Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Schedule of Mortgage Debt Obligations on Hotels

The following table sets forth our mortgage debt obligations on our hotels.

	Balance Outstanding as of
	December 31,		December 31,		Prepayment		Maturity		Amortization			Interest
Property	2015		2014		Penalties		Date		Provisions			Rate
Crowne Plaza Hampton Marina	$	3,512,586	$	4,509,500	None		6/30/2016		$	83,000	(1)		5.00%	(2)
Crowne Plaza Hollywood Beach Resort		59,795,743		—	N/A	(3)	10/1/2025		30 years				4.913%
Crowne Plaza Houston Downtown		20,459,256		20,954,867	None		11/13/2017	(4)	25 years				4.50%
Crowne Plaza Tampa Westshore		13,016,045		13,317,684	None		6/18/2017		25 years				5.60%
DoubleTree by Hilton Jacksonville Riverfront		19,774,577		16,358,706	Yes	(5)	7/7/2019	(6)	25 years			LIBOR plus 3.50 %
DoubleTree by Hilton Laurel		9,500,000		6,974,458	Yes	(7)	8/5/2021		25 years				5.25%	(8)
DoubleTree by Hilton Philadelphia Airport		32,376,795		33,378,102	None		4/1/2019		25 years			LIBOR plus 3.00 %		(9)
DoubleTree by Hilton Raleigh Brownstone –University		15,029,121		15,274,284	N/A	(10)	8/1/2018		30 years				4.78%
Georgian Terrace		46,579,011		41,500,000	N/A	(11)	6/1/2025		30 years				4.42%
Hilton Savannah DeSoto		20,522,836		21,050,093	Yes	(12)	9/1/2017		25 years				6.06%
Hilton Wilmington Riverside		19,825,772		20,389,325	Yes	(12)	4/1/2017		25 years				6.21%
Sheraton Louisville Riverside		11,345,866		11,584,638	N/A	(10)	1/6/2017		25 years				6.24%
Total Mortgage Principal Balance	$	271,737,608	$	205,291,657
Unamortized premium on loan		240,336		-
Total Mortgage Loans	$	271,977,944	$	205,291,657

(1) The Operating Partnership is required to make monthly principal payments of $83,000.

(2) The note rate was changed to a fixed rate of 5.00%, effective June 27, 2014.

(3) With limited exception, the note may not be prepaid until June 2025.

(4) The note was extended in March 2016 and provides that the mortgage can be extended until November 2018 if certain conditions have been satisfied.

(5) The note is subject to a pre-payment penalty until July 2017. Prepayment can be made without penalty thereafter.

(6) The note provides that the mortgage can be extended until July 2020 if certain conditions have been satisfied.

(7) The note is subject to a pre-payment penalty except for any pre-payments made either between April 2017 and August 2017, or from April 2021 through maturity of the note.

(8) The note provides that after five years, the rate of interest will adjust to a rate of 3.00% per annum plus the then-current five-year U.S. Treasury rate of interest, with a floor of 5.25%.

(9) The note bears a minimum interest rate of 3.50%.

(10) With limited exception, the note may not be prepaid until two months before maturity.

(11) With limited exception, the note may not be prepaid until February 2025.

(12) The notes may not be prepaid during the first six years of the terms. Prepayment can be made with penalty thereafter until 90 days before maturity.

Schedule of Future Mortgage Debt Maturities

Total future mortgage debt maturities, without respect to any extension of loan maturity, as of December 31, 2015 were as follows:

December 31, 2016	$	9,364,807
December 31, 2017		86,711,703
December 31, 2018		18,184,906
December 31, 2019		49,559,118
December 31, 2020		2,237,443
December 31, 2021 and thereafter		105,679,631
Total future maturities	$	271,737,608