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Debt | 6 Months Ended
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Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt | 5. Debt Mortgage Loans, Net. As of June 30, 2017 and December 31, 2016, we had approximately $294.4 million and approximately $282.7 million of outstanding mortgage debt, respectively. The following table sets forth our mortgage debt obligations on our hotels.
|  | Balance Outstanding as of |  |  |  |  |  |  |  |  |  |  |  |
|  | June 30, |  |  | December 31, |  |  | Prepayment |  | Maturity |  | Amortization |  | Interest |  |
Property |  | 2017 |  |  | 2016 |  |  | Penalties |  | Date |  | Provisions |  | Rate |  |
Crowne Plaza Hampton Marina (1) |  | $ | - |  |  | $ | 2,584,633 |  |  | None |  | 11/1/2019 |  | 3 years |  |  | 5.00% |  |
Crowne Plaza Hollywood Beach Resort (2) |  | $ | 58,473,352 |  |  |  | 58,935,818 |  |  | n/a |  | 10/1/2025 |  | 30 years |  |  | 4.913% |  |
Crowne Plaza Tampa Westshore (3) |  |  | 15,422,800 |  |  |  | 15,561,400 |  |  | None |  | 6/30/2019 |  | 25 years |  | LIBOR plus 3.75 % |  |
The DeSoto (4) |  |  | 30,000,000 |  |  |  | 30,000,000 |  |  | Yes |  | 7/1/2026 |  | 25 years |  |  | 4.25% |  |
DoubleTree by Hilton Jacksonville Riverfront (5) |  |  | 35,500,000 |  |  |  | 19,291,716 |  |  | Yes |  | 7/11/2024 |  | 30 years |  |  | 4.88% |  |
DoubleTree by Hilton Laurel (6) |  |  | 9,231,427 |  |  |  | 9,329,005 |  |  | Yes |  | 8/5/2021 |  | 25 years |  |  | 5.25% |  |
DoubleTree by Hilton Philadelphia Airport (7) |  |  | 30,861,395 |  |  |  | 31,261,991 |  |  | None |  | 4/1/2019 |  | 25 years |  | LIBOR plus 3.00 % |  |
DoubleTree by Hilton Raleigh Brownstone University (8) |  |  | 14,637,611 |  |  |  | 14,773,885 |  |  | n/a |  | 8/1/2018 |  | 30 years |  |  | 4.78% |  |
Georgian Terrace (9) |  |  | 45,425,390 |  |  |  | 45,826,038 |  |  | n/a |  | 6/1/2025 |  | 30 years |  |  | 4.42% |  |
Hilton Wilmington Riverside (10) |  |  | 30,000,000 |  |  |  | 30,000,000 |  |  | Yes |  | 1/1/2027 |  | 25 years |  |  | 4.25% |  |
Sheraton Louisville Riverside (11) |  |  | 11,842,466 |  |  |  | 11,977,557 |  |  | Yes |  | 12/1/2026 |  | 25 years |  |  | 4.27% |  |
The Whitehall (12) |  |  | 15,000,000 |  |  |  | 15,000,000 |  |  | Yes |  | 10/12/2021 |  | 18 years |  | LIBOR plus 3.50 % |  |
Total Mortgage Principal Balance |  | $ | 296,394,441 |  |  | $ | 284,542,043 |  |  |  |  |  |  |  |  |  |  |  |
Deferred financing costs, net |  |  | (2,159,974 | ) |  |  | (2,049,409 | ) |  |  |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  |  | 203,314 |  |  |  | 215,655 |  |  |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans, Net |  | $ | 294,437,781 |  |  | $ | 282,708,289 |  |  |  |  |  |  |  |  |  |  |  |
(1) | As of February 7, 2017, the note is no longer outstanding due to the sale of the property.
(2) | With limited exception, the note may not be prepaid until June 2025.
(3) | The note provides initial proceeds of $15.7 million, with an additional $3.3 million available upon the satisfaction of certain conditions; bears a floating interest rate of the 30-day LIBOR plus 3.75%, subject to a floor rate of 3.75%; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions.
(4) | The note provides initial proceeds of $30.0 million, with an additional $5.0 million available upon the satisfaction of certain conditions, namely, the completion of a renovation project; amortizes on a 25-year schedule after a 1-year interest-only period; and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(5) | The note may not be prepaid until August 2019, after which it is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter.
(6) | The note is subject to a pre-payment penalty except for any pre-payments made either between April 2017 and August 2017, or from April 2021 through maturity of the note. The note provides that on January 5, 2018, 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%.
(7) | The note bears a minimum interest rate of 3.50%.
(8) | With limited exception, the note may not be prepaid until two months before maturity.
(9) | With limited exception, the note may not be prepaid until February 2025.
(10) | The note provides initial proceeds of $30.0 million, with an additional $5.0 million available upon the satisfaction of certain conditions namely, the completion of a renovation project; amortizes on a 25-year schedule after a 1-year interest-only period; and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(11) | The note bears a fixed interest rate of 4.27% for the first 5 years of the loan, with an option for the lender to reset the interest rate after 5 years.
(12) | The note was refinanced in October 2016, provides initial proceeds of $15.0 million, with an additional $5.5 million available upon the satisfaction of certain conditions; bears a floating interest rate of the 1-month LIBOR plus 3.5%, subject to a floor rate of 4.0% and is subject to prepayment penalties subject to a declining scale from 3.0% penalty on or before the first anniversary date, a 2.0% penalty during the second anniversary year and a 1.0% penalty after the third anniversary date.
We were in compliance with all debt covenants, current on all loan payments and not otherwise in default under any of our mortgage loans, as of June 30, 2017. Total future mortgage debt maturities, without respect to any extension of loan maturity, as of June 30, 2017 were as follows:
For the remaining six months ending December 31, 2017 |  | $ | 4,253,394 |
December 31, 2018 |  |  | 23,628,585 |
December 31, 2019 |  |  | 52,522,467 |
December 31, 2020 |  |  | 9,012,007 |
December 31, 2021 |  |  | 30,722,020 |
December 31, 2022 and thereafter |  |  | 176,255,968 |
Total future maturities |  | $ | 296,394,441 |
7.0% Unsecured Notes. On November 21, 2014, the Operating Partnership issued 7.0% senior unsecured notes in the aggregate amount of $25.3 million (the “7% Notes”). The indenture requires quarterly payments of interest and matures on November 15, 2019. The 7% Notes are callable after November 15, 2017 at 101% of face value.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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