Investment in Hotels

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Investment in hotels consisted of the following (in thousands):



	December 31,
	2012			2011
Building and improvements	$	1,962,164		$	2,104,522
Furniture, fixtures and equipment	488,237			516,690
Land	248,614			273,000
Construction in progress	24,847			47,478
	2,723,862			2,941,690
Accumulated depreciation	(929,298		)	(987,895		)
	$	1,794,564		$	1,953,795

In 2012, we retired fully depreciated furniture, fixtures and equipment aggregating approximately $53.6 million.

We invested $121.5 million and $89.0 million in additions and improvements to our consolidated hotels during the years ended December 31, 2012 and 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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