Fair Value Measurements (Tables)

12 Months Ended

Dec. 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:

	December 31, 2017				December 31, 2016
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Cash and cash equivalents ⁽¹⁾	$	140,849	$	140,849	$	160,596	$	160,596
Interest rate swaps ⁽²⁾		1,169		1,169		9,803		9,803
Long-term debt ^{(3) (4)}		1,687,961		1,705,592		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 $14.4 million and $18.5 million as of December 31, 2017 and 2016, 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 and related impairment charges during the years ended December 31, 2017 and 2016

December 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⁾		—		—		8,706		8,706		1,178
	$	—	$	—	$	236,522	$	236,522	$	1,178

⁽¹⁾	Assets held for sale include three hotels as available for sale.

December 31, 2016	Level 1		Level 2		Level 3		Total Fair Value		Impairment Charge
	(in thousands)
Owned hotels identified for possible sale	$	—	$	—	$	227,816	$	227,816	$	94,087
Assets held for sale ⁽¹⁾		—		—		29,544		29,544		6,661
2 Owned hotels		—		—		6,725		6,725		3,510
	$	—	$	—	$	264,085	$	264,085	$	104,258