Schedule of Mortgage Debt Obligations on Hotels |
The following table sets forth our mortgage debt obligations on our hotels.
|
Balance Outstanding as of |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
Prepayment |
|
Maturity |
|
Amortization |
|
Interest |
|
|
Property |
2021 |
|
|
2020 |
|
|
Penalties |
|
Date |
|
Provisions |
|
Rate |
|
|
The DeSoto (1) |
$ |
32,148,819 |
|
|
$ |
32,820,733 |
|
|
Yes |
|
7/1/2026 |
|
25 years |
|
4.25% |
|
|
DoubleTree by Hilton Jacksonville
Riverfront (2) |
|
33,051,316 |
|
|
|
33,655,483 |
|
|
Yes |
|
7/11/2024 |
|
30 years |
|
4.88% |
|
|
DoubleTree by Hilton Laurel (3) |
|
8,175,215 |
|
|
|
8,654,754 |
|
|
None |
|
5/5/2022 |
|
25 years |
|
5.25% |
|
|
DoubleTree by Hilton Philadelphia Airport (4) |
|
40,734,077 |
|
|
|
41,804,700 |
|
|
None |
|
10/31/2023 |
|
30 years |
|
LIBOR plus 2.27% |
|
|
DoubleTree by Hilton Raleigh-
Brownstone University (5) |
|
18,300,000 |
|
|
|
18,300,000 |
|
|
Yes |
|
8/1/2022 |
|
(5) |
|
LIBOR plus 4.00% |
|
|
DoubleTree Resort by Hilton Hollywood
Beach (6) |
|
54,253,963 |
|
|
|
55,878,089 |
|
|
(6) |
|
10/1/2025 |
|
30 years |
|
4.913% |
|
|
Georgian Terrace (7) |
|
41,484,732 |
|
|
|
42,507,512 |
|
|
(7) |
|
6/1/2025 |
|
30 years |
|
4.42% |
|
|
Hotel Alba Tampa, Tapestry Collection by Hilton (8) |
|
17,383,397 |
|
|
|
17,946,480 |
|
|
None |
|
6/30/2022 |
|
(8) |
|
LIBOR plus 3.75% |
|
|
Hotel Ballast Wilmington, Tapestry Collection by Hilton (9) |
|
32,604,948 |
|
|
|
33,259,067 |
|
|
Yes |
|
1/1/2027 |
|
25 years |
|
4.25% |
|
|
Hyatt Centric Arlington (10) |
|
48,990,136 |
|
|
|
48,990,136 |
|
|
Yes |
|
10/1/2028 |
|
30 years |
|
5.25% |
|
|
Sheraton Louisville Riverside (11) |
|
10,947,366 |
|
|
|
11,037,086 |
|
|
Yes |
|
12/1/2026 |
|
25 years |
|
4.27% |
|
|
The Whitehall (12) |
|
14,551,671 |
|
|
|
14,697,830 |
|
|
Yes |
|
2/26/2023 |
|
25 years |
|
PRIME plus 1.25% |
|
|
Total Mortgage Principal Balance |
$ |
352,625,640 |
|
|
$ |
359,551,870 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred financing costs, net |
|
(1,547,004 |
) |
|
|
(2,122,822 |
) |
|
|
|
|
|
|
|
|
|
|
|
Unamortized premium on loan |
|
92,247 |
|
|
|
116,929 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Mortgage Loans, Net |
$ |
351,170,883 |
|
|
$ |
357,545,977 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
The note amortizes on a 25-year schedule after an initial 1 year interest only period (which expired in August 2017) and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date. |
(2) |
The note is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter. |
(3) |
Prepayment can be made on this note without penalty. On July 15, 2021, we entered into a note modification agreement whereby the maturity date was extended from August 5, 2021 to May 5, 2022. |
(4) |
The note bears a floating interest rate of 1-month LIBOR plus 2.27%, but we entered into a swap agreement to fix the rate at 5.237%. Under the swap agreement, notional amounts approximate the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement. |
(5) |
The note provided initial proceeds of $18.3 million, with an additional $5.2 million available upon the satisfaction of certain conditions; has an initial term of 4 years with a 1-year extension; bears a floating interest rate of 1-month LIBOR plus 4.00%; requires interest only monthly payments; and following a 12-month lockout, can be prepaid with penalty in year 2 and without penalty thereafter. We entered into an interest-rate cap agreement to limit our exposure through August 1, 2022 to increases in LIBOR exceeding 3.25% on a notional amount of $23,500,000. |
(6) |
With limited exception, the note may not be prepaid prior to June 2025. |
(7) |
With limited exception, the note may not be prepaid prior to February 2025. |
(8) |
The note bears a floating interest rate of 1-month LIBOR plus 3.75% subject to a floor rate of 3.75%; with monthly principal payments of $26,812; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions. |
(9) |
The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date. |
(10) |
Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term. |
(11) |
The note bears a fixed interest rate of 4.27% for the first 5 years of the loan. The lender exercised its option to reset the interest rate after 5 years to 5.25% effective December 1, 2021. With the approval of the lender, the loan can be assumed by the purchaser of the property. |
(12) |
The note bears a floating interest rate of New York Prime Rate plus 1.25% and is subject to prepayment penalty of 2.0% if prepaid after April 12, 2021 but on or before April 12, 2022 and 1.0% if prepaid after April 12, 2022 but on or before November 26, 2022. Pre-payment can be made without penalty thereafter. |
|
Schedule of Future Mortgage Debt Maturities |
Total future mortgage debt maturities, without respect to any extension of loan maturity, as of December 31, 2021 were as follows:
December 31, 2022 |
|
50,240,539 |
|
December 31, 2023 |
|
60,577,528 |
|
December 31, 2024 |
|
37,215,958 |
|
December 31, 2025 |
|
92,307,285 |
|
December 31, 2026 |
|
67,463,140 |
|
December 31, 2027 and thereafter |
|
44,821,190 |
|
Total future maturities |
$ |
352,625,640 |
|
|