Indebtedness, net

Indebtedness and the carrying values of related collateral were as follows (in thousands):



				December 31, 2018					December 31, 2017
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%	$	—		$	—	$	—		$	—
TIF loan⁽⁴⁾	Courtyard Philadelphia	June 2018	12.85%	—			—		8,098			—
Mortgage loan^{(5) (6)}	Courtyard Philadelphia	February 2019	LIBOR⁽¹⁾ + 2.58%	—			—		277,628			353,853
	Courtyard San Francisco Downtown
	Marriott Seattle Waterfront
	Tampa Renaissance
Mortgage loan⁽⁵⁾	Sofitel Chicago Magnificent Mile	March 2019	LIBOR⁽¹⁾ + 2.55%	—			—		80,000			142,374
Mortgage loan⁽⁷⁾	Pier House Resort	March 2019	LIBOR⁽¹⁾ + 2.25%	70,000			88,018		70,000			87,334
Mortgage loan⁽⁸⁾	Park Hyatt Beaver Creek	April 2019	LIBOR⁽¹⁾ + 2.75%	67,500			143,517		67,500			143,652
Mortgage loan⁽⁹⁾	Capital Hilton	November 2019	LIBOR⁽¹⁾ + 2.65%	187,086			223,164		190,010			225,904
	Hilton La Jolla Torrey Pines
Mortgage loan⁽¹⁰⁾	Ritz-Carlton, St. Thomas	December 2019	LIBOR⁽¹⁾ + 4.95%	42,000			64,683		42,000			40,024
Mortgage Loan ⁽⁵⁾	Courtyard Philadelphia	June 2020	LIBOR⁽¹⁾ + 2.16%	435,000			450,266		—			—
	Courtyard San Francisco Downtown
	Marriott Seattle Waterfront
	Sofitel Chicago Magnificent Mile
Mortgage loan	Hotel Yountville	May 2022	LIBOR⁽¹⁾ + 2.55%	51,000			92,789		51,000			94,910
Mortgage loan	Bardessono Hotel	August 2022	LIBOR⁽¹⁾+ 2.55%	40,000			58,425		40,000			57,791
Mortgage loan	Ritz-Carlton, Sarasota	April 2023	LIBOR⁽¹⁾ + 2.65%	100,000			179,039		—			—
				992,586			1,299,901		826,236			1,145,842
Deferred loan costs, net				(6,713		)	—		(5,277		)	—
Indebtedness, net				$	985,873		$	1,299,901	$	820,959		$	1,145,842

__________________


⁽¹⁾	LIBOR rates were 2.503% and 1.564% at December 31, 2018 and 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, 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⁾	The TIF loan matured on June 30, 2018. See note 6.


⁽⁵⁾	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%.


⁽⁶⁾	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.


⁽⁷⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in March 2018.


⁽⁸⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.


⁽⁹⁾	This mortgage loan has two one-year extension options, subject to satisfaction of certain conditions.


⁽¹⁰⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in December 2018.

Maturities and scheduled amortization of indebtedness as of December 31, 2018 for each of the following five years and thereafter are as follows (in thousands):



2019	$	366,586
2020	435,000
2021	500
2022	92,000
2023	98,500
Thereafter	—
Total	$	992,586

On January 18, 2017, we refinanced three mortgage loans with existing outstanding balances totaling approximately $333.7 million and final maturity dates in April 2017. The new mortgage loan totaled $365.0 million, was interest only with a floating rate of LIBOR + 2.58% and had a stated maturity of February 2019 with five one-year extension options, subject to the satisfaction of certain conditions. On November 1, 2017, we completed the sale of the Plano Marriott Legacy Town Center for $104.0 million in cash. We repaid approximately $87.4 million on the mortgage loan that was previously secured in part by the hotel property. The mortgage loan was secured by four hotel properties: Seattle Marriott Waterfront, Tampa Renaissance, San Francisco Courtyard Downtown and Philadelphia Courtyard Downtown.

On March 31, 2017, in connection with the acquisition of the Park Hyatt Beaver Creek, we completed the financing of a $67.5 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.75%. The stated maturity date of the mortgage loan is April 2019, with three one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Park Hyatt Beaver Creek.

On May 11, 2017, in connection with the acquisition of the Hotel Yountville, we completed the financing of a $51.0 million mortgage loan. This mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.55%. The stated maturity date of the mortgage loan is May 2022. The mortgage loan is secured by the Hotel Yountville.

On August 18, 2017, we refinanced our existing $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, provides for a floating interest rate of LIBOR + 2.55% and has a stated maturity date of August 2022. The mortgage loan is secured by the Bardessono Hotel.

On April 4, 2018, in connection with the acquisition of the 266-room Ritz-Carlton, Sarasota in Sarasota, Florida, the Company completed the financing of a $100.0 million mortgage loan. This mortgage loan provides for a floating interest rate of LIBOR + 2.65%. The mortgage loan is interest only until July 1, 2021 and then amortizes 1% annually for the remaining term. The stated maturity is April 2023.

On May 23, 2018, the Company 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. As a result of the refinance the Tampa Renaissance became unencumbered. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.16%. The loan is secured by four hotels: Seattle Marriott Waterfront, San Francisco Courtyard Downtown, Philadelphia Courtyard Downtown and Sofitel Chicago Magnificent Mile.

We are required to maintain certain financial ratios under our secured revolving credit facility. If we violate covenants in any debt agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in our inability to borrow unused amounts under our line of credit, even if repayment of some or all of our borrowings is not required. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of the consolidated group. As of December 31, 2018, we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.