Consolidated debt consisted of the following (dollars in thousands):



	Encumbered	Interest	Maturity	September 30,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	8	LIBOR + 3.375	June 2016^(a)	$	146,500	$	88,000
Term loan	3	LIBOR + 2.50	July 2017	140,000		—
Mortgage debt	4	LIBOR + 3.00	March 2017	64,000		—
Mortgage debt^(b)	4	4.95	October 2022	124,930		126,220
Mortgage debt	1	4.94	October 2022	31,353		31,714
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
Knickerbocker loan^(c)
Construction tranche	—	LIBOR + 4.00	May 2016	44,577		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	20,284		64,861
Retired debt	—	—	—	—		302,431
Total	35			$	1,621,644	$	1,663,226


(a)	Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.


(b)	This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.

(c)

In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In 2014, we drew $44.6 million of the cash collateral to fund construction costs, leaving $20.3 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan.