Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

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 Other Observable Inputs		Significant Unobservable Inputs
Description	Total		(Level 1)		(Level 2)		(Level 3)
Investment securities (1)	$	19,939	$	19,939	$	—	$	—
Property held for sale (2)	$	4,074	$	—	$	—	$	4,074

(1) Our investment securities, consisting of our 2,540,000 shares of TA, which are included in other assets in our condensed consolidated balance sheets, 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, 2013 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.

(2) Our property held for sale consists of one Sonesta ES Suites hotel in Myrtle Beach, SC we were marketing for sale at September 30, 2013. We estimated the fair value less costs to sell of this hotel using standard industry valuation techniques and estimates of value developed by hotel brokerage firms (Level 3 inputs).  We recorded a $2,171, or $0.02 per share, loss on asset impairment during the three months ended June 30, 2013 to reduce the carrying value of this hotel to its estimated fair value, less cost to sell.

Schedule of fair value of additional financial instruments

	September 30, 2013					December 31, 2012
	Carrying			Fair		Carrying			Fair
	Amount			Value		Amount			Value
Senior Notes, due 2014 at 7.875%	$	300,000		$	316,789	$	300,000		$	333,360
Senior Notes, due 2015 at 5.125%	280,000			291,145		280,000			298,926
Senior Notes, due 2016 at 6.3%	275,000			303,484		275,000			306,078
Senior Notes, due 2017 at 5.625%	300,000			323,728		300,000			335,173
Senior Notes, due 2018 at 6.7%	350,000			397,921		350,000			417,293
Senior Notes, due 2022 at 5%	500,000			498,013		500,000			531,343
Senior Notes, due 2023 at 4.5%	300,000			294,923		—			—
Convertible Senior Notes, due 2027 at 3.8%	8,478			8,858		8,478			9,092
Unamortized discounts	(9,973		)	—		(11,120		)	—
Total financial liabilities	$	2,303,505		$	2,434,861	$	2,002,358		$	2,231,265