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Debt (Tables)
 3 Months Ended
Mar. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Mortgage Debt Obligations on Hotels

The following table sets forth our mortgage debt obligations on our hotels.

 

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

Property

    March 31,
2015
(unaudited)		      December 31,
2014		           

Crowne Plaza Hampton Marina

    $ 4,260,500       $ 4,509,500       None     06/30/2016      $ 83,000 (1)      5.00 %(2) 

Crowne Plaza Houston Downtown

      20,829,847         20,954,867       Yes(3)     04/12/2016 (4)      25 years        4.50 % 

Crowne Plaza Jacksonville Riverfront

      16,275,005         16,358,706       None     07/10/2015 (5)      25 years        LIBOR plus 3.00 % 

Crowne Plaza Tampa Westshore

      13,241,320         13,317,684       None     06/18/2017        25 years        5.60 % 

DoubleTree by Hilton Raleigh Brownstone – University

      15,230,553         15,274,284       (6)     08/01/2018        30 years        4.78 % 

DoubleTree by Hilton Philadelphia Airport

      33,127,101         33,378,102       None     04/01/2019        25 years        LIBOR plus 3.00 %(7) 

Georgian Terrace

      41,500,000         41,500,000       None     03/27/2017 (8)      25 years        LIBOR plus 3.75 %(9) 

Hilton Savannah DeSoto

      20,964,415         21,050,093       Yes(10)     09/01/2017        25 years        6.06 % 

Hilton Wilmington Riverside

      20,251,692         20,389,325       Yes(10)     04/01/2017        25 years        6.21 % 

Holiday Inn Laurel West

      6,927,672         6,974,458       Yes(11)     08/05/2021        25 years        5.25 %(12) 

Sheraton Louisville Riverside

      11,523,881         11,584,638       (6)     01/06/2017        25 years        6.24 % 
  

 

 

     

 

 

           

Total

 $ 204,131,986    $ 205,291,657   
  

 

 

     

 

 

           

 

(1) The Operating Partnership is required to make monthly principal payments of $83,000.
(2) The note rate was changed to a fixed rate of 5.00%, effective June 27, 2014.
(3) The note is subject to a prepayment penalty if the loan is prepaid in full or in part prior to November 13, 2015.
(4) The note provides that the mortgage can be extended until November 2018 if certain conditions have been satisfied.
(5) The note provides that the mortgage can be extended until July 2016 if certain conditions have been satisfied.
(6) With limited exception, the note may not be prepaid until two months before maturity.
(7) The note bears a minimum interest rate of 3.50%.
(8) The note provides that the mortgage can be extended through the fourth and fifth anniversary of the commencement date of the loan, or March 27, 2018 and March 27, 2019, respectively, subject to certain conditions.
(9) The note bears a minimum interest rate of 4.00%.
(10) 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.
(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%.
Schedule of Future Mortgage Debt Maturities

Total future mortgage debt maturities, without respect to any extension of loan maturity, as of March 31, 2015 were as follows:

 

The remaining nine month period ending December 31, 2015

 $ 20,254,985   

December 31, 2016

   27,870,620   

December 31, 2017

   104,798,792   

December 31, 2018

   15,846,378   

December 31, 2019

   29,372,513   

December 31, 2020 and thereafter

   5,988,698   
  

 

 

  

Total future maturities

 $ 204,131,986