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DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
March 31, 2024December 31, 2023
Revolving debt$180,000 $125,000 
Term loans877,021 910,000 
Convertible notes287,500 287,500 
Mortgage loans122,828 123,339 
 1,467,349 1,445,839 
Unamortized debt issuance costs(15,347)(15,171)
    Debt, net of debt issuance costs$1,452,002 $1,430,668 
Detailed information about our gross debt at March 31, 2024 and December 31, 2023 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered  Properties		March 31, 2024December 31, 2023
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit and Term Loan Facility
Bank of America, N.A.
$400 Million Revolver (1)
7.38% Variable
6/21/20276/21/2028n/a$55,000 $— 
$200 Million Term Loan (1)
7.33% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit and Term Loan Facility255,000 200,000 
Term Loans
KeyBank National Association Term Loan (1)
n/a2/14/20252/14/2025n/a— 225,000 
Regions Bank Term Loan (1)
7.32% Variable
2/26/20272/26/2029n/a200,000 — 
200,000 225,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a287,500 287,500 
Secured Mortgage Indebtedness
MetaBank
4.44% Fixed
7/1/20277/1/20273 42,400 42,611 
Bank of the Cascades (2)
7.32% Variable
12/19/202412/19/20241 7,358 7,425 
4.30% Fixed
12/19/202412/19/20247,358 7,425 
Total Mortgage Loans4 57,116 57,461 
Total Operating Partnership Debt
799,616 769,961 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
8.32% Variable
6/9/20256/9/20252 47,000 47,000 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (3)
7.58% Variable
9/15/20279/15/2028n/a125,000 125,000 
 $75 Million Term Loan (3)
7.53% Variable
9/15/20279/15/2028n/a75,000 75,000 
Bank of America, N.A. (4)
8.19% Variable
1/13/20261/13/2027n/a402,021 410,000 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,720 12,785 
PACE loan
6.10% Fixed
7/31/20407/31/204015,992 6,093 
Total GIC Joint Venture Credit Facility and Term Loans2620,733 628,878 
Total Joint Venture Debt4 667,733 675,878 
Total Debt8 $1,467,349 $1,445,839 

(1) The 2023 Senior Credit and Term Loan Facility is supported by a borrowing base of 52 unencumbered hotel properties.
(2) The Bank of Cascades mortgage loan is comprised of two promissory notes that are secured by the same collateral and have cross-default provisions.
(3) 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 13 lodging properties.
(4) The GIC Joint Venture Term Loan is secured by pledges of the equity in the entities and affiliated entities that own 26 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 in effect, is as follows (in thousands):
 
March 31, 2024PercentageDecember 31, 2023Percentage
Fixed-rate debt (1)
$955,970 65%$956,414 66%
Variable-rate debt511,379 35%489,425 34%
$1,467,349 $1,445,839 
(1) At March 31, 2024, 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. In April 2024, after repayment of the outstanding $55.0 million balance of our $400 Million Revolver from the proceeds of the sale of a portfolio of two lodging properties in New Orleans, LA and a $6.0 million paydown to the GIC Joint Venture Term Loan from the proceeds of the sale of the Hilton Garden Inn - Bryan (College Station), TX, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 77% 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 (dollars in thousands):
 
March 31, 2024December 31, 2023 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $257,313 $287,500 $256,141 Level 1 - Market approach
Mortgage loans68,470 62,547 68,915 60,883 Level 2 - Market approach
$355,970 $319,860 $356,415 $317,024