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Indebtedness | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | March 31, 2019 |  | December 31, 2018
Secured revolving credit facility (3) |  | None |  | November 2019 |  | Base Rate (2) + 1.25% to 2.50% or LIBOR (1) + 2.25% to 3.50% |  | $ | — |  |  | $ | — |
Mortgage loan (4) |  | Park Hyatt Beaver Creek |  | April 2019 |  | LIBOR (1) + 2.75% |  | 67,500 |  |  | 67,500 |
Mortgage loan (5) |  | Capital Hilton |  | November 2019 |  | LIBOR(1) + 2.65% |  | — |  |  | 187,086 |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |
Mortgage loan (6) |  | Ritz-Carlton, St. Thomas |  | December 2019 |  | LIBOR (1) + 4.95% |  | 42,000 |  |  | 42,000 |
Mortgage loan (7) |  | Pier House Resort |  | March 2020 |  | LIBOR (1) + 2.25% |  | 70,000 |  |  | 70,000 |
Mortgage loan |  | Courtyard Philadelphia |  | June 2020 |  | LIBOR (1) + 2.16% |  | 435,000 |  |  | 435,000 |
|  | Courtyard San Francisco Downtown |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |
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 |  |  | 100,000 |
Mortgage loan |  | Ritz-Carlton, Lake Tahoe |  | January 2024 |  | LIBOR (1) + 2.10% |  | 54,000 |  |  | — |
Mortgage loan (5) |  | Capital Hilton |  | February 2024 |  | LIBOR (1) + 1.70% |  | 195,000 |  |  | — |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 1,054,500 |  |  | 992,586 |
Deferred loan costs, net |  |  |  |  |  |  |  | (7,751 | ) |  | (6,713 | )
Indebtedness, net |  |  |  |  |  |  |  | $ | 1,046,749 |  |  | $ | 985,873 |
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(1) | LIBOR rates were 2.495% and 2.503% at March 31, 2019 and December 31, 2018, 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) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in April 2019.
(5) | On January 22, 2019, we refinanced this mortgage loan with an outstanding balance of $186.8 million with a new $195.0 million mortgage loan with a five-year term. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 1.70%.
(6) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in December 2018.
(7) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in March 2019.
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 an 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 with an outstanding balance of $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: Marriott Seattle Waterfront, Courtyard San Francisco Downtown, Courtyard Philadelphia and Sofitel Chicago Magnificent Mile. On January 15, 2019, in connection with the acquisition of the 170-room Ritz-Carlton, Lake Tahoe located in Truckee, California, the Company completed the financing of a $54.0 million mortgage loan. This mortgage loan provides for an interest rate of LIBOR + 2.10%. The mortgage loan is interest only and has a five year term. On January 22, 2019, the Company refinanced its existing mortgage loan with an outstanding balance of approximately $186.8 million and a final maturity date in November 2021 with a new $195.0 million mortgage loan that is interest only, bears interest at a rate of LIBOR + 1.70% and has a five-year term. The mortgage loan is secured by the same two hotels: the Capital Hilton and Hilton La Jolla Torrey Pines. These two hotels are held in a joint venture in which we have a 75% equity interest. 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 March 31, 2019, we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.

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