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Debt (Tables) | 9 Months Ended
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Sep. 30, 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 |  |  |  |  |  |  |  |  |  |  |  |  |
| September 30, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2015 |  |  | December 31, |  |  | Prepayment |  | Maturity |  | Amortization |  |  | Interest |
Property | (unaudited) |  |  | 2014 |  |  | Penalties |  | Date |  | Provisions |  |  | Rate |
Crowne Plaza Hampton Marina | $ | 3,761,585 |  |  | $ | 4,509,500 |  |  | None |  | 6/30/2016 |  | $ | 83,000 |  | (1) | 5.00%(2) |
Crowne Plaza Hollywood Beach Resort |  | 60,000,000 |  |  |  | — |  |  | None |  | 10/1/2025 |  | 30 years |  |  |  | 4.91% |
Crowne Plaza Houston Downtown |  | 20,585,912 |  |  |  | 20,954,867 |  |  | Yes(3) |  | 4/12/2016 | (4) | 25 years |  |  |  | 4.50% |
Crowne Plaza Tampa Westshore |  | 13,093,566 |  |  |  | 13,317,684 |  |  | None |  | 6/18/2017 |  | 25 years |  |  |  | 5.60% |
DoubleTree by Hilton Jacksonville Riverfront |  | 17,920,603 |  |  |  | 16,358,706 |  |  | Yes(12) |  | 7/7/2019 | (5) | 25 years |  |  | LIBOR plus 3.50 % |
DoubleTree by Hilton Laurel |  | 6,840,862 |  |  |  | 6,974,458 |  |  | Yes(10) |  | 8/5/2021 |  | 25 years |  |  | 5.25 %(11) |
DoubleTree by Hilton Philadelphia Airport |  | 32,631,238 |  |  |  | 33,378,102 |  |  | None |  | 4/1/2019 |  | 25 years |  |  | LIBOR plus 3.00 %(7) |
DoubleTree by Hilton Raleigh Brownstone –University |  | 15,111,479 |  |  |  | 15,274,284 |  |  | (6) |  | 8/1/2018 |  | 30 years |  |  |  | 4.78% |
Georgian Terrace |  | 46,822,566 |  |  |  | 41,500,000 |  |  | None |  | 6/1/2025 | (8) | 30 years |  |  |  | 4.42% |
Hilton Savannah DeSoto |  | 20,702,141 |  |  |  | 21,050,093 |  |  | Yes(9) |  | 9/1/2017 |  | 25 years |  |  |  | 6.06% |
Hilton Wilmington Riverside |  | 19,969,949 |  |  |  | 20,389,325 |  |  | Yes(9) |  | 4/1/2017 |  | 25 years |  |  |  | 6.21% |
Sheraton Louisville Riverside |  | 11,407,459 |  |  |  | 11,584,638 |  |  | (6) |  | 1/6/2017 |  | 25 years |  |  |  | 6.24% |
Total Mortgage Principal Balance | $ | 268,847,360 |  |  | $ | 205,291,657 |  |  |  |  |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  | 246,815 |  |  |  | - |  |  |  |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans | $ | 269,094,175 |  |  | $ | 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 may not be prepaid on or prior to February 2025. Prepayment can be made without penalty thereafter with not less than 30 days and not more than 90 days, prior written notice.
(9) | 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.
(10) | Pre-payment can be made with penalty until 180 days before the fifth anniversary of the commencement date of the loan or without penalty from such date until 180 days before the maturity.
(11) | 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%.
(12) | The note is subject to a prepayment premium if the loan is prepaid in full or in part prior to 24 months from July 7, 2015.
Schedule of Future Mortgage Debt Maturities | Total future mortgage debt maturities, without respect to any extension of loan maturity, as of September 30, 2015 were as follows:
The remaining three month period ending December 31, 2015 | $ | 1,798,746 |
December 31, 2016 |  | 29,229,131 |
December 31, 2017 |  | 66,768,132 |
December 31, 2018 |  | 18,152,719 |
December 31, 2019 |  | 31,786,801 |
December 31, 2020 and thereafter |  | 121,111,831 |
Total future maturities | $ | 268,847,360 |

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