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Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate
 
September 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(4) (5)
 
1 hotel
 
April 2017
 
5.91%
 
—

 
32,879

Mortgage loan(4)
 
1 hotel
 
April 2017
 
5.95%
 
—

 
55,915

Mortgage loan(4)
 
3 hotels
 
April 2017
 
5.95%
 
—

 
245,307

Mortgage loan(6)
 
1 hotel
 
December 2017
 
LIBOR (1) +4.95%
 
—

 
40,000

Mortgage loan(7)
 
1 hotel
 
December 2017
 
LIBOR(1) + 4.95%
 
42,000

 
42,000

Mortgage loan(8)
 
1 hotel
 
March 2018
 
LIBOR(1) + 2.30%
 
80,000

 
80,000

Mortgage loan(9)
 
1 hotel
 
March 2018
 
LIBOR(1) + 2.25%
 
70,000

 
70,000

TIF loan(5) (10)
 
1 hotel
 
June 2018
 
12.85%
 
8,098

 
8,098

Mortgage loan(4) (5)
 
5 hotels
 
February 2019
 
LIBOR(1) + 2.58%
 
365,000

 
—

Mortgage loan(7)
 
1 hotel
 
April 2019
 
LIBOR(1) + 2.75%
 
67,500

 
—

Mortgage loan(11)
 
2 hotels
 
November 2019
 
LIBOR(1) + 2.65%
 
190,481

 
192,765

Mortgage loan
 
1 hotel
 
May 2022
 
LIBOR(1) + 2.55%
 
51,000

 
—

Mortgage loan(6)
 
1 hotel
 
August 2022
 
LIBOR(1) + 2.55%
 
40,000

 
—

 
 
 
 
 
 
 
 
914,079

 
766,964

Deferred loan costs, net
 
 
 
 
 
 
 
(7,259
)
 
(2,348
)
Indebtedness, net
 
 
 
 
 
 
 
$
906,820

 
$
764,616

__________________
(1) 
LIBOR rates were 1.232% and 0.772% at September 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) 
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 mortgage 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%.
(5) 
These loans are collateralized by the same hotel property. This hotel property is now included in the $365 million mortgage loan.
(6) 
On August 18, 2017, we refinanced our $40.0 million mortgage loan with a final maturity date in December 2020 with a new $40.0 million mortgage loan that is interest only at a rate of LIBOR + 2.55% and has a five-year term.
(7) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(8) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2017.
(9) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017.
(10) 
The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5.
(11) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.