Debt (Tables)

6 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

As of June 30, 2016 and December 31, 2015, the details of the Company’s revolving credit facility, $425 million term loans and $150 million term loan facility were as set forth below. All dollar amounts are in thousands.

		As of June 30, 2016							As of December 31, 2015
	Maturity Date	Outstanding Balance			Interest Rate				Outstanding Balance			Interest Rate
Revolving credit facility (1)	5/18/2019	$	155,600			2.02	%	(2)	$	114,800			1.98	%	(2)
Term loans
$425 million term loans	5/18/2020		425,000			2.82	%	(3)		425,000			2.81	%	(3)
$50 million term loan	4/8/2021		16,667			1.92	%	(4)		0			-
$100 million term loan	4/8/2023		33,333			2.27	%	(4)		0			-
Total term loans at stated value			475,000							425,000
Unamortized debt issuance costs			(4,589	)						(3,556	)
Total term loans			470,411							421,444
Total revolving credit facility and term loans		$	626,011						$	536,244

(1)   Unamortized debt issuance costs related to the revolving credit facility totaled approximately $3.5 million and $4.0 million as of June 30, 2016 and December 31, 2015, respectively, and are included in other assets, net in the Company's consolidated balance sheets.

(2)   Annual variable interest rate at the balance sheet date.

(3)   Effective annual interest rate which includes the effect of interest rate swaps on $322.5 million of the outstanding loan balance, resulting in an annual fixed interest rate of approximately 3.10% on this portion of the debt, subject to adjustment based on the Company's leverage ratio.  See Note 6 for more information on the interest rate swap agreements.  Remaining portion is variable rate debt.

(4)   Annual variable interest rate at the balance sheet date.  The Company has entered into two forward interest rate swap agreements, which beginning on September 30, 2016 will effectively fix the interest rate on the $50 million term loan and $100 million term loan at 2.54% and 3.13%, respectively, subject to adjustment based on the Company’s leverage ratio.  See Note 6 for more information on the interest rate swap agreements.

Schedule of Debt [Table Text Block]

As of June 30, 2016, the Company had approximately $399.6 million in outstanding property level debt secured by 31 properties, with maturity dates ranging from November 2016 to October 2032, stated interest rates ranging from 0% to 6.50% and effective interest rates ranging from 3.66% to 6.52%. The loans generally provide for monthly payments of principal and interest on an amortized basis. The loans are generally subject to defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of June 30, 2016 and December 31, 2015 for each of the Company’s debt obligations. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)				Loan Assumption or Origination Date	Maturity Date		Principal Assumed or Originated		Outstanding balance as of June 30, 2016			Outstanding balance as of December 31, 2015
Austin, TX	Homewood Suites		5.99	%		4/14/2009		(2)	$	7,556	$	0		$	6,255
Austin, TX	Hampton Inn		5.95	%		4/14/2009		(2)		7,553		0			6,247
Hilton Head, SC	Hilton Garden Inn		6.29	%		3/1/2014		(2)		5,557		0			5,226
Round Rock, TX	Hampton Inn		5.95	%		3/6/2009		(2)		4,175		0			3,457
Highlands Ranch, CO	Residence Inn		5.94	%		3/1/2014		(2)		10,494		0			10,118
Texarkana, TX	Hampton Inn & Suites		6.90	%		1/31/2011		(2)		4,954		0			4,578
Bristol, VA	Courtyard		6.59	%		11/7/2008		(2)		9,767		0			8,747
Oceanside, CA	Residence Inn		4.24	%	(3)	3/1/2014		(2)		15,662		0			15,090
Burbank, CA	Residence Inn		4.24	%	(3)	3/1/2014		(2)		23,493		0			22,635
Virginia Beach, VA	Courtyard		6.02	%		3/1/2014	11/11/2016			13,931		13,246			13,399
Virginia Beach, VA	Courtyard		6.02	%		3/1/2014	11/11/2016			16,813		15,986			16,172
Charlottesville, VA	Courtyard		6.02	%		3/1/2014	11/11/2016			14,892		14,159			14,323
Carolina Beach, NC	Courtyard		6.02	%		3/1/2014	11/11/2016			12,009		11,419			11,551
Winston-Salem, NC	Courtyard		5.94	%		3/1/2014	12/8/2016			7,458		7,151			7,220
Lewisville, TX (4)	Hilton Garden Inn		0.00	%		10/16/2008	12/31/2016			3,750		2,000			2,000
Savannah, GA	Hilton Garden Inn		5.87	%		3/1/2014	2/1/2017			4,977		4,605			4,688
Greenville, SC	Residence Inn		6.03	%		3/1/2014	2/8/2017			6,012		5,751			5,810
Birmingham, AL	Homewood Suites		6.03	%		3/1/2014	2/8/2017			10,908		10,435			10,541
Jacksonville, FL	Homewood Suites		6.03	%		3/1/2014	2/8/2017			15,856		15,169			15,322
Irving, TX	Homewood Suites		5.83	%		12/29/2010	4/11/2017			6,052		5,167			5,260
Duncanville, TX	Hilton Garden Inn		5.88	%		10/21/2008	5/11/2017			13,966		12,265			12,401
Grapevine, TX	Hilton Garden Inn		4.89	%		8/29/2012	9/1/2022			11,810		10,849			10,986
Collegeville/Philadelphia, PA	Courtyard		4.89	%		8/30/2012	9/1/2022			12,650		11,620			11,768
Hattiesburg, MS	Courtyard		5.00	%		3/1/2014	9/1/2022			5,732		5,427			5,495
Rancho Bernardo, CA	Courtyard		5.00	%		3/1/2014	9/1/2022			15,060		14,258			14,436
Kirkland, WA	Courtyard		5.00	%		3/1/2014	9/1/2022			12,145		11,498			11,642
Seattle, WA	Residence Inn		4.96	%		3/1/2014	9/1/2022			28,269		26,754			27,091
Anchorage, AK	Embassy Suites		4.97	%		9/13/2012	10/1/2022			23,230		21,407			21,675
Somerset, NJ	Courtyard		4.73	%		3/1/2014	10/6/2022			8,750		8,269			8,376
Tukwila, WA	Homewood Suites		4.73	%		3/1/2014	10/6/2022			9,431		8,913			9,028
Prattville, AL	Courtyard		4.12	%		3/1/2014	2/6/2023			6,596		6,210			6,296
Huntsville, AL	Homewood Suites		4.12	%		3/1/2014	2/6/2023			8,306		7,820			7,928
San Diego, CA	Residence Inn		3.97	%		3/1/2014	3/6/2023			18,600		17,497			17,741
Miami, FL	Homewood Suites		4.02	%		3/1/2014	4/1/2023			16,677		15,699			15,915
New Orleans, LA	Homewood Suites		4.36	%		7/17/2014	8/11/2024			27,000		25,894			26,204
Westford, MA	Residence Inn		4.28	%		3/18/2015	4/11/2025			10,000		9,741			9,854
Dallas, TX	Hilton		3.95	%		5/22/2015	6/1/2025			28,000		27,503			27,754
Syracuse, NY	Courtyard		4.75	%		10/16/2015	8/1/2024	(5)		11,199		11,033			11,158
Syracuse, NY	Residence Inn		4.75	%		10/16/2015	8/1/2024	(5)		11,199		11,033			11,158
Boise, ID	Hampton Inn & Suites		4.37	%	(6)	5/26/2016	6/11/2026			24,000		24,000			0
Malvern/Philadelphia, PA	Courtyard		6.50	%		11/30/2010	10/1/2032	(7)		7,894		6,797			6,912
									$	512,383		399,575			462,457
Unamortized fair value adjustment of assumed debt												118			1,284
Unamortized debt issuance costs												(3,052	)		(1,882	)
Total											$	396,641		$	461,859

(1)   Unless otherwise noted, these rates are the rates per the loan agreement.  For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.

(2)   Loans were repaid in full during the six months ended June 30, 2016.

(3)   The annual fixed interest rate gives effect to an interest rate swap agreement assumed by the Company with the mortgage debt.

(4)   Unsecured loan.

(5)   Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019.

(6)   In May 2016, the Company originated new mortgage debt secured by this hotel and entered into an interest rate swap agreement which, beginning on June 11, 2016, fixes the interest rate on this debt.  The annual fixed interest rate gives effect to the interest rate swap agreement.

(7)   Outstanding principal balance is callable by lender or prepayable by the Company beginning on October 1, 2016, and every five years thereafter until maturity, subject to certain conditions.

Schedule of Maturities of Long-term Debt [Table Text Block]

The aggregate amounts of principal payable under the Company’s total debt obligations (including mortgage debt, the revolving credit facility and term loans), for the five years subsequent to June 30, 2016 and thereafter are as follows (in thousands):

2016 (July - December)	$	74,746
2017		59,690
2018		7,274
2019		183,341
2020		432,331
Thereafter		272,793
		1,030,175
Unamortized fair value adjustment of assumed debt		118
Unamortized debt issuance costs related to term loans and mortgage debt		(7,641	)
Total	$	1,022,652