Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

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 2011 (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, 2011		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)	$	6.7	$	—	$	6.7	$	—
Forward currency sale contracts (1)		10.8		—		10.8		—
*Fair Value Measurements on a Non-recurring Basis:*
Impaired hotel properties held and used (2)		5		—		5		—
Impaired hotel properties sold (2)		—		—		6		—


			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 sale contracts (1)		6.9		—		6.9		—

(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, 2011 and 2010, respectively.

Foreign Currency Forwards Purchase Contracts

The following table summarizes our foreign currency sale contracts (in millions):


Transaction Date Range	Total Transaction Amount in Foreign		Total Transaction Amount		Forward Purchase	Fair Value As of December 31,				Change in Fair Value Year ended December 31,
Transaction Date Range	Currency		in Dollars		Date Range	2011		2010		2011		2010
February 2008-July 2011	€	100	$	140	October 2012-August 2015	$	8.8	$	6.9	$	1.9	$	5.2
July 2011	NZ$	30	$	25	August 2013	$	1.9	$	—	$	1.9	$	—

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 (in millions):


	As of December 31,
	2011				2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Mortgage notes	$	65	$	76	$	55	$	77
Financial liabilities
Senior notes		3,641		3,772		3,093		3,200
Exchangeable Senior Debentures		902		1,076		1,156		1,471
Credit facility		117		117		58		58
Mortgage debt and other, net of capital leases		1,091		1,114		1,110		1,107

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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