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DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Debt, net of debt issuance costs, is as follows (in thousands):

June 30, 2025December 31, 2024
Revolving debt$150,000 $135,000 
Term loans921,037 921,037 
Convertible notes287,500 287,500 
Mortgage loans76,166 64,470 
 1,434,703 1,408,007 
Unamortized debt issuance costs (1)
(8,904)(11,297)
    Debt, net of debt issuance costs$1,425,799 $1,396,710 

(1)    During the six months ended June 30, 2025, we paid $4.3 million in bank, legal and other fees related to the $275 million 2025 Delayed Draw Term Loan (as described in further detail below) that are included in Deferred charges, net on our Condensed Consolidated Balance Sheet. Those costs will be reclassified to Debt, net of debt issuance costs at the time the funds are drawn upon, which is expected to coincide with the repayment of the Convertible Notes upon their maturity in February 2026.
Detailed information about our debt at June 30, 2025 and December 31, 2024 is as follows (dollars in thousands):

Principal Balance Outstanding
LenderInterest RateInitial Maturity DateFully Extended Maturity DateNumber of
Encumbered Properties		June 30, 2025December 31, 2024
OPERATING PARTNERSHIP DEBT:
2023 Senior Credit Facility
Bank of America, N.A.
$400 Million Revolver (1)
6.37% Variable
6/21/20276/21/2028n/a$25,000 $10,000 
$200 Million Term Loan (1)
6.33% Variable
6/21/20266/21/2028n/a200,000 200,000 
Total Senior Credit Facility225,000 210,000 
Convertible Notes
1.50% Fixed
2/15/20262/15/2026n/a287,500 287,500 
Term Loans
Regions Bank 2024 Term Loan Facility (1)
6.33% Variable
2/26/20272/26/2029n/a200,000 200,000 
$275 Million 2025 Delayed Draw Term Loan
6.32% Variable
3/27/20283/27/2030n/a— — 
200,000 200,000 
Total Operating Partnership Debt
712,500 697,500 
JOINT VENTURE DEBT:
Brickell Joint Venture Mortgage Loan
City National Bank of Florida
n/a
6/9/20256/9/2025n/a— 46,060 
Wells Fargo Bank, N.A.
6.92% Variable
5/15/20285/15/20302 58,000 — 
58,000 46,060 
GIC Joint Venture Credit Facility and Term Loans
Bank of America, N.A.
$125 Million Revolver (2)
6.58% Variable
9/15/20279/15/2028n/a125,000 125,000 
$125 Million Term Loan (2)
6.53% Variable
9/15/20279/15/2028n/a125,000 125,000 
Bank of America, N.A. Term Loan (3)
7.19% Variable
1/13/20261/13/2027n/a396,037 396,037 
Wells Fargo
4.99% Fixed
6/6/20286/6/2028112,391 12,526 
PACE loan
6.10% Fixed
7/31/20407/31/2040n/a5,775 5,884 
Total GIC Joint Venture Credit Facility and Term Loans1664,203 664,447 
Total Joint Venture Debt3 722,203 710,507 
Total Debt3 $1,434,703 $1,408,007 

(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 and their affiliates.
(2) The $125 Million Revolver and the $125 Million Term Loan are secured by pledges of the equity in the entities that own 15 lodging properties.
(3) The GIC Joint Venture Term Loan with Bank of America, N.A. is secured by pledges of the equity in the entities that own 25 lodging properties and two parking garages and their affiliates.
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):
 
June 30, 2025PercentageDecember 31, 2024Percentage
Fixed-rate debt (1)
$988,666 69%$930,910 66%
Variable-rate debt446,037 31%477,097 34%
$1,434,703 $1,408,007 

(1) At June 30, 2025, debt related to our wholly-owned properties and our pro rata share of joint venture debt has a fixed-rate debt ratio of approximately 75% 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):
 
June 30, 2025December 31, 2024 
Carrying
Value		Fair ValueCarrying
Value		Fair ValueValuation Technique
Convertible notes$287,500 $278,337 $287,500 $278,766 Level 1 - Market approach
Mortgage loans18,166 17,851 18,410 17,344 Level 2 - Market approach
$305,666 $296,188 $305,910 $296,110