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Senior Secured Revolving Credit Facility and Mortgage Loans Secured by Various Hotel Properties (Detail) (USD $) In Thousands, unless otherwise specified | 1 Months Ended | 12 Months Ended |
--- | --- | --- | ---
Dec. 31, 2012 Property | Dec. 31, 2012 Property | Dec. 31, 2011
Debt Instrument [Line Items] |  |  |  |  |
Number of Properties Encumbered | 68 |  | 68 |  |
Senior secured revolving credit facility and mortgage loans | $ 312,613 |  | $ 312,613 |  | $ 217,104
Mortgages |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Number of Properties Encumbered | 42 |  | 42 |  |
Senior secured revolving credit facility and mortgage loans | 254,613 |  | 254,613 |  | 205,678
Deutsche Bank | Variable Rate Senior Secured Revolving Credit Facility |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Variable |  |  | 3.00% | [1],[2] |
Amortization Period |  |  | 0 years |  |
Maturity date |  |  | May 16, 2015 |  |
Number of Properties Encumbered | 26 |  | 26 |  |
Senior secured revolving credit facility and mortgage loans | 58,000 |  | 58,000 |  | 11,426
Ing Life Insurance and Annuity | Fixed Rate Mortgages Six Point One Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.10% | [1],[3] | 6.10% | [1],[3] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Mar. 01, 2032 |  |
Number of Properties Encumbered | 16 |  | 16 |  |
Senior secured revolving credit facility and mortgage loans | 66,174 |  | 66,174 |  |
Ing Life Insurance and Annuity | Mortgage Loans One |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 27,646
Ing Life Insurance and Annuity | Mortgage Loans Two |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 28,158
Ing Life Insurance and Annuity | Mortgage Loans Three |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 6,047
Ing Life Insurance and Annuity | Mortgage Loans Four |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 7,655
Empire Financial Services, Inc | Fixed Rate Mortgages Six Point Zero Zero Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.00% | [1],[4] | 6.00% | [1],[4] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Feb. 01, 2017 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 18,699 |  | 18,699 |  |
Bank of America Commercial Mortgage | Fixed Rate Mortgages Six Point Four One Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.41% | [1],[5] | 6.41% | [1],[5] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Sep. 01, 2017 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 8,593 |  | 8,593 |  |
Marshall and Isley Bank | Fixed Rate Mortgages Six Point Three Eight Four Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Amortization Period |  |  | 30 years |  |
Maturity date |  |  | Aug. 01, 2016 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 5,341 |  | 5,341 |  |
Ge Capital Financing, Inc | Fixed Rate Mortgages Six Point Zero Three Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.03% | [1],[6] | 6.03% | [1],[6] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | May 17, 2017 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 14,851 |  | 14,851 |  |
National Western Life | Mortgage Loans One |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 13,197
Chambers Bank | Fixed Rate Mortgages Six Point Five Zero Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.50% | [1],[7] | 6.50% | [1],[7] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Jun. 24, 2014 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 1,417 |  | 1,417 |  | 1,507
Bank of the Ozarks | Fixed Rate Mortgages Five Point Seven Five Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.75% | [1],[8] | 5.75% | [1],[8] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Jul. 10, 2017 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 8,778 |  | 8,778 |  | 6,334
MetaBank | Fixed Rate Mortgages Four Point Nine Five Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 4.95% | [1],[9] | 4.95% | [1],[9] |
Amortization Period |  |  | 17 years |  |
Maturity date |  |  | Feb. 01, 2017 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 6,786 |  | 6,786 |  | 7,058
Bank of Cascades | Fixed Rate Mortgages Four Point Six Six Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 4.66% | [1],[10] | 4.66% | [1],[10] |
Amortization Period |  |  | 25 years |  |
Maturity date | Sep. 30, 2016 |  | Sep. 30, 2021 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 12,283 |  | 12,283 |  | 12,557
Goldman Sachs Group Inc | Fixed Rate Mortgages Five Point Six Seven Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.67% | [1] | 5.67% | [1] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Jul. 06, 2016 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 14,376 |  | 14,376 |  | 14,644
Bnc National Bank | Mortgage Loans One |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Senior secured revolving credit facility and mortgage loans |  |  |  |  | 5,700
Bnc National Bank | Fixed Rate Mortgages Five Point Zero One Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.01% | [1] | 5.01% | [1] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Nov. 01, 2013 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 5,308 |  | 5,308 |  | 5,519
Compass Bank | Fixed Rate Mortgages Four Point Five Seven Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 4.57% | [1],[11] | 4.57% | [1],[11] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | May 17, 2018 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 14,144 |  | 14,144 |  | 16,083
General Electric Capital Corporation |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Apr. 01, 2017 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 6,419 |  | 6,419 |  |
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Four Six Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.46% | [1],[12] | 5.46% | [1],[12] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Apr. 01, 2017 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 5,481 |  | 5,481 |  |
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Three Seven Percent Due April First Twenty Eighteen |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.37% | [1],[13] | 5.37% | [1],[13] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Apr. 01, 2018 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 7,998 |  | 7,998 |  | 8,315
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Five Nine Percent Due March First Twenty Nineteen |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 5.59% | [1],[13] | 5.59% | [1],[13] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Mar. 01, 2019 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 10,434 |  | 10,434 |  | 10,709
General Electric Capital Corporation | Fixed Rate Mortgages Four Point Six One Percent Due April First Twenty Fourteen |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 4.61% | [1],[13] | 4.61% | [1],[13] |
Amortization Period |  |  | 25 years |  |
Maturity date |  |  | Apr. 01, 2014 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | 10,568 |  | 10,568 |  | 10,860
American International Group, Inc | Fixed Rate Mortgages Five Point Two Five Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.11% | [1],[14] | 6.11% | [1],[14] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Jan. 01, 2016 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 14,059 |  | 14,059 |  |
First National Bank of Omaha |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Variable |  |  | 5.25% |  |
First National Bank of Omaha | Variable Rate Mortgages and Notes Payable Five Point Two Five Percent Due February First Twenty Fourteen |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Variable |  |  | 5.25% | [1],[15] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Feb. 01, 2014 |  |
Number of Properties Encumbered | 1 |  | 1 |  |
Senior secured revolving credit facility and mortgage loans | 8,241 |  | 8,241 |  | 8,552
First National Bank of Omaha | Variable Rate Mortgages and Notes Payable Five Point Two Five Percent Due July First Twenty Thirteen |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Variable |  |  | 5.25% | [1],[15] |
Amortization Period |  |  | 20 years |  |
Maturity date |  |  | Jul. 01, 2013 |  |
Number of Properties Encumbered | 2 |  | 2 |  |
Senior secured revolving credit facility and mortgage loans | $ 14,663 |  | $ 14,663 |  | $ 15,137
Merrill Lynch Mortgage Lending, Inc | Fixed Rate Mortgages Six Point Three Eight Four Percent |  |  |  |  |
Debt Instrument [Line Items] |  |  |  |  |
Interest Rate, Fixed | 6.384% | [1],[16] | 6.384% | [1],[16] |
[1] | Interest rates at December 31, 2012 give effect to our use of interest rate swaps, where applicable.
[2] | This is a $150.0 million facility with Deutsche Bank AG New York Branch as the administrative agent and Deutsche Bank Securities as the lead manager. The syndicate of lenders includes Deutsche Bank, Royal Bank of Canada, KeyBank National Association, Regions Bank, U.S. Bank National Association, and Citibank, N.A. We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, subject to a floor of 0.50%, plus a LIBOR margin between 2.25% and 2.75%, depending upon the ratio of our outstanding consolidated indebtedness to EBITDA (as defined in the loan documents), or (ii) the applicable base rate, which is the greatest of the administrative agent's prime rate, 0.50% plus the federal funds effective rate, or 1-month LIBOR (incorporating the floor of 0.50%) plus 1.00%, plus a margin between 1.25% and 1.75%, depending upon the ratio of outstanding consolidated indebtedness to EBITDA. Availability under the facility is subject to a borrowing base of properties pledged as collateral and other conditions. At December 31, 2012, the borrowing base was $112.1 million, of which we had $58.0 million borrowed, $1.3 million in standby letters of credit, and $52.8 million available to borrow.
[3] | On February 13, 2012, we consolidated and refinanced our four loans with ING Life Insurance and Annuity ("ING") into a single term loan. ING has the right to call the loan in full at March 1, 2019, 2024 and 2029. If the loan is prepaid prior to maturity, other than if called, there is a prepayment penalty equal to the greater of i) 1% of the principal being prepaid or ii) the yield maintenance premium.
[4] | On January 12, 2012, we entered into a term loan to modify the loan assumed in our acquisition of the Courtyard by Marriott in Atlanta, GA.
[5] | On May 16, 2012, we assumed a term loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.
[6] | On April 4, 2012, we refinanced two National Western Life Insurance loans with GE Capital Financial Inc. The new loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized.
[7] | On June 24, 2012, we refinanced and extended the maturity of this loan. We also replaced a guaranty from an affiliate of our Predecessor with a guaranty from Summit Hotel Properties, Inc. limited to non-recourse carve-outs.
[8] | On June 29, 2012, we refinanced and extended the maturity of this loan. In addition, we borrowed an additional $2.5 million representing the amount available pursuant to the earn-out provision of the loan. The interest rate is fixed for three years, with the rate variable at 90-day LIBOR plus 3.75% with a floor of 5.5% thereafter.
[9] | On February 14, 2012, we refinanced and extended the maturity of this loan. The new loan has a prepayment penalty in the first two years of 3%, in year three of 2%, and in years four and five of 1%.
[10] | The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term, Advances Five-year Fixed Rate plus 3.00%.
[11] | This loan has a variable interest rate of 30-day LIBOR plus 350 basis points (3.71% at December 31, 2012). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.
[12] | On March 2, 2012, we entered into two term loans for the purchase of two Hilton Garden Inns in Birmingham, AL. The interest rate on these new term loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized.
[13] | These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.
[14] | On December 20, 2012, we assumed a term loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium
[15] | These loans have a variable interest rate of 90 day LIBOR plus 4.0% and a floor of 5.25% and are cross-defaulted and cross-collateralized.
[16] | On June 21, 2012, we assumed a term loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.

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