XML 44 R27.htm IDEA: XBRL DOCUMENT

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Events On April 9, 2024, the Company sold the Hilton Boston Back Bay Hotel for $171 million in cash. As of March 31, 2024, the carrying value of the building and FF&E was approximately $166.4 million. The Company also repaid the $98 million mortgage loan secured by the hotel property and used the remaining net proceeds to pay down the Company’s Oaktree loan. On April 23, 2024, the Company sold the Hampton Inn Lawrenceville in Lawrenceville, Georgia for $8.1 million in cash. As of March 31, 2024, the carrying value of the building and FF&E was approximately $3.1 million. On May 9, 2024, the Company refinanced the $240 million mortgage loan that was secured by the Renaissance Hotel in Nashville, Tennessee and the Westin Hotel in Princeton, New Jersey (“Westin Princeton”). The new mortgage loan totals $267.2 million, and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and provides for a floating interest rate of SOFR + 3.98%. As part of this refinancing, the Westin Princeton is now unencumbered.