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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 24. Subsequent Events

Interest Rate Cap Agreement

On January 4, 2023, we entered into an interest rate cap agreement with an effective date of January 31, 2023. The interest rate cap manages our exposure to interest rate increases on $300 million in borrowings under our 2021 Credit Facility and provides us with the right to receive payment if the one-month SOFR exceeds 5.00%. Beginning on February 28, 2023, we will pay a fixed monthly deferred premium based on an annual rate of 0.3335% for the interest rate cap, which matures on January 31, 2025.

LIBOR Transition Amendment

On February 6, 2023, we entered into the LIBOR Transition Amendment to the 2021 Credit Facility to replace LIBOR with the Secured Overnight Financing Rate (“SOFR”). In accordance with the LIBOR replacement provisions outlined in the 2021 Credit Facility, additional credit spread adjustments apply to SOFR ranging from 0.11448% (for a one-month duration) up to 0.71513% (for a 12-month duration). For additional information on the 2021 Credit Facility, refer to Note 12 – Debt and Finance Obligations.

Forest Park Construction Loan Amendment

During January 2023, we completed our final borrowing under the Forest Park Hotel Construction Loan Facility and the facility was converted, by way of an amendment to the loan agreement, to a term loan with a fixed interest rate of 6.5% effective January 31, 2023. The term loan matures on February 1, 2028 and requires interest only payments through July 31, 2024. For additional information on the Forest Park Hotel Construction Loan Facility, refer to Note 12 – Debt and Finance Obligations.