Other Assets

Other assets consist of the following at:



	December 31,
	2013		2012
	(In thousands)
Notes receivable (See Note 3)	$	31,872	$	35,103
Equity method investments	32,257		27,453
Deferred financing fees	8,954		11,174
Land	10,097		1,300
Other assets	856		983
Total	$	84,036	$	76,013

Land represents the Company’s purchase 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 or contribute the land into joint ventures for the same purpose. The real estate is carried at the lower of its carrying value or its estimated fair value (based on comparable sales), less estimated costs to sell.

Equity Method Investments - Variable Interest Entities

Equity method investments include $28.9 million and $24.3 million of investments in joint ventures at December 31, 2013 and 2012, respectively, that the Company has determined to be variable interest entities. These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Suites hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company has determined that it is not the primary beneficiary of any of its joint venture investments. The Company based its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on a review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. As a result, the Company's investment in these entities is accounted for under the equity method. For the year ended December 31, 2013 and 2012, the Company recognized $8 thousand and $0.1 million of net income from the investment in these entities.

Equity Method Investment - Choice Hotels Canada

The Company conducts operations in Canada for all brands except Cambria Suites, Mainstay Suites and Suburban Extended Stay Hotel through Choice Hotels Canada, Inc. ("CHC"), a joint venture in which the Company has a 50% interest. During 2013, 2012 and 2011, the Company recorded equity method income related to this investment in the accompanying consolidated statements of income totaling $1.6 million, $1.5 million, and $1.5 million respectively, based on CHC’s results for the twelve months ended November 30, 2013, 2012 and 2011. The Company received dividends from CHC of $1.4 million, $1.3 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. During 2013, 2012 and 2011, the Company recognized in the accompanying consolidated statements of income, revenues of $14.7 million, $14.4 million and $13.7 million, respectively, including royalty, marketing and reservation system fees and other revenues from CHC.