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Debt
9 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Debt
Debt
Consolidated debt consisted of the following (dollars in thousands):
 
Encumbered
 
Interest
 
Maturity
 
September 30,
 
December 31,
 
Hotels
 
Rate (%)
 
Date
 
2013
 
2012
Line of credit
9

 
 
LIBOR + 3.375
 
 
June 2016(a)
 
$
73,000

 
$
56,000

Hotel mortgage debt
 
 
 
 
 
 
 
 
 
 
 
Mortgage debt(b)
5

 
 
6.66
 
 
June - August 2014
 
63,877

 
65,431

Mortgage debt
1

 
 
5.81
 
 
July 2016
 
10,032

 
10,405

Mortgage debt(b)
4

 
 
4.95
 
 
October 2022
 
126,839

 
128,066

Mortgage debt
1

 
 
4.94
 
 
October 2022
 
31,832

 
32,176

Senior notes
 
 
 
 
 
 
 
 
 
 
 
Senior secured notes
11

 
 
10.00
 
 
October 2014
 
227,724

 
223,586

Senior secured notes
6

 
 
6.75
 
 
June 2019
 
525,000

 
525,000

Senior secured notes
9

 
 
5.625
 
 
March 2023
 
525,000

 
525,000

Other(c)

 
 
LIBOR + 1.25
 
 
May 2016
 
64,861

 
64,861

Total
46

 
 
 
 
 
 
 
$
1,648,165

 
$
1,630,525


(a)
Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.
(b)
This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.
(c)
This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. This loan, which allows us to borrow up to $85 million, can be extended for one year subject to satisfying certain conditions.

We reported $26.0 million and $30.6 million of interest expense for the three months ended September 30, 2013 and 2012, respectively, which is net of: (i) interest income of $15,000 and $34,000 and (ii) capitalized interest of $3.4 million and $3.1 million, respectively. We reported $79.1 million and $91.0 million of interest expense for the nine months ended September 30, 2013 and 2012, respectively, which is net of: (i) interest income of $60,000 and $116,000 and (ii) capitalized interest of $9.1 million and $9.7 million, respectively.