Notes Payable (Tables)

3 Months Ended

Mar. 31, 2014

Notes Payable

Schedule of notes payable

Notes payable consisted of the following (in thousands):

	March 31,		December 31,
	2014		2013
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.4% to 6.6%; maturing at dates ranging from May 2015 through May 2021. The notes are collateralized by first deeds of trust on 14 hotel properties at both March 31, 2014, and December 31, 2013.	$	988,889	$	993,164
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.		230,602		231,451
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.		178,911		179,460
Total notes payable		1,398,402		1,404,075
Less: current portion		(24,008)		(23,289)
Notes payable, less current portion	$	1,374,394	$	1,380,786

Schedule of interest incurred and expensed on the notes payable

Total interest incurred and expensed on the notes payable was as follows (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2014		March 31, 2013
	(unaudited)		(unaudited)
Interest expense on debt and capital lease obligations	$	17,656	$	16,810
Gain on derivatives, net		(109)		(157)
Accretion of Senior Notes		—		3
Amortization of deferred financing fees		736		758
	$	18,283	$	17,414