Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt consists of the following (in millions):

	As of December 31,
	2016		2015
Series Z senior notes, with a rate of 6% due October 2021	$	297	$	297
Series B senior notes, with a rate of 5¼% due March 2022		347		347
Series C senior notes, with a rate of 4¾% due March 2023		446		445
Series D senior notes, with a rate of 3¾% due October 2023		398		397
Series E senior notes, with a rate of 4% due June 2025		496		495
Series F senior notes, with a rate of 4½% due February 2026		396		395
Total senior notes		2,380		2,376
Credit facility revolver		209		295
2014 Credit facility term loan due June 2017		500		499
2015 Credit facility term loan due September 2020		497		497
Mortgage debt (non-recourse), with an average interest rate of 3.4% and 4.7% at December 31, 2016 and 2015, respectively, maturing through November 2017		63		200
Total debt	$	3,649	$	3,867

We have made the following mortgage debt repayments since January 2015:

					Maturity
Transaction Date	Property	Rate			Date	Amount
Repayments
September 2016	Novotel and ibis Christchurch		3.6	%	2/18/2018	$	(17	)
April 2016	Hyatt Regency Reston		3.5	%	7/1/2016		(100	)
March 2016	ibis Wellington		3.7	%	2/18/2018		(11	)
February 2016	Novotel Wellington		5.7	%	2/18/2018		(9	)
November 2015	Novotel Queenstown Lakeside		6.7	%	2/18/2016		(20	)
October 2015	Novotel Auckland Ellerslie and ibis Auckland Ellerslie		6.4	%	2/18/2016		(15	)

Aggregate debt maturities are as follows (in millions):

	As of December 31, 2016
2017	$	562
2018		211
2019		—
2020		500
2021		300
Thereafter		2,100
		3,673
Deferred financing costs		(23	)
Unamortized (discounts) premiums, net		(2	)
Capital lease obligations		1
	$	3,649

The following items are included in interest expense (in millions):

	Year ended December 31,
	2016			2015⁽¹⁾			2014⁽¹⁾
Interest expense	$	154		$	227		$	207
Amortization of debt premiums/discounts, net ⁽²⁾		(1	)		(13	)		(16	)
Amortization of deferred financing costs		(6	)		(8	)		(8	)
Non-cash losses on debt extinguishments		—			(11	)		(2	)
Change in accrued interest		(3	)		12			1
Interest paid ⁽³⁾	$	144		$	207		$	182
___________

(1)	Interest expense and interest paid for 2015 and 2014 include cash prepayment premiums of approximately $30 million and $2 million, respectively.

(2)	Primarily represents the amortization of the debt discount on our Debentures, which is considered non-cash interest expense.

(3)	Does not include capitalized interest of $3 million, $5 million and $7 million for 2016, 2015 and 2014, respectively.