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Debt (Tables)

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

Components of Mortgage Debt

Debt consisted of the following (in thousands):

Loan/Collateral	Interest Rate			Maturity Date		12/31/17 Property Carrying Value				Balance Outstanding as of
										December 31, 2017				December 31, 2016
Senior Unsecured Revolving Credit Facility (1)	4.17	%		November 25, 2019		$	—			$	32,000			$	52,500
Residence Inn by Marriott New Rochelle, NY	5.75	%		September 1, 2021		19,222				13,762				14,141
Residence Inn by Marriott San Diego, CA	4.66	%		February 6, 2023		45,958				28,469				29,026
Homewood Suites by Hilton San Antonio, TX	4.59	%		February 6, 2023		32,173				16,253				16,575
Residence Inn by Marriott Vienna, VA	4.49	%		February 6, 2023		30,287				22,251				22,699
Courtyard by Marriott Houston, TX	4.19	%		May 6, 2023		32,371				18,375				18,758
Hyatt Place Pittsburgh, PA	4.65	%		July 6, 2023		35,199				22,437				22,864
Residence Inn by Marriott Bellevue, WA	4.97	%		December 6, 2023		67,418				45,462				46,206
Residence Inn by Marriott Garden Grove, CA	4.79	%		April 6, 2024		38,643				33,160				33,674
Residence Inn by Marriott Silicon Valley I, CA	4.64	%		July 1, 2024		79,584				64,800				64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%		July 1, 2024		86,974				70,700				70,700
Residence Inn by Marriott San Mateo, CA	4.64	%		July 1, 2024		63,012				48,600				48,600
Residence Inn by Marriott Mountain View, CA	4.64	%		July 1, 2024		55,162				37,900				37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%		July 6, 2024		36,393				30,000				30,000
Hilton Garden Inn Marina del Rey, CA (2)	4.68	%		July 6, 2024		41,906				21,760				22,145
Homewood Suites by Hilton Billerica, MA	4.32	%		December 6, 2024		12,191				16,225				16,225
Homewood Suites by Hilton Carlsbad, CA	4.32	%		December 6, 2024		—				—				19,950
Hampton Inn & Suites Houston Medical Cntr., TX	4.25	%		January 6, 2025		15,116				18,300				18,300
Total debt before unamortized debt issue costs						$	691,609			$	540,454			$	585,063
Unamortized mortgage debt issue costs										(2,138		)		(2,240		)
Total debt outstanding										538,316				582,823

(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 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.

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, 2017, for each of the next five calendar years and thereafter are as follows (in thousands):

	Amount
2018	$	5,041
2019	38,992
2020	9,536
2021	21,945
2022	9,954
Thereafter	454,986
Total	$	540,454

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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.

+ 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))
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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.

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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

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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

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