Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Carrying Amount and Estimated Fair Values of Financial Assets and Liabilities

The carrying amount and estimated fair values of our financial assets and liabilities, which include related current portions, were as follows:

	December 31, 2015						December 31, 2014
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
	(in thousands)
Cash and cash equivalents (1)	$	86,709		$	86,709		$	109,857		$	109,857
Interest rate swaps (2)		(11,440	)		(11,440	)		(4,811	)		(4,811	)
Long-term debt (3)(4)		1,712,099			1,675,760			1,859,511			1,846,181

(1)	Classified as Level 1 under the fair value hierarchy.

(2)	Classified as Level 2 under the fair value hierarchy.

(3)	Classified as Level 3 under the fair value hierarchy.

(4)	Carrying amount includes deferred debt issuance costs of $22.4 million and $26.2 million as of December 31, 2015 and 2014, respectively.

Schedule of Fair Value of Assets Measured on Non-recurring Basis and Related Impairment Charges

The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during the year ended December 31, 2015:

	Level 1		Level 2		Level 3		Total Fair Value		Impairment Charge
	(in thousands)
24 Owned Hotels Held for Sale⁽¹⁾	$	—	$	—	$	34,498	$	34,498	$	43,382
1 Owned Hotel		—		—		2,422		2,422		5,103
1 Owned Restaurant Parcel		—		—		1,025		1,025		1,636
	$	—	$	—	$	37,945	$	37,945	$	50,121

(1)	During 2015, we sold 11 of the 24 hotels that were designated as assets held for sale in the third quarter of 2015. The remaining 13 are included in assets held for sale as of December 31, 2015 and are subject to a definitive purchase agreement.

The following fair value hierarchy table presents information about assets measured at fair value on a nonrecurring basis during as of December 31, 2014:

Level 1

Level 2

Level 3

Total Fair

Value

Impairment

Charge

(in thousands)

1 La Quinta Inn

—

249

5,157