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Indebtedness (Tables)
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
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.