Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

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:

	March 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Cash and cash equivalents ⁽¹⁾	$	161,495	$	161,495	$	160,596	$	160,596
Interest rate swaps ⁽²⁾		7,068		7,068		9,803		9,803
Long-term debt ⁽³⁾⁽⁴⁾		1,696,937		1,722,616		1,699,950		1,716,815

⁽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 $17.5 million and $18.5 million as of March 31, 2017 and December 31, 2016, respectively.

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

March 31, 2017	Level 1		Level 2		Level 3		Total Fair Value		Impairment Charge
	(in thousands)
Owned hotels identified for possible sale	$	—	$	—	$	227,816	$	227,816	$	—
Assets held for sale⁽¹⁾		—		—		9,048		9,048		—
	$	—	$	—	$	236,864	$	236,864	$	—

⁽¹⁾ Assets held for sale include three hotels and a restaurant parcel designated as held for sale. As of December 31, 2016 we had five hotels and one restaurant parcel in assets held for sale and during the first quarter of 2017 we added one additional hotel to held for sale.

March 31, 2016	Level 1		Level 2		Level 3		Total Fair Value		Impairment Charge
	(in thousands)
Owned hotels identified for possible sale	$	—	$	—	$	251,163	$	251,163	$	80,383
Assets held for sale⁽¹⁾		—		—		43,477		43,477		2,960
	$	—	$	—	$	294,640	$	294,640	$	83,343

⁽¹⁾

Assets held for sale include 13 hotels and a restaurant parcel designated as held for sale in the third quarter of 2015, in addition to the one owned hotel the Company entered into an agreement to sell during the first quarter of 2016. The impairment charge for assets held for sale is related to updating the fair value to be net of estimated transaction cost.