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DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
September 30, 2024December 31, 2023
Revolving debt$125,000 $125,000 
Term loans871,037 910,000 
Convertible notes287,500 287,500 
Mortgage loans65,007 123,339 
 1,348,544 1,445,839 
Unamortized debt issuance costs(12,449)(15,171)
    Debt, net of debt issuance costs$1,336,095 $1,430,668 
Detailed information about our debt at September 30, 2024 and December 31, 2023 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered  Properties		September 30, 2024December 31, 2023
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
6.90% Variable
6/21/20276/21/2028n/a$— $— 
$200 Million Term Loan (1)
7.25% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit Facility200,000 200,000 
Term Loans
KeyBank National Association Term Loan (1) (2)
n/a2/14/20252/14/2025n/a— 225,000 
Regions Bank 2024 Term Loan Facility (1)
7.25% 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 (2)
n/a7/1/20277/1/2027n/a— 42,611 
Bank of the Cascades (2)
n/a12/19/202412/19/2024n/a— 7,425 
n/a12/19/202412/19/2024n/a— 7,425 
Total Mortgage Loans— — 57,461 
Total Operating Partnership Debt
687,500 769,961 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
8.11% Variable
6/9/20256/9/20252 46,530 47,000 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (3)
7.53% Variable
9/15/20279/15/2028n/a125,000 125,000 
 $75 Million Term Loan (3)
7.48% Variable
9/15/20279/15/2028n/a75,000 75,000 
Bank of America, N.A. Term Loan (4)
8.11% Variable
1/13/20261/13/2027n/a396,037 410,000 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,593 12,785 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,884 6,093 
Total GIC Joint Venture Credit Facility and Term Loans1614,514 628,878 
Total Joint Venture Debt3 661,044 675,878 
Total Debt3 $1,348,544 $1,445,839 

(1) The 2023 Senior Credit Facility and the Regions Bank 2024 Term Loan Facility are supported by a borrowing base of 53 unencumbered hotel properties.
(2) The KeyBank Term Loan was paid off with proceeds from the Regions Bank 2024 Term Loan. The MetaBank loan was paid off in June 2024. The Bank of the Cascades mortgage loan was comprised of two promissory notes which were repaid in May 2024.
(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 with Bank of America, N.A. is secured by pledges of the equity in the entities and affiliated entities that own 25 lodging properties and two parking garages.
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):
 
September 30, 2024PercentageDecember 31, 2023Percentage
Fixed-rate debt (1)
$905,977 67%$956,414 66%
Variable-rate debt442,567 33%489,425 34%
$1,348,544 $1,445,839 

(1) At September 30, 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 77% of our total pro rata indebtedness when taking into consideration interest rate swaps that are currently in effect.
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, 2024December 31, 2023 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $272,090 $287,500 $256,141 Level 1 - Market approach
Mortgage loans18,477 17,632 68,915 60,883 Level 2 - Market approach
$305,977 $289,722 $356,415 $317,024