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Subsequent Events
6 Months Ended
Jun. 30, 2014
Subsequent Events [Abstract]  
Subsequent Events

 

Subsequent Events

 

On July 15, 2014 the Company sold a Savannah Suites in Jonesboro, Georgia (172 rooms) for gross proceeds of $1.4 million. Proceeds and additional funds were used to pay down the associated debt with GE.

 

On August 1, 2014, our credit facilities with Great Western Bank were amended to, among other things, extend the maturity date of the revolving credit facility from August 30, 2014 to June 30, 2015, reduce the interest rate on the revolving credit facility from 4.95% to 4.50% and provide for the application of net proceeds of certain hotels to the loans under the credit facilities.