DEBT (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of mortgages payable and interest expense

Mortgages payable at September 30, 2020 and December 31, 2019 consisted of the following:

	September 30, 2020		December 31, 2019
Mortgage Indebtedness	$	332,881	$	333,948
Net Unamortized Premium	469		821
Net Unamortized Deferred Financing Costs	(1,941)		(2,489)
Mortgages Payable	$	331,409	$	332,280

The table below shows the interest expense incurred by the Company during the three and nine months ended September 30, 2020 and 2019:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020		2019			2020		2019
Mortgage Loans Payable	$	2,846	$	3,994		$	9,362	$	12,061
Interest Rate Swap Contracts on Mortgages	604		(207)		*	1,189		(404)		*
Unsecured Notes Payable	451		707			1,611		2,173
Credit Facility and Term Loans	4,736		8,517			17,139		26,057
Interest Rate Swap Contracts on Credit Facility and Term Loans	3,543		(804)		*	7,762		(2,899)		*
Deferred Financing Costs Amortization	1,104		547			2,299		1,681
Other	66		181			476		489
Total Interest Expense	$	13,350	$	12,935		$	39,838	$	39,158

*Negative amount indicates decrease to interest expense.

Summary of borrowing base assets

As of September 30, 2020, the following hotel properties secured the amended facilities under the Credit Agreements: 

- Courtyard, Brookline, MA	- Mystic Marriott Hotel & Spa, Groton, CT
- Holiday Inn Express, Cambridge, MA	- Hampton Inn, Washington, DC
- Envoy Hotel, Boston, MA	- Ritz Carlton, Washington, DC
- The Boxer, Boston, MA	- Hilton Garden Inn, M Street, Washington, DC
- Hampton Inn, Seaport, NY	- Residence Inn, Coconut Grove, FL
- The Duane Street Hotel, NY	- The Winter Haven, Miami, FL
- NU Hotel, Brooklyn, NY	- The Blue Moon, Miami, FL
- Holiday Inn Express, 29th Street, NY	- The Cadillac Hotel and Beach Club, Miami, FL
- The Gate JFK Airport, New York, NY	- The Parrot Key Hotel & Resort, Key West, FL
- Hilton Garden Inn, JFK Airport, New York, NY	- TownePlace Suites, Sunnyvale, CA
- Hyatt House White Plains, NY	- The Ambrose Hotel, Santa Monica, CA
- Sheraton, Wilmington South, DE	- Courtyard, San Diego, CA
- Hampton Inn, Philadelphia, PA	- The Pan Pacific Hotel, Seattle, WA
- The Rittenhouse, Philadelphia, PA	- The Westin, Philadelphia, PA

Summary of the balances outstanding and interest rate spread

The following table summarizes the balances outstanding and interest rate spread for each borrowing:

		Outstanding Balance
Borrowing	Spread	September 30, 2020		December 31, 2019
Line of Credit	1.50% to 2.25%	$	115,000	$	48,000
Term Loan:
First Term Loan	1.45% to 2.20%	$	207,000	$	207,000
Second Term Loan	1.35% to 2.00%	300,000		300,000
Third Term Loan	1.45% to 2.20%	193,900		193,900
Deferred Loan Costs		(3,064)		(3,717)
Total Term Loan		$	697,836	$	697,183