Indebtedness (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Summary of Indebtedness

Indebtedness

Indebtedness consisted of the following (in thousands):

Indebtedness	Collateral	Maturity	Interest Rate	September 30, 2014		December 31, 2013
Mortgage loan (5)	5 hotels	March 2014	LIBOR (1) + 4.50%	$	—	$	164,433
Mortgage loan (7)	1 hotel	May 2014	8.32%	—		5,075
Senior credit facility (4)	Various	September 2014	LIBOR (1) + 2.75% to 3.50%	—		—
Mortgage loan (10)	5 hotels	November 2014	Greater of 6.40% or LIBOR (1) + 6.15%	211,000		211,000
Mortgage loan (8)	8 hotels	December 2014	5.75%	—		102,348
Mortgage loan (6) (8)	9 hotels	May 2015	LIBOR (1) + 6.50%	—		135,000
Mortgage loan	10 hotels	July 2015	5.22%	146,530		148,991
Mortgage loan (3)	1 hotel	September 2015	LIBOR (1) + 4.90%	—		69,000
Mortgage loan	8 hotels	December 2015	5.70%	93,319		94,899
Mortgage loan	5 hotels	February 2016	5.53%	106,032		107,737
Mortgage loan (8)	5 hotels	February 2016	5.53%	—		89,347
Mortgage loan	5 hotels	February 2016	5.53%	76,169		77,394
Mortgage loan (5)	5 hotels	February 2016	LIBOR (1) + 4.75%	200,000		—
Mortgage loan (2) (8)	7 hotels	August 2016	LIBOR (1) + 4.35%	301,000		—
Mortgage loan (2) (8)	5 hotels	August 2016	LIBOR (1) + 4.35%	62,900		—
Mortgage loan (2)	1 hotel	August 2016	LIBOR (1) + 4.20%	37,500		—
Mortgage loan	5 hotels	April 2017	5.95%	112,250		113,343
Mortgage loan	5 hotels	April 2017	5.95%	100,895		101,878
Mortgage loan	5 hotels	April 2017	5.95%	153,525		155,019
Mortgage loan	7 hotels	April 2017	5.95%	122,802		123,997
Mortgage loan (9)	1 hotel	July 2019	LIBOR (1) + 3.75%	5,525		—
Mortgage loan	1 hotel	November 2020	6.26%	100,246		101,268
Mortgage loan	1 hotel	January 2024	5.49%	10,709		10,800
Mortgage loan	1 hotel	January 2024	5.49%	7,337		7,400
Mortgage loan (7)	1 hotel	May 2024	4.99%	6,869		—
Mortgage loan (8)	3 hotels	August 2024	5.20%	67,520		—
Mortgage loan (8)	2 hotels	August 2024	4.85%	12,500		—
Mortgage loan (8)	3 hotels	August 2024	4.90%	24,980		—
Total				$	1,959,608	$	1,818,929

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⁽¹⁾ LIBOR rates were 0.157% and 0.168% at September 30, 2014 and December 31, 2013, respectively.

⁽²⁾ This mortgage loan has threeone-year extension options subject to satisfaction of certain conditions.

⁽³⁾ This mortgage loan was assumed by Ashford Prime in connection with the sale of the Pier House Resort.

⁽⁴⁾ The senior credit facility expired in September 2014 and was not extended.

⁽⁵⁾ On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with threeone-year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75%, with a LIBOR floor of 0.20%.

⁽⁶⁾ This mortgage loan had threeone-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in May 2014.

⁽⁷⁾ On May 1, 2014, we refinanced our $5.1 million loan due May 2014 with a $6.9 million loan due May 2024, with no extension options. The new loan provides for a fixed interest rate of 4.99%.

⁽⁸⁾ On July 25, 2014, we refinanced our $135.0 million loan due May 2015, $102.3 million loan due December 2014, and $89.3 million loan due February 2016 with a $301.0 million loan due August 2016, a $62.9 million loan due August 2016, a $67.5 million loan due August 2024, a $12.5 million loan due August 2024 and a $25.0 million loan due August 2024.

⁽⁹⁾ This mortgage loan provides for an interest rate of LIBOR + 3.75% with a .25% LIBOR floor for the first 18 months and is fixed at 4.0% thereafter.