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Indebtedness (Tables)
 9 Months Ended
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.