DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Indebtedness

Debt, net of debt issuance costs, is as follows (in thousands):

	September 30, 2023		December 31, 2022
Revolving debt	$	140,000	$	140,000
Term loans	910,000		910,000
Convertible notes	287,500		287,500
Mortgage loans	123,840		125,624
	1,461,340		1,463,124
Unamortized debt issuance costs	(16,703)		(11,328)
Debt, net of debt issuance costs	$	1,444,637	$	1,451,796

Detailed information about our gross debt at September 30, 2023 and December 31, 2022 is as follows (dollars in thousands):

				Principal Balance Outstanding
Lender	Interest Rate	Maturity Date	Number of Encumbered  Properties	September 30, 2023		December 31, 2022
OPERATING PARTNERSHIP DEBT:
2018 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)(2)	7.37% Variable	June 21, 2027	n/a	$	15,000	$	15,000
$200 Million Term Loan (1)(2)	7.32% Variable	June 21, 2026	n/a	200,000		200,000
Total Senior Credit and Term Loan Facility				215,000		215,000
Term Loans
KeyBank National Association Term Loan (1)	7.16% Variable	February 14, 2025	n/a	225,000		225,000
Convertible Notes	1.50% Fixed	February 15, 2026	n/a	287,500		287,500
Secured Mortgage Indebtedness
MetaBank	4.44% Fixed	July 1, 2027	3	42,915		43,917
Bank of the Cascades (3)	7.31% Variable	December 19, 2024	1	7,491		7,691
	4.30% Fixed	December 19, 2024		7,491		7,691
Total Mortgage Loans			4	57,897		59,299
Total Operating Partnership Debt				785,397		786,799
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida	8.33% Variable	June 9, 2025	2	47,000		47,000
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (4)	7.58% Variable	September 15, 2027	n/a	125,000		125,000
$75 Million Term Loan (4)	7.53% Variable	September 15, 2027	n/a	75,000		75,000
Bank of America, N.A. (5)	8.18% Variable	January 13, 2026	n/a	410,000		410,000
Wells Fargo	4.99% Fixed	June 6, 2028	1	12,848		13,032
PACE loan	6.10% Fixed	July 31, 2040	1	6,095		6,293
Total GIC Joint Venture Credit Facility and Term Loans			2	628,943		629,325
Total Joint Venture Debt			4	675,943		676,325
Total Debt			8	$	1,461,340	$	1,463,124

(1) The 2018 Senior Credit Facility and Term Loans are supported by a borrowing base of 53 unencumbered hotel properties and a pledge of the equity securities of the entities that own and operate the 53 unencumbered hotels.

(2) The maturity dates for the $400 million Revolver and the $200 Million Term Loan each individually can be extended to June 21, 2028 at the Company’s option, subject to certain conditions.

(3) The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and have cross-default provisions.

(4) 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. Each individually can be extended for a single consecutive 12-month period through September 2028 at the option of the GIC Joint Venture, subject to certain conditions.

(5) 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 consideration of our interest rate derivative agreements that are currently effective, is as follows (in thousands):

 

	September 30, 2023		Percentage	December 31, 2022		Percentage
Fixed-rate debt (1)	$	956,849	65%	$	758,433	52%
Variable-rate debt	504,491		35%	704,691		48%
	$	1,461,340		$	1,463,124

(1) At September 30, 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 74% of our total pro rata indebtedness when taking into consideration interest rate swaps.

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):

 

	September 30, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value		Valuation Technique
Convertible notes	$	287,500	$	242,407	$	287,500	$	247,126	Level 1 - Market approach
Mortgage loans	69,348		60,218		70,933		61,447		Level 2 - Market approach
	$	356,848	$	302,625	$	358,433	$	308,573