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Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of December 31, 2016 (dollars in thousands):
Property |  | Principal Balance |  | Interest Rate |  | Maturity Date |  | Amortization Provisions
Lexington Hotel New York |  | $ | 170,368 |  |  | LIBOR + 2.25% (1) |  |  | October 2017(2) |  | Interest Only
Salt Lake City Marriott Downtown |  | 58,331 |  |  | 4.25 | % |  | November 2020 |  | 25 years
Westin Washington D.C. City Center |  | 66,848 |  |  | 3.99 | % |  | January 2023 |  | 25 years
The Lodge at Sonoma, a Renaissance Resort & Spa |  | 28,896 |  |  | 3.96 | % |  | April 2023 |  | 30 years
Westin San Diego |  | 66,276 |  |  | 3.94 | % |  | April 2023 |  | 30 years
Courtyard Manhattan / Midtown East |  | 85,451 |  |  | 4.40 | % |  | August 2024 |  | 30 years
Renaissance Worthington |  | 85,000 |  |  | 3.66 | % |  | May 2025 |  | 30 years
JW Marriott Denver at Cherry Creek |  | 64,579 |  |  | 4.33 | % |  | July 2025 |  | 30 years
Boston Westin |  | 201,470 |  |  | 4.36 | % |  | November 2025 |  | 30 years
Unamortized debt issuance costs |  | (6,052 | ) |  |  |  |  |  |
Total mortgage debt, net of unamortized debt issuance costs |  | 821,167 |  |  |  |  |  |  |
Senior unsecured term loan |  | 100,000 |  |  | LIBOR + 1.45% (3) |  |  | May 2021 |  | Interest Only
Unamortized debt issuance costs |  | (628 | ) |  |  |  |  |  |
Senior unsecured term loan, net of unamortized debt issuance costs |  | 99,372 |  |  |  |  |  |  |
Senior unsecured credit facility |  | — |  |  | LIBOR + 1.50% |  |  | May 2020 (4) |  | Interest Only
Total debt, net of unamortized debt issuance costs |  | $ | 920,539 |  |  |  |  |  |  |
Weighted-Average Interest Rate |  |  |  | 3.76% |  |  |  |
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(1) | The interest rate at December 31, 2016 is 2.87%.
(2) | The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of December 31, 2016, the debt yield was approximately 5.2%.
(3) | The interest rate at December 31, 2016 is 2.09%.
(4) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.
Schedule of Maturities of Long-Term Debt | The aggregate debt maturities as of December 31, 2016 are as follows (in thousands):
2017 | $ | 182,785 |
2018 | 13,642 |
2019 | 14,247 |
2020 | 66,238 |
2021 | 13,574 |
Thereafter | 536,733 |
| $ | 827,219 |
Summary of Leverage and Applicable Margin | The applicable margin is based on the Company's leverage ratio, as follows:
Leverage Ratio |  | Applicable Margin
Less than or equal to 35% |  | 1.45 | %
Greater than 35% but less than or equal to 45% |  | 1.60 | %
Greater than 45% but less than or equal to 50% |  | 1.75 | %
Greater than 50% but less than or equal to 55% |  | 1.95 | %
Greater than 55% |  | 2.20 | %
The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows:
Leverage Ratio |  | Applicable Margin
Less than or equal to 35% |  | 1.50 | %
Greater than 35% but less than or equal to 45% |  | 1.65 | %
Greater than 45% but less than or equal to 50% |  | 1.80 | %
Greater than 50% but less than or equal to 55% |  | 2.00 | %
Greater than 55% |  | 2.25 | %
Summary of the Most Restrictive Covenants for Senior Unsecured Credit Facility | The facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
|  |  | Actual at
| Covenant |  | December 31, 2016
Maximum leverage ratio (1) | 60% |  | 22.1%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 4.5x
Minimum tangible net worth (3) | $1.91 billion |  | $2.55 billion
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | 27.7%
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(1) | Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as 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, generally 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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- 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 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 2: 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 3: 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 4: 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 5: 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=64930739&loc=d3e28878-108400 Reference 6: 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 7: 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 8: 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=64930785&loc=d3e28541-108399 Reference 9: 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=64930785&loc=d3e28551-108399 Reference 10: 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 + Details
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