Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2018

Long-Term Debt [Abstract]

Summary of Long Term Debt

Lender		Balance at September 30, 2018	Interest rate at September 30, 2018	Maturity	Amortization provision	Properties encumbered at September 30, 2018	Balance at December 31, 2017
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,861	4.54%	08/2024	25 years	1	$	8,987
Great Western Bank (1)		13,729	4.33%	12/2021 (5)	25 years	1		13,950
Great Western Bank (1)		1,242	4.33%	12/2021 (5)	7 years	-		1,380
Total fixed rate debt		23,832						24,317
Variable rate debt
Wells Fargo		26,154	4.49% (2)	11/2022 (6)	30 years	3		26,465
KeyBank credit facility (3)		89,487	5.16% (4)	03/2020 (7)	Interest only	10		73,303
Total variable rate debt		115,641				15		99,768
Total long-term debt	$	139,473					$	124,085
Less: Deferred financing costs		(2,571)						(3,504)
Total long-term debt, net of deferred financing costs		136,902						120,581
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $24 and $333		(1,212)						(9,484)
Long-term debt related to hotel properties held for use, net of deferred financing costs of $2,547 and $3,171	$	135,690					$	111,097

(1) Both loans are collateralized by Aloft Leawood.

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

(3) $150,000 credit facility that includes an accordion feature that would allow the credit facility to be increased to $400,000 with additional lender commitments. Available borrowing capacity under the credit facility is based on a borrowing base formula for the pool of hotel properties securing the facility.  Total unused availability under this credit facility was $7,613 at September 30, 2018.  The commitment fee on unused facility is 0.20%.

(4) 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 capped at 2.5% after giving effect to market rate cap (see Note 8).

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

(6) Twoone-year extension options subject to the satisfaction of certain conditions.

(7) Twoone-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
Remainder of 2018	$	-	$	288	$	288
2019		-		1,183		1,183
2020		1,236		89,482		90,718
2021		-		14,344		14,344
2022		-		24,886		24,886
Thereafter		-		8,054		8,054
Total	$	1,236	$	138,237	$	139,473