Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

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

					Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date		June 30, 2020		December 31, 2019
Senior Notes (1)(2)(3)	—	6.00%	June 2025		$	498,122	$	500,484
Mortgage loan (4)	3	4.95%	October 2022		88,038		89,299
Mortgage loan (5)	1	4.94%	October 2022		28,379		28,785
Mortgage loan (1)(6)	3	1.76%	April 2024	(7)	96,000		96,000
	7				710,539		714,568
Deferred financing costs, net					(743)		(841)
Debt, net					$	709,796	$	713,727

(1)Requires payments of interest only through maturity.

(2)The Senior Notes (as defined below) include $23.2 million and $25.6 million at June 30, 2020 and December 31, 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)Beginning June 1, 2020, the Company has the option to redeem the Senior Notes at a price of 103.0% of face value.

(4)Includes $1.1 million and $1.4 million at June 30, 2020 and December 31, 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 $0.4 million and $0.4 million at June 30, 2020 and December 31, 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.