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Indebtedness (Tables)
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Summary of Indebtedness
Indebtedness consisted of the following (in thousands):
Indebtedness
Collateral
Maturity
Interest Rate
 
September 30, 2012
 
December 31, 2011
 
 
 
 
 
 
 
 
 
 
Mortgage loan
2 hotels
Aug-13
LIBOR (1) + 2.75%
 
$
142,667

 
$
145,667

 
Mortgage loan (3)
5 hotels
Mar-14
LIBOR (1) + 4.50%
 
175,083

 
178,400

 
Mortgage loan (2)
9 hotels
May-14
LIBOR (1) + 6.5%
 
135,000

 

 
Mortgage loan
1 hotel
May-14
8.32%
 
5,350

 
5,476

 
Mortgage loan (2)
10 hotels
May-12
LIBOR (1) + 1.65%
 

 
167,202

 
Senior credit facility (4)
Various
Sep-14
LIBOR (1) + 2.75% to 3.5%
 

 

 
Mortgage loan (7)
1 hotel
Dec-14
Greater of 5.5% or LIBOR (1) + 3.5%
 
19,740

 
19,740

 
Mortgage loan
8 hotels
Dec-14
5.75%
 
105,246

 
106,863

 
Mortgage loan
10 hotels
Jul-15
5.22%
 
153,638

 
155,831

 
Mortgage loan
8 hotels
Dec-15
5.7%
 
97,394

 
98,786

 
Mortgage loan (5)
5 hotels
Dec-15
12.72%
 
153,859

 
151,185

 
Mortgage loan
5 hotels
Feb-16
5.53%
 
110,945

 
112,453

 
Mortgage loan
5 hotels
Feb-16
5.53%
 
92,007

 
93,257

 
Mortgage loan
5 hotels
Feb-16
5.53%
 
79,699

 
80,782

 
Mortgage loan (6)
1 hotel
Apr-17
5.91%
 
34,838

 
35,000

 
Mortgage loan
2 hotels
Apr-17
5.95%
 
127,665

 
128,251

 
Mortgage loan
3 hotels
Apr-17
5.95%
 
259,786

 
260,980

 
Mortgage loan
5 hotels
Apr-17
5.95%
 
115,071

 
115,600

 
Mortgage loan
5 hotels
Apr-17
5.95%
 
103,431

 
103,906

 
Mortgage loan
5 hotels
Apr-17
5.95%
 
157,382

 
158,105

 
Mortgage loan
7 hotels
Apr-17
5.95%
 
125,887

 
126,466

 
TIF loan (6)
1 hotel
Jun-18
12.85%
 
8,098

 
8,098

 
Mortgage loan
1 hotel
Nov-20
6.26%
 
102,877

 
103,759

 
Mortgage loan
1 hotel
Apr-34
Greater of 6% or Prime + 1%
 
6,545

 
6,651

 
Total
 
 
 
 
$
2,312,208

 
$
2,362,458

 
____________________________________
(1) LIBOR rates were 0.214% and 0.295% at September 30, 2012 and December 31, 2011, respectively.
(2) On May 9, 2012, we refinanced our $167.2 million mortgage loan, due May 2012, having an interest rate of LIBOR plus 1.65%, with a $135.0 million mortgage loan, due May 2014, having an interest rate of LIBOR plus 6.50%, which has three one-year extension options subject to satisfaction of certain conditions.
(3) This mortgage loan has a one-year extension option subject to satisfaction of certain conditions.
(4) On February 21, 2012, we expanded our borrowing capacity under our $105.0 million senior credit facility to an aggregate $145.0 million and on September 24, 2012, we expanded our borrowing capacity to an aggregate $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. As part of the expansion an additional bank has been added to the bank line up in the senior credit facility. We may use up to $10.0 million for standby letters of credit.
(5) This mortgage loan includes reverse amortization of 8% on $45.0 million of the original principal balance plus 12% on the cumulative reverse amortization. Since the date at which we obtained this loan, the reverse amortization has resulted in a principal increase of $12.2 million.
(6) These loans are collateralized by the same property.
(7) As of September 30, 2012, we were in default as a result of ceasing to make debt service payments beginning in August 2012.