Other Current Assets

3 Months Ended

Mar. 31, 2013

Assets, Current [Abstract]

Other Current Assets

Other Current Assets

Other current assets consist of the following:

	March 31, 2013		December 31, 2012
	(In thousands)
Notes receivable (See Note 3)	$	14,923	$	14,415
Prepaid expenses	13,864		10,694
Land held for sale	8,798		8,541
Other current assets	3,247		3,019
Total	$	40,832	$	36,669

Land held for sale represents the Company’s purchase of various parcels of real estate as part of its program to incent franchise development in strategic markets for certain brands. The Company has acquired this real estate with the intent to resell it to third-party developers for the construction of hotels operated under the Company’s brands. The real estate is accounted for as assets held for sale and therefore is carried at the lower of its carrying value or its estimated fair value (based on comparable sales), less estimated costs to sell.