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Debt (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Summary of Long Term Debt
The following table sets forth information regarding the Company’s debt as of December 31, 2017 (dollars in thousands):
 
 
 
 
 
 
 
 
Principal Balance
as of December 31,
Property
 
Interest Rate
 
Maturity Date
 
Amortization Provisions
 
2017
 
2016
Lexington Hotel New York
 
LIBOR + 2.25%

 
October 2017 (1)
 
Interest Only
 
$
—

 
$
170,368

Salt Lake City Marriott Downtown
 
4.25
%
 
November 2020
 
25 years
 
56,717

 
58,331

Westin Washington D.C. City Center
 
3.99
%
 
January 2023
 
25 years
 
64,833

 
66,848

The Lodge at Sonoma, a Renaissance Resort & Spa
 
3.96
%
 
April 2023
 
30 years
 
28,277

 
28,896

Westin San Diego
 
3.94
%
 
April 2023
 
30 years
 
64,859

 
66,276

Courtyard Manhattan / Midtown East
 
4.40
%
 
August 2024
 
30 years
 
84,067

 
85,451

Renaissance Worthington
 
3.66
%
 
May 2025
 
30 years
 
84,116

 
85,000

JW Marriott Denver at Cherry Creek
 
4.33
%
 
July 2025
 
30 years
 
63,519

 
64,579

Boston Westin
 
4.36
%
 
November 2025
 
30 years
 
198,046

 
201,470

Unamortized debt issuance costs
 
 
 
 
 
 
 
(4,795
)
 
(6,052
)
Total mortgage debt, net of unamortized debt issuance costs
 
 
 
 
 
 
 
639,639

 
821,167

 
 
 
 
 
 
 
 
 
 
 
Unsecured term loan
 
LIBOR + 1.45% (2)

 
May 2021
 
Interest Only
 
100,000

 
100,000

Unsecured term loan
 
LIBOR + 1.45% (2)

 
April 2022
 
Interest Only
 
200,000

 
—

Unamortized debt issuance costs
 
 
 
 
 
 
 
(1,847
)
 
(628
)
Unsecured term loans, net of unamortized debt issuance costs
 
 
 
 
 
 
 
298,153

 
99,372

 
 
 
 
 
 
 
 
 
 
 
Senior unsecured credit facility
 
LIBOR + 1.50%

 
May 2020 (3)
 
Interest Only
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Total debt, net of unamortized debt issuance costs
 
 
 
 
 
 
 
$
937,792

 
$
920,539

Weighted-Average Interest Rate
 
3.79%
 
 
 
 
 
 
 
 
_____________
(1)
The mortgage was repaid on April 26, 2017.
(2)
The interest rate at December 31, 2017 was 2.81%
(3)
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, 2017 are as follows (in thousands):
2018
$
13,642

2019
14,247

2020
66,238

2021
113,574

2022
214,153

Thereafter
522,580

 
$
944,434
Summary of Leverage and Applicable Margin
The interest rate on the facility is based upon LIBOR, plus an applicable margin based upon the Company's leverage ratio, 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
%
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
%
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,
2017
Maximum leverage ratio (1)
60%
 
24.6%
Minimum fixed charge coverage ratio (2)
1.50x
 
4.42x
Minimum tangible net worth (3)
$1.91 billion
 
$2.60 billion
Secured recourse indebtedness
Less than 45% of Total Asset Value
 
21.4%
_____________________________

(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.