Debt (Tables)

12 Months Ended

Dec. 31, 2012

Debt Disclosure [Abstract]

Schedule of Consolidated Debt

Consolidated debt consisted of the following (in thousands):

	Encumbered Hotels		Interest Rate (%)		December 31,
				Maturity Date	2012		2011
Line of credit		8	L + 3.375	June 2016(a)	$	56,000	$	—
Hotel mortgage debt
Mortgage debt(b)		5	6.66	June - August 2014	65,431		67,375
Mortgage debt		1	5.81	July 2016	10,405		10,876
Mortgage debt(b)		4	4.95	October 2022	128,066		—
Mortgage debt		1	4.94	October 2022	32,176		—
Senior notes
Senior secured notes(c)		11	10.00	October 2014	223,586		459,931
Senior secured notes		6	6.75	June 2019	525,000		525,000
Senior secured notes		10	5.625	March 2023	525,000		—
Other(d)		—	L + 1.25	May 2016	64,861		—
Retired debt		—	—	—	—		533,284
Total		46			$	1,630,525	$	1,596,466

(a) Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions.

(b) This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel.

(c) We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at December 31, 2012. These notes were initially sold at a discount that provided an effective yield of 12.875% before transaction costs.

(d) This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. This loan can be extended for one year subject to satisfying certain conditions.

Schedule of Future Scheduled Principal Payments on Debt Obligations

Future scheduled principal payments on debt obligations at December 31, 2012 are as follows (in thousands):

Year
2013	$	4,752
2014	300,192
2015	3,107
2016	132,326
2017	2,810
Thereafter	1,197,656
	1,640,843
Discount accretion over term	(10,318		)
	$	1,630,525