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Indebtedness (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate |  | September 30, 2019 |  | December 31, 2018
Secured revolving credit facility (3) |  | Equity |  | 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 |
Mortgage loan (6) |  | Pier House Resort |  | March 2020 |  | LIBOR (1) + 2.25% |  | — |  |  | 70,000 |
Mortgage loan (7) |  | Park Hyatt Beaver Creek |  | April 2020 |  | LIBOR (1) + 2.75% |  | 67,500 |  |  | 67,500 |
Mortgage loan (8) |  | 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 (5) |  | Ritz-Carlton, St. Thomas |  | August 2021 |  | LIBOR (1) + 4.95% |  | 42,500 |  |  | — |
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 |  |  |  |  |  |  |  |
Mortgage loan (6) |  | Pier House Resort |  | September 2024 |  | LIBOR (1) + 1.85% |  | 80,000 |  |  | — |
|  |  |  |  |  |  |  | 1,065,000 |  |  | 992,586 |
Deferred loan costs, net |  |  |  |  |  |  |  | (7,533 | ) |  | (6,713 | )
Indebtedness, net |  |  |  |  |  |  |  | $ | 1,057,467 |  |  | $ | 985,873 |
__________________
(1) | LIBOR rates were 2.016% and 2.503% at September 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 was $100.0 million at September 30, 2019. See note 19.
(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) | On August 5, 2019, we amended this mortgage loan totaling $42.0 million. The amended mortgage loan totaling $42.5 million has a two-year initial term and three one-year extension options, subject to the satisfaction of certain conditions. The amended mortgage loan is interest only and bears interest at a rate of LIBOR + 4.95%.
(6) | On September 30, 2019, we refinanced this mortgage loan totaling $70.0 million with a new $80.0 million mortgage loan with a five-year term. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 1.85%.
(7) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in April 2019.
(8) | This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.

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