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DEBT (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Debt, net of debt issuance costs, is as follows (in thousands):
March 31, 2023December 31, 2022
Revolving debt$155,000 $140,000 
Term loans910,000 910,000 
Convertible notes287,500 287,500 
Mortgage loans124,932 125,624 
 1,477,432 1,463,124 
Unamortized debt issuance costs(10,309)(11,328)
Debt, net of debt issuance costs$1,467,123 $1,451,796 
Detailed information about our gross debt at March 31, 2023 and 2022 is as follows:

LenderInterest RateMaturity DateNumber of
Encumbered  Properties		March 31, 2023December 31, 2022
OPERATING PARTNERSHIP DEBT:
2018 Senior Credit Facility
Bank of America, NA
$400 Million Revolver (1)(2)
6.86% Variable
September 30, 2023n/a$30,000 $15,000 
$200 Million Term Loan (1)(3)
6.81% Variable
April 1, 2024n/a200,000 200,000 
Total Senior Credit and Term Loan Facility230,000 215,000 
Term Loans
KeyBank National Association Term Loan (1)
6.64% Variable
February 14, 2025n/a225,000 225,000 
Convertible Notes
1.50% Fixed
February 15, 2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank
4.44% Fixed
July 1, 20273 43,518 43,917 
Bank of the Cascades (First Interstate Bank) (4)
6.60% Variable
December 19, 20241 7,624 7,691 
4.30% Fixed
December 19, 2024— 7,624 7,691 
Total Mortgage Loans4 58,766 59,299 
801,266 786,799 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
7.86% Variable
June 30, 20252 47,000 47,000 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (5)
6.99% Variable
October 8, 2023n/a125,000 125,000 
$75 Million Term Loan (5)
6.94% Variable
October 8, 2023n/a75,000 75,000 
Bank of America, N.A. (6)
7.63% Variable
January 13, 2026n/a410,000 410,000 
Wells Fargo
4.99% Fixed
June 6, 2028112,969 13,032 
PACE loan
6.10% Fixed
July 31, 204016,197 6,293 
Total GIC Joint Venture Credit Facility and Term Loans2629,166 629,325 
Total Joint Venture Debt4 $676,166 $676,325 
Total Debt8 $1,477,432 $1,463,124 

(1) The 2018 Senior Credit Facility and Term Loans are supported by a borrowing base of 57 unencumbered hotel properties and a pledge of the equity securities of the entities that own and operate the 57 unencumbered hotels.
(2) We have exercised our option to extend the maturity date for the $400 Million Revolver to September 30, 2023 and we have additional options to extend the maturity date to March 31, 2025, subject to certain conditions.
(3) The maturity date for the $200 Million Term Loan can be extended to April 1, 2025 at the Company’s option, subject to certain conditions.
(4) The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and cross-defaulted.
(5) The $125 million Revolver and the $75 million Term Loan are secured by pledges of the equity in the entities (and affiliated entities) that own 11 lodging properties.
(6) The GIC Joint Venture's $410 million term loan with Bank of America, N.A. is secured by pledges of the equity in the entities (and affiliated entities) that own 27 lodging properties.
Schedule of Fixed-rate and Variable-rate Debt, after Giving Effect to Interest Rate Derivative
Our total fixed-rate and variable-rate debt, after considering our interest rate derivative agreements that are currently effective, is as follows (in thousands):
 
March 31, 2023PercentageDecember 31, 2022Percentage
Fixed-rate debt (1)
$757,808 51%$758,433 52%
Variable-rate debt719,624 49%704,691 48%
$1,477,432 $1,463,124 

(1) At March 31, 2023, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 73% of our total pro rata indebtedness when taking into consideration interest rate swaps entered into during the three months ended March 31, 2023 when they become effective in July 2023.
Schedule of Fair Value of Fixed-rate that is Debt 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):
 
March 31, 2023December 31, 2022 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $246,750 $287,500 $247,126 Level 1 - Market approach
Mortgage loans70,307 61,999 70,933 61,447 Level 2 - Market approach
$357,807 $308,749 $358,433 $308,573