Indebtedness, net (Tables)

12 Months Ended

Dec. 31, 2016

Indebtedness and the carrying values of related collateral were as follows (in thousands):



				December 31, 2016					December 31, 2015
Indebtedness	Collateral	Maturity	Interest Rate	Debt Balance			Book Value of Collateral		Debt Balance			Book Value of Collateral
Secured revolving credit facility⁽³⁾	None	November 2019	Base Rate⁽²⁾+ 1.25% to 2.50% or LIBOR⁽¹⁾ +2.25% to 3.50%	$	—		$	—	$	—		$	—
Mortgage loan⁽⁴⁾	1 hotel	March 2017	LIBOR⁽¹⁾+2.30%	80,000			139,560		80,000			142,656
Mortgage loan⁽⁵⁾	1 hotel	March 2017	LIBOR⁽¹⁾+2.25%	70,000			88,923		70,000			90,957
Mortgage loan^{(6) (10)}	1 hotel	April 2017	5.91%	32,879			89,443		33,381			93,856
Mortgage loan^{(7) (10)}	1 hotel	April 2017	5.95%	55,915			84,492		122,374			136,812
Mortgage loan ⁽¹⁰⁾	3 hotels	April 2017	5.95%	245,307			257,465		249,020			262,411
Mortgage loan⁽⁵⁾	1 hotel	December 2017	LIBOR⁽¹⁾+ 4.95%	40,000			59,521		40,000			61,329
Mortgage loan⁽⁵⁾	1 hotel	December 2017	LIBOR⁽¹⁾ + 4.95%	42,000			63,306		42,000			63,886
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%	192,765			231,822		195,359			239,572
				766,964			1,014,532		840,232			1,091,479
Deferred loan costs, net				(2,348		)	—		(4,640		)	—
Indebtedness, net				$	764,616		$	1,014,532	$	835,592		$	1,091,479

__________________


⁽¹⁾	LIBOR rates were 0.772% and 0.430% at December 31, 2016 and 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%, or (iii) LIBOR +1.0%.

⁽³⁾

Our borrowing capacity under our secured revolving credit facility is $100.0 million. We have an option, subject to lender approval, to further increase the borrowing capacity to an aggregate of $250.0 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.


⁽¹⁰⁾	This loan was refinanced subsequent to December 31, 2016. See note 24.

Schedule of Maturities of Long-term Debt

Maturities and scheduled amortization of indebtedness as of December 31, 2016 for each of the following five years and thereafter are as follows (in thousands):



2017	$	569,092
2018	11,037
2019	186,835
2020	—
2021	—
Thereafter	—
Total	$	766,964

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details