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Debt (Tables) | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of September 30, 2014, in thousands:
Property |  | Principal Balance |  | Interest Rate |  | Maturity Date
Courtyard Manhattan / Midtown East |  | $ | 86,000 |  |  | 4.40% |  | August 2024
Marriott Salt Lake City Downtown |  | 61,829 |  |  | 4.25% |  | November 2020
Courtyard Manhattan / Fifth Avenue |  | 49,132 |  |  | 6.48% |  | June 2016
Renaissance Worthington |  | 53,102 |  |  | 5.40% |  | July 2015
Frenchman’s Reef & Morning Star Marriott Beach Resort |  | 56,871 |  |  | 5.44% |  | August 2015
Marriott Los Angeles Airport |  | 82,600 |  |  | 5.30% |  | July 2015
Orlando Airport Marriott |  | 56,145 |  |  | 5.68% |  | January 2016
Chicago Marriott Downtown Magnificent Mile |  | 206,006 |  |  | 5.975% |  | April 2016
Hilton Minneapolis |  | 93,454 |  |  | 5.464% |  | May 2021
JW Marriott Denver at Cherry Creek |  | 38,940 |  |  | 6.47% |  | July 2015
Lexington Hotel New York |  | 170,368 |  |  | LIBOR + 3.00% (3.151% at September 30, 2014) |  | March 2015 (1)
Westin Washington D.C. City Center |  | 71,090 |  |  | 3.99% |  | January 2023
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 30,242 |  |  | 3.96% |  | April 2023
Westin San Diego |  | 69,258 |  |  | 3.94% |  | April 2023
Debt premium (2) |  | 272 |  |  |  |  |
Total mortgage debt |  | 1,125,309 |  |  |  |  |
Senior unsecured credit facility |  | — |  |  | LIBOR + 1.90% (2.09% at September 30, 2014) |  | January 2017 (3)
Total debt |  | $ | 1,125,309 |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 4.97% |  |
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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. We amended the loan on October 8, 2014, which is discussed further below.
(2) | Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt.
(3) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
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 |  | 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 |  | September 30, 2014
Maximum leverage ratio (1) | 60% |  | 39.5%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 2.7x
Minimum tangible net worth (3) | $1.857 billion |  | $2.371 billion
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | 39.5%
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(1) | Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate.
(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 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.

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