FAIR VALUE MEASUREMENT (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Disclosures Concerning Financial Instruments Measured at Fair Value

Disclosures concerning financial instruments measured at fair value are as follows (in thousands):

 

	Fair Value Measurements at June 30, 2023 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	23,426	$	—	$	23,426
Purchase option related to real estate loans (Onera Purchase Option)	—		—		931		931

	Fair Value Measurements at December 31, 2022 using
	Level 1		Level 2		Level 3		Total
Assets:
Interest rate swaps	$	—	$	16,841	$	—	$	16,841

Schedule of Unobservable Inputs for Fair Values of Purchase Options

As such, we were required to develop assumptions to determine the fair value of the Onera Purchase Option as follows (dollar amounts in thousands):

Exercise price	$	8,206
First option exercise date (1)	10/1/2024
Expected volatility	52.20		%
Risk free rate	4.15		%
Expected annualized equity dividend yield	—		%

(1)The first option exercise date is the date used for estimating the fair value of the purchase option. The Onera Purchase Option is exercisable when the lodging development is fully constructed and open for business and expires one year from the date that it is initially exercisable.