Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Total | $507,016 | | $517,970 |
Total [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Principal Assumed or Originated | 545,996 | | |
Outstanding Balance | 503,377 | | 513,276 |
Unamortized fair value adjustment of assumed debt | 3,639 | | 4,694 |
Total | 507,016 | | 517,970 |
Residence Inn Overland Park, KS [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.74% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Principal Assumed or Originated | 6,018 | | |
Outstanding Balance | 0 | [2] | 5,833 |
Hampton Inn Concord, NC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 6.10% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Principal Assumed or Originated | 4,718 | | |
Outstanding Balance | 0 | [3] | 4,644 |
Residence Inn Westford, MA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.30% | [1],[4] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Principal Assumed or Originated | 6,530 | | |
Outstanding Balance | 0 | [5] | 6,397 |
Hilton Dallas, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton | | |
Interest Rate | 6.63% | [1] | |
Loan Assumption or Origination Date | 17-May-11 | | |
Principal Assumed or Originated | 20,988 | | |
Outstanding Balance | 18,744 | [6] | 18,913 |
Hampton Inn Rogers, AR [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.20% | [1] | |
Loan Assumption or Origination Date | 31-Aug-10 | | |
Maturity Date | 1-Sep-15 | | |
Principal Assumed or Originated | 8,337 | | |
Outstanding Balance | 7,543 | | 7,593 |
Hampton Inn St. Louis, MO [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.30% | [1] | |
Loan Assumption or Origination Date | 31-Aug-10 | | |
Maturity Date | 1-Sep-15 | | |
Principal Assumed or Originated | 13,915 | | |
Outstanding Balance | 12,610 | | 12,692 |
Hampton Inn Kansas City, MO [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.45% | [1] | |
Loan Assumption or Origination Date | 31-Aug-10 | | |
Maturity Date | 1-Oct-15 | | |
Principal Assumed or Originated | 6,517 | | |
Outstanding Balance | 5,924 | | 5,961 |
Hilton Garden Inn Allen, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | | |
Interest Rate | 5.37% | [1] | |
Loan Assumption or Origination Date | 31-Oct-08 | | |
Maturity Date | 11-Oct-15 | | |
Principal Assumed or Originated | 10,787 | | |
Outstanding Balance | 9,498 | | 9,559 |
Residence Inn Kansas City, MO [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.74% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Nov-15 | | |
Principal Assumed or Originated | 10,602 | | |
Outstanding Balance | 10,362 | | 10,420 |
Residence Inn Fayetteville, NC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.14% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Dec-15 | | |
Principal Assumed or Originated | 6,545 | | |
Outstanding Balance | 6,368 | | 6,410 |
Homewood Suites Austin, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 5.99% | [1] | |
Loan Assumption or Origination Date | 14-Apr-09 | | |
Maturity Date | 1-Mar-16 | | |
Principal Assumed or Originated | 7,556 | | |
Outstanding Balance | 6,428 | | 6,486 |
Hampton Inn Austin, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.95% | [1] | |
Loan Assumption or Origination Date | 14-Apr-09 | | |
Maturity Date | 1-Mar-16 | | |
Principal Assumed or Originated | 7,553 | | |
Outstanding Balance | 6,420 | | 6,478 |
Hampton Inn Tupelo, MS [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.90% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Mar-16 | | |
Principal Assumed or Originated | 3,124 | | |
Outstanding Balance | 2,932 | | 2,977 |
Residence Inn Houston, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.71% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Mar-16 | | |
Principal Assumed or Originated | 9,930 | | |
Outstanding Balance | 9,687 | | 9,745 |
Hilton Garden Inn Hilton Head, SC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | | |
Interest Rate | 6.29% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 11-Apr-16 | | |
Principal Assumed or Originated | 5,557 | | |
Outstanding Balance | 5,364 | | 5,410 |
Hampton Inn Round Rock, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn | | |
Interest Rate | 5.95% | [1] | |
Loan Assumption or Origination Date | 6-Mar-09 | | |
Maturity Date | 1-May-16 | | |
Principal Assumed or Originated | 4,175 | | |
Outstanding Balance | 3,551 | | 3,583 |
Residence Inn Highlands Ranch, CO [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 5.94% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Jun-16 | | |
Principal Assumed or Originated | 10,494 | | |
Outstanding Balance | 10,274 | | 10,327 |
Hampton Inn & Suites Texarkana, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hampton Inn & Suites | | |
Interest Rate | 6.90% | [1] | |
Loan Assumption or Origination Date | 31-Jan-11 | | |
Maturity Date | 8-Jul-16 | | |
Principal Assumed or Originated | 4,954 | | |
Outstanding Balance | 4,643 | | 4,665 |
Courtyard Bristol, VA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.59% | [1] | |
Loan Assumption or Origination Date | 7-Nov-08 | | |
Maturity Date | 1-Aug-16 | | |
Principal Assumed or Originated | 9,767 | | |
Outstanding Balance | 8,877 | | 8,922 |
Courtyard Virginia Beach, VA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.02% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 11-Nov-16 | | |
Principal Assumed or Originated | 13,931 | | |
Outstanding Balance | 13,620 | | 13,695 |
Courtyard Virginia Beach, VA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.02% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 11-Nov-16 | | |
Principal Assumed or Originated | 16,813 | | |
Outstanding Balance | 16,438 | | 16,529 |
Courtyard Charlottesville, VA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.02% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 11-Nov-16 | | |
Principal Assumed or Originated | 14,892 | | |
Outstanding Balance | 14,559 | | 14,640 |
Courtyard Carolina Beach, NC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.02% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 11-Nov-16 | | |
Principal Assumed or Originated | 12,009 | | |
Outstanding Balance | 11,741 | | 11,806 |
Courtyard Winston-Salem, NC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 5.94% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 8-Dec-16 | | |
Principal Assumed or Originated | 7,458 | | |
Outstanding Balance | 7,318 | | 7,352 |
Hilton Garden Inn Lewisville, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | [7] | |
Interest Rate | 0.00% | [1] | |
Loan Assumption or Origination Date | 16-Oct-08 | | |
Maturity Date | 31-Dec-16 | | |
Principal Assumed or Originated | 3,750 | | |
Outstanding Balance | 2,000 | | 2,000 |
Residence Inn Oceanside, CA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 4.24% | [1],[4] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 13-Jan-17 | | |
Principal Assumed or Originated | 15,662 | | |
Outstanding Balance | 15,324 | | 15,402 |
Residence Inn Burbank, CA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 4.24% | [1],[4] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 13-Jan-17 | | |
Principal Assumed or Originated | 23,493 | | |
Outstanding Balance | 22,986 | | 23,103 |
Hilton Garden Inn Savannah, GA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | | |
Interest Rate | 5.87% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Feb-17 | | |
Principal Assumed or Originated | 4,977 | | |
Outstanding Balance | 4,809 | | 4,849 |
Residence Inn Greenville, SC [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 6.03% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 8-Feb-17 | | |
Principal Assumed or Originated | 6,012 | | |
Outstanding Balance | 5,893 | | 5,922 |
Homewood Suites Birmingham, AL [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 6.03% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 8-Feb-17 | | |
Principal Assumed or Originated | 10,908 | | |
Outstanding Balance | 10,693 | | 10,745 |
Homewood Suites Jacksonville, FL [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 6.03% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 8-Feb-17 | | |
Principal Assumed or Originated | 15,856 | | |
Outstanding Balance | 15,543 | | 15,619 |
Homewood Suites Irving, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 5.83% | [1] | |
Loan Assumption or Origination Date | 29-Dec-10 | | |
Maturity Date | 11-Apr-17 | | |
Principal Assumed or Originated | 6,052 | | |
Outstanding Balance | 5,393 | | 5,437 |
Hilton Garden Inn Duncanville, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | | |
Interest Rate | 5.88% | [1] | |
Loan Assumption or Origination Date | 21-Oct-08 | | |
Maturity Date | 11-May-17 | | |
Principal Assumed or Originated | 13,966 | | |
Outstanding Balance | 12,595 | | 12,661 |
Hilton Garden Inn Grapevine, TX [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Hilton Garden Inn | | |
Interest Rate | 4.89% | [1] | |
Loan Assumption or Origination Date | 29-Aug-12 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 11,810 | | |
Outstanding Balance | 11,187 | | 11,254 |
Courtyard Collegeville/Philadelphia, PA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 4.89% | [1] | |
Loan Assumption or Origination Date | 30-Aug-12 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 12,650 | | |
Outstanding Balance | 11,982 | | 12,055 |
Courtyard Hattiesburg, MS [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 5.00% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 5,732 | | |
Outstanding Balance | 5,594 | | 5,627 |
Courtyard Rancho Bernardo, CA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 5.00% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 15,060 | | |
Outstanding Balance | 14,695 | | 14,782 |
Courtyard Kirkland, WA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 5.00% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 12,145 | | |
Outstanding Balance | 11,851 | | 11,921 |
Residence Inn Seattle, WA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 4.96% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Sep-22 | | |
Principal Assumed or Originated | 28,269 | | |
Outstanding Balance | 27,579 | | 27,744 |
Embassy Suites Anchorage, AK [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Embassy Suites | | |
Interest Rate | 4.97% | [1] | |
Loan Assumption or Origination Date | 13-Sep-12 | | |
Maturity Date | 1-Oct-22 | | |
Principal Assumed or Originated | 23,230 | | |
Outstanding Balance | 22,062 | | 22,193 |
Courtyard Somerset, NJ [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 4.73% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 6-Oct-22 | | |
Principal Assumed or Originated | 8,750 | | |
Outstanding Balance | 8,531 | | 8,584 |
Homewood Suites Tukwila, WA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 4.73% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 6-Oct-22 | | |
Principal Assumed or Originated | 9,431 | | |
Outstanding Balance | 9,195 | | 9,251 |
Courtyard Pratville, AL [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 4.12% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 6-Feb-23 | | |
Principal Assumed or Originated | 6,596 | | |
Outstanding Balance | 6,420 | | 6,462 |
Homewood Suites Huntsville, AL [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 4.12% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 6-Feb-23 | | |
Principal Assumed or Originated | 8,306 | | |
Outstanding Balance | 8,085 | | 8,137 |
Residence Inn San Diego, CA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 3.97% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 6-Mar-23 | | |
Principal Assumed or Originated | 18,600 | | |
Outstanding Balance | 18,096 | | 18,216 |
Homewood Suites Miami, FL [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 4.02% | [1] | |
Loan Assumption or Origination Date | 1-Mar-14 | | |
Maturity Date | 1-Apr-23 | | |
Principal Assumed or Originated | 16,677 | | |
Outstanding Balance | 16,231 | | 16,337 |
Homewood Suites New Orleans, LA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Homewood Suites | | |
Interest Rate | 4.36% | [1] | |
Loan Assumption or Origination Date | 17-Jul-14 | | |
Maturity Date | 11-Aug-24 | | |
Principal Assumed or Originated | 27,000 | | |
Outstanding Balance | 26,654 | | 26,806 |
Residence Inn Westford, MA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Residence Inn | | |
Interest Rate | 4.28% | [1] | |
Loan Assumption or Origination Date | 18-Mar-15 | | |
Maturity Date | 11-Apr-25 | [5] | |
Principal Assumed or Originated | 10,000 | | |
Outstanding Balance | 10,000 | | 0 |
Courtyard Malvern/Philadelphia, PA [Member] | | | |
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | | | |
Brand | Courtyard | | |
Interest Rate | 6.50% | [1] | |
Loan Assumption or Origination Date | 30-Nov-10 | | |
Maturity Date | 1-Oct-32 | [8] | |
Principal Assumed or Originated | 7,894 | | |
Outstanding Balance | $7,078 | | $7,132 |
|
[1] | Unless otherwise noted, these rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates to market rates and is amortizing the adjustments to interest expense over the life of the loan. |
[2] | Loan was repaid in full on January 2, 2015. |
[3] | Property securing loan was sold on February 26, 2015 and was classified as held for sale as of December 31, 2014. Debt was extinguished prior to the sale on February 13, 2015. |
[4] | The annual fixed interest rate gives effect to an interest rate swap agreement assumed by the Company with the mortgage debt. |
[5] | Loan was refinanced on March 18, 2015, and the existing related swap was terminated. |
[6] | Loan was repaid in full on April 6, 2015. |
[7] | Unsecured loan. |
[8] | Outstanding principal balance is callable by lender or prepayable by the Company beginning on October 1, 2016, and every five years thereafter until maturity, subject to certain conditions. |