Notes Payable (Tables)

6 Months Ended

Jun. 30, 2015

Notes Payable

Schedule of notes payable

Notes payable consisted of the following (in thousands):

	June 30,		December 31,
	2015		2014
	(unaudited)
Notes payable requiring payments of interest and principal, with fixed rates ranging from 4.12% to 5.95%; maturing at dates ranging from January 2016 through January 2025. The notes are collateralized by first deeds of trust on 10 hotel properties at June 30, 2015, and 14 hotel properties at December 31, 2014.	$	915,741	$	1,023,780
Note payable requiring payments of interest and principal, bearing a blended rate of one-month LIBOR plus 225 basis points; maturing in August 2019. The note is collateralized by a first deed of trust on one hotel property.		226,873		228,296
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.		176,043		177,216
Total notes payable		1,318,657		1,429,292
Less: current portion		(135,825)		(121,328)
Notes payable, less current portion	$	1,182,832	$	1,307,964

Schedule of interest expense on notes payable

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

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2015		June 30, 2014		June 30, 2015		June 30, 2014
	(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest expense on debt and capital lease obligations	$	16,138	$	17,720	$	32,825	$	35,376
Loss (gain) on derivatives, net		10		(125)		10		(234)
Amortization and write-off of deferred financing fees		1,141		736		1,780		1,472
Total interest expense	$	17,289	$	18,331	$	34,615	$	36,614