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Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Components of Mortgage Debt | Debt consisted of the following (in thousands):
Loan/Collateral | Interest Rate |  | Maturity Date |  | 12/31/16 Property Carrying Value |  | Balance Outstanding as of
December 31, 2016 |  | December 31, 2015
Senior Unsecured Revolving Credit Facility (1) | 2.75 | % |  | November 25, 2019 |  | $ | — |  |  | $ | 52,500 |  |  | $ | 65,580 |
Courtyard by Marriott Altoona, PA (8) | 5.96 | % |  | April 1, 2016 |  | 9,699 |  |  | — |  |  | 5,954 |
Residence Inn by Marriott New Rochelle, NY | 5.75 | % |  | September 1, 2021 |  | 20,071 |  |  | 14,141 |  |  | 14,496 |
Residence Inn by Marriott San Diego, CA | 4.66 | % |  | February 6, 2023 |  | 44,758 |  |  | 29,026 |  |  | 29,555 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 33,014 |  |  | 16,575 |  |  | 16,880 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 30,926 |  |  | 22,699 |  |  | 23,124 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 31,368 |  |  | 18,758 |  |  | 19,123 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 35,657 |  |  | 22,864 |  |  | 23,268 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 69,251 |  |  | 46,206 |  |  | 46,907 |
Residence Inn by Marriott Garden Grove, CA (2) | 4.79 | % |  | April 6, 2024 |  | 40,307 |  |  | 33,674 |  |  | 34,000 |
Residence Inn by Marriott Silicon Valley I, CA (3) | 4.64 | % |  | July 1, 2024 |  | 83,041 |  |  | 64,800 |  |  | 64,800 |
Residence Inn by Marriott Silicon Valley II, CA (3) | 4.64 | % |  | July 1, 2024 |  | 90,952 |  |  | 70,700 |  |  | 70,700 |
Residence Inn by Marriott San Mateo, CA (3) | 4.64 | % |  | July 1, 2024 |  | 65,395 |  |  | 48,600 |  |  | 48,600 |
Residence Inn by Marriott Mountain View, CA (3) | 4.64 | % |  | July 1, 2024 |  | 57,091 |  |  | 37,900 |  |  | 37,900 |
SpringHill Suites by Marriott Savannah, GA (4) | 4.62 | % |  | July 6, 2024 |  | 37,444 |  |  | 30,000 |  |  | 30,000 |
Hilton Garden Inn Marina del Rey, CA (7) | 4.68 | % |  | July 6, 2024 |  | 43,133 |  |  | 22,145 |  |  | 22,510 |
Homewood Suites by Hilton Billerica, MA (5) | 4.32 | % |  | December 6, 2024 |  | 11,557 |  |  | 16,225 |  |  | 16,225 |
Homewood Suite by Hilton Carlsbad, CA (5) | 4.32 | % |  | December 6, 2024 |  | 29,732 |  |  | 19,950 |  |  | 19,950 |
Hampton Inn & Suites Houston Medical Cntr., TX (6) | 4.25 | % |  | January 6, 2025 |  | 14,840 |  |  | 18,300 |  |  | 18,300 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 748,236 |  |  | $ | 585,063 |  |  | $ | 607,872 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (2,240 | ) |  | (2,669 | )
Total debt outstanding |  |  |  |  |  |  | 582,823 |  |  | 605,203 |
(1) | The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.
(2) | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $0.2 million in costs for the early extinguishment of debt related to the old loan.
(3) | On June 9, 2014, the Company obtained 4 new mortgage loans secured by first mortgages on the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have 10-year terms and 30-year amortization payment schedules but are interest only for the first 60 months.
(4) | On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Springhill Suites Savannah hotel. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months.
(5) | On November 25, 2014, the Company obtained 2 new mortgage loans secured by first mortgages on each of the Homewood Suites by Hilton Billerica and Homewood Suites by Hilton Carlsbad hotels. The loans have 10-year terms and 30-year amortization payment schedules but are interest only for the first 36 months.
(6) | On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Hampton Inn and Suites by Hilton Houston Medical Center hotel. The loan has a 10-year term, a 30-year amortization payment schedule but is interest only for the first 36 months.
(7) | On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10-year term, a 30-year amortization payment schedule.
(8) | On January 4, 2016, the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016.
Summary of Amendment to Senior Secured Revolving Credit Facility | Other key terms are as follows:
Borrowing Capacity: |  | Up to $250.0 Million
Accordion feature: |  | Increase borrowing capacity by up to additional $150.0 million
Interest rate: |  | Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio
Unused fee: |  | 20 basis points if less than 50% unused, 30 basis points if more than 50% unused
Maximum leverage ratio: |  | 60%
Minimum fixed charge coverage ratio: |  | 1.5x
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2016, for each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2017 | $ | 4,302 |
2018 | 5,374 |
2019 | 59,840 |
2020 | 9,899 |
2021 | 22,309 |
Thereafter | 483,339 |
Total | $ | 585,063 |

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=29639217&loc=d3e10013-112621 + Details
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