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Debt (Tables) | 12 Months Ended
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Dec. 31, 2013
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of December 31, 2013:
Property |  | Principal Balance (In thousands) |  | Interest Rate |  | Maturity Date |  | Amortization Provisions
Courtyard Manhattan / Midtown East |  | $ | 41,530 |  |  | 8.81 | % |  | October 2014 |  | 30 years
Salt Lake City Marriott Downtown |  | 62,771 |  |  | 4.25 | % |  | November 2020 |  | 25 years
Courtyard Manhattan / Fifth Avenue |  | 49,591 |  |  | 6.48 | % |  | June 2016 |  | 30 years
Renaissance Worthington |  | 53,804 |  |  | 5.40 | % |  | July 2015 |  | 30 years
Frenchman’s Reef & Morning Star Marriott Beach Resort |  | 57,671 |  |  | 5.44 | % |  | August 2015 |  | 30 Years
Los Angeles Airport Marriott |  | 82,600 |  |  | 5.30 | % |  | July 2015 |  | Interest Only
Orlando Airport Marriott |  | 56,778 |  |  | 5.68 | % |  | January 2016 |  | 30 years
Chicago Marriott Downtown Magnificent Mile |  | 208,417 |  |  | 5.975 | % |  | April 2016 |  | 30 years
Hilton Minneapolis |  | 94,874 |  |  | 5.464 | % |  | May 2021 |  | 25 years
JW Marriott Denver at Cherry Creek |  | 39,692 |  |  | 6.47 | % |  | July 2015 |  | 25 years
Lexington Hotel New York |  | 170,368 |  |  | LIBOR + 3.00% (3.165% at December 31, 2013) |  |  | March 2015 (1) |  | Interest Only
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 30,607 |  |  | 3.96 | % |  | April 2023 |  | 30 years
Westin San Diego |  | 70,194 |  |  | 3.94 | % |  | April 2023 |  | 30 years
Westin Washington D.C. City Center |  | 72,421 |  |  | 3.99 | % |  | January 2023 |  | 25 years
Debt premium (2) |  | 543 |  |  |  |  |  |  |
Total mortgage debt |  | 1,091,861 |  |  |  |  |  |  |
Senior unsecured credit facility |  | — |  |  | LIBOR + 1.90% (2.09% at December 31, 2013) |  |  | January 2017 (3) |  | Interest Only
Total debt |  |  | $1,091,861 |  |  |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 5.17% |  |  |  |
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(1) | The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee.
(2) | Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt in 2011.
(3) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain standard conditions.
Schedule of maturities of long-term debt | The aggregate debt maturities as of December 31, 2013 are as follows (in thousands):
2014 | $ | 56,726 |
2015 | 243,832 |
2016 | 312,866 |
2017 | 178,681 |
2018 | 8,697 |
Thereafter | 291,059 |
| $ | 1,091,861 |
_____________
(1) | Assumes the Lexington Hotel New York mortgage loan is extended under the terms discussed above.
Summary of leverage and applicable margin |
Ratio of Net Indebtedness to EBITDA |  | Applicable Margin
Less than 4.00 to 1.00 |  | 1.75 | %
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 |  | 1.90 | %
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 |  | 2.10 | %
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 |  | 2.20 | %
Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 |  | 2.50 | %
Greater than or equal to 6.50 to 1.00 |  | 2.75 | %
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, 2013
Maximum leverage ratio(1) | 60% |  | 42.9%
Minimum fixed charge coverage ratio(2) | 1.50x |  | 2.43x
Minimum tangible net worth(3) | $1.857 billion |  | $2.282 billion
Secured recourse indebtedness(4) | Less than 50% of Total Asset Value |  | 39%
_____________________________
(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 hotel net operating income divided by a defined 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-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) 75% of net proceeds from future equity issuances.
(4) | After December 31, 2013, the secured recourse indebtedness covenant threshold will decrease to 45% of Total Asset Value, as defined in the credit agreement.

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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 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 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 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: 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 8: 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 Reference 9: 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 10: 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 11: 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 + Details
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