XML 56 R46.htm IDEA: XBRL DOCUMENT v3.20.2
Long-Term Debt (Summary of Long Term Debt) (Details)
3 Months Ended 6 Months Ended
May 13, 2020
USD ($)
Apr. 11, 2020
loan
Mar. 30, 2020
USD ($)
item
Mar. 29, 2020
USD ($)
Jun. 30, 2020
USD ($)
property
loan
item
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]            
Total fixed rate debt         $ 24,960,000 $ 22,900,000
Total variable rate debt         155,408,000 112,457,000
Total long-term debt         180,368,000 135,357,000
Less: Deferred financing costs         (1,291,000) (1,356,000)
Total long-term debt, net of deferred financing costs         $ 179,077,000 134,001,000
Number of hotels | property         15  
Encumbered Wholly Owned Properties [Member]            
Debt Instrument [Line Items]            
Number of hotels | property         15  
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 [Member]            
Debt Instrument [Line Items]            
Total fixed rate debt         $ 8,547,000 8,639,000
Fixed rate, interest rate         4.54%  
Maturity         Aug. 31, 2024  
Amortization provision         25 years  
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 [Member] | Encumbered Wholly Owned Properties [Member]            
Debt Instrument [Line Items]            
Number of hotels | property         1  
Great Western Bank [Member]            
Debt Instrument [Line Items]            
Total fixed rate debt         $ 13,199,000 13,290,000
Fixed rate, interest rate         4.33%  
Maturity         Dec. 31, 2021  
Amortization provision         25 years  
Great Western Bank [Member] | Encumbered Wholly Owned Properties [Member]            
Debt Instrument [Line Items]            
Number of hotels | property         1  
Great Western Bank [Member]            
Debt Instrument [Line Items]            
Total fixed rate debt         $ 915,000 971,000
Fixed rate, interest rate         4.33%  
Maturity         Dec. 31, 2021  
Amortization provision         7 years  
Extension period         2 years  
Paycheck Protection Program [Member]            
Debt Instrument [Line Items]            
Total fixed rate debt         $ 2,299,000
Fixed rate, interest rate         1.00%  
Maturity         May 01, 2022  
Monthly payment         $ 121,000  
Number of Loans | loan   3     3  
Wells Fargo [Member]            
Debt Instrument [Line Items]            
Total variable rate debt         $ 25,463,000 25,612,000
Fixed rate, interest rate         4.44%  
Variable rate, interest rate         2.56%  
Maturity         Nov. 30, 2022  
Amortization provision         30 years  
Number of loan extensions | item         2  
Extension period         1 year  
Wells Fargo [Member] | Encumbered Wholly Owned Properties [Member]            
Debt Instrument [Line Items]            
Number of hotels | property         3  
Wells Fargo [Member] | LIBOR [Member]            
Debt Instrument [Line Items]            
Basis spread         2.39%  
Reference rate         30-day LIBOR  
KeyBank Credit Facility [Member]            
Debt Instrument [Line Items]            
Total variable rate debt         $ 129,945,000 86,845,000
Variable rate, interest rate         3.75%  
Maturity     Apr. 01, 2021   Apr. 30, 2021  
Line of credit facility, maximum borrowing capacity $ 136,080,000   $ 102,000,000 $ 150,000,000    
Line of credit facility, accordion feature       $ 400,000,000    
Commitment fee       0.20%    
Increase in interest rate spreads     0.25%      
Increase in interest rate intervals     6 months      
Number of loan extensions | item     2      
KeyBank Credit Facility [Member] | Extension 1 [Member]            
Debt Instrument [Line Items]            
Extension period     6 months      
KeyBank Credit Facility [Member] | Extension 2 [Member]            
Debt Instrument [Line Items]            
Extension period     5 months      
KeyBank Credit Facility [Member] | Encumbered Wholly Owned Properties [Member]            
Debt Instrument [Line Items]            
Number of hotels | property         10  
KeyBank Credit Facility [Member] | LIBOR [Member]            
Debt Instrument [Line Items]            
Basis spread 0.50%   3.25%      
Floor rate 0.50%   0.25%      
KeyBank Credit Facility [Member] | LIBOR [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Basis spread       2.25%    
KeyBank Credit Facility [Member] | LIBOR [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Basis spread       3.00%    
KeyBank Credit Facility [Member] | Base Rate [Member]            
Debt Instrument [Line Items]            
Basis spread     2.25%      
KeyBank Credit Facility [Member] | Base Rate [Member] | Minimum [Member]            
Debt Instrument [Line Items]            
Basis spread       1.25%    
KeyBank Credit Facility [Member] | Base Rate [Member] | Maximum [Member]            
Debt Instrument [Line Items]            
Basis spread       2.00%    
Interest Rate Cap [Member] | KeyBank Credit Facility [Member]            
Debt Instrument [Line Items]            
Notional amount         $ 30,000,000 $ 30,000,000
Interest Rate Cap [Member] | KeyBank Credit Facility [Member] | LIBOR [Member]            
Debt Instrument [Line Items]            
Basis spread         3.35%  
Reference rate         30-day LIBOR