XML 46 R41.htm IDEA: XBRL DOCUMENT v3.20.1

Indebtedness, net (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Indebtedness

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.

Schedule of Maturities of Long-term Debt

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

X

- References

No definition available.

+ Details

Name:	us-gaap_DebtDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Name:	us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

+ Details

Name:	us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration