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Debt (Tables) | 3 Months Ended
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Mar. 31, 2021
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 | 2021 |  |  | 2020 |  |  | Penalties |  | Date |  | Provisions |  | Rate |  |
The DeSoto (1) | $ | 32,820,733 |  |  | $ | 32,820,733 |  |  | Yes |  | 7/1/2026 |  | 25 years |  | 4.25% |  |
DoubleTree by Hilton Jacksonville Riverfront (2) |  | 33,501,600 |  |  |  | 33,655,483 |  |  | Yes |  | 7/11/2024 |  | 30 years |  | 4.88% |  |
DoubleTree by Hilton Laurel (3) |  | 8,654,754 |  |  |  | 8,654,754 |  |  | Yes |  | 8/5/2021 |  | 25 years |  | 5.25% |  |
DoubleTree by Hilton Philadelphia Airport (4) |  | 41,069,612 |  |  |  | 41,804,700 |  |  | None |  | 10/31/2023 |  | 30 years |  | LIBOR plus 2.27% |  |
DoubleTree by Hilton Raleigh- Brownstone University (5) |  | 18,300,000 |  |  |  | 18,300,000 |  |  | Yes |  | 7/27/2022 |  | (5) |  | LIBOR plus 4.00% |  |
DoubleTree Resort by Hilton Hollywood Beach (6) |  | 55,878,089 |  |  |  | 55,878,089 |  |  | (6) |  | 10/1/2025 |  | 30 years |  | 4.913% |  |
Georgian Terrace (7) |  | 42,268,756 |  |  |  | 42,507,512 |  |  | (7) |  | 6/1/2025 |  | 30 years |  | 4.42% |  |
Hotel Alba Tampa, Tapestry Collection by Hilton (8) |  | 17,946,480 |  |  |  | 17,946,480 |  |  | None |  | 6/30/2022 |  | (8) |  | LIBOR plus 3.75% |  |
Hotel Ballast Wilmington, Tapestry Collection by Hilton (9) |  | 33,259,067 |  |  |  | 33,259,067 |  |  | Yes |  | 1/1/2027 |  | 25 years |  | 4.25% |  |
Hyatt Centric Arlington (10) |  | 48,990,136 |  |  |  | 48,990,136 |  |  | Yes |  | 9/18/2028 |  | 30 years |  | 5.25% |  |
Sheraton Louisville Riverside (11) |  | 11,037,086 |  |  |  | 11,037,086 |  |  | Yes |  | 12/1/2026 |  | 25 years |  | 4.27% |  |
The Whitehall (12) |  | 14,697,831 |  |  |  | 14,697,830 |  |  | Yes |  | 2/26/2023 |  | 25 years |  | PRIME plus 1.25% |  |
Total Mortgage Principal Balance | $ | 358,424,144 |  |  | $ | 359,551,870 |  |  |  |  |  |  |  |  |  |  |  |
Deferred financing costs, net |  | (1,998,280 | ) |  |  | (2,122,822 | ) |  |  |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  | 110,759 |  |  |  | 116,929 |  |  |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans, Net | $ | 356,536,623 |  |  | $ | 357,545,977 |  |  |  |  |  |  |  |  |  |  |  |
(1) | The note amortizes on a 25-year schedule after an initial 1 year interest only period (which expired in August 2017) and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(2) | The note is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter.
(3) | Prepayment can be made on this note without penalty.
(4) | The note bears a floating interest rate of 1-month LIBOR plus 2.27%, but we entered into a swap agreement to fix the rate at 5.237%. Under the swap agreement, notional amounts approximate the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement.
(5) | The note provides initial proceeds of $18.3 million, with an additional $5.2 million available upon the satisfaction of certain conditions; has an initial term of 4 years with a 1-year extension; bears a floating interest rate of 1-month LIBOR plus 4.00%; requires interest only monthly payments; and following a 12-month lockout, can be prepaid with penalty in year 2 and without penalty thereafter. We entered into an interest-rate cap agreement to limit our exposure through August 1, 2022 to increases in LIBOR exceeding 3.25% on a notional amount of $23,500,000.
(6) | With limited exception, the note may not be prepaid prior to June 2025.
(7) | With limited exception, the note may not be prepaid prior to February 2025.
(8) | The note 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 $26,812; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions.
(9) | The note amortizes on a 25-year schedule after an initial 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) | Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.
(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 bears a floating interest rate of New York Prime Rate plus 1.25% and is subject to prepayment penalty of 2.0% if prepaid after April 12, 2021 and 1.0% if prepaid after April 12, 2022 but on or before November 26, 2022.
Schedule of Future Mortgage Debt Maturities | Total future mortgage debt maturities for the remaining nine and twelve-month periods, without respect to any extension of loan maturity or loan modification after March 31, 2021, were as follows:
For the nine months ending December 31, 2021 |  | 13,511,647 |
December 31, 2022 |  | 42,087,366 |
December 31, 2023 |  | 60,575,964 |
December 31, 2024 |  | 37,218,158 |
December 31, 2025 |  | 93,250,734 |
December 31, 2026 and thereafter |  | 111,780,275 |
Total future maturities | $ | 358,424,144 |

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