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Debt (Tables)
 6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Mortgage Debt Obligations on Hotels

The following table sets forth the Company’s mortgage debt obligations on its hotels as of June 30, 2013:

 

    Balance Outstanding as of     Prepayment
Penalties		     Maturity
Date		     Amortization
Provisions		     Interest Rate  

Property

   June 30, 2013     December 31, 2012          
    (unaudited)                                

Crowne Plaza Hampton Marina

   $ 5,999,500      $ 7,559,625        None        06/2014 (1)    $ 16,000 (2)      LIBOR plus  4.55 %(3) 

Crowne Plaza Jacksonville Riverfront

     13,948,116        14,135,234        None        07/2015 (4)      25 years        LIBOR plus 3.00 % 

Crowne Plaza Tampa Westshore

     13,738,236        13,872,077        None        06/2017        25 years        5.60 % 

DoubleTree by Hilton Brownstone – University

     9,958,327        7,816,867        None        10/2016 (5)      25 years        5.25 % 

Hilton Philadelphia Airport

     29,118,931        29,502,666        None        08/2014 (6)      25 years        LIBOR plus  3.00 %(7) 

Hilton Savannah DeSoto

     21,822,392        22,051,314        Yes (8)      07/2017        25 years (9)      6.06 % 

Hilton Wilmington Riverside

     21,171,831        21,416,922        Yes (8)      03/2017        25 years (10)      6.21 % 

Holiday Inn Laurel West

     7,221,697        7,300,465        Yes (11)      08/2021        25 years        5.25 %(12) 

Sheraton Louisville Riverside

     11,914,659        12,019,262          (13)      01/2017        25 years        6.24 % 
 

 

 

    

 

 

          

Total

   $ 134,893,689      $ 135,674,432           
 

 

 

    

 

 

          

 

(1) The note provides that the mortgage can be extended until June 2015 if certain conditions have been satisfied.
(2) The Company is required to make monthly principal payments of $16,000.
(3) The note bears a minimum interest rate of 5.00%.
(4) The note provides that the mortgage can be extended until July 2016 if certain conditions have been satisfied.
(5) The note provides that after five years, the mortgage can be extended if certain conditions have been satisfied for additional five year period at a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest.
(6) The note provides that the mortgage can be extended until March 2017 if certain conditions have been satisfied.
(7) The note bears a minimum interest rate of 3.50%.
(8) The notes may not be prepaid during the first six years of the terms. Prepayment can be made with penalty thereafter until 90 days before maturity.
(9) The note provided for payments of interest only until August 2010 after which payments of principal and interest under a 25-year amortization schedule are due until the note matures in July 2017.
(10) The note provided for payments of interest only until March 2009 after which payments of principal and interest under a 25-year amortization schedule are due until the note matures in March 2017.
(11) Pre-payment can be made with penalty until 180 days before the fifth anniversary of the commencement date of the loan or from such date until 180 days before the maturity.
(12) The note provides that after five years, the rate of interest will adjust to a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest, with a floor of 5.25%.
(13) With limited exception, the note may not be prepaid until two months before maturity.
Schedule of Future Mortgage Debt Maturities

Total mortgage debt maturities as of June 30, 2013 without respect to any additional loan extensions for the following twelve-month periods were as follows:

 

June 30, 2014

    $ 9,031,123   

June 30, 2015

      30,706,188   

June 30, 2016

      15,262,169   

June 30, 2017

      53,659,368   

June 30, 2018

      19,920,622   

Thereafter

      6,314,219   
  

 

 

  

Total future maturities

    $ 134,893,689