Indebtedness, net (Tables)

12 Months Ended

Dec. 31, 2015

Summary of indebtedness of continuing operations and the carrying values of related collateral

Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2015 and 2014 (in thousands):



				December 31, 2015					December 31, 2014
Indebtedness	Collateral	Maturity	Interest Rate	Debt Balance			Book Value of Collateral		Debt Balance			Book Value of Collateral
Mortgage loan	10 hotels	July 2015	5.22%	—			—		145,278			177,769
Mortgage loan ⁽³⁾	5 hotels	November 2015	Greater of 6.40% or LIBOR ⁽¹⁾ + 6.15%	—			—		211,000			308,427
Mortgage loan	8 hotels	December 2015	5.70%	—			—		92,772			75,959
Mortgage loan	5 hotels	February 2016	5.53%	—			—		105,164			128,380
Mortgage loan	5 hotels	February 2016	5.53%	—			—		75,546			100,203
Mortgage loan ^{(4) (5)}	5 hotels	February 2016	LIBOR⁽¹⁾ + 4.75%	200,000			209,550		200,000			210,974
Mortgage loan ⁽⁴⁾	7 hotels	August 2016	LIBOR⁽¹⁾ + 4.35%	301,000			193,777		301,000			190,072
Mortgage loan ⁽⁴⁾	5 hotels	August 2016	LIBOR⁽¹⁾ + 4.38%	62,900			85,463		62,900			99,539
Mortgage loan ⁽⁴⁾	1 hotel	August 2016	LIBOR⁽¹⁾ + 4.20%	37,500			46,335		37,500			48,926
Secured revolving credit facility ⁽⁶⁾	Various	October 2016	Base Rate ⁽²⁾ + 2.00% or LIBOR ⁽¹⁾ + 3.00%	—			—		—			—
Mortgage loan ⁽⁴⁾	8 hotels	January 2017	LIBOR ⁽¹⁾ + 4.95%	376,800			366,160		—			—
Mortgage loan ⁽⁷⁾	24 hotels	April 2017	LIBOR ⁽¹⁾ + 4.39%	1,070,560			1,301,840		—			—
Mortgage loan ⁽⁴⁾	1 hotel	April 2017	LIBOR ⁽¹⁾ + 4.95%	33,300			42,273		—			—
Mortgage loan	5 hotels	April 2017	5.95%	110,302			124,038		111,869			123,891
Mortgage loan	5 hotels	April 2017	5.95%	99,144			118,946		100,552			116,132
Mortgage loan	5 hotels	April 2017	5.95%	150,860			156,217		153,002			155,234
Mortgage loan	7 hotels	April 2017	5.95%	120,671			140,860		122,384			146,209
Mortgage loan ⁽⁴⁾	1 hotel	May 2017	LIBOR ⁽¹⁾ + 5.10%	25,100			33,938		—			—
Mortgage loan ⁽⁴⁾	1 hotel	June 2017	LIBOR ⁽¹⁾ + 5.10%	43,750			61,197		—			—
Mortgage loan	1 hotel	June 2017	5.98%	16,002			26,668		—			—
Mortgage loan⁽⁴⁾	8 hotels	July 2017	LIBOR ⁽¹⁾ + 4.09%	144,000			182,139		—			—
Mortgage loan ⁽⁴⁾	1 hotel	July 2017	LIBOR ⁽¹⁾ + 4.15%	35,200			38,623		—			—
Mortgage loan ⁽⁴⁾	1 hotel	July 2017	LIBOR ⁽¹⁾ + 5.10%	40,500			55,600		—			—
Mortgage loan ⁽⁷⁾	17 hotels	December 2017	LIBOR ⁽¹⁾ + 4.87%	375,000			295,020		—			—
Mortgage loan	1 hotel	January 2018	4.38%	98,016			193,321		—			—
Mortgage loan	2 hotels	January 2018	4.44%	107,054			232,247		—			—
Mortgage loan ⁽⁸⁾	1 hotel	July 2018	LIBOR ⁽¹⁾ + 4.50%	21,200			23,222		—			—
Mortgage loan ⁽⁸⁾	1 hotel	August 2018	LIBOR ⁽¹⁾ + 4.95%	12,000			14,978		—			—
Mortgage loan ⁽⁹⁾	1 hotel	July 2019	LIBOR ⁽¹⁾ + 3.75%	5,524			8,320		5,525			7,742
Mortgage loan	1 hotel	November 2020	6.26%	98,420			114,480		99,780			112,278
Mortgage loan	1 hotel	May 2023	5.46%	55,524			87,692		—			—
Mortgage loan	1 hotel	January 2024	5.49%	10,529			15,655		10,673			16,460
Mortgage loan	1 hotel	January 2024	5.49%	7,214			10,698		7,313			9,161
Mortgage loan	1 hotel	May 2024	4.99%	6,745			8,528		6,845			8,525
Mortgage loan	3 hotels	August 2024	5.20%	67,520			46,358		67,520			47,706
Mortgage loan	2 hotels	August 2024	4.85%	12,500			9,223		12,500			9,698
Mortgage loan	3 hotels	August 2024	4.90%	24,980			15,880		24,980			16,132
Mortgage loan	3 hotels	February 2025	4.45%	54,110			70,637		—			—
Mortgage loan	2 hotels	February 2025	4.45%	24,147			28,739		—			—
Mortgage loan	2 hotels	February 2025	4.45%	20,919			11,807		—			—
				3,868,991			4,370,429		1,954,103			2,109,417
Premiums, net				5,626			—		—			—
Deferred loan costs, net				(34,000		)	—		(10,970		)	—
Total				$	3,840,617		$	4,370,429	$	1,943,133		$	2,109,417

____________________________________

⁽¹⁾ LIBOR rates were 0.430% and 0.171% at December 31, 2015 and 2014, respectively.

⁽²⁾ Base Rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5% or (iii) LIBOR + 1.0%.

⁽³⁾ This mortgage loan had three one-year extension options subject to satisfaction of certain conditions. The first one-year extension period began in November 2014.

⁽⁴⁾ This mortgage loan has three one-year extension options subject to satisfaction of certain conditions.

⁽⁵⁾This mortgage loan has a LIBOR floor of 0.20%.

⁽⁶⁾ Our borrowing capacity under our secured revolving credit facility is $100.0 million.

⁽⁷⁾ This mortgage loan has four one-year extension options subject to satisfaction of certain conditions.

⁽⁸⁾ This mortgage loan has two one-year extension options subject to satisfaction of certain conditions.

⁽⁹⁾ This mortgage loan provides for an interest rate of LIBOR + 3.75% with a 0.25% LIBOR floor for the first 18 months and is fixed at 4.0% thereafter.

Summary of maturities of indebtedness of continuing operations

Maturities and scheduled amortizations of indebtedness of our continuing operations as of December 31, 2015 for each of the five following years and thereafter are as follows (in thousands):



2016	$	580,045
2017	2,644,079
2018	237,175
2019	49,648
2020	96,800
Thereafter	261,244
Total	$	3,868,991

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details