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Hotel Development
12 Months Ended
Dec. 31, 2012
Hotel Development [Abstract]  
Hotel Development
Hotel Development

In December 2011, we acquired a 95% interest in a consolidated joint venture, which acquired the Knickerbocker Hotel in midtown Manhattan, New York, for $115 million. This is a non-operating property that we plan to develop into a hotel with 330 rooms that will open early 2014. In addition to the purchase price, the December 31, 2012 and December 31, 2011 book values include all capitalized costs incurred through those respective dates.