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Debt (Tables) | 6 Months Ended
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Jun. 15, 2012
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of June 15, 2012 (unaudited), in thousands:
Property |  | Principal Balance |  | Interest Rate
Courtyard Manhattan / Midtown East |  | $ | 42,122 |  |  | 8.81%
Marriott Salt Lake City Downtown |  | 29,436 |  |  | 5.50%
Courtyard Manhattan / Fifth Avenue |  | 50,445 |  |  | 6.48%
Renaissance Worthington |  | 55,126 |  |  | 5.40%
Frenchman’s Reef & Morning Star Marriott Beach Resort |  | 59,174 |  |  | 5.44%
Marriott Los Angeles Airport |  | 82,600 |  |  | 5.30%
Orlando Airport Marriott |  | 57,964 |  |  | 5.68%
Chicago Marriott Downtown Magnificent Mile |  | 212,922 |  |  | 5.975%
Hilton Minneapolis |  | 98,016 |  |  | 5.464%
JW Marriott Denver at Cherry Creek |  | 41,354 |  |  | 6.47%
Lexington Hotel New York |  | 170,368 |  |  | LIBOR + 3.00% (3.24% at June 15, 2012)
Debt premium |  | 1,097 |  |  |
Total mortgage debt |  | 900,624 |  |  |
Senior unsecured credit facility |  | — |  |  | LIBOR + 2.75% (2.99% at June 15, 2012)
Total debt |  | $ | 900,624 |  |  |
Weighted-Average Interest Rate |  |  |  | 5.49%
Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA | 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 |  | June 15, 2012
Maximum leverage ratio (1) | 60% |  | 49.1%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 2.1x
Minimum tangible net worth (3) | $1.8 billion |  | $1.96 billion
Secured recourse indebtedness | $25 million |  | $25 million
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(1) | Leverage ratio is total indebtedness, as defined in the credit agreement which includes our commitment on the Times Square development hotel, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents plus b) the value of our owned hotels based on 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, defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal months, to fixed charges, 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 issuances

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 + Details
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