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Debt - REIT (Tables)
 12 Months Ended
Dec. 31, 2019
Entity Information [Line Items]  
Debt Transactions
During the years ended December 31, 2019 and 2018, the following debt transactions occurred (in thousands):
December 31, 2019December 31, 2018
Debt, net of deferred financing costs and debt discount(s) - beginning of year (1)
$2,395,507  $2,534,768  
Additions:
Proceeds from senior notes750,000  —  
Amortization and write-off of deferred financing costs and debt discount (2)
12,967  7,954  
Deductions:
Payments on term loan facilities(507,261) (147,215) 
Payments of deferred financing costs (2)
(18,577) —  
Debt, net of deferred financing costs and debt discount(s) - end of year (1)
$2,632,636  $2,395,507  
______________________
(1)Excludes mandatorily redeemable preferred stock and finance lease obligations.
(2)Excludes amortization and payments of deferred financing costs related to revolving credit facilities.
Company's Outstanding Debt, Unamortized Deferred Financing Costs and Debt Discount The Company’s outstanding debt, net of unamortized debt discount and unamortized deferred financing costs, as of December 31, 2019 and 2018, consists of the following (dollars in thousands):
Carrying Amount
Unamortized Deferred
Financing Costs
LoanStated
Amount		December 31, 2019December 31, 2018December 31, 2019December 31, 2018
Stated Interest
Rate
Maturity
Date
Term loan facility
ESH REIT Term Facility$630,909$627,368
(1)
$1,132,259
(1)
$9,030$10,546
LIBOR(2) + 2.00%
9/18/2026
(3)
Senior notes
2025 Notes1,300,000  1,292,986  
(4)
1,291,671  
(4)
15,055  17,877  5.25%  5/1/2025
2027 Notes750,000  750,000  —  13,633  —  4.63%  10/1/2027
Revolving credit facilities
ESH REIT Revolving Credit Facility350,000  —  —  2,606  
(5)
1,469  
(5)
LIBOR(2) + 2.00%
9/18/2024
Corporation Revolving Credit Facility50,000  —  —  556  
(5)
292  
(5)
LIBOR(2) + 2.25%
9/18/2024
Unsecured Intercompany Facility
Unsecured Intercompany Facility(6)
75,000  —  —  —  —  5.00%  9/18/2026
Total$2,670,354  $2,423,930  $40,880  $30,184  
______________________
(1)The ESH REIT Term Facility (defined below) is presented net of an unamortized debt discount of $2.0 million and $4.3 million as of December 31, 2019 and 2018, respectively.
(2)As of December 31, 2019 and 2018, one-month LIBOR was 1.76% and 2.50%, respectively. As of December 31, 2019 and 2018, $200.0 million and $300.0 million, respectively, of the ESH REIT Term Facility was subject to an interest rate swap at a fixed rate of 1.175%.
(3)Amortizes in equal quarterly installments of $1.6 million. In addition to scheduled amortization, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2020. Annual mandatory prepayments for the year ending December 31, 2020, and each year thereafter, are due during the first quarter of the following year.
(4)The 2025 Notes (defined below) are presented net of an unamortized discount of $7.0 million and $8.3 million as of December 31, 2019 and 2018, respectively.
(5)Unamortized deferred financing costs related to revolving credit facilities are included in other assets in the accompanying consolidated balance sheets.
(6)Any outstanding debt balances and interest expense, as applicable, owed from ESH REIT to the Corporation eliminate in consolidation.
Components of Interest Expense The components of net interest expense during the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):
Year Ended December 31, 2019Year Ended December 31, 2018Year Ended December 31, 2017
Contractual interest(1)
$117,067  $116,348  $118,510  
Amortization of deferred financing costs and debt discount8,059  8,005  8,097  
Debt extinguishment and other costs(2)
8,301  3,030  3,335  
Interest income(5,663) (2,513) (170) 
Total$127,764  $124,870  $129,772  
______________________
(1)Includes dividends on the shares of mandatorily redeemable Corporation preferred stock. Net of capitalized interest of $2.2 million, $0.5 million and $0, respectively.
(2)Includes interest expense on finance leases (See Note 14) and unused credit facility fees.
Future Maturities of Debt The future maturities of debt as of December 31, 2019, are as follows (in thousands):
Years Ending December 31,
2020$6,309  
(1)
20216,309  
(1)
20226,309  
(1)
20236,309  
(1)
20246,309  
(1)
Thereafter2,647,786  
(1)
Total$2,679,331  
______________________
(1)Under the ESH REIT Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2020. Annual mandatory prepayments for the year ending December 31, 2020, and each year thereafter, are due during the first quarter of the following year.
ESH Hospitality, Inc.  
Entity Information [Line Items]  
Debt Transactions
During the years ended December 31, 2019 and 2018, the following debt transactions occurred (in thousands):
December 31, 2019December 31, 2018
Debt, net of deferred financing costs and debt discount(s) - beginning of year (1)
$2,395,507  $2,534,768  
Additions:
Proceeds from senior notes750,000  —  
Amortization and write-off of deferred financing costs and debt discount (2)
12,967  7,954  
Deductions:
Payments on term loan facilities(507,261) (147,215) 
Payments of deferred financing costs (2)
(18,577) —  
Debt, net of deferred financing costs and debt discount(s) - end of year (1)
$2,632,636  $2,395,507  
______________________
(1)Excludes finance lease obligations.
(2)Excludes amortization and payments of deferred financing costs related to the revolving credit facility.
Company's Outstanding Debt, Unamortized Deferred Financing Costs and Debt Discount ESH REIT’s outstanding debt, net of unamortized debt discount and unamortized deferred financing costs, as of December 31, 2019 and 2018, consists of the following (dollars in thousands):
  Carrying Amount
Unamortized Deferred
Financing Costs
  
LoanStated
Amount		December 31, 2019December 31, 2018December 31, 2019December 31, 2018
Stated Interest
Rate
Maturity
Date
Term loan facility
ESH REIT Term Facility$630,909  $627,368  
(1)
$1,132,259  
(1)
$9,030  $10,546  
LIBOR(2) + 2.00%
9/18/2026
(3)
Senior notes
2025 Notes1,300,000  1,292,986  
(4)
1,291,671  
(4)
15,055  17,877  5.25%  5/1/2025
2027 Notes750,000  750,000  —  13,633  —  4.63%  10/1/2027
Revolving credit facility
ESH REIT Revolving Credit Facility350,000  —  —  2,606  
(5)
1,469  
(5)
LIBOR(2) + 2.00%
9/18/2024
Unsecured Intercompany Facility
Unsecured Intercompany Facility75,000  —  —  —  —  5.00%  9/18/2026
Total$2,670,354  $2,423,930  $40,324  $29,892  
______________________
(1)The ESH REIT Term Facility (defined below) is presented net of an unamortized debt discount of $2.0 million and $4.3 million as of December 31, 2019 and 2018, respectively.
(2)As of December 31, 2019 and 2018, one-month LIBOR was 1.76% and 2.50%, respectively. As of December 31, 2019 and 2018, $200.0 million and $300.0 million, respectively, of the ESH REIT Term Facility was subject to an interest rate swap at a fixed rate of 1.175%.
(3)Amortizes in equal quarterly installments of $1.6 million. In addition to scheduled amortization, subject to certain exceptions, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2020. Annual mandatory prepayments for the year ending December 31, 2020, and each year thereafter, are due during the first quarter of the following year.
(4)The 2025 Notes (defined below) are presented net of an unamortized discount of $7.0 million and $8.3 million as of December 31, 2019 and 2018, respectively.
(5)Unamortized deferred financing costs related to the revolving credit facility are included in other assets in the accompanying consolidated balance sheets.
Components of Interest Expense
Interest Expense, net—The components of net interest expense during the years ended December 31, 2019, 2018 and 2017, are as follows (in thousands):
Year Ended December 31,
2019		Year Ended December 31,
2018		Year Ended December 31,
2017
Contractual interest (1)
$116,497  $115,778  $119,819  
Amortization of deferred financing costs and debt discount7,947  7,895  7,988  
Debt extinguishment and other costs (2)
8,112  2,847  3,136  
Interest income(3,601) (1,775) (20) 
Total$128,955  $124,745  $130,923  
______________________
(1)Net of capitalized interest of $2.2 million, $0.5 million and $0, respectively.
(2)Includes interest expense on finance leases (See Note 13) and unused credit facility fees.
Future Maturities of Debt The future maturities of debt as of December 31, 2019, are as follows (in thousands):
Years Ending December 31,
2020$6,309  
(1)
20216,309  
(1)
20226,309  
(1)
20236,309  
(1)
20246,309  
(1)
Thereafter2,647,786  
(1)
Total$2,679,331  
______________________
(1)Under the ESH REIT Term Facility, annual mandatory prepayments of up to 50% of Excess Cash Flow, as defined, may be required commencing with the year ending December 31, 2020. Annual mandatory prepayments for the year ending December 31, 2020, and each year thereafter, are due during the first quarter of the following year.