Subsequent to the third quarter’s end, the Company closed on two of the four announced acquisitions. On October 1, 2013 and October 8, 2013, the Company closed on the Ventura Hampton Inn & Suites and the San Diego Hampton Inn & Suites, respectively.The conversion of the 213-guestroom hotel to a Hyatt Place in downtown Minneapolis is nearly complete and expected to close prior to year-end 2013.
- At September 30, 2013, the Company had total outstanding debt of $400.3 million and $45.5 million of cash and cash equivalents. Maximum borrowing capacity was $150.0 million under the senior secured revolving credit facility. The Company had no outstanding borrowings on its senior secured revolving credit facility, $0.7 million in standby letters of credit, and $149.3 million available to borrow. In addition, the Company had 15 unencumbered hotels.
- The Company’s weighted average interest rate on its debt outstanding at September 30, 2013 was 5.27 percent.
- At September 30, 2013, the Company’s total net debt to trailing twelve month pro forma corporate EBITDA was 3.7x.
- On October 1, 2013, the Company acquired the 115-guestroom Hampton Inn & Suites located in Ventura (Camarillo), Calif., for a purchase price of $15.7 million.
- On October 8, 2013, the Company acquired the 108-guestroom Hampton Inn & Suites located in San Diego (Poway), Calif., for a purchase price of $15.2 million.
- On October 10, 2013, the Company closed on a $300.0 million senior unsecured credit facility. The unsecured credit facility is comprised of a $225.0 million revolving credit facility and a $75.0 million term loan. The credit facility has an accordion feature which will allow the Company to increase the capacity by $100.0 million in either additional revolver capacity or an additional term loan.
- Subsequent to quarter end, the Company sold two hotels and one parcel of land for a total sales price of $8.6 million.