Debt (Tables)

9 Months Ended

Sep. 30, 2013

As of and for the three and nine months ended September 30, 2013, details of the Revolver and Term Loans are as follows (in thousands):



	Outstanding borrowings at		Interest rate at	Interest expense for the
	September 30, 2013		September 30, 2013 (1)	three months ended September 30, 2013		nine months ended September 30, 2013
Revolver (2)	$	—	n/a	$	268	$	885
2012 Five-Year Term Loan	275,000		1.88%	1,329		4,137
Seven-Year Term Loan (3)	225,000		4.04%	1,073		2,596
2013 Five-Year Term Loan (4)	350,000		3.25%	914		914
Total	$	850,000		$	3,584	$	8,532


1.	Interest rate at September 30, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


2.	Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively.


3.	Includes interest expense related to an interest rate hedge of $0.2 million for both the three and nine months ended September 30, 2013.


4.	Includes interest expense related to an interest rate hedge of $0.3 million for both the three and nine months ended September 30, 2013.

Schedule of mortgage loans

As of September 30, 2013 and December 31, 2012, the Company was subject to the following mortgage loans (in thousands):



						Principal balance at,
Lender	Number of assets encumbered	Interest rate at September 30, 2013 (1)		Maturity Date		September 30, 2013		December 31, 2012
Wells Fargo	1	4.60%	(2)	Oct 2014	(3)	$	68,500	$	68,500
Wells Fargo	1	3.78%	(2)	Oct 2014	(3)	17,500		17,500
Wells Fargo	1	3.78%	(2)	Oct 2014	(3)	21,000		21,000
Wells Fargo	1	3.78%	(2)	Oct 2014	(3)	11,000		11,000
Wells Fargo	1	3.78%	(2)	Oct 2014	(3)	24,000		24,000
Capmark Financial Group	1	6.12%		April 2015		4,102		4,202
Capmark Financial Group	1	5.55%		May 2015		11,013		11,298
Capmark Financial Group	1	5.55%		June 2015		4,777		4,901
Barclay's Bank	1	5.55%		June 2015		2,497		2,561
Barclay's Bank	1	5.55%		June 2015		4,098		4,203
Barclay's Bank	1	5.55%		June 2015		9,552		9,798
Barclay's Bank	1	5.55%		June 2015		8,526		8,745
Barclay's Bank	1	5.55%		June 2015		7,644		7,839
Barclay's Bank	1	5.60%		June 2015		5,301		5,434
Barclay's Bank	1	5.60%		June 2015		8,212		8,422
Barclay's Bank	1	5.55%		June 2015		5,006		5,134
Barclay's Bank	1	5.55%		June 2015		33,189		34,042
Barclay's Bank	1	5.60%		June 2015		6,305		6,466
Barclay's Bank	1	5.55%		June 2015		5,617		5,762
Barclay's Bank	1	5.55%		June 2015		6,455		6,621
Barclay's Bank	1	5.60%		June 2015		8,226		8,437
Barclay's Bank	1	5.55%		June 2015		6,450		6,614
Barclay's Bank	1	5.55%		June 2015		7,099		7,280
Barclay's Bank	1	5.55%		June 2015		6,455		6,621
Barclay's Bank	1	5.55%		June 2015		7,368		7,558
Barclay's Bank	1	5.55%		June 2015		9,247		9,484
Capmark Financial Group	1	5.50%		July 2015		6,506		6,673
Barclay's Bank	1	5.44%		Sept 2015		10,611		10,883
PNC Bank (4)	7	2.53%	(2)	May 2016	(5)	85,000		85,000
Wells Fargo (6)	2	4.19%	(2)	Sept 2016	(7)	82,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	33,000		—
Wells Fargo	1	4.19%	(2)	Sept 2016	(7)	35,000		—
Merrill Lynch				July 2016	(8)	—		9,180
Merrill Lynch				July 2016	(8)	—		7,684
Merrill Lynch				July 2016	(8)	—		9,194
Wachovia Securities				July 2016	(8)	—		487,296
Wachovia Securities				July 2016	(8)	—		6,582
Wells Fargo / Morgan Stanley				July 2016	(8)	—		34,823
Wells Fargo / Morgan Stanley				July 2016	(8)	—		6,753
Wells Fargo / Morgan Stanley				July 2016	(8)	—		9,616
Merrill Lynch				July 2016	(9)	—		5,531
VFC Partners 20 LLC				Sept 2016	(10)	—		5,014
	39					$	561,256	$	997,651


1.	Interest rate at September 30, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable.


2.	Requires payments of interest only until the commencement of the extension period(s).


3.	Maturity date may be extended for up to two additional one-year terms at the Company’s option.


4.	The seven hotels encumbered by the PNC Bank loan are cross-collateralized.


5.	Maturity date may be extended for one one-year term at the Company’s option.


6.	The two hotels encumbered by the Wells Fargo loan are cross-collateralized.


7.	Maturity date may be extended for four one-year terms at the Company’s option.


8.	The loans were paid off in August 2013 in conjunction with the amendment to the Company's Seven-Year Term Loan and entering into the 2013 Five-Year Term Loan.


9.	Loan was extinguished in August 2013 in conjunction with the foreclosure of the collateral.


10.	Loan was extinguished in May 2013 in conjunction with the transfer of title pursuant to a deed in lieu of foreclosure arrangement.