Development Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2013

Development Loans Receivable [Abstract]

Development Loans Receivable

Hotel Property	Borrower		Principal Outstanding December 31, 2013		Principal Outstanding December 31, 2012	Interest Rate		Maturity Date
Operational Hotels
Hyatt 48Lex - New York, NY*	44 Lexington Holding, LLC	$	-	$	15,122	9%	(1)	N/A
Construction Hotels
Hyatt Union Square - New York, NY (2)	Risingsam Union Square, LLC		-		13,303	10%		N/A
Total Development Loans Receivable		$	-	$	28,425

*Indicates borrower is a related party

(1)Prior to June 1, 2012, the development loan to 44 Lexington Holding LLC allowed the borrower to elect, quarterly, to pay accrued interest in-kind by adding the accrued interest to the principal balance of the loan.  Effective June 1, 2012, we amended the development loan with 44 Lexington Holding LLC to cease the buyer’s election to pay accrued interest in-kind.  Interest of $678 was added to principal during the year ended December 31, 2012.

(2)On April 9, 2013, we completed the acquisition of the real property and improvements for the Hyatt Union Square hotel in New York, NY from Risingsam Union Square, LLC.  Consideration given in exchange for the property including $36,000 paid in cash to the seller and our cancellationof a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan.  In addition, we paid off the existing construction financing and entered into a new mortgage loan.  See “Note 2 –Investment In Hotel Properties” for additional discussion of this transaction.

Advances And Repayments On Development Loans Receivable

	2013	2012	2011
Balance at January 1,	$          28,425	$          35,747	$           41,653
Interest added to principal	-	678	2,094
Repayments	(15,122)	(8,000)	-
Principal exchanged for interest in hotel properties	(13,303)	-	(8,000)
Balance at December 31,	$                     -	$          28,425	$           35,747