Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Summary of Debt

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

			Balance Outstanding as of
	Interest Rate	Maturity Date	December 31, 2014		December 31, 2013
Senior unsecured revolving credit facility	Floating (1)	January 2019	$	50,000	$	—
Term loan	Floating (2)	January 2020	300,000		100,000
Mortgage loans
The Nines, a Luxury Collection Hotel, Portland (3)	7.39%	March 2015	50,725		—
InterContinental Buckhead Atlanta	4.88%	January 2016	49,320		50,192
Skamania Lodge	5.44%	February 2016	29,308		29,811
DoubleTree by Hilton Bethesda-Washington DC	5.28%	February 2016	34,575		35,102
Embassy Suites San Diego Bay-Downtown	6.28%	June 2016	64,462		65,725
Hotel Modera	5.26%	July 2016	23,225		23,597
Monaco Washington DC	4.36%	February 2017	43,756		44,580
Argonaut Hotel	4.25%	March 2017	44,006		45,138
Sofitel Philadelphia	3.90%	June 2017	46,968		48,218
Hotel Palomar San Francisco	5.94%	September 2017	26,461		26,802
The Westin Gaslamp Quarter San Diego	3.69%	January 2020	77,155		79,194
Mortgage loans at stated value			489,961		448,359
Mortgage loan premiums (4)			4,026		5,888
Total mortgage loans			$	493,987	$	454,247
Total debt			$	843,987	$	554,247

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⁽¹⁾ Borrowings bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.

⁽²⁾ Borrowings under our term loan facility bear interest at floating rates equal to, at our option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. We entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At December 31, 2014, the Company had interest rate swaps with an aggregate notional amount of $300.0 million, and, as a result, the Term Loan had a weighted-average effective interest rate of 2.83% through July 13, 2017 and a weighted-average effective interest rate of 3.41% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at December 31, 2014.

⁽³⁾ 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, a Luxury Collection Hotel, Portland. The Company intends to repay these mortgage loans through borrowings on its credit facilities upon maturity.

⁽⁴⁾ 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, a Luxury Collection Hotel, Portland.

Future Scheduled Debt Payments

Future scheduled debt principal payments for the Company's mortgage debt and the Term Loan as of December 31, 2014 are as follows (in thousands):

2015	$	60,211
2016	203,269
2017	155,908
2018	2,366
2019	2,456
Thereafter	365,751
Total debt principal payments	789,961
Premium on mortgage debt	4,026
Total debt	$	793,987