Notes Payable (Tables)

12 Months Ended

Dec. 31, 2011

Notes Payable

Schedule of notes payable

	2011			2010
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 December 31, 2011, and 18 hotel properties and one commercial laundry facility at December 31, 2010.	$	1,091,306		$	1,071,227
Note payable requiring payments of interest and principal, bearing a blended rate of 3-month LIBOR plus 325 basis points; maturing in April 2016. The note is collateralized by a first deed of trust on one hotel property.	237,806			—
Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of 3-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.	180,000			—
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
	1,571,612			1,133,727
Less: discount on Senior Notes	(1,135		)	(2,197		)
	1,570,477			1,131,530
Less: current portion	(53,935		)	(16,196		)
	$	1,516,542		$	1,115,334

Schedule of interest incurred and expensed on the notes payable

	2011		2010		2009
Interest expense	$	75,995	$	64,813	$	71,282
Interest expense — default rate (1)	—		884		472
Loss on derivatives	2,655		—		—
Accretion of Senior Notes	1,062		996		1,813
Amortization of deferred financing fees	3,232		1,585		1,811
Write-off of deferred financing fees	21		1,585		284
Loan penalties and fees (1)	—		311		207
	$	82,965	$	70,174	$	75,869

(1)The default rate interest expense and the loan penalties and fees were incurred due to the Company’s elective default on the Mass Mutual loan.

Schedule of aggregate future principal maturities and amortization of notes payable

2012	$	53,935
2013	86,649
2014	30,447
2015	259,146
2016	472,889
Thereafter	668,546
Total	$	1,571,612