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Indebtedness (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Indebtedness

Indebtedness consisted of the following (in thousands):

Indebtedness		Collateral		Maturity		Interest Rate		March 31, 2018				December 31, 2017
Secured revolving credit facility(3)		None		November 2019		Base Rate (2) + 1.25% to 2.50% or LIBOR(1) + 2.25% to 3.50%		$	—			$	—
TIF loan(4) (5)		1 hotel		June 2018		12.85%		8,098				8,098
Mortgage loan(6)		1 hotel		December 2018		LIBOR(1) + 4.95%		42,000				42,000
Mortgage loan(4) (7)		4 hotels		February 2019		LIBOR(1) + 2.58%		277,628				277,628
Mortgage loan(8)		1 hotel		March 2019		LIBOR(1) + 2.55%		80,000				80,000
Mortgage loan(9)		1 hotel		March 2019		LIBOR(1) + 2.25%		70,000				70,000
Mortgage loan(10)		1 hotel		April 2019		LIBOR(1) + 2.75%		67,500				67,500
Mortgage loan(11)		2 hotels		November 2019		LIBOR(1) + 2.65%		189,296				190,010
Mortgage loan		1 hotel		May 2022		LIBOR(1) + 2.55%		51,000				51,000
Mortgage loan		1 hotel		August 2022		LIBOR(1) + 2.55%		40,000				40,000
								825,522				826,236
Deferred loan costs, net								(4,469		)		(5,277		)
Indebtedness, net								$	821,053			$	820,959

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⁽¹⁾  LIBOR rates were 1.883% and 1.564% at March 31, 2018 and December 31, 2017, 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⁾  These loans are collateralized by the same hotel property. This hotel property is included in the $277.6 million mortgage loan.

⁽⁵⁾  The interest expense from the TIF loan is offset against interest income on the note receivable of the same amount. See note 6.

⁽⁶⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017.

⁽⁷⁾  This mortgage loan has five 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 third was exercised in March 2018.

⁽⁹⁾  This mortgage loan has three one-year options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018.

⁽¹⁰⁾  This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.

⁽¹¹⁾  This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.

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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.

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