Land Leases and Hotel Rent

12 Months Ended

Dec. 31, 2012

We lease land occupied by certain hotels from third parties under various operating leases that expire through 2101. Certain land leases contain contingent rent features based on gross revenue at the respective hotels. In addition, we recognize rent expense for 12 hotels that are owned by unconsolidated entities and are leased to our consolidated lessees. Leases for 10 hotels were expired at December 31, 2012, and leases for two hotels expire in 2017. These leases require the payment of base rents and contingent rent based on revenues at the respective hotels. Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2012, were as follows (in thousands):



Year
2013	$	11,126
2014	11,134
2015	11,163
2016	11,150
2017	6,043
2018 and thereafter	269,004
	$	319,620

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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