Indebtedness, net

Indebtedness and the carrying values of related collateral were as follows (in thousands):



				December 31, 2019					December 31, 2018
Indebtedness	Collateral	Maturity	Interest Rate	Debt Balance			Book Value of Collateral		Debt Balance			Book Value of Collateral
Secured revolving credit facility⁽³⁾	Equity	October 2022	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			223,164
	Hilton La Jolla Torrey Pines
Mortgage loan⁽⁵⁾	Ritz-Carlton, St. Thomas	December 2019	LIBOR⁽¹⁾ + 4.95%	—			—		42,000			64,683
Mortgage loan⁽⁶⁾	Pier House Resort	March 2020	LIBOR⁽¹⁾ + 2.25%	—			—		70,000			88,018
Mortgage loan⁽⁷⁾	Park Hyatt Beaver Creek	April 2020	LIBOR⁽¹⁾ + 2.75%	67,500			144,667		67,500			143,517
Mortgage Loan⁽⁸⁾	The Notary Hotel	June 2020	LIBOR⁽¹⁾ + 2.16%	435,000			465,005		435,000			450,266
	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			134,796		—			—
Mortgage loan	Hotel Yountville	May 2022	LIBOR⁽¹⁾ + 2.55%	51,000			90,088		51,000			92,789
Mortgage loan	Bardessono Hotel	August 2022	LIBOR⁽¹⁾+ 2.55%	40,000			59,542		40,000			58,425
Mortgage loan	Ritz-Carlton, Sarasota	April 2023	LIBOR⁽¹⁾ + 2.65%	100,000			166,023		100,000			179,039
Mortgage loan	Ritz-Carlton, Lake Tahoe	January 2024	LIBOR⁽¹⁾+ 2.10%	54,000			115,988		—			—
Mortgage loan⁽⁴⁾	Capital Hilton	February 2024	LIBOR⁽¹⁾ + 1.70%	195,000			215,163		—			—
	Hilton La Jolla Torrey Pines
Mortgage loan⁽⁶⁾	Pier House Resort	September 2024	LIBOR⁽¹⁾ + 1.85%	80,000			90,150		—			—
				1,065,000			1,481,422		992,586			1,299,901
Deferred loan costs, net				(6,514		)	—		(6,713		)	—
Indebtedness, net				$	1,058,486		$	1,481,422	$	985,873		$	1,299,901

__________________


⁽¹⁾	LIBOR rates were 1.763% and 2.503% at December 31, 2019 and 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⁾	On October 25, 2019, we amended our secured revolving credit facility with a borrowing capacity of $100.0 million set to mature in November 2019, with a new secured revolving credit facility with a borrowing capacity of $75.0 million set to mature in October 2022. The new secured revolving credit facility has two one-year extension options, subject to the satisfaction of certain conditions.


⁽⁴⁾	On January 22, 2019, we refinanced our 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 our 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 our 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.

Maturities and scheduled amortization of indebtedness as of December 31, 2019 for each of the following five years and thereafter are as follows (in thousands):



2020	$	502,500
2021	43,000
2022	92,000
2023	98,500
2024	329,000
Thereafter	—
Total	$	1,065,000

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: The Notary Hotel, Marriott Seattle Waterfront, Courtyard San Francisco Downtown 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.

On August 5, 2019, the Company amended its mortgage loan with an outstanding balance of $42.0 million with a new $42.5 million mortgage loan that is interest only, bears interest at a rate of LIBOR + 4.95% and has a two-year initial term with three one-year extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Ritz-Carlton St. Thomas.

On September 30, 2019, the Company refinanced its mortgage loan with an outstanding balance of $70.0 million with a new $80.0 million mortgage loan that is interest only, bears interest at a rate of LIBOR + 1.85% and has a five-year term with no extension options, subject to the satisfaction of certain conditions. The mortgage loan is secured by the Pier House Resort.

On October 25, 2019, the Company entered into a new $75.0 million secured revolving credit facility which replaces the Company’s previous credit facility that was scheduled to mature on November 10, 2019. The new credit facility provides for a three-year revolving line of credit and bears interest at a range of 1.25% to 2.50% over Base Rate or 2.25% to 3.50% over LIBOR, depending on the leverage level of the Company. There are two, one-year extension options subject to the satisfaction of certain conditions. The new credit facility includes the opportunity to expand the borrowing capacity by up to $175.0 million to an aggregate size of $250.0 million. There were no amounts outstanding on the Company’s previous credit facility.

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 December 31, 2019, we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended.