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Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate
 
June 30, 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) 
 
Courtyard Philadelphia
 
June 2018
 
12.85%
 
—

 
8,098

Mortgage loan(5)
 
Ritz-Carlton, St. Thomas
 
December 2018
 
LIBOR(1) + 4.95%
 
42,000

 
42,000

Mortgage loan(6) (7)
 
Courtyard Philadelphia
 
February 2019
 
LIBOR(1) + 2.58%
 
—

 
277,628

 
 
Courtyard San Francisco
 
 
 
 
 
 
 
 
 
 
Marriott Seattle Waterfront
 
 
 
 
 
 
 
 
 
 
Tampa Renaissance
 
 
 
 
 
 
 
 
Mortgage loan(6)
 
Sofitel Chicago Magnificent Mile
 
March 2019
 
LIBOR(1) + 2.55%
 
—

 
80,000

Mortgage loan(8)
 
Pier House Resort
 
March 2019
 
LIBOR(1) + 2.25%
 
70,000

 
70,000

Mortgage loan(9)
 
Park Hyatt Beaver Creek
 
April 2019
 
LIBOR(1) + 2.75%
 
67,500

 
67,500

Mortgage loan(10)
 
Capital Hilton
 
November 2019
 
LIBOR(1) + 2.65%
 
188,326

 
190,010

 
 
Hilton La Jolla Torrey Pines
 
 
 
 
 
 
 
 
Mortgage loan(6)
 
Courtyard Philadelphia
 
June 2020
 
LIBOR(1) + 2.16%
 
435,000

 
—

 
 
Courtyard San Francisco
 
 
 
 
 
 
 
 
 
 
Marriott Seattle Waterfront
 
 
 
 
 
 
 
 
 
 
Sofitel Chicago Magnificent Mile
 
 
 
 
 
 
 
 
Mortgage loan
 
Hotel Yountville
 
May 2022
 
LIBOR(1) + 2.55%
 
51,000

 
51,000

Mortgage loan
 
Bardessono Hotel
 
August 2022
 
LIBOR(1) + 2.55%
 
40,000

 
40,000

Mortgage loan
 
Ritz-Carlton, Sarasota
 
April 2023
 
LIBOR(1) + 2.65%
 
100,000

 
—

 
 
 
 
 
 
 
 
993,826

 
826,236

Deferred loan costs, net
 
 
 
 
 
 
 
(8,621
)
 
(5,277
)
Indebtedness, net
 
 
 
 
 
 
 
$
985,205

 
$
820,959

__________________
(1) 
LIBOR rates were 2.090% and 1.564% at June 30, 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) 
The TIF loan matured on June 30, 2018. See note 6.
(5) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in December 2017.
(6) 
On May 23, 2018, we refinanced two mortgage loans totaling $357.6 million with a new $435.0 million mortgage loan with a two-year initial term and five one-year extension options subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.16%.
(7) 
A portion of this mortgage loan at December 31, 2017 relates to the Tampa Renaissance, which was sold on June 1, 2018. See note 5.
(8) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018.
(9) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(10) 
This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.
(11) 
The Ritz-Carlton, Sarasota property was acquired on April 4, 2018. The new mortgage loan is a five-year interest-only loan and bears interest at a rate of LIBOR + 2.65%.