NOTE 6 - DEBT

At March 31, 2015 and December 31, 2014, our debt is comprised of a senior unsecured credit facility and mortgage loans secured by various hotel properties. The weighted average interest rate, after giving effect to our interest rate derivatives, for all borrowings was 4.33% at March 31, 2015 and 4.35% at December 31, 2014. Our total fixed-rate and variable-rate debt, after giving effect to our interest rate derivatives, follows (in thousands):

	March 31, 2015		December 31, 2014
Fixed-rate debt	$	462,691	$	465,220
Variable-rate debt	166,082		161,313
	$	628,773	$	626,533

Information about the fair value of our fixed-rate debt that is not recorded at fair value follows (in thousands):

	March 31, 2015				December 31, 2014
	Carrying				Carrying
	Value		Fair Value		Value		Fair Value		Valuation Technique
Fixed-rate debt	$	360,434	$	344,058	$	362,602	$	349,517	Level 2 - Market approach

At March 31, 2015 and December 31, 2014, we had $102.3 million and $102.6 million, respectively, of debt with variable interest rates that had been converted to fixed interest rates through derivative financial instruments which are carried at fair value. Differences between carrying value and fair value of our fixed-rate debt are primarily due to changes in interest rates. Inherently, fixed-rate debt is subject to fluctuations in fair value as a result of changes in the current market rate of interest on the valuation date. For additional information on our use of derivatives as interest rate hedges, refer to “Note 10 - Derivative Financial Instruments and Hedging.”

Senior Unsecured Credit Facility

At March 31, 2015, we have a $300.0 million senior unsecured credit facility. Deutsche Bank AG New York Branch (“Deutsche Bank”) is the administrative agent and Deutsche Bank Securities Inc. is the sole lead arranger. The syndication of lenders includes Deutsche Bank; Bank of America, N.A.; Royal Bank of Canada; Key Bank; Regions Bank; Fifth Third Bank; Raymond James Bank, N.A.; and U.S. Bank National Association. Our existing and future subsidiaries that own or lease a hotel property that is included in the unencumbered borrowing base supporting the facility are required to guaranty this credit facility.

The senior unsecured credit facility is comprised of a $225.0 million revolving credit facility (the “$225 Million Revolver”) and a $75.0 million term loan (the “$75 Million Term Loan”). This credit facility has an accordion feature which will allow us to increase the commitments by an aggregate of $100.0 million on the $225 Million Revolver and the $75 Million Term Loan prior to October 10, 2017. The $225 Million Revolver will mature on October 10, 2017, which can be extended to October 10, 2018 at our option, subject to certain conditions. The $75 Million Term Loan will mature on October 10, 2018.

At March 31, 2015, the maximum amount of borrowing permitted under the senior unsecured credit facility was $300.0 million, of which, we had $205.0 million borrowed, $13.8 million in standby letters of credit, and $81.2 million available to borrow.

Term Loans

At March 31, 2015, we had $498.8 million in term loans outstanding (including the $75 Million Term Loan discussed above). These term loans are secured primarily by first mortgage liens on hotel properties.