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Indebtedness, net (Tables)
 12 Months Ended
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