Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Summary of Debt

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

			Balance Outstanding as of
	Interest Rate	Maturity Date	September 30, 2014		December 31, 2013
Senior unsecured revolving credit facility	Floating	July 2016	$	—	$	—
Term loan	Floating(1)	July 2017	100,000		100,000
Mortgage loans
The Nines Hotel (2)	7.39%	March 2015	50,725		—
InterContinental Buckhead	4.88%	January 2016	49,544		50,192
Skamania Lodge	5.44%	February 2016	29,465		29,811
DoubleTree by Hilton Bethesda-Washington DC	5.28%	February 2016	34,710		35,102
Embassy Suites San Diego Bay-Downtown	6.28%	June 2016	64,788		65,725
Hotel Modera	5.26%	July 2016	23,321		23,597
Monaco Washington DC	4.36%	February 2017	43,965		44,580
Argonaut Hotel	4.25%	March 2017	44,295		45,138
Sofitel Philadelphia	3.90%	June 2017	47,286		48,218
Hotel Palomar San Francisco	5.94%	September 2017	26,549		26,802
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	77,674		79,194
Mortgage loans at stated value			492,322		448,359
Mortgage loan premiums (3)			4,913		5,888
Total mortgage loans			$	497,235	$	454,247
Total debt			$	597,235	$	554,247

^{________________________} 

⁽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⁾ The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines Hotel.

⁽³⁾ Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Palomar San Francisco, Embassy Suites San Diego Bay - Downtown, Hotel Modera and The Nines Hotel.