Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Long-Term Debt [Abstract]

Summary of Long Term Debt

Lender	Balance at December 31, 2018		Interest rate at December 31, 2018	Maturity	Amortization provision	Properties encumbered at December 31, 2018	Balance at December 31, 2017
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,817	4.54%	08/2024	25 years	1	$	8,987
Great Western Bank (1)		13,615	4.33%	12/2021 (5)	25 years	1		13,950
Great Western Bank (1)		1,171	4.33%	12/2021 (5)	7 years	-		1,380
Total fixed rate debt		23,603						24,317
Variable rate debt
Wells Fargo		26,048	4.74% (2)	11/2022 (6)	30 years	3		26,465
KeyBank credit facility (3)		89,487	5.47% (4)	03/2020 (7)	Interest only	10		73,303
Total variable rate debt		115,535				15		99,768
Total long-term debt	$	139,138					$	124,085
Less: Deferred financing costs		(2,208)						(3,504)
Total long-term debt, net of deferred financing costs		136,930						120,581
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $18 and $333		(1,120)						(9,484)
Long-term debt related to hotel properties held for use, net of deferred financing costs of $2,190 and $3,171	$	135,810					$	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 $7,424 at December 31, 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 additionaltwo 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.  On March 8, 2019, the credit facility was amended to extend its maturity date to April 1, 2020.  Prior to this date, the Company anticipates refinancing the credit facility with its existing lenders or other lenders.  The Company believes it will be able to refinance this debt on similar terms, however, we cannot guarantee we will be successful in our efforts to refinance or repay this maturity debt.

Aggregate Annual Principal Payments on Debt Associated with Assets Held for Use and Held for Sale

	Held for sale		Held for use		Total
2019	$	-	$	1,136	$	1,136
2020		1,138		89,580		90,718
2021		-		14,344		14,344
2022		-		24,886		24,886
2023		-		214		214
Thereafter		-		7,840		7,840
Total	$	1,138	$	138,000	$	139,138