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Debt (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of June 30, 2020 and December 31, 2019 (dollars in thousands):
|  |  |  |  |  | Principal Balance as of
Loan |  | Interest Rate as of June 30, 2020 |  | Maturity Date |  | June 30, 2020 |  | December 31, 2019
Salt Lake City Marriott Downtown mortgage loan (repaid on June 25, 2020) |  | 4.25% |  | November 2020 |  | $ | — |  |  | $ | 53,273 |
Salt Lake City Marriott Downtown mortgage loan |  | LIBOR + 3.25% (1) |  | January 2022 (2) |  | 48,000 |  |  | — |
Westin Washington, D.C. City Center mortgage loan |  | 3.99% |  | January 2023 |  | 59,427 |  |  | 60,550 |
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan |  | 3.96% |  | April 2023 |  | 26,675 |  |  | 26,963 |
Westin San Diego mortgage loan |  | 3.94% |  | April 2023 |  | 61,064 |  |  | 61,851 |
Courtyard Manhattan / Midtown East mortgage loan |  | 4.40% |  | August 2024 |  | 80,330 |  |  | 81,107 |
Renaissance Worthington mortgage loan |  | 3.66% |  | May 2025 |  | 80,067 |  |  | 80,904 |
JW Marriott Denver at Cherry Creek mortgage loan |  | 4.33% |  | July 2025 |  | 60,659 |  |  | 61,253 |
Westin Boston Waterfront Hotel mortgage loan |  | 4.36% |  | November 2025 |  | 188,804 |  |  | 190,725 |
New Market Tax Credit loan (3) |  | 5.17% |  | December 2020 |  | 2,943 |  |  | 2,943 |
Unamortized debt issuance costs |  |  |  |  |  | (2,935 | ) |  | (3,240 | )
Total mortgage and other debt, net of unamortized debt issuance costs |  |  |  |  |  | 605,034 |  |  | 616,329 |
Unsecured term loan |  | LIBOR + 2.35% (4) |  | October 2023 |  | 50,000 |  |  | 50,000 |
Unsecured term loan |  | LIBOR + 2.35% (5) |  | July 2024 |  | 350,000 |  |  | 350,000 |
Unamortized debt issuance costs |  |  |  |  |  | (1,733 | ) |  | (1,230 | )
Unsecured term loans, net of unamortized debt issuance costs |  |  |  |  |  | 398,267 |  |  | 398,770 |
Senior unsecured credit facility |  | LIBOR + 2.40% (6) |  | July 2023 (7) |  | 148,985 |  |  | 75,000 |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 1,152,286 |  |  | $ | 1,090,099 |
Weighted-Average Interest Rate |  | 3.80% |  |  |  |  |  |
_______________________
(1) | LIBOR is subject to a floor of 1.0%.
(2) | The loan may be extended for an additional year upon satisfaction of certain conditions.
(3) | Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.
(4) | We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.
(5) | We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.
(6) | Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.
(7) | 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 interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:
|  | Applicable Margin
Leverage Ratio |  | Revolving Credit Facility |  | Unsecured Term Loans
Less than 30% |  | 1.40% |  | 1.35%
Greater than or equal to 30% but less than 35% |  | 1.45% |  | 1.40%
Greater than or equal to 35% but less than 40% |  | 1.50% |  | 1.45%
Greater than or equal to 40% but less than 45% |  | 1.55% |  | 1.50%
Greater than or equal to 45% but less than 50% |  | 1.70% |  | 1.65%
Greater than or equal to 50% but less than 55% |  | 1.90% |  | 1.85%
Greater than or equal to 55% |  | 2.05% |  | 2.00%

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