Notes Payable (Tables)

6 Months Ended

Jun. 30, 2011

Notes Payable

Schedule of notes payable

	June 30, 2011			December 31, 2010
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.97% to 9.88%; maturing at dates ranging from July 2012 through May 2021. The notes are collateralized by first deeds of trust on 19 hotel properties and one commercial laundry facility at June 30, 2011, and 18 hotel properties and one commercial laundry facility at December 31, 2010.	$	1,101,440		$	1,071,227
Notes payable requiring payments of interest only bearing a blended rate of LIBOR plus 115 basis points; maturing in January 2012. The notes are collateralized by first deeds of trust on one hotel property.	270,000			—
Note payable requiring payments of interest and principal bearing a blended rate of LIBOR plus 325 basis points; maturing in April 2016. The note is collateralized by a first deed of trust on one hotel property.	239,279			—
Senior Notes, with a fixed interest rate of 4.60%, maturing in July 2027. The notes are guaranteed by the Company and certain of its subsidiaries.	62,500			62,500
	1,673,219			1,133,727
Less: discount on Senior Notes	(1,674		)	(2,197		)
	1,671,545			1,131,530
Less: current portion	(292,189		)	(16,196		)
	$	1,379,356		$	1,115,334

Schedule of interest incurred and expensed on the notes payable

	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)
Interest expense	$	19,120	$	16,024	$	35,986	$	32,802
Interest expense — default rate (1)	—		120		—		884
Loss on derivatives, net	960		—		1,004		—
Accretion of Senior Notes	261		245		522		491
Amortization of deferred financing fees	812		303		1,425		793
Write-off of deferred financing fees	—		123		—		1,585
Loan penalties and fees (2)	—		36		—		174
	$	21,153	$	16,851	$	38,937	$	36,729

(1) Interest expense — default rate for the three and six months ended June 30, 2010 was incurred due to the Company’s elective default on the Mass Mutual loan, pursuant to its 2009 secured debt restructuring program. While the Company was required to record such interest, as the Mass Mutual loan was non-recourse to the Company, the Company did not actually fund such interest. The Company reversed this accrual and recorded a gain on the forgiveness of this interest once the deed back of the Mass Mutual eight was completed, and the debt was extinguished in November 2010.

(2) Due to the Company’s elective default on the Mass Mutual loan pursuant to its 2009 secured debt restructuring program, loan penalties and fees of $36,000 and $135,000 for the three and six months ended June 30, 2010, respectively, were incurred. While the Company is required to record such loan penalties and fees, as the Mass Mutual loan was non-recourse to the Company, the Company did not actually fund such fees. The Company reversed these accruals and recorded a gain on the forgiveness of these penalties and fees once the deed back of the Mass Mutual eight was completed, and the debt was extinguished in November 2010.  An additional $39,000 in loan penalties and fees was incurred during the three months ended March 31, 2010 due to the termination of the Company’s credit facility