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Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Debt  
Schedule of Related Party Transactions [Table Text Block]
As of December 31, 2018, the future minimum principal payments (which includes the $85.0 million related party mortgage loan with RLJ LP) were as follows (in thousands):
2019
$
2,357

2020
2,670

2021
2,824

2022
110,997

2023
85,000

Thereafter
475,000

Total (1)
$
678,848


(1)
Excludes a total of $32.8 million related to fair value adjustments on debt.
Schedule of Debt
The Company's debt consisted of the following (in thousands):
 
 
 
 
 
 
 
Outstanding Borrowings at
 
Number of Assets Encumbered
 
Interest Rate
 
Maturity Date
 
December 31, 2018
 
December 31, 2017
Senior secured notes (1)(2)(3)
—
 
5.63%
 
—
 
$
—

 
$
552,669

Senior unsecured notes (1)(2)(4)
—
 
6.00%
 
June 2025
 
505,322

 
510,047

Mortgage loan (5)
3
 
4.95%
 
October 2022
 
91,737

 
120,893

Mortgage loan (6)
1
 
4.94%
 
October 2022
 
29,569

 
30,323

Mortgage loan (1)(7)
—
 
LIBOR + 3.00%
 
—
(8)
—

 
85,404

 
4
 
 
 
 
 
626,628

 
1,299,336

Deferred financing costs, net
 
 
 
 
 
 
—

 
(231
)
Debt, net
 
 
 
 
 
 
$
626,628

 
$
1,299,105


(1)
Requires payments of interest only through maturity.
(2)
The senior secured notes include $28.7 million at December 31, 2017, and the senior unsecured notes include $30.3 million and $35.1 million at December 31, 2018 and 2017, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(3)
On March 9, 2018, the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million, which included the redemption price of 102.813% for the outstanding principal amount. The Company recognized a gain of approximately $12.9 million on the early redemption, which is included in gain (loss) on extinguishment of indebtedness, net in the accompanying consolidated statements of operations and comprehensive income (loss).
(4)
The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a price of 103.0% of face value.
(5)
Includes $1.9 million and $3.0 million at December 31, 2018 and 2017, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(6)
Includes $0.6 million and $0.7 million at December 31, 2018 and 2017, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(7)
Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(8)
On November 5, 2018, RLJ LP paid off the mortgage loan in full. In connection with the mortgage loan payoff, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan.