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



	Encumbered		Interest		Maturity	September 30,		December 31,
	Hotels		Rate (%)		Date	2012		2011
Line of credit	10		L + 4.50		August 2014^(a)	$	117,000	$	—
Hotel mortgage debt
Mortgage debt	5	^(b)	6.66		June - August 2014	65,935		67,375
Mortgage debt	7		L + 5.10	^(c)	April 2015	186,529		202,982
Mortgage debt	1		5.81		July 2016	10,521		10,876
Mortgage debt	4	^(b)	4.95		October 2022	128,500		—
Mortgage debt	1		4.94		October 2022	32,250		—
Senior notes
Senior secured notes	6		6.75		June 2019	525,000		525,000
Senior secured notes^(d)	11		10.00		October 2014	467,499		459,931
Other^(e)	—		L + 1.50		December 2012	64,860		64,860
Retired debt	—		—		—	—		265,442
Total	45					$	1,598,094	$	1,596,466


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


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


(c)	LIBOR (for this loan) is subject to a 3% floor. We purchased an interest rate cap ($202 million notional amount) that caps LIBOR at 5.4% and expires May 2013.


(d)	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.

(e)

This loan is related to our Knickerbocker redevelopment 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.