Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Long-Term Debt

Schedule of components of long-term debt

	2015		2014
Sparkasse Seligenstadt Loan (1)	$	3,638	$	4,300
Sparkasse Hann. Münden Loan (2)	2,112
Seller Loan (3)	2,285
	8,035		4,300
Less current portions:
Sparkasse Seligenstadt Loan (1)	216		234
Sparkasse Hann. Münden Loan (2)	113
Seller Loan (3)	213
	542		234
	$	7,493	$	4,066

(1) On September 9, 2014, the Company received a €3,600, or approximately $3,960, 15-year, amortized loan granted by a local German bank, Bank Sparkasse Langen-Seligenstadt (the “Sparkasse Seligenstadt Loan”) to purchase the Hotel Columbus.  The loan terms provide for a fixed interest rate of 3.1% for the first ten years, followed by a prevailing market-based fixed rate for this type of loan for the remaining five years of the term.  The loan is secured by the Hotel Columbus’ assets as well as a cash deposit of €300, approximately $326,  equaling approximately one year’s principal and interest payments and is held in a savings account with, and a mortgage on the hotel in favor of, the lender.  The loan terms require monthly payments of principal and interest at the end of each month and the loan will mature on September 9, 2029.

(2) On June 16, 2015, as part of its Hotel Freizeit Auefeld acquisition, TWC assumed five bank loans from Bank Sparkasse Hann. Münden (the “Sparkasse Hann. Münden Loan”), comprised of five loans aggregating €2,018, or approximately $2,220, with an average fixed interest rate of 4.94%. The assumed bank debt was converted in November 2015 to a single loan with the same lender, at 2.99% annual interest, fixed for 10 years, and amortized over 15 years.  The loan is secured by the Hotel Freizeit Auefeld’s assets as well as a cash deposit of €250, approximately $273, equaling approximately one year’s principal and interest payments and is held in a savings account with, and a mortgage on the hotel in favor of, the lender.  The loan terms required monthly payments of principal and interest at the end of each month and the loan will mature on November 30, 2030.

(3) On June 16, 2015, as part of its Hotel Freizeit Auefeld acquisition, TWC was also granted a seller-financed loan of €2,232, or approximately $2,455 (the “Seller Loan”), with terms of 3.0% annual fixed interest, to be repaid monthly over 10 years, with a no-interest first two-month grace period.  The loan is also secured by the Hotel Freizeit Auefeld’s assets.

Schedule of principal payments due on long-term debt

Year ending December 31,
2016	$	542
2017	560
2018	576
2019	591
2020	610
Thereafter	5,156
	$	8,035