CASH FLOW DISCLOSURES AND NON-CASH ACTIVITIES

9 Months Ended

Sep. 30, 2011

NOTE 11 – CASH FLOW DISCLOSURES AND NON-CASH ACTIVITIES

Interest paid during the nine months ended September 30, 2011 and 2010 totaled $31,744 and $32,968, respectively.

The following non-cash activities occurred during the nine months ended September 30, 2011 and 2010:

	Nine Months Ended,
	September 30, 2011		September 30, 2010
Common Shares issued as part of the Dividend Reinvestment Plan	$	11	$	9
Issuance of Common Shares to the Board of Trustees		133		125
Acquisitions of hotel properties:
Issuance of Common Units		-		6,256
Debt assumed, net of discount		32,500		11,937
Settlement of notes receivable and accrued interest receivable		-		1,408
Interests in unconsolidated joint ventures used as consideration		-		4,133
Settlement of development loans receivable principal and accrued interest revenue receivable		8,300		7,839
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal		1,699		1,888
Conversion of Common Units to Common Shares		639		10,226
Reallocation of noncontrolling interest		6,387		(1,813	)