Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Long-Term Debt [Abstract]

Summary of Long Term Debt

Lender	Balance at December 31, 2020		Interest rate at December 31, 2020	Maturity	Amortization provision	Properties encumbered at December 31, 2020	Balance at December 31, 2019
Fixed rate debt
Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18	$	8,454	4.54%	08/2024	25 years	1	$	8,639
OSK X, LLC (1)		13,199	4.33%	12/2023 (5)	25 years	1		13,290
OSK X, LLC (1)		880	4.33%	12/2023 (5)	7 years	-		971
Paycheck Protection Program (7)		2,299	1.00%	05/2022	(7)	-		-
Total fixed rate debt		24,832						22,900
Variable rate debt
Wells Fargo		25,386	2.55% (2)	11/2022 (6)	30 years	3		25,612
KeyBank credit facility (3)		118,114	4.00% (4)	1/2023	Interest only	10		86,845
Total variable rate debt		143,500				15		112,457
Total long-term debt	$	168,332					$	135,357
Less: Deferred financing costs		(1,806)						(1,356)
Total long-term debt, net of deferred financing costs	$	166,526					$	134,001

(1) Both loans are collateralized by Aloft Leawood.  These loans were formerly held by Great Western Bank prior to being purchased by OSK X, LLC on December 24, 2020.

(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) Prior to March 30, 2020, the $150,000 credit facility included 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 was based on a borrowing base formula for the pool of hotel properties securing the facility.  The commitment fee on unused facility was0.20%.  Subsequent amendments to the credit facility in 2020 modified this availability to set the size of the facility at $130,000, of which $4,000 is reserved for the payment of interest under the facility.  The ability to borrow under the credit facility is limited to payment of interest and fees under the credit facility and funding any shortfalls to an approved budget.  The commitment fee on unused facility is0.20% when the usage is over 50% of the total commitment and 0.25% when the usage under 50% of the commitment.  Total unused availability under this credit facility was $11,886at December 31, 2020. 

(4) Prior to March 30, 2020, borrowings under the facility accrued 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).  Subsequent amendments to the credit facility in 2020 increased the interest rate to LIBOR plus 3.25% or a base rate plus 2.25%, and further increased the interest rate spreads by 0.25% at six month intervals.  The LIBOR floor was also increased to 0.50%.  

(5) Term was extended for additionaltwo years on December 2, 2020.

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

Aggregate Annual Principal Payments on Debt

	Total
2021	$	1,412
2022		27,686
2023		131,394
2024		7,840
2025		-
Thereafter		-
Total	$	168,332