Indebtedness (Tables)

6 Months Ended

Jun. 30, 2017

Indebtedness consisted of the following (in thousands):



Indebtedness	Collateral	Maturity	Interest Rate	June 30, 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%	191,408			192,765
Mortgage loan	1 hotel	May 2022	LIBOR⁽¹⁾+ 2.55%	51,000			—
				915,006			766,964
Deferred loan costs, net				(8,004		)	(2,348		)
Indebtedness, net				$	907,002		$	764,616

__________________


⁽¹⁾	LIBOR rates were 1.224% and 0.772% at June 30, 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%.

- 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