XML 61 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investment In Hotel Properties (Narrative) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2013
Hurricane Sandy [Member]
Apr. 09, 2013
Hyatt Union Square, New York, NY [Member]
Dec. 31, 2013
Hyatt Union Square, New York, NY [Member]
Jul. 22, 2011
32 Pearl Street, New York, NY [Member]
Aug. 13, 2012
Courtyard By Marriot, Ewing, NJ [Member]
Dec. 31, 2012
Courtyard By Marriot, Ewing, NJ [Member]
Jun. 18, 2012
Holiday Inn Express, New York, NY [Member]
Dec. 31, 2013
Holiday Inn Express, New York, NY [Member]
Dec. 31, 2012
Holiday Inn Express, New York, NY [Member]
Dec. 31, 2013
Hampton Inn, Pearl Street, New York, NY [Member]
Oct. 16, 2013
Hotel Oceana, Santa Barbara, California [Member]
Dec. 31, 2013
Hotel 373, Fifth Avenue, NY [Member]
Subsequent Event [Member]
Dec. 18, 2013
Non-core Hotel Properties [Member]
property
Sep. 20, 2013
Non-core Hotel Properties [Member]
property
May 08, 2012
Non-core Hotel Properties [Member]
property
Aug. 15, 2011
Non-core Hotel Properties [Member]
property
Acquisitions [Abstract]                                      
Depreciation expense $ 61,500 $ 55,956 $ 55,336                                
Acquisition costs 855                                    
Development loan, principal amount         10,000                            
Business acquisition, cancellation of accrued interest receivable         3,303                            
Mortgage loan         55,000                            
Gain on hotel acquisition         12,108                            
Percentage of interest acquired               50.00%   50.00%                  
Cash acquired                   10,000                  
Accrued interest payable forgiven                   800                  
Investment in hotel properties 1,535,835 1,466,713               90,201                  
Aggregate mortgage and mezzanine debt assumed               12,875   73,038                  
Premium recorded on mortgage and mezzanine debt assumed                   3,436                  
Mezzanine debt repaid                   15,000                  
Asset Development and Renovation [Abstract]                                      
Acquisition Date           Apr. 09, 2013 [1] Jul. 22, 2011   Aug. 13, 2012     Jun. 18, 2012              
Business acquisition, cash paid         36,000   28,300             42,000          
Estimated impairment charge                     1,586   1,997            
Corresponding insurance claim                     1,486   1,897            
Estimated receiveable from the property insurance claim 6,546                                    
Property insurance received 5,001     4,840                              
Purchase And Sale Agreement [Abstract]                                      
Number of Real Estate Properties                               12 16 4 18
Mortgage debt assumed                           25,250          
Purchase and sales agreement, Purchase price                             $ 37,000        
[1] On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC.  Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of 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 of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred.