Investments in Affiliates

9 Months Ended

Sep. 30, 2016

Investments In And Advances To Affiliates Schedule Of Investments [Abstract]

Investments in Affiliates

6. Investments in Affiliates

In August 2016, the joint venture that owns the Hyatt Place Nashville Downtown refinanced its $31 million construction loan with a new $60 million mortgage loan due August 2019 with two 12-month extension options. The loan bears interest at 1-month USD LIBOR plus 300 basis points, or 3.5% at September 30, 2016. Upon repayment of the construction loan, the partners were released of their guarantee on such loan. The joint venture also made a distribution to its partners, of which we received $16 million.