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Indebtedness (Tables) | 3 Months Ended
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Mar. 31, 2017
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | March 31, 2017 |  | December 31, 2016
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(10) |  | 3 hotels |  | April 2017 |  | 5.95% |  | — |  |  | 245,307 |
Mortgage loan(10) |  | 1 hotel |  | April 2017 |  | 5.95% |  | — |  |  | 55,915 |
Mortgage loan(7) (10) |  | 1 hotel |  | April 2017 |  | 5.91% |  | — |  |  | 32,879 |
Mortgage loan(6) |  | 1 hotel |  | December 2017 |  | LIBOR(1) + 4.95% |  | 42,000 |  |  | 42,000 |
Mortgage loan(6) |  | 1 hotel |  | December 2017 |  | LIBOR(1) + 4.95% |  | 40,000 |  |  | 40,000 |
Mortgage loan(4) |  | 1 hotel |  | March 2018 |  | LIBOR(1) + 2.30% |  | 80,000 |  |  | 80,000 |
Mortgage loan(5) |  | 1 hotel |  | March 2018 |  | LIBOR(1) + 2.25% |  | 70,000 |  |  | 70,000 |
TIF loan(7) (8) |  | 1 hotel |  | June 2018 |  | 12.85% |  | 8,098 |  |  | 8,098 |
Mortgage loan(7) (10) |  | 5 hotels |  | February 2019 |  | LIBOR(1) + 2.58% |  | 365,000 |  |  | — |
Mortgage loan(6) |  | 1 hotel |  | April 2019 |  | LIBOR(1) + 2.75% |  | 67,500 |  |  | — |
Mortgage loan(9) |  | 2 hotels |  | November 2019 |  | LIBOR(1) + 2.65% |  | 192,092 |  |  | 192,765 |
|  |  |  |  |  |  |  | 864,690 |  |  | 766,964 |
Deferred loan costs, net |  |  |  |  |  |  |  | (8,529 | ) |  | (2,348 | )
Indebtedness, net |  |  |  |  |  |  |  | $ | 856,161 |  |  | $ | 764,616 |
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(1) | LIBOR rates were 0.983% and 0.772% at March 31, 2017 and December 31, 2016, 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, (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 second was exercised in March 2017.
(5) | This loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017.
(6) | This loan has three one-year extension options, subject to satisfaction of certain conditions.
(7) | These loans are collateralized by the same property.
(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) | On January 18, 2017, we refinanced three mortgage loans totaling $333.7 million set to mature in April 2017 with a new $365.0 million loan with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The new loan is interest only and bears interest at a rate of LIBOR + 2.58%.

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