FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2011

At December 31, 2011 and December 31, 2010, the fair value of the interest rate swaps and cap were:

				Estimated Fair Value
Date of Transaction	Hedged Debt	Type	Maturity Date	December 31, 2011			December 31, 2010
May 9, 2011	Variable Rate Mortgage - Hotel 373, New York, NY	Cap	May 9, 2012	$	-		$	-
January 9, 2009	Variable Rate Mortgage - Nu Hotel, Brooklyn, NY	Swap	January 10, 2011		-			(4	)
April 19, 2010	Subordinated Notes Payable	Cap	July 30, 2012		-			50
May 31, 2011	Variable Rate Mortgage - HIE Times Square, New York, NY	Swap	July 1, 2014		(591	)		-
September 29, 2011	Variable Rate Mortgage - CY LA Westside, Culver City, LA	Swap	September 29, 2015		(301	)		-
				$	(892	)	$	46