Consolidated debt consisted of the following (dollars in thousands):



	Encumbered Hotels		Interest Rate (%)		Maturity Date	June 30, 2012		December 31, 2011
Line of credit	10		L + 4.50		August 2014^(a)	$	20,000	$	—
Hotel mortgage debt
Mortgage debt	7		L + 5.10	^(b)	April 2015	186,669		202,982
Mortgage debt	7		9.02		April 2014	107,889		109,044
Mortgage debt	6		L + 2.20		May 2013^(c)	88,395		156,398
Mortgage debt	5	^(d)	6.66		June - August 2014	66,419		67,375
Mortgage debt	1		5.81		July 2016	10,640		10,876
Senior notes
Senior secured notes	6		6.75		June 2019	525,000		525,000
Senior secured notes^(e)	11		10.00		October 2014	464,880		459,931
Other^(f)	—		L + 1.50		December 2012	64,860		64,860
Total	53					$	1,534,752	$	1,596,466


(a)	Our $225 million line of credit can be extended for one year (to 2015), subject to satisfying certain conditions.


(b)	LIBOR (for this loan) is subject to a 3% floor. We purchased an interest rate cap ($203 million notional amount) that caps LIBOR at 5.4% and expires May 2013.


(c)	This loan can be extended for six months, subject to satisfying certain conditions.


(d)	The hotels securing this debt are subject to separate loan agreements and are not cross-collateralized.


(e)	These notes have $492 million in aggregate principal outstanding ($144 million and $96,000 in aggregate principal amount was redeemed in June 2011 and January 2012, respectively) and were initially sold at a discount that provided an effective yield of 12.875% before transaction costs.

(f)

This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. When that loan is transferred to a new lender and made part of our construction loan, we expect to only pay such tax to the extent of the incremental principal amount of the construction loan.