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Debt (Tables) | 3 Months Ended
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Mar. 31, 2018
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 |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, |  |  | December 31, |  |  | Prepayment |  | Maturity |  | Amortization |  | Interest |  |
Property |  | 2018 |  |  | 2017 |  |  | Penalties |  | Date |  | Provisions |  | Rate |  |
Crowne Plaza Tampa Westshore (1) |  | $ | 15,214,900 |  |  | $ | 15,284,200 |  |  | None |  | 6/30/2019 |  | n/a |  | LIBOR plus 3.75 % |  |
The DeSoto (2) |  |  | 34,443,790 |  |  |  | 34,645,929 |  |  | Yes |  | 7/1/2026 |  | 25 years |  | 4.25% |  |
DoubleTree by Hilton Jacksonville Riverfront (3) |  |  | 35,160,939 |  |  |  | 35,294,741 |  |  | Yes |  | 7/11/2024 |  | 30 years |  | 4.88% |  |
DoubleTree by Hilton Laurel (4) |  |  | 9,065,885 |  |  |  | 9,132,558 |  |  | Yes |  | 8/5/2021 |  | 25 years |  | 5.25% |  |
DoubleTree by Hilton Philadelphia Airport (5) |  |  | 30,231,427 |  |  |  | 30,432,260 |  |  | None |  | 4/1/2019 |  | 25 years |  | LIBOR plus 3.00 % |  |
DoubleTree by Hilton Raleigh Brownstone University (6) |  |  | 14,431,982 |  |  |  | 14,503,925 |  |  | n/a |  | 8/1/2018 |  | 30 years |  | 4.78% |  |
DoubleTree Resort by Hilton Hollywood Beach (7) |  |  | 57,778,507 |  |  |  | 58,023,567 |  |  | n/a |  | 10/1/2025 |  | 30 years |  | 4.913% |  |
Georgian Terrace (8) |  |  | 44,821,844 |  |  |  | 45,032,662 |  |  | n/a |  | 6/1/2025 |  | 30 years |  | 4.42% |  |
Hotel Ballast (9) |  |  | 34,839,139 |  |  |  | 30,000,000 |  |  | Yes |  | 1/1/2027 |  | 25 years |  | 4.25% |  |
Hyatt Centric Arlington - Note A (10) |  |  | 49,921,350 |  |  |  | — |  |  | None |  | 3/1/2021 |  | n/a |  | LIBOR plus 3.00 % |  |
Hyatt Centric Arlington - Note B (11) |  |  | 6,900,000 |  |  |  | — |  |  | None |  | 3/1/2019 |  | n/a |  | LIBOR plus 5.00 % |  |
Sheraton Louisville Riverside (12) |  |  | 11,631,167 |  |  |  | 11,701,930 |  |  | Yes |  | 12/1/2026 |  | 25 years |  | 4.27% |  |
The Whitehall (13) |  |  | 14,961,530 |  |  |  | 15,000,000 |  |  | Yes |  | 2/26/2023 |  | 25 years |  | LIBOR plus 3.50 % |  |
Total Mortgage Principal Balance |  | $ | 359,402,460 |  |  | $ | 299,051,772 |  |  |  |  |  |  |  |  |  |  |  |
Deferred financing costs, net |  |  | (2,416,404 | ) |  |  | (1,923,928 | ) |  |  |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  |  | 184,803 |  |  |  | 190,972 |  |  |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans, Net |  | $ | 357,170,859 |  |  | $ | 297,318,816 |  |  |  |  |  |  |  |  |  |  |  |
(1) | 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 1-month LIBOR plus 3.75% subject to a floor rate of 3.75%; with monthly principal payments of $23,100; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions. On April 5, 2018, we drew down an additional $3.3 million of loan proceeds in accordance with the terms of the note.
(2) | 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.
(3) | 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.
(4) | 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.
(5) | The note bears a minimum interest rate of 3.50%.
(6) | With limited exception, the note may not be prepaid until two months before maturity.
(7) | With limited exception, the note may not be prepaid until June 2025.
(8) | With limited exception, the note may not be prepaid until February 2025.
(9) | The note provided initial proceeds of $30.0 million and additional proceeds of $5.0 million which were received following the substantial completion of the renovation project in February 2018; 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.
(10) | The note has a term of 3 years, with two 1-year extension options, each of which are subject to certain criteria. The note requires monthly principal payments of $78,650.
(11) | The note has a term of 1 year, with two 1-year extension options, each of which are subject to certain criteria. The note requires monthly principal payments of $100,000 during the initial 1-year term, $150,000 during the first 1- year extended term, and $250,000 during the second 1-year extended term, with interest payments due monthly on the outstanding principal amount during all three terms.
(12) | 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.
(13) | The note was amended in February 2018 to extend the maturity date until February 26, 2023. The amended note has an initial principal balance of $15.0 million, with no additional proceeds available; 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.
Schedule of Future Mortgage Debt Maturities | Total future mortgage debt maturities, without respect to any extension of loan maturity, as of March 31, 2018 were as follows:
For the remaining nine months ending: December 31, 2018 |  | $ | 23,130,768 |
December 31, 2019 |  |  | 57,267,675 |
December 31, 2020 |  |  | 7,255,127 |
December 31, 2021 |  |  | 71,686,191 |
December 31, 2022 |  |  | 5,047,909 |
December 31, 2023 and thereafter |  |  | 195,014,790 |
Total future maturities |  | $ | 359,402,460 |

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