Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt balances and associated interest rates as of March 31, 2020 were:

			Principal balance as of
	Interest Rate at March 31, 2020	Maturity Date	March 31, 2020			December 31, 2019
			(in millions)
SF CMBS Loan⁽¹⁾	4.11%	November 2023	$	725		$	725
HHV CMBS Loan⁽¹⁾	4.20%	November 2026		1,275			1,275
Mortgage loans	Average rate of 4.22%	2020 to 2026⁽²⁾		513			515
2016 Term Loan⁽³⁾	L + 1.55%	December 2021		700			700
2019 Term Facility	L + 1.50%	September 2024		670			670
Revolver	L + 1.60%	December 2021⁽²⁾		1,000			—
Finance lease obligations	3.07%	2021 to 2022		1			1
				4,884			3,886
Add: unamortized premium				3			3
Less: unamortized deferred financing costs and discount				(17	)		(18	)
			$	4,870		$	3,871

⁽¹⁾	In October 2016, we entered into a $725 million CMBS loan secured by the Hilton San Francisco Union Square and the Parc 55 Hotel San Francisco (“SF CMBS Loan”) and a $1.275 billion CMBS loan secured by the Hilton Hawaiian Village Waikiki Beach Resort (“HHV CMBS Loan”).

⁽²⁾	Assumes the exercise of all extensions that are exercisable solely at our option. The only 2020 debt maturity is the $12 million Doubletree Spokane JV mortgage loan which matures in October.

⁽³⁾	The 2016 Term Loan was entered into in December 2016, with a maturity date of December 2021.

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of March 31, 2020 were:

⁽¹⁾	^{Assumes the exercise of all extensions that are exercisable solely at our option.}