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Debt (Tables) | 12 Months Ended
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Dec. 31, 2011
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of December 31, 2011:
Property |  | Principal Balance (In thousands) |  | Interest Rate |  | Maturity Date |  | Amortization Provisions
Courtyard Manhattan / Midtown East |  |  | $42,303 |  |  | 8.81 | % |  | October 2014 |  | 30 Years
Marriott Salt Lake City Downtown |  | 30,210 |  |  | 5.50 | % |  | January 2015 |  | 20 Years
Courtyard Manhattan / Fifth Avenue |  | 50,708 |  |  | 6.48 | % |  | June 2016 |  | 30 Years
Renaissance Worthington |  | 55,540 |  |  | 5.40 | % |  | July 2015 |  | 30 Years
Frenchman’s Reef & Morning Star Marriott Beach Resort |  | 59,645 |  |  | 5.44 | % |  | August 2015 |  | 30 Years
Marriott Los Angeles Airport |  | 82,600 |  |  | 5.30 | % |  | July 2015 |  | Interest Only
Orlando Airport Marriott |  | 58,334 |  |  | 5.68 | % |  | January 2016 |  | 30 Years
Chicago Marriott Downtown Magnificent Mile |  | 214,324 |  |  | 5.975 | % |  | April 2016 |  | 30 Years
Hilton Minneapolis |  | 98,950 |  |  | 5.464 | % |  | April 2021 |  | 25 Years
JW Marriott Denver at Cherry Creek |  | 41,845 |  |  | 6.47 | % |  | July 2015 |  | 25 Years
Courtyard Denver Downtown (1) |  | 27,034 |  |  | 6.26 | % |  | August 2012 |  | 30 Years
Renaissance Austin (2) |  | 83,000 |  |  | 5.507 | % |  | December 2016 |  | Interest Only
Renaissance Waverly (2) |  | 97,000 |  |  | 5.503 | % |  | December 2016 |  | Interest Only
Debt premiums (3) |  | 1,440 |  |  |  |  |  |  |
Total mortgage debt |  | 942,933 |  |  |  |  |  |  |
Senior unsecured credit facility |  | 100,000 |  |  | LIBOR + 3.00% (3.29% at December 31, 2011) |  |  | August 2014 |  | Interest Only
Total debt |  |  | $1,042,933 |  |  |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 5.61% |  |  |  |
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(1) | We prepaid the mortgage in full on February 7, 2012.
(2) | Classified as mortgage debt of assets held for sale on our consolidated balance sheet as of December 31, 2011.
(3) | Recorded upon our assumption of the JW Marriott Denver at Cherry Creek and Courtyard Denver Downtown mortgage debt in 2011.
Schedule of maturities of long-term debt | The aggregate debt maturities as of December 31, 2011 are as follows (in thousands):
2012 | $ | 37,745 |
2013 | 11,505 |
2014 | 153,298 |
2015 | 318,208 |
2016 | 432,451 |
Thereafter | 88,286 |
| $ | 1,041,493 |
Summary of leverage and applicable margin | nt. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
Ratio of Net Indebtedness to EBITDA |  | Applicable Margin
Less than 4.00 to 1.00 |  | 2.25 | %
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 |  | 2.50 | %
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 |  | 2.75 | %
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 |  | 3.00 | %
Greater than or equal to 6.00 to 1.00 |  | 3.25 | %
Summary of the most restrictive covenants for senior unsecured credit facility | The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
|  |  | Actual at
| Covenant |  | December 31, 2011
Maximum leverage ratio(1) | 60% |  | 44.7%
Minimum fixed charge coverage ratio(2) | 1.50x |  | 2.07x
Minimum tangible net worth(3) | $1.8 billion |  | $2.0 billion
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(1) | Leverage ratio is total indebtedness, as defined in the credit agreement and which includes our commitment on the Times Square development hotel, divided by total asset value, which is defined in the credit agreement as a) total cash and cash equivalents plus b) the value of our owned hotels based on (i) until March 31, 2012, appraised values and (ii) after March 31, 2012, hotel net operating income divided by an 8.5% capitalization rate, and (c) the book value of the Allerton loan.
(2) | Fixed charge coverage ratio is Adjusted EBITDA, which is defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12 fiscal month period.
(3) | Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 85% of net proceeds from future equity issuan

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