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



	Encumbered	Interest	Maturity	June 30,		December 31,
	Hotels	Rate (%)	Date	2014		2013
Line of credit	8	LIBOR + 3.375	June 2016^(a)	$	87,500	$	88,000
Hotel mortgage debt
Mortgage debt	1	5.81	July 2016	9,641		9,904
Mortgage debt^(b)	4	4.95	October 2022	125,404		126,220
Mortgage debt	1	4.94	October 2022	31,471		31,714
Senior notes
Senior secured notes^(c)	11	10.00	October 2014	232,289		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^(d)
Construction tranche	—	LIBOR + 4.00	May 2016	12,994		—
Cash collateralized tranche	—	LIBOR + 1.25	May 2016	51,867		64,861
Retired debt	—	—	—	—		63,337
Total	40			$	1,601,166	$	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)	We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013.

(d)

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.