Notes Payable (Tables)

9 Months Ended

Sep. 30, 2016

Notes Payable

Schedule of notes payable

Notes payable consisted of the following (in thousands):

	September 30,		December 31,
	2016		2015
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 5.95%; maturing at dates ranging from March 2017 through January 2025. The notes are collateralized by first deeds of trust on six hotel properties at September 30, 2016, and eight hotel properties at December 31, 2015.	$	596,851	$	791,073
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.		223,124		225,407
Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 180 to 255 basis points over LIBOR, depending on the Company's leverage ratios. LIBOR has been swapped to a fixed rate of 1.591%, resulting in an effective interest rate of 3.391% based on the Company's current leverage. Matures in September 2022.		85,000		85,000
Unsecured term loan requiring payments of interest only, with a blended interest rate based on a pricing grid with a range of 180 to 255 basis points over LIBOR, depending on the Company's leverage ratios. LIBOR has been swapped to a fixed rate of 1.853%, resulting in an effective interest rate of 3.653% based on the Company's current leverage. Matures in January 2023.		100,000		—
Total notes payable	$	1,004,975	$	1,101,480
Current portion of notes payable	$	252,397	$	86,840
Less: current portion of deferred financing fees		(1,121)		(1,064)
Carrying value of current portion of notes payable	$	251,276	$	85,776
Notes payable, less current portion	$	752,578	$	1,014,640
Less: long-term portion of deferred financing fees		(3,811)		(3,821)
Carrying value of notes payable, less current portion	$	748,767	$	1,010,819

Schedule of interest incurred and expensed

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

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest expense on debt and capital lease obligations	$	11,966	$	15,711	$	37,560	$	48,536
(Gain) loss on derivatives, net		(1,374)		2		7,810		12
Amortization of deferred financing fees		544		692		1,648		2,472
Total interest expense	$	11,136	$	16,405	$	47,018	$	51,020