Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Long-Term Debt [Abstract]

Summary of Long Term Debt

Lender	Balance at December 31, 2019		Interest rate at December 31, 2019	Maturity	Amortization provision	Properties encumbered at December 31, 2019	Balance at December 31, 2018
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,639	4.54%	08/2024	25 years	1	$	8,817
Great Western Bank (1)		13,290	4.33%	12/2021 (5)	25 years	1		13,615
Great Western Bank (1)		971	4.33%	12/2021 (5)	7 years	-		1,171
Total fixed rate debt		22,900						23,603
Variable rate debt
Wells Fargo		25,612	3.76% (2)	11/2022 (6)	30 years	3		26,048
KeyBank credit facility (3)		86,845	4.30% (4)	10/2020 (7)	Interest only	9		89,487
Total variable rate debt		112,457				14		115,535
Total long-term debt	$	135,357					$	139,138
Less: Deferred financing costs		(1,356)						(2,208)
Total long-term debt, net of deferred financing costs		134,001						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 $1,356 and $2,190	$	134,001					$	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 December 31, 2019.  The commitment fee on unused facility is 0.20%. See Note 17 for changes occurring subsequent to December 31, 2019.

(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).  See Note 17 for changes occurring subsequent to December 31, 2019.

(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) See Note 17 for changes occurring subsequent to December 31, 2019.

Aggregate Annual Principal Payments on Debt

	Total
2020	$	88,076
2021		14,341
2022		24,886
2023		214
2024		7,840
Thereafter		-
Total	$	135,357

Contractual Debt Maturities on Debt Outstanding Following Modification

	Total
2020	$	1,231
2021		101,186
2022		24,886
2023		214
2024		7,840
Thereafter		-
Total	$	135,357