Summary of Indebtedness |
Indebtedness consisted of the following (in thousands): | | | | | | | | | | | | | Indebtedness | Collateral | Maturity | Interest Rate | | June 30, 2013 | | December 31, 2012 | | | | | | | | | Mortgage loan (5) | 2 hotels | August 2013 | LIBOR (1) + 2.75% | | $ | — |
| | $ | 141,667 |
| Mortgage loan (3) | 5 hotels | March 2014 | LIBOR (1) + 4.50% | | 170,682 |
| | 173,180 |
| Mortgage loan (2) | 9 hotels | May 2014 | LIBOR (1) + 6.50% | | 135,000 |
| | 135,000 |
| Mortgage loan | 1 hotel | May 2014 | 8.32% | | 5,198 |
| | 5,285 |
| Senior credit facility (4) | Various | September 2014 | LIBOR (1) + 2.75% to 3.50% | | — |
| | — |
| Mortgage loan (2) | 5 hotels | November 2014 | Greater of 6.40% or LIBOR (1) + 6.15% | | 211,000 |
| | 211,000 |
| Mortgage loan | 8 hotels | December 2014 | 5.75% | | 103,523 |
| | 104,680 |
| Mortgage loan | 10 hotels | July 2015 | 5.22% | | 151,044 |
| | 152,513 |
| Mortgage loan | 8 hotels | December 2015 | 5.7% | | 95,910 |
| | 96,907 |
| Mortgage loan | 5 hotels | February 2016 | 5.53% | | 109,154 |
| | 110,169 |
| Mortgage loan | 5 hotels | February 2016 | 5.53% | | 90,522 |
| | 91,364 |
| Mortgage loan | 5 hotels | February 2016 | 5.53% | | 78,412 |
| | 79,140 |
| Mortgage loan (6) | 1 hotel | April 2017 | 5.91% | | 34,523 |
| | 34,735 |
| Mortgage loan | 2 hotels | April 2017 | 5.95% | | 126,519 |
| | 127,289 |
| Mortgage loan | 3 hotels | April 2017 | 5.95% | | 257,455 |
| | 259,021 |
| Mortgage loan | 5 hotels | April 2017 | 5.95% | | 114,039 |
| | 114,732 |
| Mortgage loan | 5 hotels | April 2017 | 5.95% | | 102,503 |
| | 103,126 |
| Mortgage loan | 5 hotels | April 2017 | 5.95% | | 155,970 |
| | 156,918 |
| Mortgage loan | 7 hotels | April 2017 | 5.95% | | 124,758 |
| | 125,517 |
| Mortgage loan (5) | 2 hotels | February 2018 | LIBOR (1) + 3.50% | | 199,275 |
| | — |
| TIF loan (6) (7) | 1 hotel | June 2018 | 12.85% | | 8,098 |
| | 8,098 |
| Mortgage loan | 1 hotel | November 2020 | 6.26% | | 101,916 |
| | 102,562 |
| Mortgage loan | 1 hotel | April 2034 | Greater of 6.00% or Prime + 1.00% | | 6,431 |
| | 6,507 |
| Total | | | | | $ | 2,381,932 |
| | $ | 2,339,410 |
|
____________________________________ (1) LIBOR rates were 0.195% and 0.209% at June 30, 2013 and December 31, 2012, respectively. (2) These mortgage loans have 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) Our borrowing capacity under our senior credit facility is $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. We may use up to $10.0 million for standby letters of credit. (5) On February 26, 2013, we refinanced our $141.7 million loan due August 2013 with a $199.9 million loan due February 2018. The new loan provides for an interest rate of LIBOR + 3.50%, with no LIBOR floor. (6) These loans are collateralized by the same property. (7) The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See Note 5. |