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DEBT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
At December 31, 2023 and 2022 our outstanding indebtedness was as follows (dollar amounts in thousands):
LenderReferenceInterest
Rate		Amortization Period
(Years)
Initial Maturity 
Date
Fully Extended Maturity Date
Number of 
Properties
Encumbered
December 31,
20232022
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, NA
$400 Million Revolver
(1)
7.41% Variable
n/a6/21/20276/21/2028n/a$— $15,000 
$200 Million Term Loan
(1)
7.36% Variable
n/a6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit and Term Loan Facility200,000 215,000 
Term Loans
KeyBank National Association Term Loan
(1) (7)
7.21% Variable
n/a2/14/20252/14/2025n/a225,000 225,000 
Convertible Notes
1.50% Fixed
n/a2/15/20262/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank(2)
4.44% Fixed
257/1/20277/1/2027342,611 43,917 
Bank of the Cascades (First Interstate Bank)(3)
7.33% Variable
2512/19/202412/19/202417,425 7,691 
Bank of the Cascades (First Interstate Bank)(3)
4.30% Fixed
2512/19/202412/19/20247,425 7,691 
Total Mortgage Loans457,461 59,299 
Total Operating Partnership Debt4769,961 786,799 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
8.35% Variable
256/9/20256/9/2025247,000 47,000 
GIC Joint Venture Credit Facility and Term Loans(4)
Bank of America, N.A.
$125 Million Revolver
7.61% Variable
n/a9/15/20279/15/2028n/a125,000 125,000 
$75 Million Term Loan
7.56% Variable
n/a9/15/20279/15/2028n/a75,000 75,000 
Bank of America, N.A.
8.22% Variable
n/a1/13/20261/13/2027n/a410,000 410,000 
Wells Fargo(5)
4.99% Fixed
306/6/20286/6/2028112,785 13,032 
PACE loan(6)
6.10% Fixed
207/31/20407/31/204016,093 6,293 
Total GIC Joint Venture Credit Facility and Term Loans2628,878 629,325 
Total Joint Venture Debt4675,878 676,325 
Total Debt81,445,839 1,463,124 
Unamortized debt issuance costs(15,171)(11,328)
Debt, net of issuance costs$1,430,668 $1,451,796 

(1)The $600 million 2023 Senior Credit Facility is supported by a borrowing base of 52 unencumbered hotel properties.

(2) In June 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. In or around December 2021, MetaBank sold the MetaBank Loan to Bayside MB CRE Loans, LLC (“Bayside”).

(3) In December 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.

(4) The GIC Joint Venture Credit Facilities and Term Loans are secured by a pledge of the equity interests in the subsidiaries that own and operate the borrowing base assets financed by the facility.

(5) In December 2021, we assumed a $13.3 million loan with a fixed rate of 4.99% and a maturity of June 6, 2028. This loan is secured by the Embassy Suites by Hilton in Tucson, AZ. This loan is subject to defeasance if prepaid.
(6) As part of the NCI Transaction, a subsidiary of the GIC Joint Venture assumed a PACE loan of approximately $6.5 million. The loan bears fixed interest at 6.10%, has an amortization period of 20 years, and matures on July 31, 2040. The PACE loan is secured by an assessment lien imposed by the County of Tarrant, Texas for the benefit of the lender.
(7) In February 2024, we successfully completed the 2024 Term Loan. Proceeds from the 2024 Term Loan financing along with advances on our $400 Million Revolver were used to repay the 2018 Term Loan that was scheduled to mature in February 2025. The 2024 Term Loan provides for a fully extended maturity date of February 2029.
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, 2023 and 2022, after giving effect to our interest rate derivatives, is as follows (dollar amounts in thousands): 
 2023Percentage2022Percentage
Fixed-rate debt(1)
$956,414 66 %$758,433 52 %
Variable-rate debt489,425 34 %704,691 48 %
 $1,445,839 $1,463,124 

(1) At December 31, 2023, debt related to our wholly-owned properties coupled with our pro rata share of joint venture debt results in a fixed-rate debt ratio of approximately 75% of our total pro rata indebtedness when including the effect of interest rate swaps. See "Note 8 - Derivative Financial Instruments and Hedging."
Schedule of Principal Payments for Each of the Next Five Years
Contractual principal payments, without consideration of maturity date extension options, but including the refinancing of the 2018 Term Loan subsequent to December 31, 2023, for each of the next five years are as follows (in thousands): 

For the Year Ended
December 31,		Amount
2024$16,926 
202548,485 
2026289,417 
2027449,204 
2028436,937 (1)
Thereafter204,870 
 $1,445,839 

(1)    Debt maturities in 2028 include $25 million related to the refinancing of the 2018 Term Loan that was paid at closing of the 2024 Term Loan in February 2024. Advances on our $400 Million Revolver have a fully extended maturity of June 2028.
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): 

 20232022 
 Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $256,141 $287,500 $247,126 Level 1 - Market approach
Mortgage loans68,915 60,883 70,933 61,447 Level 2 - Market approach
$356,415 $317,024 $358,433 $308,573