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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of December 31, 2019 and 2018 (dollars in thousands):
|  |  |  |  |  | Principal Balance as of December 31,
Loan |  | Interest Rate |  | Maturity Date |  | 2019 |  | 2018
Salt Lake City Marriott Downtown mortgage loan |  | 4.25 | % |  | November 2020 |  | $ | 53,273 |  |  | $ | 55,032 |
Westin Washington D.C. City Center mortgage loan |  | 3.99 | % |  | January 2023 |  | 60,550 |  |  | 62,734 |
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan |  | 3.96 | % |  | April 2023 |  | 26,963 |  |  | 27,633 |
Westin San Diego mortgage loan |  | 3.94 | % |  | April 2023 |  | 61,851 |  |  | 63,385 |
Courtyard Manhattan / Midtown East mortgage loan |  | 4.40 | % |  | August 2024 |  | 81,107 |  |  | 82,620 |
Renaissance Worthington mortgage loan |  | 3.66 | % |  | May 2025 |  | 80,904 |  |  | 82,540 |
JW Marriott Denver at Cherry Creek mortgage loan |  | 4.33 | % |  | July 2025 |  | 61,253 |  |  | 62,411 |
Boston Westin mortgage loan |  | 4.36 | % |  | November 2025 |  | 190,725 |  |  | 194,466 |
New Market Tax Credit loan (1) |  | 5.17 | % |  | December 2020 |  | 2,943 |  |  | 2,943 |
Unamortized debt issuance costs |  |  |  |  |  | (3,240 | ) |  | (4,017 | )
Total mortgage and other debt, net of unamortized debt issuance costs |  |  |  |  |  | 616,329 |  |  | 629,747 |
Unsecured term loan |  | LIBOR + 1.45% (2) |  |  | May 2021 |  | — |  |  | 100,000 |
Unsecured term loan |  | LIBOR + 1.45% (2) |  |  | April 2022 |  | — |  |  | 200,000 |
Unsecured term loan |  | LIBOR + 1.40% (3) |  |  | October 2023 |  | 50,000 |  |  | 50,000 |
Unsecured term loan |  | LIBOR + 1.40% (4) |  |  | July 2024 |  | 350,000 |  |  | — |
Unamortized debt issuance costs |  |  |  |  |  | (1,230 | ) |  | (1,781 | )
Unsecured term loans, net of unamortized debt issuance costs |  |  |  |  |  | 398,770 |  |  | 348,219 |
Senior unsecured credit facility |  | LIBOR + 1.45% |  |  | July 2023 (5) |  | 75,000 |  |  | — |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 1,090,099 |  |  | $ | 977,966 |
Weighted-Average Interest Rate |  | 3.81% |  |  |  |  |  |
_____________
(1) | Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.
(2) | The loan was prepaid on July 25, 2019 in connection with the refinancing described below under the heading "Unsecured Term Loans."
(3) | We entered into an interest rate swap agreement on January 7, 2019 to fix LIBOR at 2.41% through October 2023.
(4) We entered into an interest rate swap agreement on July 25, 2019 to fix LIBOR at 1.70% through July 2024 for $175 million of the loan.
(5) | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary
conditions. On July 25, 2019, the credit facility was amended to increase capacity to $400 million and extend maturity to July 2023.
Schedule of Maturities of Long-Term Debt | The aggregate debt maturities as of December 31, 2019 are as follows (in thousands):
2020 | $ | 69,116 |
2021 | 13,518 |
2022 | 14,096 |
2023 | 194,650 |
2024 | 432,381 |
Thereafter | 295,808 |
| $ | 1,019,569 |
Summary of Leverage and Applicable Margin | The interest rate on each of the term loans is based on LIBOR, plus an applicable margin based on the Company’s leverage ratio, as follows:
Leverage Ratio |  | Applicable Margin
Less than or equal to 30% |  | 1.35%
Greater than 30% but less than or equal to 35% |  | 1.40%
Greater than 35% but less than or equal to 40% |  | 1.45%
Greater than 40% but less than or equal to 45% |  | 1.50%
Greater than 45% but less than or equal to 50% |  | 1.65%
Greater than 50% but less than or equal to 55% |  | 1.85%
Greater than 55% |  | 2.00%
The interest rate on the Revolving Credit 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 30% |  | 1.40%
Greater than 30% but less than or equal to 35% |  | 1.45%
Greater than 35% but less than or equal to 40% |  | 1.50%
Greater than 40% but less than or equal to 45% |  | 1.55%
Greater than 45% but less than or equal to 50% |  | 1.70%
Greater than 50% but less than or equal to 55% |  | 1.90%
Greater than 55% |  | 2.05%
Summary of the Most Restrictive Covenants for Senior Unsecured Credit Facility | The Revolving Credit Facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:
|  |  | Actual at
| Covenant |  | December 31, 2019
Maximum leverage ratio (1) | 60% |  | 28.5%
Minimum fixed charge coverage ratio (2) | 1.50x |  | 3.49x
Secured recourse indebtedness | Less than 45% of Total Asset Value |  | 18.6%
Unencumbered leverage ratio | 60.0% |  | 26.0%
Unencumbered implied debt service coverage ratio | 1.20x |  | 2.84x
_____________________________
(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.

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