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Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 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		  
Description
  Year Ended
December 31,
2012		   Quoted Prices
in Active Markets
for Identical
Assets (Level 1)		   Total Gains
(Losses), Net		  

Properties held for sale(1)

   $ —   $ —   $ (889 )

Investment securities(2)

   $ 11,938   $ 11,938   $ —  
(1)
We sold one Marriott hotel we held for sale at December 31, 2011 in July 2012. We removed 20 Marriott branded hotels with a carrying value of $104,585 we held for sale at December 31, 2011 from held for sale status in March 2012. As described in Note 5, 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 December 31, 2012, is included in cumulative other comprehensive income in our Consolidated Balance Sheets.
Schedule of fair value of additional financial instruments

 

 
   December 31, 2012   December 31, 2011  
 
   Carrying
Amount		   Fair
Value		   Carrying
Amount		   Fair
Value		  

Senior Notes, due 2012 at 6.85%

   $ —   $ —   $ 100,829   $ 105,407  

Senior Notes, due 2013 at 6.75%

     —     —     287,000     301,871  

Senior Notes, due 2014 at 7.875%

     300,000     333,360     300,000     333,887  

Senior Notes, due 2015 at 5.125%

     280,000     298,926     280,000     290,052  

Senior Notes, due 2016 at 6.3%

     275,000     306,078     275,000     291,572  

Senior Notes, due 2017 at 5.625%

     300,000     335,173     300,000     313,106  

Senior Notes, due 2018 at 6.7%

     350,000     417,293     350,000     386,942  

Senior Notes, due 2022 at 5.0%

     500,000     531,343     —     —  

Convertible Senior Notes, due 2027 at 3.8%

     8,478     9,092     79,054     80,087  

Unamortized discounts

     (11,120 )   —     (5,169 )   —  
                   

Total financial liabilities

   $ 2,002,358   $ 2,231,265   $ 1,966,714   $ 2,102,924