v3.25.2
Note 6 - Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Carrying value, collateral $ 211,149  
Revolving Credit Facility (1) 70,000 $ 110,000
Outstanding 353,225 409,182
Unamortized term loan and mortgage debt issue costs (2,006) (2,332)
Total debt outstanding $ 351,219 406,850
Unsecured Delayed-draw Term Loan [Member]    
Interest rate [1] 5.91%  
Maturity date [1] Oct. 28, 2025  
Carrying value, collateral [1] $ 0  
Outstanding [1] $ 140,000 140,000
First Mortgage Lien Secured by Hampton Inn & Suites, Houston Medical Center, TX [Member]    
Interest rate 4.25%  
Maturity date Jan. 06, 2025  
Carrying value, collateral $ 0  
Outstanding $ 0 15,957
First Mortgage Lien Secured by Courtyard by Marriott, Dallas, TX [Member]    
Interest rate 7.61%  
Maturity date Sep. 11, 2028  
Carrying value, collateral $ 38,904  
Outstanding $ 24,500 24,500
First Mortgage Lien Secured by Hyatt Place, Pittsburgh, PA [Member]    
Interest rate [2] 7.29%  
Maturity date [2] Jun. 11, 2029  
Carrying value, collateral [2] $ 29,309  
Outstanding [2] $ 23,300 23,300
First Mortgage Lien Secured by Residence Inn by Marriott Austin, TX [Member]    
Interest rate 7.42%  
Maturity date Sep. 06, 2033  
Carrying value, collateral $ 34,313  
Outstanding $ 20,850 20,850
First Mortgage Lien Secured by TownePlace Suites by Marriott Austin, TX [Member]    
Interest rate 7.42%  
Maturity date Sep. 06, 2033  
Carrying value, collateral $ 29,478  
Outstanding $ 19,075 19,075
First Mortgage Lien Secured by Courtyard by Marriott Summerville, SC [Member]    
Interest rate 7.33%  
Maturity date Sep. 11, 2033  
Carrying value, collateral $ 17,873  
Outstanding $ 9,000 9,000
First Mortgage Lien Secured by Residence Inn by Marriott Summerville, SC [Member]    
Interest rate 7.33%  
Maturity date Sep. 11, 2033  
Carrying value, collateral $ 16,708  
Outstanding $ 9,500 9,500
First Mortgage Lien Secured by SpringHill Suites by Marriott, Savannah, GA [Member]    
Interest rate 6.70%  
Maturity date Jun. 06, 2034  
Carrying value, collateral $ 32,396  
Outstanding $ 22,000 22,000
First Mortgage Lien Secured by Hampton Inn & Suites, Exeter, NH [Member]    
Interest rate [3] 6.70%  
Maturity date [3] Jun. 11, 2034  
Carrying value, collateral [3] $ 12,168  
Outstanding [3] $ 15,000 15,000
Revolving Credit Facility [Member]    
Interest rate [4] 5.97%  
Maturity date [4] Oct. 28, 2026  
Carrying value, collateral [4] $ 0  
Revolving Credit Facility (1) [4] $ 70,000 $ 110,000
[1] The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%.
[2] On May 31, 2024, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $23.3 million loan secured by the Hyatt Place Pittsburgh. The loan has a term of five years, carries a fixed interest rate of 7.29%, and is interest-only for its duration.
[3] On June 6, 2024, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate and Wells Fargo Bank to obtain a $22.0 million loan secured by the SpringHill Suites Savannah and a $15.0 million loan secured by the Hampton Inn & Suites Exeter. Each loan has a term of ten years, carries a fixed interest rate of 6.70%, and is interest-only for its duration.
[4] The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%.