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Mortgage Debt Issuances and Repayments (Parenthetical) (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2011
New Zealand Hotel Portfolio
Dec. 31, 2011
New Zealand Hotel Portfolio
Interest rate swap derivatives
Dec. 31, 2011
Orlando World Center Marriott Resort Convention Center
Repayment of Debt
Dec. 31, 2010
Orlando World Center Marriott Resort Convention Center
Extended Term
Repayment of Debt
Dec. 31, 2011
Hilton Melbourne South Wharf
Apr. 30, 2011
Hilton Melbourne South Wharf
Dec. 31, 2011
Hilton Melbourne South Wharf
Interest rate swap derivatives
Dec. 31, 2011
Hilton Melbourne South Wharf
Interest rate cap derivative
Dec. 31, 2011
Le Meridien Piccadilly
Dec. 31, 2011
Le Meridien Piccadilly
Repayment of Debt
Dec. 31, 2010
W New York Union Square
Dec. 31, 2011
W New York Union Square
Repayment of Debt
Debt Instrument [Line Items]                          
Basis points   1.20%       2.30%              
Percentage of loan amount     75.00%         75.00% 25.00%        
Debt interest rate     7.15%         6.70% 9.90%        
Face principal of mortgage debt         $ 300   $ 86         $ 115  
Additional commitment fee   1.20%                      
Basis points over LIBOR                   1.18%      
Repayment mortgage debt       54 [1] 54           52 [2]   119 [3]
Debt interest rate         4.75%                
Debt principal outstanding $ 5,814       $ 246                
Maturity date       Dec. 30, 2010 [1] Jul. 01, 2013           Jan. 20, 2012 [2]   Oct. 11, 2011 [3]
[1] On December 17, 2010, we entered into an amendment under the $300 million mortgage loan secured by the Orlando World Center Marriott. As a result of the amendment, we repaid $54 million of the outstanding principal on December 30, 2010 and extended the maturity of the loan to July 1, 2013. We have a fixed annual interest rate of 4.75% on the remaining $246 million outstanding.
[2] This floating rate mortgage is based on LIBOR plus 118 basis points. The rate shown reflects the rate in effect at the time of transfer. In connection with the transfer of Le Méridien Piccadilly to the Euro JV Fund II, we transferred the associated mortgage. The mortgage loan had been assumed at acquisition of the property in June 2010.
[3] The amount shown reflects our recorded book value of the mortgage debt on the date defeasance. We defeased this loan on October 19, 2010, which released us from obligations under the mortgage. In connection with the acquisition of the property in September 2010, we assumed the $115 million mortgage loan.