Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2019

Long-Term Debt [Abstract]

Summary of Long Term Debt

Lender		Balance at September 30, 2019	Interest rate at September 30, 2019	Maturity	Amortization provision	Properties encumbered at September 30, 2019	Balance at December 31, 2018
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,684	4.54%	08/2024	25 years	1	$	8,817
Great Western Bank (1)		13,380	4.33%	12/2021 (5)	25 years	1		13,615
Great Western Bank (1)		1,027	4.33%	12/2021 (5)	7 years	-		1,171
Total fixed rate debt		23,091						23,603
Variable rate debt
Wells Fargo		25,723	4.49% (2)	11/2022 (6)	30 years	3		26,048
KeyBank credit facility (3)		86,845	4.55% (4)	10/2020 (7)	Interest only	9		89,487
Total variable rate debt		112,568				14		115,535
Total long-term debt	$	135,659					$	139,138
Less: Deferred financing costs		(1,642)						(2,208)
Total long-term debt, net of deferred financing costs		134,017						136,930
Less: Long-term debt related to hotel properties held for sale, net of deferred financing costs of $0 and $18		-						(1,120)
Long-term debt related to hotel properties held for use, net of deferred financing costs of $1,642 and $2,190	$	134,017					$	135,810

(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 $9,020 at September 30, 2019.  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 $30,000 notional capped at 3.35% 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) The maturity of the credit facility was extended to October 1, 2020 on May 3, 2019.  Two extension options, extending the maturity of the credit facility to March 1, 2021 and March 1, 2022, are available subject to certain conditions including the completion of specific capital achievements.

Aggregate Annual Principal Payments on Debt

	Total
Remainder of 2019	$	299
2020		88,076
2021		14,344
2022		24,886
2023		214
Thereafter		7,840
Total	$	135,659