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Indebtedness, net (Tables) | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness and the carrying values of related collateral were as follows (in thousands):
|  |  |  |  |  |  |  | December 31, 2017 |  | December 31, 2016
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) (5) |  | 1 hotel |  | April 2017 |  | 5.91% |  | — |  |  | — |  |  | 32,879 |  |  | 89,443 |
Mortgage loan(4) |  | 1 hotel |  | April 2017 |  | 5.95% |  | — |  |  | — |  |  | 55,915 |  |  | 84,492 |
Mortgage loan (4) |  | 3 hotels |  | April 2017 |  | 5.95% |  | — |  |  | — |  |  | 245,307 |  |  | 257,465 |
Mortgage loan(6) |  | 1 hotel |  | December 2017 |  | LIBOR(1) + 4.95% |  | — |  |  | — |  |  | 40,000 |  |  | 59,521 |
Mortgage loan(7) |  | 1 hotel |  | March 2018 |  | LIBOR(1) + 2.30% |  | 80,000 |  |  | 142,374 |  |  | 80,000 |  |  | 139,560 |
Mortgage loan(8) |  | 1 hotel |  | March 2018 |  | LIBOR(1) + 2.25% |  | 70,000 |  |  | 87,334 |  |  | 70,000 |  |  | 88,923 |
TIF loan(5) (9) |  | 1 hotel |  | June 2018 |  | 12.85% |  | 8,098 |  |  | — |  |  | 8,098 |  |  | — |
Mortgage loan(10) |  | 1 hotel |  | December 2018 |  | LIBOR(1) + 4.95% |  | 42,000 |  |  | 40,024 |  |  | 42,000 |  |  | 63,306 |
Mortgage loan(4) (5) (11) |  | 4 hotels |  | February 2019 |  | LIBOR(1) + 2.58% |  | 277,628 |  |  | 353,853 |  |  | — |  |  | — |
Mortgage loan(12) |  | 1 hotel |  | April 2019 |  | LIBOR(1) + 2.75% |  | 67,500 |  |  | 143,652 |  |  | — |  |  | — |
Mortgage loan(13) |  | 2 hotels |  | November 2019 |  | LIBOR(1) + 2.65% |  | 190,010 |  |  | 225,904 |  |  | 192,765 |  |  | 231,822 |
Mortgage loan |  | 1 hotel |  | May 2022 |  | LIBOR(1) + 2.55% |  | 51,000 |  |  | 94,910 |  |  | — |  |  | — |
Mortgage loan(6) |  | 1 hotel |  | August 2022 |  | LIBOR(1) + 2.55% |  | 40,000 |  |  | 57,791 |  |  | — |  |  | — |
|  |  |  |  |  |  |  | 826,236 |  |  | 1,145,842 |  |  | 766,964 |  |  | 1,014,532 |
Deferred loan costs, net |  |  |  |  |  |  |  | (5,277 | ) |  | — |  |  | (2,348 | ) |  | — |
Indebtedness, net |  |  |  |  |  |  |  | $ | 820,959 |  |  | $ | 1,145,842 |  |  | $ | 764,616 |  |  | $ | 1,014,532 |
__________________
(1) | LIBOR rates were 1.564% and 0.772% at December 31, 2017 and 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, 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) | 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 $277.6 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, of which the second was exercised in March 2017.
(8) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in March 2017.
(9) | The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See note 5.
(10) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017.
(11) | This mortgage loan had an $87.4 million pay down of principal in connection with the sale of the Marriott Plano Legacy Town Center on November 1, 2017. See Note 4.
(12) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(13) | This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
Schedule of Maturities of Long-term Debt | Maturities and scheduled amortization of indebtedness as of December 31, 2017 for each of the following five years and thereafter are as follows (in thousands):
2018 | $ | 203,274 |
2019 | 531,962 |
2020 | — |
2021 | — |
2022 | 91,000 |
Thereafter | — |
Total | $ | 826,236 |

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