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Segment Reporting
6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

We operate in two business segments within the hotel lodging industry: direct hotel investments and hotel financing. Direct hotel investments refers to owning hotels through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. Hotel financing refers to owning subordinate hotel-related mortgages through acquisition or origination. We do not allocate corporate-level accounts to our operating segments, including corporate, general, and administrative expenses, non-operating interest income, interest expense and amortization of loan costs, and income tax expense/benefit.     Financial information related to our reportable segments was as follows (in thousands):
 
 Direct Hotel
 Investments
 
Hotel
Financing
 
  Corporate
 
 Consolidated
Three Months Ended June 30, 2013:
 
 
 
 
 
 
 
Total revenue
$
258,539

 
$

 
$

 
$
258,539

 
 
 
 
 
 
 
 
Total hotel operating expenses
156,733

 

 

 
156,733

Property taxes, insurance, and other
11,663

 

 

 
11,663

Depreciation and amortization
32,842

 

 

 
32,842

Impairment charges

 
(99
)
 

 
(99
)
Transaction costs
1,170

 

 

 
1,170

Corporate, general, and administrative

 

 
14,699

 
14,699

Total expenses (income)
202,408

 
(99
)
 
14,699

 
217,008

Operating income (loss)
56,131

 
99

 
(14,699
)
 
41,531

Equity in earnings of unconsolidated joint ventures
2,367

 

 

 
2,367

Interest income

 

 
13

 
13

Other income

 

 
310

 
310

Interest expense and amortization of loan costs

 

 
(36,026
)
 
(36,026
)
Unrealized loss on marketable securities

 

 
(919
)
 
(919
)
Unrealized gain on derivatives

 

 
789

 
789

Income (loss) from continuing operations before income taxes
58,498

 
99

 
(50,532
)
 
8,065

Income tax expense


 


 
(465
)
 
(465
)
Income (loss) from continuing operations
$
58,498

 
$
99

 
$
(50,997
)
 
$
7,600

 
 
 
 
 
 
 
 
As of June 30, 2013:
 
 
 
 
 
 
 
Total assets
$
3,285,389

 
$
3,773

 
$
302,996

 
$
3,592,158


 
Direct Hotel
Investments
 
Hotel Financing
 
  Corporate
 
 Consolidated
Three Months Ended June 30, 2012:
 
 
 
 
 
 
 
Total revenue
$
240,778

 
$

 
$

 
$
240,778

 
 
 
 
 
 
 
 
Total hotel operating expenses
149,815

 

 

 
149,815

Property taxes, insurance, and other
10,138

 

 

 
10,138

Depreciation and amortization
33,477

 

 

 
33,477

Impairment charges

 
(95
)
 

 
(95
)
Corporate, general, and administrative

 

 
11,930

 
11,930

Total expenses (income)
193,430

 
(95
)
 
11,930

 
205,265

Operating income (loss)
47,348

 
95

 
(11,930
)
 
35,513

Equity in earnings of unconsolidated joint ventures
23

 

 

 
23

Interest income

 

 
22

 
22

Other income

 

 
6,703

 
6,703

Interest expense and amortization of loan costs

 

 
(36,284
)
 
(36,284
)
Unrealized gain on marketable securities

 

 
1,628

 
1,628

Unrealized loss on derivatives

 

 
(7,458
)
 
(7,458
)
Income (loss) from continuing operations before income taxes
47,371

 
95

 
(47,319
)
 
147

Income tax expense

 

 
(1,366
)
 
(1,366
)
Income (loss) from continuing operations
$
47,371

 
$
95

 
$
(48,685
)
 
$
(1,219
)
 
 
 
 
 
 
 
 
As of June 30, 2012:
 
 
 
 
 
 
 
Total assets
$
3,279,468

 
$
3,632

 
$
241,579

 
$
3,524,679

 
 Direct Hotel
 Investments
 
Hotel
Financing
 
  Corporate
 
 Consolidated
Six Months Ended June 30, 2013:
 
 
 
 
 
 
 
Total revenue
$
490,481

 
$

 
$

 
$
490,481

 
 
 
 
 
 
 
 
Total hotel operating expenses
304,249

 

 

 
304,249

Property taxes, insurance, and other
23,911

 

 

 
23,911

Depreciation and amortization
65,322

 

 

 
65,322

Impairment charges

 
(195
)
 

 
(195
)
Transaction costs
1,170

 

 

 
1,170

Corporate, general, and administrative

 

 
29,215

 
29,215

Total expenses (income)
394,652

 
(195
)
 
29,215

 
423,672

Operating income (loss)
95,829

 
195

 
(29,215
)
 
66,809

Equity in loss of unconsolidated joint ventures
(4,521
)
 

 

 
(4,521
)
Interest income

 

 
49

 
49

Other income

 

 
6,132

 
6,132

Interest expense and amortization of loan costs

 

 
(71,406
)
 
(71,406
)
Write-off of loan costs and exit fees

 

 
(1,971
)
 
(1,971
)
Unrealized gain on marketable securities

 

 
1,782

 
1,782

Unrealized loss on derivatives

 

 
(6,360
)
 
(6,360
)
Income (loss) from continuing operations before income taxes
91,308

 
195

 
(100,989
)
 
(9,486
)
Income tax expense

 

 
(1,069
)
 
(1,069
)
Income (loss) from continuing operations
$
91,308

 
$
195

 
$
(102,058
)
 
$
(10,555
)
 
 
 
 
 
 
 
 
 
Direct Hotel
Investments
 
Hotel Financing
 
  Corporate
 
 Consolidated
Six Months Ended June 30, 2012:
 
 
 
 
 
 
 
Total revenue
$
457,833

 
$

 
$

 
$
457,833

 
 
 
 
 
 
 
 
Total hotel operating expenses
289,499

 

 

 
289,499

Property taxes, insurance, and other
21,850

 

 

 
21,850

Depreciation and amortization
67,133

 

 

 
67,133

Impairment charges

 
(187
)
 

 
(187
)
Corporate, general, and administrative

 

 
22,176

 
22,176

Total expenses (income)
378,482

 
(187
)
 
22,176

 
400,471

Operating income (loss)
79,351

 
187

 
(22,176
)
 
57,362

Equity in loss of unconsolidated joint ventures
(10,281
)
 

 

 
(10,281
)
Interest income

 

 
54

 
54

Other income

 

 
14,317

 
14,317

Interest expense and amortization of loan costs

 

 
(71,160
)
 
(71,160
)
Unrealized gain on marketable securities

 

 
3,413

 
3,413

Unrealized loss on derivatives

 

 
(17,399
)
 
(17,399
)
Income (loss) from continuing operations before income taxes
69,070

 
187

 
(92,951
)
 
(23,694
)
Income tax expense

 

 
(2,245
)
 
(2,245
)
Income (loss) from continuing operations
$
69,070

 
$
187

 
$
(95,196
)
 
$
(25,939
)