NOTES PAYABLE AND SPECIAL ASSESSMENT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2017

As of December 31, 2017 and 2016, our debt, notes payable and special assessment obligations consisted of the following (in thousands):



	December 31,			December 31,
	2017			2016
Note Payables, Net of Discount, Continuing Operations
$32.3 million note payable to MidFirst Bank secured by a first lien on an operating hotel property, interest-only payments due monthly at the 30-day LIBOR (1.56% at December 31, 2017) plus 3.25% to 3.75% depending on compensating balances and meeting certain financial thresholds and terms (5.31% effective rate at December 31, 2017), matures October 1, 2020 with possibility of two one-year extensions, with construction completion and repayment guarantee provided by the Company	$	19,557		$	—
$5.9 million note payable secured by real estate in New Mexico, annual interest only payments based on annual interest rate of prime plus 2.0% through December 31, 2017, and prime plus 3.0% thereafter (5.75% and 5.5% at December 31, 2017 and 2016, respectively), matures December 31, 2019	5,940			5,940
Unsecured note payable under class action settlement, face amount of $10.2 million, net of discount of $1.2 million and $2.1 million at December 31, 2017 and 2016, respectively, 4% annual coupon interest rate (14.6% effective yield), interest payable quarterly, matures April 28, 2019	8,938			8,106
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022	116			—
Total notes payable, continuing operations	34,551			14,046
Less: deferred financing costs of notes payable, continuing operations	(446		)	—
Total notes payable, continuing operations	$	34,105		$	14,046

Notes Payable and Special Assessment Obligations, Assets Held for Sale
$3.7 million community facility district bonds dated 2005, secured by residential land located in Buckeye, Arizona, annual interest rate ranging from 5%-6%, maturing various dates through April 30, 2030. Obligation assumed by buyer upon sale of Buckeye land in December 2017	$	—		$	3,067
$2.3 million special assessment bonds dated between 2002 and 2007, secured by residential land located in Dakota County, Minnesota, annual interest rate ranging from 6%-7.5%, maturing various dates through 2022. Portions of this obligation have been assumed by buyers upon the sale of land in June and September 2017.	—			514
Total notes payable and special assessment obligations, held for sale	$	—		$	3,581

Note Payables, Net of Discount, Discontinued Operations*
$50.0 million non-recourse note payable secured by first liens on operating hotel properties and related assets, annual interest at the greater of a) 7.25% or b) one-month LIBOR plus 6.75%, actual interest of 7.40% at December 31, 2016, original maturity of February 1, 2018, interest only payable monthly, principal due at maturity, subject to a carve-out guarantee by the Company. Repaid in February 2017 upon sale of the underlying collateral	$	—		$	50,000
Total notes payable, discontinued operations	—			50,000
Less: deferred financing costs of notes payable, discontinued operations	—			(447		)
Total notes payable, discontinued operations, net	$	—		$	49,553

* This note was paid off in connection with the sale of the Sedona assets in February 2017 and has been reclassified into Liabilities of discontinued operations as of December 31, 2016 in the accompanying consolidated balance sheet.

Contractual Obligation Fiscal Year Maturity Schedule

Our notes payable and special assessment obligations have the following scheduled maturities as of December 31, 2017 (in thousands):



Year	Amount
2018	$	28
2019	16,130
2020	19,583
2021	26
2022	8
Discounts	(1,224		)
Total	$	34,551