Debt (Tables)

3 Months Ended

Mar. 31, 2012

Debt Disclosure [Abstract]

Mortgage debt

Mortgage debt as of March 31, 2012 and December 31, 2011 consisted of the following (in thousands):

					Balance Outstanding as of
	Interest Rate			Maturity Date	March 31, 2012		December 31, 2011
Sofitel Philadelphia	Floating		(1)	February 2012	$	—	$	56,070
InterContinental Buckhead	4.88	%		January 2016	51,609		51,805
Skamania Lodge	5.44	%		February 2016	30,561		30,664
DoubleTree by Hilton Bethesda-Washington DC	5.28	%		February 2016	35,954		36,000
Monaco Washington DC	4.36	%		February 2017	45,938		35,000
Argonaut Hotel	4.25	%		March 2017	47,000		42,000
					$	211,062	$	251,539

⁽¹⁾  Mortgage debt interest rate is LIBOR plus 1.3%. The interest rate as of December 31, 2011 was 1.57%.