Debt (Tables)

3 Months Ended

Mar. 31, 2021

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		March 31, 2021		December 31, 2020
Senior Notes (1)(2)(3)	—	6.00%	June 2025		$	494,578	$	495,759
Mortgage loan (4)	3	4.95%	October 2022		86,110		86,775
Mortgage loan (5)	1	4.94%	October 2022		27,759		27,972
Mortgage loan (1)(6)	3	1.71%	April 2024	(7)	96,000		96,000
	7				704,447		706,506
Deferred financing costs, net					(595)		(643)
Debt, net					$	703,852	$	705,863

(1)Requires payments of interest only through maturity.

(2)The Senior Notes (as defined below) include $19.7 million and $20.9 million at March 31, 2021 and December 31, 2020, 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 $0.7 million and $0.9 million at March 31, 2021 and December 31, 2020, 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 $0.2 million and $0.3 million at March 31, 2021 and December 31, 2020, 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.