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Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | September 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% |  | 187,834 |  |  | 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 |  |  | — |
|  |  |  |  |  |  |  | 993,334 |  |  | 826,236 |
Deferred loan costs, net |  |  |  |  |  |  |  | (7,618 | ) |  | (5,277 | )
Indebtedness, net |  |  |  |  |  |  |  | $ | 985,716 |  |  | $ | 820,959 |
__________________
(1) | LIBOR rates were 2.261% and 1.564% at September 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.

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