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Debt (Tables) | 9 Months Ended
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Sep. 30, 2014
Debt Disclosure [Abstract] |
Schedule of Revolver and Term Loans | As of and for the three and nine months ended September 30, 2014 and 2013, details of the Revolver and Term Loans are as follows (in thousands):
|  |  |  |  |  |  | Interest expense for the
|  |  |  |  |  |  | three months ended September 30, |  | nine months ended September 30,
| Outstanding Borrowings at September 30, 2014 |  | Maturity Date |  | Interest Rate at September 30, 2014 (1) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Revolver (2) | $ | — |  |  | November 2016 |  | n/a |  | $ | 287 |  |  | $ | 268 |  |  | $ | 906 |  |  | $ | 885 |
2013 Five-Year Term Loan (3) | 400,000 |  |  | August 2018 |  | 3.07% |  | 3,137 |  |  | 914 |  |  | 9,090 |  |  | 914 |
2012 Five-Year Term Loan | 400,000 |  |  | March 2019 |  | 1.71% |  | 1,748 |  |  | 1,329 |  |  | 4,898 |  |  | 4,137 |
Seven-Year Term Loan (4) | 225,000 |  |  | November 2019 |  | 4.04% |  | 2,320 |  |  | 1,073 |  |  | 6,870 |  |  | 2,596 |
Total | $ | 1,025,000 |  |  |  |  |  |  | $ | 7,492 |  |  | $ | 3,584 |  |  | $ | 21,764 |  |  | $ | 8,532 |
(1) | Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2) | Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively.
(3) | Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.
(4) | Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.
Schedule of mortgage loans | As of September 30, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Principal balance at,
Lender |  | Number of Assets Encumbered |  | Interest Rate at September 30, 2014 (1) |  |  |  | Maturity Date |  |  |  | September 30, 2014 |  |  |  | December 31, 2013
Wells Fargo |  | 5 |  | 3.76% |  | (2) |  | Oct 2014 |  | (3) |  | $ | 142,000 |  |  |  |  | $ | 142,000 |
Capmark Financial Group |  | 1 |  | 5.55% |  |  |  | May 2015 |  | (4) |  | 10,615 |  |  |  |  | 10,916 |
Capmark Financial Group |  | 1 |  | 5.55% |  |  |  | June 2015 |  | (4) |  | 4,605 |  |  |  |  | 4,736 |
Barclays Bank |  | 12 |  | 5.55% |  |  |  | June 2015 |  | (4) |  | 108,576 |  |  |  |  | 111,632 |
Barclays Bank |  | 4 |  | 5.60% |  |  |  | June 2015 |  | (4) |  | 27,030 |  |  |  |  | 27,804 |
Capmark Financial Group |  | 1 |  | 5.50% |  |  |  | July 2015 |  | (4) |  | 6,273 |  |  |  |  | 6,450 |
Barclays Bank |  | 1 |  | 5.44% |  |  |  | Sept 2015 |  | (4) |  | 10,236 |  |  |  |  | 10,521 |
PNC Bank (5) |  | 5 |  | 2.51% |  | (2) |  | May 2016 |  | (6) |  | 74,000 |  |  |  |  | 85,000 |
Wells Fargo (7) |  | 4 |  | 4.19% |  | (2) |  | Sept 2016 |  | (8) |  | 150,000 |  |  |  |  | 150,000 |
Barclays Bank (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 2,475 |
Barclays Bank (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 4,063 |
Capmark Financial Group (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 4,068 |
|  | 34 |  |  |  |  |  |  |  |  |  | $ | 533,335 |  |  |  |  | $ | 559,665 |
(1) | Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2) | Requires payments of interest only until the commencement of the extension period(s).
(3) | On October 17, 2014, the Company refinanced these mortgage loans. See Footnote 16 for more information.
(4) | The Company is currently evaluating its options for repayment of these mortgage loans.
(5) | The five hotels encumbered by the PNC Bank loan are cross-collateralized.
(6) | Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.
(7) | Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.
(8) | Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
(9) | Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.

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