Notes Payable

3 Months Ended

Mar. 31, 2015

Notes Payable

Notes Payable

6. Notes Payable

Notes payable consisted of the following (in thousands):

	March 31,		December 31,
	2015		2014
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 5.95%; maturing at dates ranging from May 2015 through January 2025. The notes are collateralized by first deeds of trust on 14 hotel properties at both March 31, 2015, and December 31, 2014.	$	1,019,193	$	1,023,780
Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		227,590		228,296
Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of one-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.		176,634		177,216
Total notes payable		1,423,417		1,429,292
Less: current portion		(235,970)		(121,328)
Notes payable, less current portion	$	1,187,447	$	1,307,964

Total interest incurred and expensed on the notes payable was as follows (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2015		March 31, 2014
	(unaudited)		(unaudited)
Interest expense on debt and capital lease obligations	$	16,687	$	17,656
Gain on derivatives, net		—		(109)
Amortization of deferred financing fees		639		736
Total interest expense	$	17,326	$	18,283