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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 07, 2012
Sep. 09, 2011
Cash flows from operating activities:    
Net loss $ (33,219) $ (12,613)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Real estate depreciation 64,149 66,835
Corporate asset depreciation as corporate expenses 66 59
Gain on sale of properties, net of tax (9,541) 0
Gain on early extinguishment of debt (144) 0
Non-cash ground rent 4,621 4,878
Non-cash financing costs, debt premium and interest rate cap as interest 2,529 1,068
Impairment losses 45,534 0
Amortization of unfavorable contract liabilities (1,296) (1,284)
Amortization of deferred income (658) (414)
Stock-based compensation 3,230 3,339
Payment of Los Angeles Airport Marriott litigation settlement (1,709) 0
Changes in assets and liabilities:    
Prepaid expenses and other assets (1,261) (1,371)
Restricted cash (1,532) (5,225)
Due to/from hotel managers (15,281) (7,438)
Accounts payable and accrued expenses (10,822) (4,564)
Net cash provided by operating activities 44,666 43,270
Cash flows from investing activities:    
Hotel capital expenditures (26,354) (35,403)
Hotel acquisitions (415,188) (385,472)
Net proceeds from sale of properties 92,120 0
Cash received from mortgage loan 551 1,704
Change in restricted cash (6,193) (3,164)
Purchase deposits (1,898) (20,000)
Receipt of deferred key money 479 3,430
Net cash used in nvesting activities (356,483) (438,905)
Cash flows from financing activities:    
Scheduled mortgage debt principal payments (7,441) (6,217)
Repurchase of common stock (2,946) (3,849)
Proceeds from sale of common stock, net 199,831 149,674
Proceeds from mortgage debt 170,368 100,000
Prepayment of mortgage debt (26,963) 0
Draw on senior unsecured credit facility 175,000 130,000
Repayments of senior unsecured credit facility (155,000) 0
Payment of financing costs (4,412) (2,457)
Purchase of interest rate cap (934) 0
Payment of cash dividends (40,373) (26,940)
Net cash provided by financing activities 307,130 340,211
Net decrease in cash and cash equivalents (4,687) (55,424)
Cash and cash equivalents, beginning of period 26,291 84,201
Cash and cash equivalents, end of period 21,604 28,777
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 38,236 39,436
Cash paid for income taxes 1,192 629
Capitalized interest 802 1,036
Non-cash Financing Activities:    
Assumption of mortgage debt 0 71,421
Unpaid dividends 15,871 13,569
Buyer assumption of mortgage debt on sale of hotels 180,000 0
Issuance of common stock in connection with acquisition of hotel portfolio $ 75,000 $ 0