Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Schedule of Debt

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

	Encumbered	Interest	Maturity	March 31,		December 31,
	Hotels	Rate (%)	Date	2015		2014
Line of credit	8	LIBOR + 3.375	June 2016(a)	$	84,500	$	111,500
Term loan	3	LIBOR + 2.50	July 2017(b)	140,000		140,000
Mortgage debt	3	LIBOR + 3.00	March 2017	49,067		51,008
Mortgage debt(c)	4	4.95	October 2022	123,914		124,278
Mortgage debt	1	4.94	October 2022	31,097		31,228
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
The Knickerbocker loan(d)
Construction tranche	1	LIBOR + 4.00	May 2016	58,562		58,562
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	6,299		6,299
Retired debt	—	—	—	—		12,992
Total	35			$	1,543,439	$	1,585,867

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

(b) This debt can be extended up to two years, subject to satisfying certain conditions.

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

(d) This construction loan (total capacity of $85.0 million) was obtained to finance the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions.