Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Summary of Debt

Debt as of June 30, 2014 and December 31, 2013 consisted of the following (dollars in thousands):

			Balance Outstanding as of
	Interest Rate	Maturity Date	June 30, 2014		December 31, 2013
Senior unsecured revolving credit facility	Floating	July 2016	$	36,000	$	—
Term loan	Floating(1)	July 2017	100,000		100,000
Mortgage loans
InterContinental Buckhead	4.88%	January 2016	49,758		50,192
Skamania Lodge	5.44%	February 2016	29,579		29,811
DoubleTree by Hilton Bethesda-Washington DC	5.28%	February 2016	34,839		35,102
Embassy Suites San Diego Bay-Downtown	6.28%	June 2016	65,098		65,725
Hotel Modera	5.26%	July 2016	23,412		23,597
Monaco Washington DC	4.36%	February 2017	44,172		44,580
Argonaut Hotel	4.25%	March 2017	44,575		45,138
Sofitel Philadelphia	3.90%	June 2017	47,597		48,218
Hotel Palomar San Francisco	5.94%	September 2017	26,632		26,802
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	78,180		79,194
Mortgage loans at stated value			443,842		448,359
Mortgage loan premiums (2)			4,812		5,888
Total mortgage loans			$	448,654	$	454,247
Total debt			$	584,654	$	554,247

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⁽¹⁾ The Company entered into interest rate swaps to effectively fix the interest rate at 2.55% for the full five-year term, based on its current leverage ratio.

⁽²⁾ Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown and Hotel Modera.