Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Event [Line Items]

Subsequent Events [Text Block]

Subsequent Events

On April 27, 2017, CGPH entered into an Incremental Assumption Agreement and Amendment No. 1 to its First Lien Credit Agreement dated May 8, 2014 (the “Loan Amendment”) that, among other things, (a) provides for an increase in CGPH’s existing Senior Secured Term Loan of $175 million to approximately $1.3 billion (the "Term Facility") and (b) reduced the interest rate margins applicable to the Term Facility and CGPH's existing $150 million revolving credit facility. The Loan Amendment provides that the proceeds of the $175 million increase of the Term Facility will be held in escrow until the receipt of all required regulatory approvals, at which time the proceeds will be released to repay the property specific term loan encumbering The Cromwell, but not prior to May 3, 2017. At such time, The Cromwell will become part of the CGPH restricted group (which is subject to certain restrictions or limitations placed on CGPH and its restricted subsidiaries) and its assets will be pledged as collateral for both the CGPH Senior Secured Term Loan and the CGPH Notes. If such approvals are not obtained by July 26, 2017, such $175 million of proceeds will be repaid and The Cromwell's property specific term loan will remain outstanding. See Note 9 for additional information on CGPH’s outstanding debt.