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Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
 
Collateral
 
Maturity
 
Interest Rate
 
June 30, 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)
 
Capital Hilton
 
November 2019
 
LIBOR(1) + 2.65%
 
—

 
187,086

 
 
Hilton La Jolla Torrey Pines
 
 
 
 
 
 
 
 
Mortgage loan (5)
 
Ritz-Carlton, St. Thomas
 
December 2019
 
LIBOR (1) + 4.95%
 
42,000

 
42,000

Mortgage loan (6)
 
Pier House Resort
 
March 2020
 
LIBOR (1) + 2.25%
 
70,000

 
70,000

Mortgage loan (7)
 
Park Hyatt Beaver Creek
 
April 2020
 
LIBOR (1) + 2.75%
 
67,500

 
67,500

Mortgage loan
 
The Notary Hotel
 
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 (4)
 
Capital Hilton
 
February 2024
 
LIBOR (1) + 1.70%
 
195,000

 
—

 
 
Hilton La Jolla Torrey Pines
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,054,500

 
992,586

Deferred loan costs, net
 
 
 
 
 
 
 
(6,819
)
 
(6,713
)
Indebtedness, net
 
 
 
 
 
 
 
$
1,047,681

 
$
985,873

__________________
(1) 
LIBOR rates were 2.398% and 2.503% at June 30, 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) 
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%.
(5) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in December 2018.
(6) 
This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the third was exercised in March 2019.