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v3.20.2

Indebtedness, net (Tables) | 6 Months Ended
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Jun. 30, 2020
Debt Disclosure [Abstract] |
Indebtedness, net | Indebtedness, net consisted of the following (in thousands):
Indebtedness |  | Collateral |  | Maturity |  | Interest Rate (1) |  | Default Rate (2) |  | June 30, 2020 |  | December 31, 2019
Secured revolving credit facility (5) |  | Equity |  | October 2022 |  | Base Rate (4) + 1.25% to 2.50% or LIBOR (3) + 2.25% to 3.50% |  | n/a |  | $ | — |  |  | $ | — |
Mortgage loan (6) |  | Park Hyatt Beaver Creek |  | April 2021 |  | LIBOR (3) + 2.75% |  | n/a |  | 67,500 |  |  | 67,500 |
Mortgage loan (7) |  | The Notary Hotel |  | June 2021 |  | LIBOR (3) + 2.16% |  | n/a |  | 435,000 |  |  | 435,000 |
|  | Courtyard San Francisco Downtown |  |  |  |  |  |  |  |  |  |
|  | Sofitel Chicago Magnificent Mile |  |  |  |  |  |  |  |  |  |
|  | Marriott Seattle Waterfront |  |  |  |  |  |  |  |  |  |
Mortgage loan (8) |  | Ritz-Carlton, St. Thomas |  | August 2021 |  | LIBOR (3) + 3.95% |  | n/a |  | 42,500 |  |  | 42,500 |
Mortgage loan (9) |  | Hotel Yountville |  | May 2022 |  | LIBOR (3) + 2.55% |  | n/a |  | 51,000 |  |  | 51,000 |
Mortgage loan (9) |  | Bardessono Hotel |  | August 2022 |  | LIBOR (3) + 2.55% |  | n/a |  | 40,000 |  |  | 40,000 |
Term loan (5) |  | Equity |  | October 2022 |  | Base Rate (4) + 1.25% to 2.50% or LIBOR (3) + 2.25% to 3.50% |  | n/a |  | 65,000 |  |  | — |
Mortgage loan (9) |  | Ritz-Carlton, Sarasota |  | April 2023 |  | LIBOR (3) + 2.65% |  | n/a |  | 100,000 |  |  | 100,000 |
Mortgage loan (9) |  | Ritz-Carlton, Lake Tahoe |  | January 2024 |  | LIBOR(3) + 2.10% |  | n/a |  | 54,000 |  |  | 54,000 |
Mortgage loan (10) |  | Capital Hilton |  | February 2024 |  | LIBOR (3) + 1.70% |  | 5.00% |  | 195,000 |  |  | 195,000 |
|  | Hilton La Jolla Torrey Pines |  |  |  |  |  |  |  |  |  |
Mortgage loan (9) |  | Pier House Resort |  | September 2024 |  | LIBOR (3) + 1.85% |  | n/a |  | 80,000 |  |  | 80,000 |
|  |  |  |  |  |  |  |  |  | 1,130,000 |  |  | 1,065,000 |
Deferred loan costs, net |  |  |  |  |  |  |  |  |  | (6,687 | ) |  | (6,514 | )
Indebtedness, net |  |  |  |  |  |  |  |  |  | $ | 1,123,313 |  |  | $ | 1,058,486 |
__________________
(1) | Interest rates do not include default or late payment rates in effect on some mortgage loans.
(2) | Default rates are presented for mortgage loans which were in default, in accordance with the terms and conditions of the applicable mortgage agreement, as of June 30, 2020. The default rate is accrued in addition to the stated interest rate.
(3) | LIBOR rates were 0.162% and 1.763% at June 30, 2020 and December 31, 2019, respectively.
(4) | Base Rate, as defined in the secured term loan 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%.
(5) | Effective June 8, 2020, we amended this secured revolving credit facility totaling $75 million, which was the total borrowing capacity. In conjunction with the amendment, we repaid $10 million of principal and converted the facility to a term loan with a principal balance of $65 million. The amended term loan is interest only until March 2021 and bears interest at a rate of Base Rate + 1.25% - 2.50% or LIBOR + 2.25% - 3.5%, with a LIBOR floor of 0.50%. Beginning March 31, 2021, principal amortization payments of $5 million are due on the last day of each quarter.
(6) | This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions, of which the second was exercised in April 2020.
(7) | Effective June 9, 2020, we executed a FF&E accommodation agreement for this mortgage loan. Terms of the agreement included lender-held reserves were made available to fund property-level operating expenses and monthly FF&E escrow deposits were waived through January 2021. This mortgage loan has five one-year extension options, subject to satisfaction of certain conditions, of which the first was exercised in June 2020.
(8) | 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. This mortgage loan has a LIBOR floor of 1.00%. This mortgage loan has three one-year extension options, subject to satisfaction of certain conditions.
(9) | Effective May 1, 2020, we executed a forbearance agreement for this mortgage loan. Terms of the agreement included adding a LIBOR floor to 0.25%, deferral of interest payments for three months, with the option to extend the interest payment deferral an additional three months, which was exercised in August 2020, with all deferred payments due at maturity, lender-held reserves were made available to fund property-level operating expenses, and monthly FF&E escrow deposits were waived through December 2020.
(10) As of June 30, 2020, this mortgage loan was in default under the terms and conditions of the mortgage loan agreement. Default interest has been accrued, in accordance with the terms of the mortgage loan agreement, and is reflected in the Company’s condensed consolidated balance sheet and statements of operations.

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