Debt as of March 31, 2015 and December 31, 2014 consisted of the following (dollars in thousands):



			Balance Outstanding as of
	Interest Rate	Maturity Date	March 31, 2015		December 31, 2014
Senior unsecured revolving credit facility	Floating ⁽¹⁾	January 2019	$	100,000	$	50,000

Term loan	Floating⁽²⁾	January 2020	300,000		300,000

Mortgage loans
The Nines, a Luxury Collection Hotel, Portland ⁽³⁾	7.39%	March 2015	—		50,725
InterContinental Buckhead Atlanta	4.88%	January 2016	49,087		49,320
Skamania Lodge	5.44%	February 2016	29,220		29,308
DoubleTree by Hilton Bethesda-Washington DC	5.28%	February 2016	34,432		34,575
Embassy Suites San Diego Bay-Downtown	6.28%	June 2016	64,120		64,462
Hotel Modera	5.26%	July 2016	23,125		23,225
Monaco Washington DC	4.36%	February 2017	43,544		43,756
Argonaut Hotel	4.25%	March 2017	43,708		44,006
Sofitel Philadelphia	3.90%	June 2017	46,641		46,968
Hotel Palomar San Francisco	5.94%	September 2017	26,367		26,461
The Westin Gaslamp Quarter San Diego	3.69%	January 2020	76,624		77,155
Mortgage loans at stated value			436,868		489,961
Mortgage loan premiums ⁽⁴⁾			3,196		4,026
Total mortgage loans			$	440,064	$	493,987
Total debt			$	840,064	$	843,987

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⁽¹⁾Borrowings bear interest at floating rates equal to, at the Company's 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 the term loan facility bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the Term Loan. At March 31, 2015, 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 2.93% through July 13, 2017 and a weighted-average effective interest rate of 3.51% from July 13, 2017 through January 15, 2020, based on the Company’s leverage ratio at March 31, 2015.

⁽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.

⁽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.