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Debt (Tables) | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Schedule of Revolver and Term Loans | As of September 30, 2016 and December 31, 2015, the details of the unsecured credit agreements were as follows (in thousands):
|  |  |  |  |  | Outstanding Borrowings at
|  | Interest Rate at September 30, 2016 (1) |  | Maturity Date |  | September 30, 2016 |  | December 31, 2015
Revolver (2) |  | 2.03% |  | April 2020 |  | $ | — |  |  | $ | — |
$400 Million Term Loan Maturing 2019 |  | 2.72% |  | March 2019 |  | 400,000 |  |  | 400,000 |
$225 Million Term Loan Maturing 2019 |  | 4.04% |  | November 2019 |  | 225,000 |  |  | 225,000 |
$400 Million Term Loan Maturing 2021 |  | 2.92% |  | April 2021 |  | 400,000 |  |  | 400,000 |
$150 Million Term Loan Maturing 2022 |  | 3.43% |  | January 2022 |  | 150,000 |  |  | 150,000 |
|  |  |  |  |  | 1,175,000 |  |  | 1,175,000 |
Deferred financing costs, net (3) |  |  |  |  |  | (6,107 | ) |  | (5,563 | )
Total |  |  |  |  |  | $ | 1,168,893 |  |  | $ | 1,169,437 |
(1) | Interest rate at September 30, 2016 gives effect to interest rate hedges.
(2) | At September 30, 2016 and December 31, 2015, there was $400.0 million and $300.0 million of borrowing capacity on the Revolver, respectively.
(3) | Excludes $2.5 million and $0.8 million as of September 30, 2016 and December 31, 2015, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.
Schedule of mortgage loans | As of September 30, 2016 and December 31, 2015, the Company was subject to the following mortgage loans (in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Principal balance at
Lender |  | Number of Assets Encumbered |  | Interest Rate at September 30, 2016 (1) |  |  |  | Maturity Date |  |  |  | September 30, 2016 |  | December 31, 2015
Wells Fargo |  | 4 |  | 4.00% |  | (2) |  | October 2017 |  | (3) |  | $ | 150,000 |  |  | $ | 150,000 |
Wells Fargo (4) |  | 4 |  | 4.04% |  |  |  | March 2018 |  | (3) |  | 147,000 |  |  | 149,250 |
PNC Bank (5) |  | 5 |  | 2.63% |  | (2) |  | March 2021 |  | (6) |  | 85,000 |  |  | 74,000 |
Wells Fargo (7) |  | 1 |  | 5.25% |  |  |  | June 2022 |  |  |  | 33,854 |  |  | 34,505 |
|  |  |  |  |  |  |  |  |  |  |  | 415,854 |  |  | 407,755 |
Deferred financing costs, net |  |  |  |  |  |  |  |  |  |  |  | (1,750 | ) |  | (1,706 | )
Total |  | 14 |  |  |  |  |  |  |  |  |  | $ | 414,104 |  |  | $ | 406,049 |
(1) | Interest rate at September 30, 2016 gives effect to interest rate hedges.
(2) | Requires payments of interest only through maturity.
(3) | Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
(4) | Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.
(5) | The five hotels encumbered by the PNC Bank loan are cross-collateralized.
(6) | Maturity date may be extended for two one-year terms at the Company’s option, subject to certain lender requirements.
(7) | Includes $1.1 million and $1.2 million at September 30, 2016 and December 31, 2015, respectively, related to a fair value adjustment of $1.3 million on mortgage debt assumed in conjunction with an acquisition, net of accumulated amortization of $0.2 million and $0.1 million at September 30, 2016 and December 31, 2015, respectively.
Interest Expense Components | For the three and nine months ended September 30, 2016 and 2015, the components of interest expense were as follows (in thousands):
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2016 |  | 2015 |  | 2016 |  | 2015
Mortgage loans |  | $ | 4,009 |  |  | $ | 3,687 |  |  | $ | 11,992 |  |  | $ | 12,523 |
Term Loans and Revolver |  | 9,662 |  |  | 9,842 |  |  | 29,138 |  |  | 26,025 |
Amortization of deferred financing costs |  | 881 |  |  | 1,055 |  |  | 3,103 |  |  | 3,111 |
Capitalized interest |  | — |  |  | (542 | ) |  | — |  |  | (1,774 | )
Total interest expense |  | $ | 14,552 |  |  | $ | 14,042 |  |  | $ | 44,233 |  |  | $ | 39,885 |

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