Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2017

Long-Term Debt [Abstract]

Summary Of Long Term Debt

Lender	Balance at December 31, 2017		Interest rate at December 31, 2017	Maturity	Amortization provision	Properties encumbered at December 31, 2017	Balance at December 31, 2016
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,987	4.54%	08/2024	25 years	1	$	-
Great Western Bank (1)		13,950	4.33%	12/2021 (13)	25 years	1		14,326
Great Western Bank (1)		1,380	4.33%	12/2021 (13)	7 years	-		1,599
Western Alliance Bank		-	(2)	02/2017	15 years	-		4,806
Western Alliance Bank		-	(3)	02/2018	15 years	-		2,803
Cantor Commercial Real Estate Lending		-	(4)	11/2017	30 years	-		5,713
Morgan Stanley Mortgage Capital Holdings, LLC		-	(5)	12/2017	25 years	-		912
Total fixed rate debt		24,317						30,159
Variable rate debt
Wells Fargo		26,465	4.44% (6)	11/2022 (14)	30 years	3		-
KeyBank credit facility (7)		73,303	4.55% (8)	03/2020 (15)	Interest only	12		-
Western Alliance Bank		-	(9)	11/2020	25 years	-		4,882
Western Alliance Bank		-	(9)	11/2020	25 years	-		9,863
The Huntington National Bank		-	(10)	11/2020	25 years	-		7,361
LMREC 2015 - CREI, Inc. (Latitude)		-	(11)	05/2018	$12 monthly (12)	-		11,124
Total variable rate debt		99,768				17		33,230
Total long-term debt	$	124,085					$	63,389
Less: Deferred financing costs		(3,504)						(669)
Total long-term debt, net of deferred financing costs		120,581						62,720
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $174 and $168		(4,976)						(14,802)
Long-term debt related to hotel properties held for use, net of deferred financing costs of $3,330 and $501	$	115,605					$	47,918

(1) Both loans are collateralized by Aloft Leawood

(2) Fixed rate of 7.17% prior to extinguishment with origination of credit facility on March 1, 2017

(3) Fixed rate of 4.75% prior to extinguishment with origination of credit facility on March 1, 2017

(4) Fixed rate of 4.25% prior to extinguishment with origination of credit facility on March 1, 2017

(5) Fixed rate of 5.83% prior to extinguishment with origination of credit facility on March 1, 2017

(6) Variable rate of 30-day LIBOR plus 2.39%, effectively fixed at 4.44% after giving effect to interest rate swap (see Note 8)

(7) Total unused availability under this credit facility was $11,934 at December 31, 2017; commitment fee on unused facility is 0.20%

(8) Borrowings under the facility accrue interest based on a leverage-based pricing grid, at the Company’s option, at either LIBOR plus a spread ranging from 2.25% to 3.00% (depending on leverage) or a base rate plus a spread ranging from 1.25% to 2.00% (depending on leverage); 30-day LIBOR for $50,000 notional effectively capped at 2.5% after giving effect to interest rate cap (see Note 8)

(9) Variable rate of 90-day LIBOR plus 3.25% prior to extinguishment with origination of Wells Fargo debt on October 4, 2017

(10) Variable rate of 30-day LIBOR plus 2.25%, effectively fixed at 4.13% after giving effect to interest rate swap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017

(11) Variable rate of 30-day LIBOR plus 6.25%,30-day LIBOR capped at 1.0% after giving effect to interest rate cap (see Note 8) prior to extinguishment with origination of credit facility on March 1, 2017

(12) $12 monthly payments began May 2016

(13) Term may be extended for additional two years subject to interest rate adjustments

(14) Two one-year extension options subject to the satisfaction of certain conditions

(15) Two one-year extension options available subject to certain conditions including the completion of specific capital achievements

Aggregate Annual Principal Payments On Debt Associated With Assets Held For Use And Held For Sale

	Held for sale		Held for use		Total
2018	$	-	$	1,083	$	1,083
2019		-		1,183		1,183
2020		5,150		69,385		74,535
2021		-		14,344		14,344
2022		-		24,886		24,886
Thereafter		-		8,054		8,054
Total	$	5,150	$	118,935	$	124,085