Indebtedness, net

Indebtedness, net consisted of the following (in thousands):

Indebtedness

Collateral

Maturity

Interest Rate

March 31, 2020

December 31, 2019

Secured revolving credit facility ⁽³⁾

Equity

October 2022

Base Rate⁽²⁾+ 1.25% to 2.50% or LIBOR ⁽¹⁾ + 2.25% to 3.50%

75,000

—

Mortgage loan ⁽⁴⁾

Park Hyatt Beaver Creek

April 2020

LIBOR ⁽¹⁾+ 2.75%

67,500

Mortgage loan ⁽⁵⁾

The Notary Hotel

June 2020

LIBOR ⁽¹⁾ + 2.16%

435,000

Courtyard San Francisco Downtown

Sofitel Chicago Magnificent Mile

Marriott Seattle Waterfront

Mortgage loan ⁽⁶⁾

Ritz-Carlton, St. Thomas

August 2021

LIBOR ⁽¹⁾ + 3.95%

42,500

Mortgage loan

Hotel Yountville

May 2022

LIBOR ⁽¹⁾ + 2.55%

51,000

Mortgage loan

Bardessono Hotel

August 2022

LIBOR ⁽¹⁾+ 2.55%

40,000

Mortgage loan

Ritz-Carlton, Sarasota

April 2023

LIBOR ⁽¹⁾+ 2.65%

100,000

Mortgage loan

Ritz-Carlton, Lake Tahoe

January 2024

LIBOR⁽¹⁾+ 2.10%

54,000

Mortgage loan

Capital Hilton

February 2024

LIBOR ⁽¹⁾+ 1.70%

195,000

Hilton La Jolla Torrey Pines

Mortgage loan

Pier House Resort

September 2024

LIBOR ⁽¹⁾ + 1.85%

80,000

1,140,000

1,065,000

Deferred loan costs, net

(5,512

)

(6,514

)

Indebtedness, net

1,134,488

1,058,486

__________________


⁽¹⁾	LIBOR rates were 0.993% and 1.763% at March 31, 2020 and December 31, 2019, 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 March 10, 2020 and March 13, 2020, we drew $25.0 million and $50.0 million, respectively, on our secured revolving credit facility with a borrowing capacity of $75.0 million and there is no additional capacity remaining. The secured revolving credit facility has two one-year extension options, subject to the satisfaction of certain conditions.


⁽⁴⁾	This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020.


⁽⁵⁾	This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions.


⁽⁶⁾	The interest rate spread on this mortgage loan changed from 4.95% as of December 31, 2019, to 3.95% as of March 31, 2020, based on an appraisal received in accordance with the August 5, 2019 loan amendment.

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 March 31, 2020, we were in compliance in all material respects with all covenants or other requirements set forth in our debt agreements as amended. Subsequent to March 31, 2020 the Company did not make at least one interest payment on nearly all of its mortgage and mezzanine loans, which constituted an “Event of Default” as such term is defined under the applicable loan documents. Further, the Company triggered an "Event of Default," as defined under the secured revolving credit facility agreement as a result of the Company being in default on mortgage and mezzanine loans with an aggregate principal amount in excess of $200 million. See note 1.