Notes Payable (Tables)

12 Months Ended

Dec. 31, 2014

Notes Payable

Schedule of notes payable

Notes payable consisted of the following at December 31 (in thousands):

	2014		2013
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% and 5.95% at December 31, 2014, and 4.4% and 6.6% at December 31, 2013; maturing at dates ranging from May 2015 through January 2025. The notes are collateralized by first deeds of trust on 14 hotel properties at both December 31, 2014 and 2013.	$	1,023,780	$	993,164
Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points at December 31, 2014, and three-month LIBOR plus 325 basis points at December 31, 2013; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		228,296		231,451
Note payable requiring payments of interest only through October 2013, and interest and principal thereafter, with a blended interest rate of one-month LIBOR plus 325 basis points; maturing in October 2018. The note is collateralized by a first deed of trust on one hotel property.		177,216		179,460
Total notes payable		1,429,292		1,404,075
Less: current portion		(121,328)		(23,289)
Notes payable, less current portion	$	1,307,964	$	1,380,786

Schedule of interest expense on notes payable

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

	2014		2013		2012
Interest expense on debt and capital lease obligations	$	70,067	$	69,806	$	71,664
(Gain) loss on derivatives, net		(529)		(525)		406
Accretion of Senior Notes		—		3		1,058
Amortization of deferred financing fees		2,777		2,955		3,690
Write-off of deferred financing fees		—		—		3
	$	72,315	$	72,239	$	76,821

Schedule of aggregate future principal maturities and amortization of notes payable

Aggregate future principal maturities and amortization of notes payable at December 31, 2014, are as follows (in thousands):

2015	$	121,328
2016		205,802
2017		257,405
2018		290,852
2019		223,880
Thereafter		330,025
Total	$	1,429,292