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Debt (Tables)
 3 Months Ended
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