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Senior Secured Revolving Credit Facility and Mortgage Loans Secured by Various Hotel Properties (Detail) (USD $)
In Thousands, unless otherwise specified
1 Months Ended 12 Months Ended
Dec. 31, 2012
Property
Dec. 31, 2012
Property
Dec. 31, 2011
Debt Instrument [Line Items]      
Number of Properties Encumbered 68 68  
Senior secured revolving credit facility and mortgage loans $ 312,613 $ 312,613 $ 217,104
Mortgages
     
Debt Instrument [Line Items]      
Number of Properties Encumbered 42 42  
Senior secured revolving credit facility and mortgage loans 254,613 254,613 205,678
Deutsche Bank | Variable Rate Senior Secured Revolving Credit Facility
     
Debt Instrument [Line Items]      
Interest Rate, Variable   3.00% [1],[2]  
Amortization Period   0 years  
Maturity date   May 16, 2015  
Number of Properties Encumbered 26 26  
Senior secured revolving credit facility and mortgage loans 58,000 58,000 11,426
Ing Life Insurance and Annuity | Fixed Rate Mortgages Six Point One Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.10% [1],[3] 6.10% [1],[3]  
Amortization Period   20 years  
Maturity date   Mar. 01, 2032  
Number of Properties Encumbered 16 16  
Senior secured revolving credit facility and mortgage loans 66,174 66,174  
Ing Life Insurance and Annuity | Mortgage Loans One
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     27,646
Ing Life Insurance and Annuity | Mortgage Loans Two
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     28,158
Ing Life Insurance and Annuity | Mortgage Loans Three
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     6,047
Ing Life Insurance and Annuity | Mortgage Loans Four
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     7,655
Empire Financial Services, Inc | Fixed Rate Mortgages Six Point Zero Zero Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.00% [1],[4] 6.00% [1],[4]  
Amortization Period   25 years  
Maturity date   Feb. 01, 2017  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 18,699 18,699  
Bank of America Commercial Mortgage | Fixed Rate Mortgages Six Point Four One Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.41% [1],[5] 6.41% [1],[5]  
Amortization Period   25 years  
Maturity date   Sep. 01, 2017  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 8,593 8,593  
Marshall and Isley Bank | Fixed Rate Mortgages Six Point Three Eight Four Percent
     
Debt Instrument [Line Items]      
Amortization Period   30 years  
Maturity date   Aug. 01, 2016  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 5,341 5,341  
Ge Capital Financing, Inc | Fixed Rate Mortgages Six Point Zero Three Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.03% [1],[6] 6.03% [1],[6]  
Amortization Period   25 years  
Maturity date   May 17, 2017  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 14,851 14,851  
National Western Life | Mortgage Loans One
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     13,197
Chambers Bank | Fixed Rate Mortgages Six Point Five Zero Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.50% [1],[7] 6.50% [1],[7]  
Amortization Period   20 years  
Maturity date   Jun. 24, 2014  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 1,417 1,417 1,507
Bank of the Ozarks | Fixed Rate Mortgages Five Point Seven Five Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.75% [1],[8] 5.75% [1],[8]  
Amortization Period   25 years  
Maturity date   Jul. 10, 2017  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 8,778 8,778 6,334
MetaBank | Fixed Rate Mortgages Four Point Nine Five Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 4.95% [1],[9] 4.95% [1],[9]  
Amortization Period   17 years  
Maturity date   Feb. 01, 2017  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 6,786 6,786 7,058
Bank of Cascades | Fixed Rate Mortgages Four Point Six Six Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 4.66% [1],[10] 4.66% [1],[10]  
Amortization Period   25 years  
Maturity date Sep. 30, 2016 Sep. 30, 2021  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 12,283 12,283 12,557
Goldman Sachs Group Inc | Fixed Rate Mortgages Five Point Six Seven Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.67% [1] 5.67% [1]  
Amortization Period   25 years  
Maturity date   Jul. 06, 2016  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 14,376 14,376 14,644
Bnc National Bank | Mortgage Loans One
     
Debt Instrument [Line Items]      
Senior secured revolving credit facility and mortgage loans     5,700
Bnc National Bank | Fixed Rate Mortgages Five Point Zero One Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.01% [1] 5.01% [1]  
Amortization Period   20 years  
Maturity date   Nov. 01, 2013  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 5,308 5,308 5,519
Compass Bank | Fixed Rate Mortgages Four Point Five Seven Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 4.57% [1],[11] 4.57% [1],[11]  
Amortization Period   20 years  
Maturity date   May 17, 2018  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 14,144 14,144 16,083
General Electric Capital Corporation
     
Debt Instrument [Line Items]      
Amortization Period   25 years  
Maturity date   Apr. 01, 2017  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 6,419 6,419  
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Four Six Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.46% [1],[12] 5.46% [1],[12]  
Amortization Period   25 years  
Maturity date   Apr. 01, 2017  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 5,481 5,481  
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Three Seven Percent Due April First Twenty Eighteen
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.37% [1],[13] 5.37% [1],[13]  
Amortization Period   20 years  
Maturity date   Apr. 01, 2018  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 7,998 7,998 8,315
General Electric Capital Corporation | Fixed Rate Mortgages Five Point Five Nine Percent Due March First Twenty Nineteen
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 5.59% [1],[13] 5.59% [1],[13]  
Amortization Period   25 years  
Maturity date   Mar. 01, 2019  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 10,434 10,434 10,709
General Electric Capital Corporation | Fixed Rate Mortgages Four Point Six One Percent Due April First Twenty Fourteen
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 4.61% [1],[13] 4.61% [1],[13]  
Amortization Period   25 years  
Maturity date   Apr. 01, 2014  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans 10,568 10,568 10,860
American International Group, Inc | Fixed Rate Mortgages Five Point Two Five Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.11% [1],[14] 6.11% [1],[14]  
Amortization Period   20 years  
Maturity date   Jan. 01, 2016  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 14,059 14,059  
First National Bank of Omaha
     
Debt Instrument [Line Items]      
Interest Rate, Variable   5.25%  
First National Bank of Omaha | Variable Rate Mortgages and Notes Payable Five Point Two Five Percent Due February First Twenty Fourteen
     
Debt Instrument [Line Items]      
Interest Rate, Variable   5.25% [1],[15]  
Amortization Period   20 years  
Maturity date   Feb. 01, 2014  
Number of Properties Encumbered 1 1  
Senior secured revolving credit facility and mortgage loans 8,241 8,241 8,552
First National Bank of Omaha | Variable Rate Mortgages and Notes Payable Five Point Two Five Percent Due July First Twenty Thirteen
     
Debt Instrument [Line Items]      
Interest Rate, Variable   5.25% [1],[15]  
Amortization Period   20 years  
Maturity date   Jul. 01, 2013  
Number of Properties Encumbered 2 2  
Senior secured revolving credit facility and mortgage loans $ 14,663 $ 14,663 $ 15,137
Merrill Lynch Mortgage Lending, Inc | Fixed Rate Mortgages Six Point Three Eight Four Percent
     
Debt Instrument [Line Items]      
Interest Rate, Fixed 6.384% [1],[16] 6.384% [1],[16]  
[1] Interest rates at December 31, 2012 give effect to our use of interest rate swaps, where applicable.
[2] This is a $150.0 million facility with Deutsche Bank AG New York Branch as the administrative agent and Deutsche Bank Securities as the lead manager. The syndicate of lenders includes Deutsche Bank, Royal Bank of Canada, KeyBank National Association, Regions Bank, U.S. Bank National Association, and Citibank, N.A. We pay interest on advances at varying rates, based upon, at our option, either (i) 1, 2, 3, or 6-month LIBOR, subject to a floor of 0.50%, plus a LIBOR margin between 2.25% and 2.75%, depending upon the ratio of our outstanding consolidated indebtedness to EBITDA (as defined in the loan documents), or (ii) the applicable base rate, which is the greatest of the administrative agent's prime rate, 0.50% plus the federal funds effective rate, or 1-month LIBOR (incorporating the floor of 0.50%) plus 1.00%, plus a margin between 1.25% and 1.75%, depending upon the ratio of outstanding consolidated indebtedness to EBITDA. Availability under the facility is subject to a borrowing base of properties pledged as collateral and other conditions. At December 31, 2012, the borrowing base was $112.1 million, of which we had $58.0 million borrowed, $1.3 million in standby letters of credit, and $52.8 million available to borrow.
[3] On February 13, 2012, we consolidated and refinanced our four loans with ING Life Insurance and Annuity ("ING") into a single term loan. ING has the right to call the loan in full at March 1, 2019, 2024 and 2029. If the loan is prepaid prior to maturity, other than if called, there is a prepayment penalty equal to the greater of i) 1% of the principal being prepaid or ii) the yield maintenance premium.
[4] On January 12, 2012, we entered into a term loan to modify the loan assumed in our acquisition of the Courtyard by Marriott in Atlanta, GA.
[5] On May 16, 2012, we assumed a term loan in our acquisition of the Hilton Garden Inn in Smyrna, TN. This loan is subject to defeasance if prepaid.
[6] On April 4, 2012, we refinanced two National Western Life Insurance loans with GE Capital Financial Inc. The new loans have prepayment penalties of 1% plus defeasance and are cross-defaulted and cross-collateralized.
[7] On June 24, 2012, we refinanced and extended the maturity of this loan. We also replaced a guaranty from an affiliate of our Predecessor with a guaranty from Summit Hotel Properties, Inc. limited to non-recourse carve-outs.
[8] On June 29, 2012, we refinanced and extended the maturity of this loan. In addition, we borrowed an additional $2.5 million representing the amount available pursuant to the earn-out provision of the loan. The interest rate is fixed for three years, with the rate variable at 90-day LIBOR plus 3.75% with a floor of 5.5% thereafter.
[9] On February 14, 2012, we refinanced and extended the maturity of this loan. The new loan has a prepayment penalty in the first two years of 3%, in year three of 2%, and in years four and five of 1%.
[10] The fixed rate of 4.66% resets on September 30, 2016 to the then-current Federal Home Loan Bank of Seattle Intermediate/Long-Term, Advances Five-year Fixed Rate plus 3.00%.
[11] This loan has a variable interest rate of 30-day LIBOR plus 350 basis points (3.71% at December 31, 2012). On October 11, 2012, we entered into an interest rate derivative that effectively converted 85% of this loan to a fixed rate.
[12] On March 2, 2012, we entered into two term loans for the purchase of two Hilton Garden Inns in Birmingham, AL. The interest rate on these new term loans is fixed for the first three years and then each loan will convert to a variable rate of 90-day LIBOR plus 5.28%. The loans may not be prepaid in the first year and have prepayment penalties in the second year of 2% and in the third year of 1%. These loans are cross-defaulted and cross-collateralized.
[13] These loans have a variable interest rate of 90-day LIBOR plus 350 basis points. On May 4, 2012, we entered into interest rate derivatives that effectively converted these loans to a fixed rate. These loans are cross-defaulted and cross-collateralized.
[14] On December 20, 2012, we assumed a term loan in our acquisition of the Residence Inn by Marriott in Salt Lake City, UT. This loan has a prepayment penalty of the greater of 1% or the yield maintenance premium
[15] These loans have a variable interest rate of 90 day LIBOR plus 4.0% and a floor of 5.25% and are cross-defaulted and cross-collateralized.
[16] On June 21, 2012, we assumed a term loan in our acquisition of the Hampton Inn & Suites in Smyrna, TN. This loan is subject to defeasance if prepaid.