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Debt | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
Debt | Debt The following table sets forth information regarding the Company’s debt as of December 31, 2015 (dollars in thousands):
Property |  | Principal Balance |  | Interest Rate |  | Maturity Date |  | Amortization Provisions
Chicago Marriott Downtown Magnificent Mile(1) |  | $ | 201,713 |  |  | 5.98 | % |  | April 2016 |  | 30 years
Courtyard Manhattan / Fifth Avenue |  | 48,308 |  |  | 6.48 | % |  | June 2016 |  | 30 years
Lexington Hotel New York |  | 170,368 |  |  | LIBOR + 2.25%(2) |  |  | October 2017(3) |  | Interest Only
Salt Lake City Marriott Downtown |  | 59,992 |  |  | 4.25 | % |  | November 2020 |  | 25 years
Hilton Minneapolis |  | 90,653 |  |  | 5.46 | % |  | May 2021 |  | 25 years
Westin Washington D.C. City Center |  | 68,776 |  |  | 3.99 | % |  | January 2023 |  | 25 years
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 29,534 |  |  | 3.96 | % |  | April 2023 |  | 30 years
Westin San Diego |  | 67,629 |  |  | 3.94 | % |  | April 2023 |  | 30 years
Courtyard Manhattan / Midtown East |  | 86,000 |  |  | 4.40 | % |  | August 2024 |  | 30 years
Renaissance Worthington |  | 85,000 |  |  | 3.66 | % |  | May 2025 |  | 30 years
JW Marriott Denver at Cherry Creek |  | 65,000 |  |  | 4.33 | % |  | July 2025 |  | 30 years
Boston Westin |  | 204,723 |  |  | 4.36 | % |  | November 2025 |  | 30 years
Total mortgage debt |  | 1,177,696 |  |  |  |  |  |  |
Senior unsecured credit facility |  | — |  |  | LIBOR + 1.75%(4) |  |  | January 2017(5) |  | Interest Only
Total debt |  |  | $1,177,696 |  |  |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 4.49% |  |  |  |
_____________
(1) | The loan was prepaid on January 11, 2016, three months prior to the scheduled maturity date.
(2) | The interest rate at December 31, 2015 is 2.49%.
(3) | 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.
(4) | The interest rate at December 31, 2015 is 2.19%.
(5) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
The aggregate debt maturities as of December 31, 2015 are as follows (in thousands):
2016 | $ | 262,129 |
2017 (1) | 185,475 |
2018 | 16,327 |
2019 | 17,063 |
2020 | 69,353 |
Thereafter | 627,349 |
| $ | 1,177,696 |
_____________
(1) | The Lexington Hotel New York mortgage loan matures in 2017. 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.
Mortgage Debt We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2015, 12 of our 29 hotel properties were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. As of December 31, 2015, we were in compliance with the financial covenants of our mortgage debt. On April 10, 2015, we repaid the $52.6 million mortgage loan secured by the Renaissance Worthington three months prior to the scheduled maturity date. On April 14, 2015, we entered into a new $85.0 million mortgage loan secured by the Renaissance Worthington. The new loan matures in 2025 and bears interest at a fixed rate of 3.66%. The new loan is interest-only for the first two years, after which principal will amortize on a 30-year schedule. On May 11, 2015, we repaid the mortgage loan secured by the Frenchman's Reef & Morning Star Beach Resort three months prior to the scheduled maturity date. The loan had an outstanding principal balance of $56.2 million and incurred interest at a fixed rate of 5.44%. On July 1, 2015, we repaid the $38.1 million mortgage loan secured by the JW Marriott Denver at Cherry Creek and entered into a new $65.0 million mortgage loan. The new loan matures in 2025 and bears interest at a fixed rate of 4.33%. The new loan is interest-only for the first year, after which principal will amortize on a 30-year schedule. On October 9, 2015, we repaid the mortgage loan secured by the Orlando Airport Marriott three months prior to the scheduled maturity date. The loan had an outstanding principal balance of $55.3 million and incurred interest at a fixed rate of 5.68%. On October 27, 2015, we entered into a new $205.0 million mortgage loan secured by the Westin Boston Waterfront Hotel. The new loan matures in 2025, bears interest at a fixed interest rate of 4.36% and amortizes principal on a 30-year schedule. On January 11, 2016, we repaid the mortgage loan secured by the Chicago Marriott Downtown Magnificent Mile three months prior to the scheduled maturity date. Senior Unsecured Credit Facility We are party to a $200 million unsecured credit facility, which expires in January 2017. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. We also have the right to increase the amount of the facility up to $400 million with lender approval. Interest is paid on the periodic advances under the facility at varying rates, based upon LIBOR, plus an agreed-upon additional margin amount. 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 | %
In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%. The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
|  |  | Actual at
| Covenant |  | December 31, 2015
Maximum leverage ratio (1) | 60% |  | 34.7%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 3.72x
Minimum tangible net worth (3) | $1.90 billion |  | $2.55 billion
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | 34.7%
_____________________________
(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, 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.
The facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets must include a minimum of five properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $250 million. As of December 31, 2015, the unencumbered borrowing base included five properties with a borrowing base value of $307.2 million. Subsequent to December 31, 2015, we borrowed an incremental $60 million on the facility to partially fund the prepayment of the mortgage loan secured by the Chicago Marriott Downtown. As of December 31, 2015, we had no borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 3.37 x. Accordingly, interest on our borrowings under the facility will be based on LIBOR plus 175 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $1.1 million, $0.9 million and $0.9 million for the years ended December 31, 2015, 2014 and 2013, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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