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Indebtedness, net (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Indebtedness

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.

Schedule of Maturities of Long-term Debt

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

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