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Debt

9 Months Ended

Sep. 30, 2013

Senior notes. On September 30, 2013, we redeemed $200 million of our 6¾% Series Q senior notes due 2016 for an aggregate price of $202 million using cash on hand.

Credit facility. In August 2013, we drew €15 million ($21 million) under our credit facility which was used primarily to fund our contribution to the Euro JV to facilitate the Euro JV’s acquisition of the Sheraton Stockholm Hotel. As of September 30, 2013, we have $771 million of available capacity under the revolver portion of our credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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