Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consisted of the following (in thousands):

	March 31, 2018		December 31, 2017
Senior Notes	$	508,866	$	1,062,716
Revolver and Term Loans, net	1,467,895		1,170,954
Mortgage loans, net	644,976		646,818
Debt, net	$	2,621,737	$	2,880,488

Schedule of Revolver and Term Loans

The Company's unsecured credit agreements consisted of the following (in thousands):

			Outstanding Borrowings at
	Interest Rate at March 31, 2018 (1)	Maturity Date	March 31, 2018			December 31, 2017
Revolver (2)	3.38%	April 2020	$	300,000		$	—
$400 Million Term Loan Maturing 2021	3.03%	April 2021	400,000			400,000
$150 Million Term Loan Maturing 2022	3.43%	January 2022	150,000			150,000
$400 Million Term Loan Maturing 2023	3.14%	January 2023	400,000			400,000
$225 Million Term Loan Maturing 2023	3.44%	January 2023	225,000			225,000
			1,475,000			1,175,000
Deferred financing costs, net (3)			(7,105		)	(4,046		)
Total Revolver and Term Loans, net			$	1,467,895		$	1,170,954

(1) Interest rate at March 31, 2018 gives effect to interest rate hedges.

(2) At March 31, 2018 and December 31, 2017, there was $300.0 million and $600.0 million, respectively, of borrowing capacity on the Revolver. The Company has the ability to further increase the borrowing capacity to $750.0 million, subject to certain lender requirements.

(3) Excludes $2.3 million and $2.6 million as of March 31, 2018 and December 31, 2017, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Schedule of mortgage loans

The Company's mortgage loans consisted of the following (in thousands):

					Principal balance at
Lender	Number of Assets Encumbered	Interest Rate at March 31, 2018 (1)	Maturity Date		March 31, 2018			December 31, 2017
Wells Fargo (2)	4	4.06%	October 2018	(4)	150,000			150,000
Wells Fargo (5)	4	4.04%	March 2019	(3)	$	142,500		$	143,250
PNC Bank (2) (6)	5	3.98%	March 2021	(7)	85,000			85,000
Wells Fargo (8)	1	5.25%	June 2022		32,675			32,882
PNC Bank/Wells Fargo (9)	4	4.95%	October 2022		120,131			120,893
Prudential (10)	1	4.94%	October 2022		30,132			30,323
Scotiabank (2) (11)	1	LIBOR + 3.00%	November 2018		85,294			85,404
	20				645,732			647,752
Deferred financing costs, net					(756		)	(934		)
Total mortgage loans, net					$	644,976		$	646,818

(1) Interest rate at March 31, 2018 gives effect to interest rate hedges.

(2) Requires payments of interest only through maturity.

(3) In March 2018, the Company extended the maturity date for a one-year term. The maturity date may be extended for three additional one-year terms at the Company’s option, subject to certain lender requirements.

(4) The maturity date may be extended for threeone-year terms at the Company's option, subject to certain lender requirements.

(5) Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.

(6) The five hotels encumbered by the PNC Bank loan are cross-collateralized.

(7) The maturity date may be extended for twoone-year terms at the Company’s option, subject to certain lender requirements.

(8) Includes $0.8 million and $0.8 million at March 31, 2018 and December 31, 2017, respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.

(9) Includes $2.9 million and $3.0 million at March 31, 2018 and December 31, 2017, respectively, related to fair value adjustments on the mortgage loans that were assumed in the Mergers.

(10) Includes $0.7 million and $0.7 million at March 31, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

(11) Includes $0.3 million and $0.4 million at March 31, 2018 and December 31, 2017, respectively, related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.

Schedule of Interest Expense Components

The components of the Company's interest expense consisted of the following (in thousands):

	For the three months ended March 31,
	2018		2017
Senior Notes	$	10,587	$	—
Revolver and Term Loans	10,578		9,517
Mortgage loans	6,607		3,968
Amortization of deferred financing costs	929		843
Total interest expense	$	28,701	$	14,328

Schedule of Senior Notes [Table Text Block]

The Company's senior secured notes and the senior unsecured notes are collectively the "Senior Notes". The Company's Senior Notes consisted of the following (in thousands):

				Outstanding Borrowings at
	Number of Assets Encumbered	Interest Rate	Maturity Date	March 31, 2018		December 31, 2017
Senior secured notes (1) (2) (3)	9	5.63%	March 2023	$	—	$	552,669
Senior unsecured notes (1) (2) (4)	—	6.00%	June 2025	508,866		510,047
Total Senior Notes				$	508,866	$	1,062,716

(1) Requires payments of interest only through maturity.

(2) The senior secured notes include $28.7 million at December 31, 2017, and the senior unsecured notes include $33.9 million and $35.1 million at March 31, 2018 and December 31, 2017, respectively, related to fair value adjustments on the Senior Notes that were assumed in the Mergers.

(3) On March 9, 2018 (the "Redemption Date"), the Company completed the early redemption of the senior secured notes in full for an aggregate amount of approximately $539.0 million, which included the redemption price of 102.813% for the outstanding principal amount. The Company recognized a gain of approximately $7.7 million on the early redemption, which is included in gain on extinguishment of indebtedness in the accompanying consolidated statements of operations and comprehensive income. The gain on extinguishment of indebtedness excludes $5.1 million related to two hotel properties that were sold during the three months ended March 31, 2018 that is included in loss on sale of hotel properties in the accompanying consolidated statement of operations and comprehensive income.

(4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0%.