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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies

Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis

		Total			Fair Value Measurements at Reporting Date
		June 30, 2011			Level 1			Level 2			Level 3
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Assets:
Other real estate of discontinued operations, net		$	88		$	—		$	—		$	88
Interest rate cap derivative agreements		22			—			22			—
Life insurance policy		1,931			—			1,931			—

Total assets		$	2,041		$	—		$	1,953		$	88

Liabilities:
Retirement benefit agreement		$	1,931		$	—		$	1,931		$	—
Interest rate swap derivative agreements		501			—			501			—

Total liabilities		$	2,432		$	—		$	2,432		$	—

		Total			Fair Value Measurements at Reporting Date
		December 31, 2010			Level 1			Level 2			Level 3

Assets:
Other real estate, net (1)		$	2,506		$	—		$	—		$	2,506
Life insurance policy		1,868			—			1,868			—
Goodwill		4,673			—			—			4,673

Total assets		$	9,047		$	—		$	1,868		$	7,179

Liabilities:
Retirement benefit agreement		$	1,868		$	—		$	1,868		$	—

Total liabilities		$	1,868		$	—		$	1,868		$	—

(1) Includes the office building and land adjacent to one of the Company’s hotels that was impaired and recorded at fair value in June 2010.

Schedule of goodwill

		Goodwill

Balance at December 31, 2010		$	4,673
Purchase of outside 50.0% equity interest in BuyEfficient (unaudited)		8,415

Balance at June 30, 2011 (unaudited)		$	13,088

Schedule of gains and impairment charges included in earnings as a result of applying Level 3 measurements

		Three Months Ended June 30, 2011			Three Months Ended June 30, 2010			Six Months Ended June 30, 2011			Six Months Ended June 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Gains:
Investment in unconsolidated joint ventures (1)		$	—		$	—		$	69,230		$	—

Impairment charges:
Other real estate, net		$	—		$	(1,943	)	$	—		$	(1,943	)
Other real estate of discontinued operations, net		(1,495		)	—			(1,495		)	—

Total impairment charges		(1,495		)	(1,943		)	(1,495		)	(1,943		)

Total Level 3 measurement charges included in earnings		$	(1,495	)	$	(1,943	)	$	67,735		$	(1,943	)

(1) Includes the gains recorded by the Company on the remeasurements of the Company’s equity interests in its Doubletree Guest Suites Times Square and BuyEfficient joint ventures.

Schedule of amortization and write-off of deferred financing fees

		Three Months Ended June 30, 2011			Three Months Ended June 30, 2010			Six Months Ended June 30, 2011			Six Months Ended June 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Continuing operations:
Amortization of deferred financing fees		$	812		$	303		$	1,425		$	793
Write-off of deferred financing fees (1)		—			123			—			1,585

Total deferred financing fees — continuing operations		812			426			1,425			2,378
Discontinued operations:
Amortization of deferred financing fees		3			135			6			272

Total amortization and write-off of deferred financing fees		$	815		$	561		$	1,431		$	2,650

(1) Includes $1.5 million in unamortized deferred financing costs written off due to the termination of the Company’s credit facility during the first quarter of 2010, and $0.1 million in unamortized deferred financing costs written off related to the release of three hotels from the Mass Mutual loan during the second quarter of 2010.

Schedule of computation of basic and diluted earnings (loss) per common share

		Three Months Ended June 30, 2011			Three Months Ended June 30, 2010			Six Months Ended June 30, 2011			Six Months Ended June 30, 2010
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Net income (loss)		$	38,929		$	308		$	90,264		$	(20,783	)
Income from consolidated joint venture attributable to non-controlling interest		(244		)	—			(244		)	—
Distributions to non-controlling interest		(7		)	—			(14		)	—
Preferred stock dividends and accretion		(7,310		)	(5,187		)	(12,447		)	(10,374		)
Undistributed income allocated to unvested restricted stock compensation		(291		)	—			(717		)	—

Numerator for basic and diluted earnings available (loss attributable) to common stockholders		$	31,077		$	(4,879	)	$	76,842		$	(31,157	)

Denominator:
Weighted average basic common shares outstanding		117,227			97,188			117,151			97,118
Unvested restricted stock awards		87			—			116			—

Weighted average diluted common shares outstanding		117,314			97,188			117,267			97,118

Basic earnings available (loss attributable) to common stockholders per common share		$	0.27		$	(0.05	)	$	0.66		$	(0.32	)

Diluted earnings available (loss attributable) to common stockholders per common share		$	0.26		$	(0.05	)	$	0.66		$	(0.32	)

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References+ Details