Debt (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Debt summary

Debt as of December 31, 2012 and 2011 consisted of the following (dollars in thousands):

			Balance Outstanding as of
	Interest Rate	Maturity Date	December 31, 2012		December 31, 2011
Senior unsecured revolving credit facility	Floating	July 2016	$	—	$	—
Term loan	Floating (1)	July 2017	100,000		—
Mortgage loans
InterContinental Buckhead	4.88%	January 2016	51,022		51,805
Skamania Lodge	5.44%	February 2016	30,252		30,664
DoubleTree by Hilton Bethesda-Washington DC	5.28%	February 2016	35,602		36,000
Hotel Monaco Washington DC	4.36%	February 2017	45,368		35,000
Argonaut Hotel	4.25%	March 2017	46,223		42,000
Sofitel Philadelphia	3.90%	June 2017	49,419		56,070
Hotel Palomar San Francisco	5.94%	September 2017	27,124		—
Westin Gaslamp Quarter, San Diego	3.69%	January 1, 2020	81,000		—
Mortgage loans at stated value			366,010		251,539
Mortgage loan premium			2,498		—
Total mortgage loans			$	368,508	$	251,539
Total debt			$	468,508	$	251,539
(1) We entered into interest rate swaps to effectively fix the interest rate for the full five-year term.

Future scheduled debt payments

Future scheduled debt principal payments for the Company's mortgage debt and term loan as of December 31, 2012 are as follows (in thousands):

2013	$	6,813
2014	7,444
2015	7,779
2016	117,313
2017	255,901
Thereafter	70,760
Total debt principal payments	466,010
Premium on mortgage loan	2,498
Total debt	$	468,508