Recently Issued Accounting Standards (Policies)

9 Months Ended

Sep. 30, 2011

Recently Issued Accounting Standards [Abstract]

Adoption of ASU 2009-16 (Topic 860)

In June 2009, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2009-16, “Transfers and Servicing (Topic 860): Accounting for Transfers of Financial Assets” (formerly Statement of Financial Accounting Standards (“SFAS”) No. 166), and ASU No. 2009-17,

Adoption of ASU 2009-17 (Topic 810)

“Consolidations (Topic 810): Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities”(formerly SFAS No. 167).

Adoption of ASU 2009-13 (ASC 605-25)

In October 2009, the FASB issued ASU No. 2009-13 “Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements”, which supersedes certain guidance in FASB Accounting Standards Codification (“ASC”) 605-25, Revenue Recognition – Multiple Element Arrangements. This topic requires an entity to allocate arrangement consideration at the inception of an arrangement to all of its deliverables based on their relative selling prices. This topic is effective for annual reporting periods beginning after June 15, 2010. The Company adopted this topic on January 1, 2011 and it had no material impact on its consolidated financial statements.

Compensation retirement benefits multiemployer Policy(Subtopic 715-80)

In September 2011, the FASB issued ASU No. 2011-09, “Compensation-Retirement Benefits-Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan”. This subtopic addresses concerns from users of financial statements on the lack of transparency about an employer’s participation in a multiemployer pension plan. The disclosures also will indicate the financial health of all of the significant plans in which the employer participates and assist a financial statement user to access additional information that is available outside of the financial statements. The subtopic is effective for annual reporting periods ending after December 15, 2011. The Company is currently evaluating the impact that this topic will have on its consolidated financial statements.

Business Combinations Policy

The Company previously held a 47.4% ownership interest in the hotels. In accordance with ASC 805, “Business Combinations”, the Company accounts for this transaction as a step acquisition, remeasured its previously held investment to fair value and recorded the approximately $48 million difference between fair value and its carrying value as a gain on asset dispositions. The fair values of the assets and liabilities acquired have been recorded in the Company’s consolidated balance sheet, including the resulting goodwill of approximately $27 million. The Company entered into a long-term management contract for the hotel in which it exchanged its minority ownership interest and recorded a deferred gain of approximately $30 million in connection with this exchange.