Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt

Schedule of Related Party Transactions [Table Text Block]

As of December 31, 2020, the future minimum principal payments were as follows (in thousands):

2021	$	2,603
2022	110,997
2023	—
2024	96,000
2025	474,888
Total (1)	$	684,488

(1)Excludes a total of $22.0 million related to fair value adjustments on debt.

Schedule of Debt

The Company's debt consisted of the following (in thousands):

					Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date		December 31, 2020		December 31, 2019
Senior notes (1)(2)(3)	—	6.00%	June 2025		$	495,759	$	500,484
Mortgage loan (4)	3	4.95%	October 2022		86,775		89,299
Mortgage loan (5)	1	4.94%	October 2022		27,972		28,785
Mortgage loan (1)(6)	3	1.74%	April 2024	(7)	96,000		96,000
	7				706,506		714,568
Deferred financing costs, net					(643)		(841)
Debt, net					$	705,863	$	713,727

(1)Requires payments of interest only through maturity.

(2)The Senior Notes (as defined below) include $20.9 million and $25.6 million at December 31, 2020 and 2019, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(3)The Company has the option to redeem the Senior Notes at a price of 103.0% of face value.

(4)Includes $0.9 million and $1.4 million at December 31, 2020 and 2019, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(5)Includes $0.3 million and $0.4 million at December 31, 2020 and 2019, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.

(6)The hotels encumbered by the mortgage loan are cross-collateralized.

(7)The mortgage loan provides two one year extension options.