Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2012

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		Significant Other		Significant
			for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Properties held for sale(1)	$	—	$	—	$	—	$	—
Investment securities (2)	$	13,614	$	13,614	$	—	$	—

(1)We sold the one Marriott hotel we held for sale at June 30, 2012 in July 2012.  We removed 20 Marriott branded hotels with a carrying value of $104,585 from held for sale status in March 2012.  As described in Note 12, we have agreed to retain 18 of these hotels in our Marriott No. 234 agreement and retained and rebranded the remaining two hotels to Sonesta brands and management. We recorded an $889 loss on asset impairment in the first quarter of 2012 in connection with our decision to remove these hotels from held for sale status.

(2)Our investment securities, consisting of our 2,540,000 shares of TA, which are included in our other assets, are reported at fair value which is based on quoted market prices (Level 1 inputs).  Our historical cost basis for these securities is $9,267.  The unrealized gain for these securities as of September 30, 2012, is included in cumulative other comprehensive income in our Condensed Consolidated Balance Sheets.

Schedule of fair value of additional financial instruments

	September 30, 2012					December 31, 2011
	Carrying			Fair		Carrying			Fair
	Amount			Value		Amount			Value
Senior Notes, due 2012 at 6.85%(1)	$	—		$	—	$	100,829		$	105,407
Senior Notes, due 2013 at 6.75%(2)	—			—		287,000			301,871
Senior Notes, due 2014 at 7.875%	300,000			328,402		300,000			333,887
Senior Notes, due 2015 at 5.125%	280,000			293,894		280,000			290,052
Senior Notes, due 2016 at 6.3%	275,000			307,878		275,000			291,572
Senior Notes, due 2017 at 5.625%	300,000			326,993		300,000			313,106
Senior Notes, due 2018 at 6.7%	350,000			406,123		350,000			386,942
Senior Notes, due 2022 at 5%	500,000			508,184		—			—
Convertible Senior Notes, due 2027 at 3.8% (3)	8,478			8,937		79,054			80,087
Unamortized discounts	(11,613		)	—		(5,169		)	—
Total financial liabilities	$	2,001,865		$	2,180,411	$	1,966,714		$	2,102,924

(1)We redeemed these notes at par plus accrued interest on April 11, 2012.

(2)We redeemed these notes at par plus accrued interest on September 10, 2012.

(3)On March 20, 2012, we repurchased $70,576 of our 3.8% convertible senior notes due 2027 which were tendered by the holders of those notes for repurchase.