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Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2016
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | September 30, 2016 |  | December 31, 2015
Secured revolving credit facility(3) |  | None |  | November 2016 |  | Base Rate (2) + 1.25% to 2.75% or LIBOR(1) + 2.25% to 3.75% |  | $ | — |  |  | $ | — |
Mortgage loan(4) |  | 1 hotel |  | March 2017 |  | LIBOR(1) + 2.30% |  | 80,000 |  |  | 80,000 |
Mortgage loan(5) |  | 1 hotel |  | March 2017 |  | LIBOR(1) + 2.25% |  | 70,000 |  |  | 70,000 |
Mortgage loan(6) |  | 1 hotel |  | April 2017 |  | 5.91% |  | 33,010 |  |  | 33,381 |
Mortgage loan(7) |  | 1 hotel |  | April 2017 |  | 5.95% |  | 56,136 |  |  | 122,374 |
Mortgage loan |  | 3 hotels |  | April 2017 |  | 5.95% |  | 246,277 |  |  | 249,020 |
Mortgage loan(5) |  | 1 hotel |  | December 2017 |  | LIBOR(1) + 4.95% |  | 40,000 |  |  | 40,000 |
Mortgage loan(5) |  | 1 hotel |  | December 2017 |  | LIBOR(1) + 4.95% |  | 42,000 |  |  | 42,000 |
TIF loan(6) (8) |  | 1 hotel |  | June 2018 |  | 12.85% |  | 8,098 |  |  | 8,098 |
Mortgage loan(9) |  | 2 hotels |  | November 2019 |  | LIBOR(1) + 2.65% |  | 193,428 |  |  | 195,359 |
|  |  |  |  |  |  |  | 768,949 |  |  | 840,232 |
Deferred loan costs, net |  |  |  |  |  |  |  | (2,919 | ) |  | (4,640 | )
Indebtedness, net |  |  |  |  |  |  |  | $ | 766,030 |  |  | $ | 835,592 |
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(1) | LIBOR rates were 0.531% and 0.430% at September 30, 2016 and December 31, 2015, respectively.
(2) | Base Rate, as defined in the secured revolving credit facility agreement, is the greater of (i) the prime rate set by Bank of America, or (ii) federal funds rate + 0.5%.
(3) | Our borrowing capacity under our secured revolving credit facility is $150.0 million. We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $300.0 million. We may use up to $15.0 million for standby letters of credit. The secured revolving credit facility has two one-year extension options subject to advance notice, satisfaction of certain conditions and a 0.25% extension fee.
(4) | This loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2016.
(5) | This loan has three one-year extension options, subject to satisfaction of certain conditions.
(6) | These loans are collateralized by the same property.
(7) | Approximately $65 million of the mortgage loan was repaid upon the sale of Courtyard Seattle Downtown which occurred on July 1, 2016.
(8) | The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5.
(9) | This loan has two one-year extension options, subject to satisfaction of certain conditions.

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