Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2010

Fair Value of Financial Assets and Liabilities

The following table details the fair value of our financial assets and liabilities that are required to be measured at fair value on a recurring basis, as well as non-recurring fair value measurements that we completed during 2009 (there were none in 2010) due to the impairment of non-financial assets (in millions):

			Fair Value at Measurement Date Using
	Balance at December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Fair Value Measurements on a Recurring Basis:
Interest rate swap derivatives(1)	$	10.6	$	—	$	10.6	$	—
Forward currency purchase contracts(1)(2)		6.9		—		6.9		—

				Fair Value at Measurement Date Using
	Balance at December 31, 2009			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Fair Value Measurements on a Recurring Basis:
Interest rate swap derivatives(1)	$	(1.0	)	$	—	$	(1.0	)	$	—
Forward currency purchase contracts(1)		1.7			—		1.7			—
Fair Value Measurements on a Non- recurring Basis:
Impaired hotel properties held and used(2)		78			—		73			5
Impaired hotel properties sold(2)		—			—		35			—
European joint venture investment(2)		138			—		—			125

(1) These derivative contracts have been designated as hedging instruments.

(2) The fair value measurements are as of the measurement date of the impairment and may not reflect the book value as of December 31, 2009.

Summary of our Four Foreign Currency Purchase Contracts

We also evaluate counterparty credit risk in the calculation of the fair value of the swaps. The following table summarizes our four foreign currency purchase contracts (in millions):

Transaction Date	Transaction Amount in Euros		Transaction Amount in Dollars		Forward Purchase Date
							Fair Value as of December 31,						Change in Fair Value
							2010			2009			2010			2009
February 2008	€	30	$	43		August 2011	$	2.8		$	(.1	)	$	2.9		$	(1.8	)
February 2008		15		22		February 2013		2.2			.7			1.5			(1.2	)
May 2008		15		23		May 2014		2.9			1.1			1.8			(1.4	)
July 2010		20		26		October 2014		(1.0	)		—			(1.0	)		—
Total	€	80	$	114			$	6.9		$	1.7		$	5.2		$	(4.4	)

Fair Value of Certain Financial Assets and Liabilities and Other Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments are shown below:

	2010				2009
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in millions)
Financial assets
Mortgage notes	$	55	$	77	$	—	$	—
Other notes receivable		—		—		11		11
Financial liabilities
Senior notes		3,093		3,200		3,411		3,473
Exchangeable Senior Debentures		1,156		1,471		1,123		1,246
Credit facility		58		58		—		—
Mortgage debt and other, net of capital leases		1,110		1,107		1,302		1,269