Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of long term debt

The following table sets forth information regarding the Company’s debt as of June 30, 2020 and December 31, 2019 (dollars in thousands):

			Principal Balance as of
Loan	Interest Rate as of June 30, 2020	Maturity Date	June 30, 2020			December 31, 2019
Salt Lake City Marriott Downtown mortgage loan (repaid on June 25, 2020)	4.25%	November 2020	$	—		$	53,273
Salt Lake City Marriott Downtown mortgage loan	LIBOR + 3.25% (1)	January 2022 (2)	48,000			—
Westin Washington, D.C. City Center mortgage loan	3.99%	January 2023	59,427			60,550
The Lodge at Sonoma, a Renaissance Resort & Spa mortgage loan	3.96%	April 2023	26,675			26,963
Westin San Diego mortgage loan	3.94%	April 2023	61,064			61,851
Courtyard Manhattan / Midtown East mortgage loan	4.40%	August 2024	80,330			81,107
Renaissance Worthington mortgage loan	3.66%	May 2025	80,067			80,904
JW Marriott Denver at Cherry Creek mortgage loan	4.33%	July 2025	60,659			61,253
Westin Boston Waterfront Hotel mortgage loan	4.36%	November 2025	188,804			190,725
New Market Tax Credit loan (3)	5.17%	December 2020	2,943			2,943
Unamortized debt issuance costs			(2,935		)	(3,240		)
Total mortgage and other debt, net of unamortized debt issuance costs			605,034			616,329
Unsecured term loan	LIBOR + 2.35% (4)	October 2023	50,000			50,000
Unsecured term loan	LIBOR + 2.35% (5)	July 2024	350,000			350,000
Unamortized debt issuance costs			(1,733		)	(1,230		)
Unsecured term loans, net of unamortized debt issuance costs			398,267			398,770
Senior unsecured credit facility	LIBOR + 2.40% (6)	July 2023 (7)	148,985			75,000
Total debt, net of unamortized debt issuance costs			$	1,152,286		$	1,090,099
Weighted-Average Interest Rate	3.80%

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(1) LIBOR is subject to a floor of 1.0%.

(2) The loan may be extended for an additional year upon satisfaction of certain conditions.

(3) Assumed in connection with the acquisition of the Hotel Palomar Phoenix on March 1, 2018.

(4) We are party to an interest rate swap agreement that fixes LIBOR at 2.41% through October 2023.

(5) We are party to an interest rate swap agreement that fixes LIBOR at 1.70% through July 2024 for $175 million of the loan. Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(6) Effective June 9, 2020, LIBOR is subject to a floor of 0.25%.

(7) The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions.

Summary of applicable margin based upon the Company’s ratio of net indebtedness to EBITDA

The interest rate on the Revolving Credit Facility is based upon LIBOR, plus an applicable margin based upon the Company’s leverage ratio, as follows:

	Applicable Margin
Leverage Ratio	Revolving Credit Facility	Unsecured  Term Loans
Less than 30%	1.40%	1.35%
Greater than or equal to 30% but less than 35%	1.45%	1.40%
Greater than or equal to 35% but less than 40%	1.50%	1.45%
Greater than or equal to 40% but less than 45%	1.55%	1.50%
Greater than or equal to 45% but less than 50%	1.70%	1.65%
Greater than or equal to 50% but less than 55%	1.90%	1.85%
Greater than or equal to 55%	2.05%	2.00%