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Debt (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Schedule of Revolver and Term Loans
 As of December 31, 2014 and for the years ended December 31, 2014, 2013 and 2012, details of the credit facilities are as follows (in thousands):

 
 
 
 
 
 
 
Interest expense for the year ended December 31,
 
Outstanding borrowings at December 31, 2014
 
Maturity Date
 
Interest Rate at December 31, 2014 (1)
 
2014
 
2013
 
2012
Revolver (2)(3)
$
—

 
November 2016
 
n/a
 
$
1,177

 
$
1,222

 
$
158

2013 Five-Year Term Loan (4)
400,000

 
August 2018
 
3.07%
 
12,264

 
3,850

 
—

2012 Five-Year Term Loan (5)
400,000

 
March 2019
 
2.37%
 
6,902

 
5,453

 
662

2012 Seven-Year Term Loan (6)
225,000

 
November 2019
 
4.04%
 
9,217

 
5,049

 
359

2014 Seven-Year Term Loan (7)
—

 
January 2022
 
n/a
 
—

 
—

 
—

Prior Credit Facility (8)
—

 
 
 
n/a
 
—

 
—

 
2,345

Total
$
1,025,000

 
 
 
 
 
$
29,560

 
$
15,574

 
$
3,524

_______________________________________________________________________________
(1)
Interest rate at December 31, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2)
At December 31, 2014 there was $300.0 million of borrowing capacity on the Revolver.
(3)
Includes the unused facility fee of $1.0 million, $1.0 million and $0.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.
(4)
Includes interest expense related to an interest rate hedge of $5.1 million and $1.6 million for years ended December 31, 2014 and 2013, respectively.
(5)
Includes interest expense related to an interest rate hedge of $0.2 million for the year ended December 31, 2014.
(6)
Includes interest expense related to an interest rate hedge of $4.2 million and $1.3 million for years ended December 31, 2014 and 2013, respectively.
(7)
At December 31, 2014 there was $150.0 million of borrowing capacity on the 2014 Seven-Year Term Loan.
(8)
The Company entered into an unsecured revolving credit facility (the "Prior Credit Facility") on June 20, 2011. On November 20, 2012, the Prior Credit Facility was amended and restated in its entirety and replaced with the Revolver and 2012 Five-Year Term Loan. Includes the unused facility fee of $0.7 million for the year ended December 31, 2012.
Schedule of mortgage loans
As of December 31, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
Principal balance at,
Lender
 
Number of Assets Encumbered
 
Interest Rate at December 31, 2014 (1)
 

 
Maturity Date
 

 
December 31, 2014
 
 
 
December 31, 2013
Capmark Financial Group
 
1
 
5.55%
 

 
May 2015
 
(2)
 
$
10,513

 
 
 
$
10,916

Capmark Financial Group
 
1
 
5.55%
 

 
June 2015
 
(2)
 
4,561

 
 
 
4,736

Barclay's Bank
 
12
 
5.55%
 

 
June 2015
 
(2)
 
107,544

 
 
 
111,632

Barclay's Bank
 
4
 
5.60%
 

 
June 2015
 
(2)
 
26,775

 
 
 
27,804

Capmark Financial Group
 
1
 
5.50%
 

 
July 2015
 
(2)
 
6,214

 
 
 
6,450

Barclay's Bank
 
1
 
5.44%
 

 
Sept 2015
 
(2)
 
10,140

 
 
 
10,521

PNC Bank (3)
 
5
 
2.51%
 
(4)
 
May 2016
 
(5)
 
74,000

 
 
 
85,000

Wells Fargo (6)
 
4
 
4.19%
 
(4)
 
Sept 2016
 
(7)
 
150,000

 
 
 
150,000

Wells Fargo
 
4
 
4.06%
 
(4)
 
October 2017
 
(7)
 
143,000

 
 
 
—

Wells Fargo
 
 
 
 
 
 
 
October 2014
 

 
—

 
 
 
142,000

Capmark Financial Group
 
 
 
 
 
 
 
April 2015
 

 
—

 
 
 
4,068

Barclay's Bank
 
 
 
 
 
 
 
June 2015
 

 
—

 
 
 
2,475

Barclay's Bank
 
 
 
 
 
 
 
June 2015
 

 
—

 
 
 
4,063


 
33
 

 

 

 

 
$
532,747

 
 
 
$
559,665

_______________________________________________________________________________
(1)
Interest rate at December 31, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2)
The Company is currently evaluating its options for repayment of these mortgage loans.
(3)
The five hotels encumbered by the PNC Bank loan are cross-collateralized.
(4)
Requires payments of interest only until the commencement of the extension period(s).
(5)
Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.
(6)
Two of the four hotels encumbered by the Wells Fargo loans are cross-collateralized.
(7)
Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
Schedule of maturities
As of December 31, 2014, future minimum principal payments on debt were as follows (in thousands):

2015
$
165,747

2016
224,000

2017
143,000

2018
400,000

2019
625,000

Thereafter
—

 
$
1,557,747