DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2011

Assets held for sale and liabilities related to assets held for sale consisted of the following as of December 31, 2011:

	December 31, 2011

Land	$	12,313
Buildings and Improvements		100,398
Furniture, Fixtures and Equipment		28,459
		141,170

Less Accumulated Depreciation & Amortization		(47,341	)

Assets Held for Sale	$	93,829

Liabilities Related to Assets Held for Sale	$	61,758

Components of discontinued operations

The following table sets forth the components of discontinued operations for the years ended December 31, 2011, 2010 and 2009:

	2011		2010			2009
Revenue:
Hotel Operating Revenues	$	43,373	$	41,354		$	42,784
Other Revenue		51		57			1,641
Total Revenues		43,424		41,411			44,425
Expenses:
Hotel Operating Expenses		28,263		28,474			29,325
Hotel Ground Rent		433		433			433
Real Estate and Personal Property Taxes and Property Insurance		2,110		2,216			2,418
General and Administrative		562		58			(515	)
Depreciation and Amortization		4,986		7,876			8,343
Interest Expense		4,562		5,150			5,863
Loss on Debt Extinguishment		22		54			-
Total Expenses		40,938		44,261			45,867

Income (Loss) from Discontinued Operations	$	2,486	$	(2,850	)	$	(1,442	)

Real estate assets sold

Based on their disposition date, the operating results for these hotels were reclassified to discontinued operations for the years ended December 31, 2011, 2010, and 2009:

Hotel	Acquisition Date	Disposition Date	Consideration		Gain on Disposition
Comfort Inn, West Hanover, MD	May 1998	July 2011	$	5,250	$	949
Land Parcel, Nevins Street, Brooklyn, NY	June 2007	December 2011		4,500		42
2011 Total					$	991

Holiday Inn Express, New Columbia, PA	December 1997	July 2010		3,000		347
2010 Total					$	347

MainStay Suites, Frederick, MD	January 2002	July 2009		5,125		748
Comfort Inn, Frederick, MD	May 2004	July 2009		5,125		748
Sheraton Four Points, Revere, MD	March 2004	July 2009		2,500		165
Hilton Garden Inn, Gettysburg, PA	July 2004	July 2009		7,750		208
2009 Total					$	1,869

*	Interest in the joint venture was sold to our joint venture partner

Impairment of assets previously held for sale

The land parcel located on Nevins Street, Brooklyn, NY, was sold in December 2011.

		For the Year Ended December 31,
		2010		2009
Asset	Asset Type	Impairment Charge
Comfort Inn, North Dartmouth, MA	Hotel Property	$	944	$	1,577
39th Street and 8th Avenue, New York, NY	Land Parcel		16		9,843
Nevins Street, Brooklyn, NY	Land Parcel		1,473		4,702

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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