Other Assets

Other assets consist of the following:



	March 31, 2015		December 31, 2014
	(in thousands)
Equity method investments	$	51,239	$	50,605
Deferred financing fees, net	6,690		7,228
Land	2,711		4,011
Other assets	3,721		3,452
Total	$	64,361	$	65,296

Equity Method Investments - Variable Interest Entities

Equity method investments include investments in joint ventures totaling $47.8 million and $47.1 million at March 31, 2015 and December 31, 2014, respectively that the Company determined to be variable interest entities ("VIEs"). These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria hotel & 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 determined that it is not the primary beneficiary of any of its VIEs. The Company based its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. Although the Company is not the primary beneficiary of these VIEs, it does exercise significant influence through its equity ownership and as a result the Company's investment in these entities is accounted for under the equity method. For the three months ended March 31, 2015 and 2014, the Company recognized losses totaling $1.2 million and $44 thousand, respectively, from these investments. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain guarantees described in Note 16 "Commitments and Contingencies" of these financial statements.