Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt consisted of the following (in thousands):



Loan/Collateral	Interest Rate		Maturity Date	12/31/15 Property Carrying Value		Balance Outstanding as of
Loan/Collateral	Interest Rate		Maturity Date	12/31/15 Property Carrying Value		December 31, 2015		December 31, 2014
Senior Unsecured Revolving Credit Facility (1)	1.93	%	November 25, 2019	$	—	$	65,580	$	22,500
SpringHill Suites by Marriott Washington, PA (7)	5.84	%	April 1, 2015	11,209		—		4,760
Courtyard by Marriott Altoona, PA (9)	5.96	%	April 1, 2016	10,138		5,954		6,172
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	20,847		14,496		14,832
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	45,678		29,555		30,062
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	33,781		16,880		17,174
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	31,824		23,124		23,534
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	31,231		19,123		19,475
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	36,940		23,268		23,657
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	70,981		46,907		47,580
Residence Inn by Marriott Garden Grove, CA (2)	4.79	%	April 6, 2024	41,957		34,000		34,000
Residence Inn by Marriott Silicon Valley I, CA (3)	4.64	%	July 1, 2024	86,416		64,800		64,800
Residence Inn by Marriott Silicon Valley II, CA (3)	4.64	%	July 1, 2024	94,492		70,700		70,700
Residence Inn by Marriott San Mateo, CA (3)	4.64	%	July 1, 2024	68,315		48,600		48,600
Residence Inn by Marriott Mountain View, CA (3)	4.64	%	July 1, 2024	54,790		37,900		37,900
SpringHill Suites by Marriott Savannah, GA (4)	4.62	%	July 6, 2024	38,213		30,000		30,000
Hilton Garden Inn Marina del Rey, CA (8)	4.68	%	July 6, 2024	44,155		22,510		—
Homewood Suites by Hilton Billerica, MA (5)	4.32	%	December 6, 2024	11,547		16,225		16,225
Homewood Suite by Hilton Carlsbad, CA (5)	4.32	%	December 6, 2024	28,397		19,950		19,950
Hampton Inn & Suites Houston Medical Cntr., TX (6)	4.25	%	January 6, 2025	15,299		18,300		18,300
Total				$	776,210	$	607,872	$	550,221


(1)	The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%.


(2)	On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $184 in costs for the early extinguishment of debt related to the old loan.


(3)	On June 9, 2014, the Company obtained 4 new mortgage loans secured by first mortgages on the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have 10-year terms and 30-year amortization payment schedules but are interest only for the first 60 months.


(4)	On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Springhill Suites Savannah hotel. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months.


(5)	On November 25, 2014, the Company obtained 2 new mortgage loans secured by first mortgages on each of the Homewood Suites by Hilton Billerica and Homewood Suites by Hilton Carlsbad hotels. The loans have 10-year terms and 30-year amortization payment schedules but are interest only for the first 36 months.


(6)	On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Hampton Inn and Suites by Hilton Houston Medical Center hotel. The loan has a 10-year term, a 30-year amortization payment schedule but is interest only for the first 36 months.


(7)	On March 31, 2015, the Company paid off the loan secured by the SpringHill Suites by Marriott Washington, PA hotel, due April 1, 2015.


(8)	On September 17, 2015, the Company assumed the mortgage loan secured by a first mortgage on the Hilton Garden Inn Marina del Rey hotel. The loan has a 10-year term, a 30-year amortization payment schedule.


(9)	On January 4, 2016, the Company paid off the loan secured by the Courtyard by Marriott Altoona, PA hotel, due April 1, 2016.

Summary of Amendment to Senior Secured Revolving Credit Facility

Other key terms are as follows:



Borrowing Capacity:		Up to $250,000
Accordion feature:		Increase borrowing capacity by up to additional $150,000
Interest rate:		Floating rate based on LIBOR plus 155-230 basis points, based on leverage ratio
Unused fee:		20 basis points if less than 50% unused, 30 basis points if more than 50% unused
Maximum leverage ratio:		60%
Minimum fixed charge coverage ratio:		1.5x

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of December 31, 2015, for each of the next five calendar years and thereafter are as follows (in thousands):



	Amount
2016	$	9,868
2017	4,302
2018	5,374
2019	7,340
2020	75,479
Thereafter	505,509
Total	$	607,872