Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt balances and associated interest rates as of September 30, 2020 were:

			Principal balance as of
	Interest Rate at September 30, 2020	Maturity Date	September 30, 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 4.17%	2020 to 2026⁽²⁾⁽³⁾		510			515
2016 Term Loan⁽⁴⁾	N/A	December 2021		—			700
2019 Term Facility⁽⁵⁾	L + 2.65%	September 2024		670			670
Revolver⁽⁵⁾	L + 3.00%	2021 to 2023⁽⁶⁾		601			—
2025 Senior Secured Notes	7.50%	June 2025		650			—
2028 Senior Secured Notes	5.88%	October 2028		725			—
Finance lease obligations	3.07%	2021 to 2022		1			1
				5,157			3,886
Add: unamortized premium				4			3
Less: unamortized deferred financing costs and discount				(40	)		(18	)
			$	5,121		$	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 mortgage loan for Hilton Denver City Center matures in 2042 but is callable by the lender beginning August 2022.

⁽³⁾

We are actively negotiating a one-year maturity date extension for the $12 million loan secured by the Doubletree Spokane to October 2021. The loan was not paid in full at its originally scheduled maturity date in October 2020 due to current market conditions. Failure to pay off the loan constitutes an event of default; however, we have not received, nor do we expect to receive, notice of the lenders’ intent to foreclose.

⁽⁴⁾	^{In September 2020, the 2016 Term Loan was fully repaid.}

⁽⁵⁾	^{In May 2020, we amended our credit and term loan facilities which added a LIBOR floor of 25 basis points.}

⁽⁶⁾

^{In September 2020, we increased our aggregate commitments under the Revolver by $75 million to $1.075 billion and extended the maturity date with respect to $901 million of the aggregate commitments for two years to December 2023, including all $75 million of the increased Revolver commitments. The maturity date for the remaining $174 million of commitments under the Revolver is December 2021.}

Debt Maturities, Assuming the Exercise of all Extensions that are Exercisable Solely at our Option

The contractual maturities of our debt, assuming the exercise of all extensions that are exercisable solely at our option, as of September 30, 2020 were:

Year	(in millions)
2020	$	14
2021		105
2022		98
2023		1,331
2024		676
Thereafter⁽¹⁾		2,933
	$	5,157

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