Notes Payable (Tables)

3 Months Ended

Mar. 31, 2017

Notes Payable

Schedule of notes payable

Notes payable consisted of the following (in thousands):

	March 31,		December 31,
	2017		2016
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 5.95%; maturing at dates ranging from November 2020 through January 2025. The notes are collateralized by first deeds of trust on four hotel properties at March 31, 2017, and five hotel properties at December 31, 2016.	$	350,802	$	528,604
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.		221,544		222,340
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		100,000
Unsecured Series A Senior Notes requiring semi-annual payments of interest only, bearing interest at 4.69%; maturing in January 2026.		120,000		—
Unsecured Series B Senior Notes requiring semi-annual payments of interest only, bearing interest at 4.79%; maturing in January 2028.		120,000		—
Total notes payable	$	997,346	$	935,944
Current portion of notes payable	$	10,167	$	186,034
Less: current portion of deferred financing fees		(1,269)		(1,105)
Carrying value of current portion of notes payable	$	8,898	$	184,929
Notes payable, less current portion	$	987,179	$	749,910
Less: long-term portion of deferred financing fees		(4,719)		(3,536)
Carrying value of notes payable, less current portion	$	982,460	$	746,374

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
	March 31, 2017		March 31, 2016
	(unaudited)		(unaudited)
Interest expense on debt and capital lease obligations	$	11,328	$	13,053
(Gain) loss on derivatives, net		(657)		6,402
Amortization of deferred financing fees		578		555
Total interest expense	$	11,249	$	20,010