Mortgage Loans, Net. As of March 31, 2019 and December 31, 2018, we had approximately $363.6 million and approximately $364.8 million of outstanding mortgage debt, respectively. The following table sets forth our mortgage debt obligations on our hotels.

			Balance Outstanding as of
			March 31,				December 31,		Prepayment	Maturity	Amortization	Interest
Property			2019				2018		Penalties	Date	Provisions	Rate
			(unaudited)
Crowne Plaza Tampa Westshore ⁽¹⁾	$	18,260,800			$	18,307,000			None	6/30/2019	(1)	LIBOR plus 3.75 %
The DeSoto ⁽²⁾		33,683,999				33,824,350			Yes	7/1/2026	25 years	4.25%
DoubleTree by Hilton Jacksonville Riverfront ⁽³⁾		34,633,359				34,773,546			Yes	7/11/2024	30 years	4.88%
DoubleTree by Hilton Laurel ⁽⁴⁾		8,767,655				8,845,299			Yes	8/5/2021	25 years	5.25%
DoubleTree by Hilton Philadelphia Airport⁽⁵⁾		41,859,945				42,026,986			None	7/31/2023	30 years	LIBOR plus 2.27 %
DoubleTree by Hilton Raleigh- Brownstone University ⁽⁶⁾		18,300,000				18,300,000			Yes	7/27/2022	(6)	LIBOR plus 4.00 %
DoubleTree Resort by Hilton Hollywood Beach ⁽⁷⁾		56,886,185				57,064,824			n/a	10/1/2025	30 years	4.913%
Georgian Terrace ⁽⁸⁾		44,051,160				44,202,968			n/a	6/1/2025	30 years	4.42%
Hotel Ballast Wilmington, Tapestry Collection by Hilton⁽⁹⁾		34,099,471				34,236,104			Yes	1/1/2027	25 years	4.25%
Hyatt Centric Arlington ⁽¹⁰⁾		49,710,721				49,885,045			Yes	9/18/2028	30 years	5.25%
Sheraton Louisville Riverside⁽¹¹⁾		11,365,158				11,414,300			Yes	12/1/2026	25 years	4.27%
The Whitehall ⁽¹²⁾		14,662,819				14,733,458			Yes	2/26/2023	25 years	LIBOR plus 3.50 %
Total Mortgage Principal Balance	$	366,281,273			$	367,613,880
Deferred financing costs, net		(2,805,164		)		(2,951,327		)
Unamortized premium on loan		160,121				166,292
Total Mortgage Loans, Net	$	363,636,230			$	364,828,845

(1)	The note bears a floating interest rate of 1-month LIBOR plus 3.75% subject to a floor rate of 3.75%; with monthly principal payments of $23,100; the note provides that the mortgage can be extended for two additional periods of one year each, subject to certain conditions. On April 26, 2019, we entered into amended loan documents to modify the mortgage loan on the Crowne Plaza Tampa Westshore. See Note 14 to the Financial Statements for additional information.
(2)	The note amortizes on a 25-year schedule after an initial 1-year interest-only period (which expired in August 2017), and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(3)	The note may not be prepaid until August 2019, after which it is subject to a pre-payment penalty until March 2024. Prepayment can be made without penalty thereafter.
(4)	The note is subject to a pre-payment penalty until April 2021. Prepayment can be made without penalty thereafter.
(5)	The note bears a floating interest rate of 1-month LIBOR plus 2.27%, but we entered into a swap agreement to fix to the rate at 5.237%. Under the swap agreement, notional amounts approximate the declining balance of the loan and we are responsible for any potential termination fees associated with early termination of the swap agreement.
(6)	The note provides initial proceeds of $18.3 million, with an additional $5.2 million available upon the satisfaction of certain conditions; has an initial term of 4 years with a 1-year extension; bears a floating interest rate of 1-month LIBOR plus 4.00%; requires interest only monthly payments; and following a 12-month lockout, can be prepaid with penalty in year 2 and without penalty thereafter. We entered into an interest-rate cap agreement to limit our exposure through August 1, 2022 to increases in LIBOR exceeding 3.25% on a notional amount of $23,500,000.
(7)	With limited exception, the note may not be prepaid until June 2025.
(8)	With limited exception, the note may not be prepaid until February 2025.
(9)	The note amortizes on a 25-year schedule after an initial 1-year interest-only period, and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(10)	Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.
(11)	The note bears a fixed interest rate of 4.27% for the first 5 years of the loan, with an option for the lender to reset the interest rate after 5 years.
(12)	The note bears a floating interest rate of 1-month LIBOR plus 3.5%, subject to a floor rate of 4.0%, and is subject to prepayment penalties on a declining scale with a 3.0% penalty on or before the first anniversary date, a 2.0% penalty during the second anniversary year and a 1.0% penalty after the third anniversary date.

As of March 31, 2019, we were in compliance with all debt covenants, current on all loan payments and not otherwise in default under any of our mortgage loans, as amended or modified.

Total future mortgage debt maturities for the remaining nine and twelve month periods, without respect to any extension of loan maturity, were as follows:

7.25% Unsecured Notes. On February 12, 2018, the Operating Partnership issued its 7.25% Notes in the aggregate amount of $25.0 million, unconditionally guaranteed by the Company. The indenture requires quarterly payments of interest and matures on February 15, 2021. The 7.25% Notes are callable after February 15, 2019 at 101% of face value. See Note 14 for more information about redemption of the 7.25% Notes.