October RevPAR performance for the Company’s Manhattan portfolio is up approximately 6.3% and both the group and transient booking trends continue to show relative strength for the fourth quarter. Prior to the announcement of Hurricane Sandy on October 24 th, the Manhattan portfolio was tracking to an 8% RevPAR growth for October.
As of September 30, 2012, the Company had $28.0 million of borrowings on its $250.0 million secured credit facility and $83.1 million in cash and escrows. Excluding borrowings under the Company’s secured credit facility, approximately 97.6% of the Company’s consolidated debt as of September 30, 2012 is fixed rate debt or effectively fixed through interest rate swaps and caps and has a weighted average interest rate of approximately 5.62%. The weighted average life to maturity of total consolidated debt is approximately 5.0 years, excluding borrowings under the Company’s secured credit facility.
During the quarter, the Company refinanced its loan on its Courtyard Miami Beach Oceanfront. The new $60.0 million loan has a fixed interest rate of 4.32% and is interest only for the full four-year term.Acquisitions The Company purchased the remaining 50% interest it did not previously own in the 130-room Courtyard by Marriott located in Ewing, New Jersey for an assumption of debt and nominal cash considerations. Subsequent Events October 2012 The Company entered into a purchase and sale agreement to acquire the 205 room Hilton Garden Inn in New York City for total consideration of $74.0 million, or approximately $361,000 per key. The transaction is expected to close shortly after the developer completes the hotel’s construction, anticipated in the fourth quarter of 2013. The Company also announced that it has received commitments for a new credit facility of $400 million expandable to $550 million at the Company’s option. Initially the facility will consist of a $250 million senior unsecured revolving line of credit and a $150 million senior unsecured term loan. The interest rate for the new credit facility is based on a pricing grid with a range of 175 to 265 basis points over LIBOR, based on the Company’s leverage ratio. The all in rate, inclusive of swaps, will be 2.60% to 3.50%.