Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2011

Investment in Hotel Properties

Schedule of investment in hotel properties

	December 31,
	2011			2010
Land	$	265,108		$	237,758
Buildings and improvements	2,639,867			1,867,786
Furniture, fixtures and equipment	342,880			251,743
Intangibles	164,961			34,081
Franchise fees	1,068			983
Construction in process	21,562			38,135
	3,435,446			2,430,486
Accumulated depreciation and amortization	(657,620		)	(527,667		)
	$	2,777,826		$	1,902,819

Summary of fair values of assets acquired and liabilities assumed in acquisitions

Assets:
Investment in hotel properties (1)	$	907,654
Cash	16,680
Restricted cash	17,105
Accounts receivable	10,060
Other assets	7,473
Total assets acquired	958,972
Liabilities:
Notes payable	545,952
Accounts payable and other current liabilities	19,558
Total liabilities acquired	565,510
Less:
Non-controlling interest	61,067
Gain on remeasurement of equity interest (2)	60,501
Total cash paid for acquisitions	$	271,894

(1)Investment in hotel properties was allocated to land ($27.4 million), buildings and improvements ($700.1 million), furniture, fixtures and equipment ($49.3 million) and intangibles ($130.9 million).

(2)Gain on remeasurement of equity interests includes a gain of $30.1 million recognized on the remeasurement of the Company’s equity interest in its Doubletree Guest Suites Times Square joint venture to its fair market value, and a gain of $30.4 million recognized on the remeasurement of the Company’s investment in a $30.0 million, 8.5% mezzanine loan secured by the Doubletree Guest Suites Times Square to its fair market value in connection with the Company’s purchase of the outside 62.0% equity interests in the Doubletree Guest Suites Times Square joint venture.

Effects of acquisitions on results of operations

	2011		2010			2009
	(unaudited)		(unaudited)			(unaudited)
Revenues	$	873,505	$	821,354		$	791,063
Income available (loss attributable) to common stockholders from continuing operations	$	51,210	$	(17,292	)	$	(45,138	)
Income (loss) per diluted share available (attributable) to common stockholders from continuing operations	$	0.20	$	(0.38	)	$	(0.95	)