Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Summary of Debt

Debt as of December 31, 2016 and December 31, 2015 consisted of the following (dollars in thousands):

			Balance Outstanding as of
	Interest Rate	Maturity Date	December 31, 2016			December 31, 2015
Senior unsecured revolving credit facility	Floating (1)	January 2019	$	82,000		$	165,000
Term loans
First Term Loan	Floating(2)	January 2020	300,000			300,000
Second Term Loan	Floating(2)	April 2022	175,000			100,000
Third Term Loan	Floating(2)	January 2021	200,000			125,000
Total term loans at stated value			675,000			525,000
Deferred financing costs, net			(3,207		)	(3,117		)
Total term loans			$	671,793		$	521,883
Senior unsecured notes
Series A Notes	4.70%	December 2023	60,000			60,000
Series B Notes	4.93%	December 2025	40,000			40,000
Total senior unsecured notes at stated value			100,000			100,000
Deferred financing costs, net			(540		)	(608		)
Total senior unsecured notes			$	99,460		$	99,392
Mortgage loans
Embassy Suites San Diego Bay - Downtown	6.28%	June 2016	—			63,116
Hotel Modera	5.26%	July 2016	—			22,833
Hotel Monaco Washington DC	4.36%	February 2017	—			42,895
Argonaut Hotel	4.25%	March 2017	—			42,823
Sofitel Philadelphia	3.90%	June 2017	44,320			45,668
Hotel Zelos San Francisco	5.94%	September 2017	25,718			26,098
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	72,852			75,040
Mortgage loans at stated value			142,890			318,473
Mortgage loan premiums and deferred financing costs (3)			108			847
Total mortgage loans			$	142,998		$	319,320
Total debt			$	996,251		$	1,105,595

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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 facilities 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 First Term Loan, a portion of the Second Term Loan and the Third Term Loan. At December 31, 2016 and December 31, 2015, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

⁽³⁾ As of December 31, 2016, loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos San Francisco.

Schedule of Maturities of Long-term Debt

Future scheduled debt principal payments for the Company's debt as of December 31, 2016 are as follows (in thousands):

2017	$	72,316
2018	2,366
2019	84,456
2020	365,752
2021	200,000
Thereafter	275,000
Total debt principal payments	999,890
Mortgage loan premiums and deferred financing costs	(3,639		)
Total debt	$	996,251