Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value of Assets and Liabilities

Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset

			Fair Value at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 3)
Properties held for sale (1)	$	131,361	$	—	$	131,361
Long lived assets held and used (2)	$	7,650	$	—	$	7,650
Investment securities (3)	$	8,966	$	8,966	$	—

(1)Our properties held for sale are reported at estimated fair value less costs to sell and consist of 21 hotel properties we were marketing for sale at September 30, 2011.  In connection with our decision to sell these 21 Marriott hotels as described in Note 12, we classified the hotels as held for sale and recorded a $3,081, or $0.02 per share, loss on asset impairment in the second quarter of 2011 to reduce the carrying value of 14 of these hotels to their estimated fair value less costs to sell.  We estimated the fair value of these hotels using standard valuation techniques and estimates of value developed by hotel brokerage firms (Level 3 inputs).  Three InterContinental branded hotels with a carrying value of $46,745 were removed from held for sale status in August 2011.  We are no longer marketing these hotels for sale and are currently evaluating rebranding alternatives for these hotels.

(2)In performing our periodic evaluation of real estate assets for impairment during the second quarter of 2011, we revised our fair value assumptions regarding one InterContinental hotel that we are considering selling as part of our July 2011 agreement with InterContinental.  As a result, we recorded a $3,867, or $0.03 per share, loss on asset impairment during the second quarter of 2011 to reduce the carrying value of this hotel to its estimated fair value.  We estimated the fair value of this hotel using standard industry valuation techniques and estimates of value developed by hotel brokerage firms (Level 3 inputs).

(3)Our investment securities, including our 2,540,000 shares of TA, which are included in other assets, are reported at fair value which is based on quoted market prices (Level 1 inputs).

Schedule of fair value of additional financial instruments

	September 30, 2011					December 31, 2010
	Carrying			Fair		Carrying			Fair
	Amount			Value		Amount			Value
Mortgage Note, due 2011 at 8.3%	$	—		$	—	$	3,383		$	3,408
Senior Notes, due 2012 at 6.85%	100,829			104,702		100,829			109,897
Senior Notes, due 2013 at 6.75%	287,000			300,620		287,000			315,364
Senior Notes, due 2014 at 7.875%	300,000			334,101		300,000			349,974
Senior Notes, due 2015 at 5.125%	280,000			290,409		280,000			296,782
Senior Notes, due 2016 at 6.3%	275,000			301,001		275,000			297,795
Senior Notes, due 2017 at 5.625%	300,000			314,425		300,000			316,846
Senior Notes, due 2018 at 6.7%	350,000			389,368		350,000			392,303
Convertible Senior Notes, due 2027 at 3.8%	79,054			79,645		79,054			81,579
Unamortized discounts	(5,895		)	—		(8,043		)	—
Total financial liabilities	$	1,965,988		$	2,114,271	$	1,967,223		$	2,163,948