Debt

Consolidated debt consisted of the following (dollars in thousands):



	Encumbered	Interest	Maturity	March 31,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	9	LIBOR + 3.375	June 2016^(a)	$	93,000	$	88,000
Hotel mortgage debt
Mortgage debt^(b)	3	6.58	July - August 2014	34,821		35,133
Mortgage debt	1	5.81	July 2016	9,772		9,904
Mortgage debt^(b)	4	4.95	October 2022	125,871		126,220
Mortgage debt	1	4.94	October 2022	31,589		31,714
Senior notes
Senior secured notes	11	10.00	October 2014	230,714		229,190
Senior secured notes	6	6.75	June 2019	525,000		525,000
Senior secured notes	9	5.625	March 2023	525,000		525,000
Knickerbocker loan^(c)
Construction tranche	—	LIBOR + 4.00	May 2016	12,994		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	51,867		64,861
Retired debt	—	—	—	—		28,204
Total	44			$	1,640,628	$	1,663,226


(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)

In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan.

In January 2014, we repaid $10.9 million of secured loan debt, scheduled to mature in July 2014, when we sold a hotel. In March 2014, we repaid an additional $17.1 million of debt, secured by a hotel, scheduled to mature in June 2014. We incurred $251,000 of debt extinguishment costs with these repayments.

We reported $25.2 million and $26.3 million of interest expense for the three months ended March 31, 2014 and 2013, respectively, which is net of: (i) interest income of $15,000 and $22,000 and (ii) capitalized interest of $4.0 million and $2.8 million, respectively.