Collateral | Interest Rate | Maturity Date | 12/31/13 Property Carrying Value | Balance Outstanding as of | ||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Senior Secured Revolving Credit Facility (1) | 2.67 | % | November 5, 2016 | $ | 235,721 | $ | 50,000 | $ | 79,500 | |||||||
Courtyard by Marriott Altoona, PA | 5.96 | % | April 1, 2016 | 10,841 | 6,378 | 6,572 | ||||||||||
SpringHill Suites by Marriott Washington, PA | 5.84 | % | April 1, 2015 | 11,925 | 4,937 | 5,104 | ||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 21,700 | 15,150 | 15,450 | ||||||||||
Residence Inn by Marriott Garden Grove, CA | 5.98 | % | November 1, 2016 | 44,474 | 32,253 | 32,417 | ||||||||||
Residence Inn by Marriott San Diego, CA (2) | 4.66 | % | February 6, 2023 | 48,322 | 30,546 | 39,557 | ||||||||||
Homewood Suites by Hilton San Antonio, TX (3) | 4.59 | % | February 6, 2023 | 30,403 | 17,454 | 18,184 | ||||||||||
Residence Inn by Marriott Washington, D.C. (4) | 6.03 | % | (4) | — | — | 19,752 | ||||||||||
Residence Inn by Marriott Vienna, VA (3) | 4.49 | % | February 6, 2023 | 33,901 | 23,925 | 22,710 | ||||||||||
Courtyard by Marriott Houston, TX (5) | 4.19 | % | May 6, 2023 | 33,662 | 19,812 | — | ||||||||||
Hyatt Place Pittsburgh, PA (6) | 4.65 | % | July 6, 2023 | 39,373 | 24,028 | — | ||||||||||
Residence Inn by Marriott Bellevue, WA (7) | 4.97 | % | December 6, 2023 | 71,345 | 47,580 | — | ||||||||||
Total | $ | 581,667 | $ | 272,063 | $ | 239,246 | ||||||||||
(1) | Thirteen properties in the borrowing base serve as collateral for borrowings under the credit facility at December 31, 2013. |
(2) | On February 1, 2013, the Company refinanced the mortgage for the Residence Inn San Diego hotel. The new loan has a 10-year term and a 30-year amortization payment schedule. |
(3) | On January 18, 2013, the Company refinanced the mortgage loans for the Homewood Suites San Antonio hotel and the Residence Inn Tysons Corner hotel. Both new loans have a 10-year term and a 30-year amortization payment schedule. |
(4) | On January 31, 2013, the Company paid off the mortgage loan for the Washington, D.C. hotel. This hotel was rebranded as a Residence Inn by Marriott on September 20, 2013. |
(5) | On April 25, 2013, the Company obtained debt secured by a first mortgage on the Houston CY Hotel. The loan has a 10-year term and a 30-year amortization payment schedule. |
(6) | On June 17, 2013, the Company obtained debt secured by a first mortgage on the Pittsburgh Hotel. The loan has a 10-year term and a 30-year amortization payment schedule. |
(7) | On November 8, 2013, the Company obtained debt secured by a first mortgage on the Bellevue Hotel. The loan has a 10-year term, a 30-year amortization payment schedule but is interest only for the first 12 months. |