Notes Payable (Tables)

6 Months Ended

Jun. 30, 2018

Notes Payable

Schedule of notes payable

Notes payable consisted of the following (in thousands):

	June 30,		December 31,
	2018		2017
	(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 both June 30, 2018 and December 31, 2017.	$	341,638	$	345,402
Note payable requiring payments of interest only, bearing a blended rate of one-month LIBOR plus 105 basis points; maturing in December 2020 with three one-year extensions. The note is collateralized by a first deed of trust on one hotel property.		220,000		220,000
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 1.591%, 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 Senior Notes requiring semi-annual payments of interest only, bearing interest at 4.69%; maturing in January 2026.		120,000		120,000
Unsecured Senior Notes requiring semi-annual payments of interest only, bearing interest at 4.79%; maturing in January 2028.		120,000		120,000
Total notes payable	$	986,638	$	990,402
Current portion of notes payable	$	7,598	$	7,420
Less: current portion of deferred financing fees		(1,945)		(1,943)
Carrying value of current portion of notes payable	$	5,653	$	5,477
Notes payable, less current portion	$	979,040	$	982,982
Less: long-term portion of deferred financing fees		(4,731)		(5,700)
Carrying value of notes payable, less current portion	$	974,309	$	977,282

Schedule of interest incurred and expensed

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Interest expense on debt and capital lease obligations	$	11,479	$	11,499	$	22,745	$	22,827
Noncash interest on derivatives and capital lease obligations, net		(1,040)		1,006		(4,177)		349
Amortization of deferred financing fees		745		579		1,492		1,157
Total interest expense	$	11,184	$	13,084	$	20,060	$	24,333