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Debt (Tables)

12 Months Ended

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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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-Publisher FASB
-Name Accounting Standards Codification
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