Information about the fair value of our fixed-rate debt that is not recorded at fair value is as follows (in thousands): 
 20202019 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Fixed-rate debt$145,754 $143,244 $149,236 $151,268 Level 2 - Market approach