Document and Entity Information (USD $) In Billions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Feb. 25, 2011	Jun. 18, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	DiamondRock Hospitality Co
Entity Central Index Key	0001298946
Document Type	10-K
Document Period End Date	Dec. 31, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1.4
Entity Common Stock, Shares Outstanding		166,989,205

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2010	Dec. 31, 2009
ASSETS
Property and equipment, at cost	$ 2,468,289	$ 2,171,311
Less: accumulated depreciation	(396,686)	(309,224)
Property and equipment, net	2,071,603	1,862,087
Restricted cash	51,936	31,274
Due from hotel managers	50,715	45,200
Note receivable	57,951	0
Favorable lease assets, net	42,622	37,319
Prepaid and other assets	50,089	58,607
Cash and cash equivalents	84,201	177,380
Deferred financing costs, net	5,492	3,624
Total assets	2,414,609	2,215,491
Liabilities:
Mortgage debt	780,880	786,777
Senior unsecured credit facility	0	0
Total debt	780,880	786,777
Deferred income related to key money, net	19,199	19,763
Unfavorable contract liabilities, net	83,613	82,684
Dividends declared and unpaid	0	41,810
Due to hotel managers	36,168	29,847
Accounts payable and accrued expenses	81,232	79,104
Total other liabilities	220,212	253,208
Stockholders' Equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $.01 par value; 200,000,000 shares authorized; 154,570,543 and 124,299,423 shares issued and outstanding at December 31, 2010 and 2009, respectively	1,546	1,243
Additional paid-in capital	1,558,047	1,311,053
Accumulated deficit	(146,076)	(136,790)
Total stockholders' equity	1,413,517	1,175,506
Total liabilities and stockholders' equity	$ 2,414,609	$ 2,215,491

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2010	Dec. 31, 2009
Stockholders' Equity:
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	154,570,543	124,299,423
Common stock, shares outstanding	154,570,543	124,299,423

Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Revenues:
Rooms	$ 403,527	$ 365,039	$ 444,070
Food and beverage	189,291	177,345	211,475
Other	31,553	33,297	37,689
Total revenues	624,371	575,681	693,234
Operating Expenses:
Rooms	106,895	97,089	105,868
Food and beverage	128,429	124,046	145,181
Management fees	22,017	19,556	28,569
Other hotel expenses	222,548	212,282	228,469
Impairment of favorable lease asset		2,542	695
Depreciation and amortization	88,464	82,729	78,156
Hotel acquisition cost	1,436
Corporate expenses	16,385	18,317	13,987
Total operating expenses	586,174	556,561	600,925
Operating income	38,197	19,120	92,309
Interest income	(797)	(368)	(1,648)
Interest expense	45,524	51,609	50,404
Total other expenses	44,727	51,241	48,756
(Loss) income before income taxes	(6,530)	(32,121)	43,553
Income tax (expense) benefit	(2,642)	21,031	9,376
Net (loss) income	$ (9,172)	$ (11,090)	$ 52,929
(Loss) earnings per share:
Basic and diluted (loss) earnings per share	$ (0.06)	$ (0.10)	$ 0.56
Weighted-average number of common shares outstanding:
Basic	144,463,587	107,404,074	93,064,790
Diluted	144,463,587	107,404,074	93,116,162

Consolidated Statements of Stockholders' Equity (USD $) In Thousands, except Share data	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2007	$ 1,080,282	$ 947	$ 1,145,511	$ (66,176)
Beginning balance, shares at Dec. 31, 2007		94,730,813
Share repurchases	(48,824)	(48)	(48,776)
Share repurchases, shares		(4,800,000)
Dividends of $0.75, $0.33 and $0.33 for 2008, 2009 and 2010 respectively per common share	(70,126)		437	(70,563)
Issuance and vesting of common stock grants, net	3,371	2	3,369
Issuance and vesting of common stock grants, net, shares		119,451
Net (loss) income	52,929			52,929
Ending Balance at Dec. 31, 2008	1,017,632	901	1,100,541	(83,810)
Ending balance, shares at Dec. 31, 2008		90,050,264
Share repurchases	(749)		(749)
Dividends of $0.75, $0.33 and $0.33 for 2008, 2009 and 2010 respectively per common share	(41,890)			(41,890)
Issuance and vesting of common stock grants, net	6,628	3	6,625
Issuance and vesting of common stock grants, net, shares		280,265
Sale of common stock in secondary offerings, less placement fees and expenses of $669 and $413 for 2009 and 2010 respectively	204,975	339	204,636
Sale of common stock in secondary offerings, less placement fees and expenses of $669 and $413 for 2009 and 2010 respectively, shares		33,968,894
Net (loss) income	(11,090)			(11,090)
Ending Balance at Dec. 31, 2009	1,175,506	1,243	1,311,053	(136,790)
Ending balance, shares at Dec. 31, 2009		124,299,423
Dividends of $0.75, $0.33 and $0.33 for 2008, 2009 and 2010 respectively per common share	37,448	39	37,563	(114)
Dividends $0.75, $0.33 and $0.33 for 2008, 2009 and 2010 respectively per common share, shares		3,865,961
Issuance and vesting of common stock grants, net	5	6	(1)
Issuance and vesting of common stock grants, net, shares		623,659
Sale of common stock in secondary offerings, less placement fees and expenses of $669 and $413 for 2009 and 2010 respectively	209,690	258	209,432
Sale of common stock in secondary offerings, less placement fees and expenses of $669 and $413 for 2009 and 2010 respectively, shares		25,781,500
Net (loss) income	(9,172)			(9,172)
Ending Balance at Dec. 31, 2010	$ 1,413,517	$ 1,546	$ 1,558,047	$ (146,076)
Ending balance, shares at Dec. 31, 2010		154,570,543

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Cash flows from operating activities:
Net (loss) income	$ (9,172)	$ (11,090)	$ 52,929
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Real estate depreciation	88,464	82,729	78,156
Corporate asset depreciation as corporate expenses	204	145	164
Non-cash financing costs as interest	1,370	930	808
Non-cash ground rent	7,092	7,720	7,755
Non-cash reversal of penalty interest	(3,134)
Impairment of favorable lease asset		2,542	695
Amortization of debt premium and unfavorable contract liabilities	(1,771)	(1,720)	(1,720)
Amortization of deferred income	(564)	(564)	(557)
Yield support received			797
Stock-based compensation	3,967	6,937	3,981
Deferred income tax expense (benefit)	2,043	(21,566)	(10,128)
Changes in assets and liabilities:
Prepaid expenses and other assets	788	(430)	(2,183)
Due to/from hotel managers	(2,844)	10,513	1,773
Restricted cash	(3,835)	520	(1,773)
Accounts payable and accrued expenses	2,464	3,872	(1,196)
Net cash provided by operating activities	85,072	80,538	129,501
Cash flows from investing activities:
Hotel acquisitions	(265,999)
Purchase of mortgage loan	(60,601)
Cash received from mortgage loan	2,650
Purchase of ground lease interest		(874)
Hotel capital expenditures	(31,532)	(24,692)	(65,116)
Receipt of deferred key money			5,000
Change in restricted cash	(15,040)	(2,465)	3,449
Net cash used in investing activities	(370,522)	(28,031)	(56,667)
Cash flows from financing activities:
Proceeds from mortgage debt		43,000
Repayments of mortgage debt		(73,409)
Repayments of credit facility		(57,000)	(116,000)
Draws on credit facility			173,000
Scheduled mortgage debt principal payments	(5,897)	(4,167)	(3,173)
Payment of financing costs	(3,238)	(1,219)	(123)
Proceeds from sale of common stock, net	209,690	204,975
Repurchase of shares	(3,961)	(1,057)	(49,434)
Payment of dividends	(4,323)	(80)	(93,047)
Net cash provided by (used in) financing activities	192,271	111,043	(88,777)
Net (decrease) increase in cash and cash equivalents	(93,179)	163,550	(15,943)
Cash and cash equivalents, beginning of year	177,380	13,830	29,773
Cash and cash equivalents, end of year	84,201	177,380	13,830
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest	47,119	47,595	49,614
Cash paid for income taxes	846	1,023	1,080
Capitalized interest	112	19	259
Non-Cash Financing Activities:
Unpaid dividends		$ 41,810

Organization	12 Months Ended
Organization	Dec. 31, 2010
Organization [Abstract]
Organization	1. Organization DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of 23 premium hotels and resorts as well as a senior mortgage loan secured by another hotel. Our hotels are concentrated in key gateway cities and in destination resort locations and are all operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”), Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the 23 hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. As of December 31, 2010, we owned 23 hotels that contained 10,743 rooms, located in the following markets: Atlanta, Georgia (3); Austin, Texas; Boston, Massachusetts; Charleston, South Carolina; Chicago, Illinois (2); Fort Worth, Texas; Lexington, Kentucky; Los Angeles, California (2); Minneapolis, Minnesota; New York, New York (3); Oak Brook, Illinois; Orlando, Florida; Salt Lake City, Utah; Sonoma, California; Washington D.C.; St. Thomas, U.S. Virgin Islands; and Vail, Colorado, and we also own a senior mortgage loan secured by a 443-room hotel located in Chicago, Illinois. We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of the operating partnership and currently owns, either directly or indirectly, all of the limited partnership units of the operating partnership.

- Definition

Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2010
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies *Basis of Presentation* Our financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with United States generally accepted accounting principles, or GAAP. All intercompany accounts and transactions have been eliminated in consolidation. *Use of Estimates* The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. *Risks and Uncertainties* The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. *Fair Value of Financial Instruments* Our financial instruments include cash and cash equivalents, restricted cash, accounts payable, accrued expenses and due to/from hotel manager. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 15 for disclosures on the fair value of mortgage debt and note receivable. *Property and Equipment* Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements, and building improvements and one to ten years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss recognized. We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and will cease recording depreciation expense. We will classify the loss, together with the related operating results, as discontinued operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. *Goodwill* Goodwill represents the excess of our cost to acquire a business over the net amounts assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Our goodwill is classified within other assets in the accompanying consolidated balance sheets. *Cash and Cash Equivalents* We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. *Note Receivable* We initially record acquired notes receivable at cost. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible. *Revenue Recognition* Revenues from operations of our hotels are recognized when the products or services are provided. Revenues consist of room sales, golf sales, food and beverage sales, and other hotel department revenues, such as telephone and gift shop sales. *Income Taxes* We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local, and/or foreign income taxes. In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. We had no accruals for tax uncertainties as of December 31, 2010 and 2009. *Intangible Assets and Liabilities* Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. *Earnings Per Share* Basic earnings per share is calculated by dividing net income, adjusted for dividends on unvested stock grants, by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income, adjusted for dividends on unvested stock grants, by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. *Stock-based Compensation* We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. *Comprehensive (Loss) Income* Comprehensive (loss) income includes net (loss) income as currently reported on the consolidated statement of operations adjusted for other comprehensive income items. We do not have any items of comprehensive (loss) income other than net (loss) income. *Restricted Cash* Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. *Deferred Financing Costs* Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. *Hotel Working Capital* The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel manager represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. *Key Money* Key money received in conjunction with entering into hotel management agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees on the accompanying consolidated statements of operations. *Straight-Line Rent* We record rent expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. *Concentration of Credit Risk* Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. While the note receivable is currently in default, the value of the underlying hotel exceeds our carrying value of the note. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. *Yield Support* Marriott has provided us with operating cash flow guarantees for certain hotels to fund shortfalls of actual hotel operating income compared to a negotiated target net operating income. We refer to these guarantees as “yield support.” Yield support received is recognized over the period earned if the yield support is not refundable and there is reasonable uncertainty of receipt at inception of the management agreement. Yield support is recorded as an offset to base management fees. *Reclassifications* Certain prior year financial statement amounts have been reclassified to conform with the current year presentation.

Property and Equipment

12 Months Ended

Dec. 31, 2010

Property and Equipment [Abstract]

Property and Equipment

3. Property and Equipment

Property and equipment as of December 31, 2010 and 2009 consists of the following (in thousands):


	2010			2009
Land	$	241,145		$	220,445
Land improvements		7,994			7,994
Building		1,903,782			1,671,821
Furniture, fixtures and equipment		309,976			270,042
Corporate office equipment and Construction in progress		5,392			1,009

		2,468,289			2,171,311
Less: accumulated depreciation		(396,686	)		(309,224	)

	$	2,071,603		$	1,862,087

As of December 31, 2010 and 2009, we had accrued capital expenditures of $2.0 million and $0.5 million, respectively.

Favorable Lease Assets

12 Months Ended

Dec. 31, 2010

Favorable Lease Assets [Abstract]

Favorable Lease Assets

4. Favorable Lease Assets

In connection with the acquisition of certain hotels, we have recognized intangible assets for favorable ground leases. The favorable lease assets are recorded at the acquisition date and amortized using the straight-line method over the term of the non-cancelable term of the lease agreement. Amortization expense for the year ended December 31, 2010, was approximately $0.8 million, and is expected to total approximately $0.8 million each year for 2011 through 2015. Our favorable lease assets as of December 31, 2010 and 2009 consist of the following (in thousands):


	2010		2009
Boston Westin Waterfront	$	19,156	$	19,371
Boston Westin Waterfront — Lease Right		9,513		9,513
Minneapolis Hilton		6,059		—
Oak Brook Hills Marriott Resort		7,894		8,435

	$	42,622	$	37,319

In connection with our acquisition of the Hilton Minneapolis on June 16, 2010, we recorded a $6.1 million favorable lease asset. We determined the value using a discounted cash flow model using the favorable difference between the contractual lease payments and estimated market rents. The estimated market rents were provided by a third party appraiser and the discount rate was estimated using a risk adjusted rate of return. See Note 10 for a further discussion of this favorable lease asset.

We also own a favorable lease asset related to the right to acquire a leasehold interest in a parcel of land adjacent to the Westin Boston Waterfront Hotel for the development of a 320 to 350 room hotel (the “lease right”). The option expires in 2099. We do not amortize the lease right but review the asset for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. During the year ended December 31, 2009, we recorded an impairment loss of $2.5 million to write down the carrying value of the lease right to its fair value of $9.5 million. No impairment loss was recorded in 2010. As of December 31, 2010 and December 31, 2009, the carrying amount of the lease right is $9.5 million.

The U.S. GAAP fair value hierarchy assigns a level to fair value measurements based on inputs used: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs are inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly; or Level 3 inputs are unobservable inputs. The fair value of the lease right is a Level 3 measurement and is derived from a discounted cash flow model using the favorable difference between the estimated participating rents in accordance with the lease terms and the estimated market rents. The discount rate was estimated using a risk adjusted rate of return, the estimated participating rents were estimated based on a hypothetical completed 327-room hotel comparable to our Westin Boston Waterfront Hotel, and market rents were based on comparable long-term ground leases in the City of Boston. The methodology used to determine the fair value of the lease right is consistent with the methodology used since acquisition of the lease right.

Note Receivable	12 Months Ended
Note Receivable	Dec. 31, 2010
Note Receivable [Abstract]
Note Receivable	5. Note Receivable On May 24, 2010, we acquired the $69.0 million senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois for approximately $60.6 million. The Allerton loan matured in January 2010 and is currently in default. The Allerton loan accrues at an interest rate of LIBOR plus 692 basis points, which includes five percentage points of default interest. As of December 31, 2010, the Allerton loan had a principal balance of $69.0 million and unrecorded accrued interest (including default interest) of approximately $1.8 million. We continue to pursue the foreclosure proceedings initially filed in April 2010, which, if successful, would result in the Company owning the hotel. The matter may be resolved without foreclosure if the borrower repays the Allerton loan in full. We evaluate the potential impairment of the carrying value of the Allerton loan based on the underlying value of the hotel. We concluded at December 31, 2010, there is no impairment. Recognition of interest income on the Allerton loan is dependent upon having a reasonable expectation about the timing and amount of cash payments expected to be collected from the borrower. Due to the uncertainty surrounding the timing and amount of cash payments expected, we placed the Allerton loan on non-accrual status. As of December 31, 2010, we have received default interest payments from the borrower of approximately $2.7 million, which have been recorded as a reduction of our basis in the Allerton loan.

Capital Stock	12 Months Ended
Capital Stock	Dec. 31, 2010
Capital Stock [Abstract]
Capital Stock	6. Capital Stock *Common Shares* We are authorized to issue up to 200,000,000 shares of common stock, $.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. Follow-On Public Offerings. On May 28, 2010, we completed a follow-on public offering of our common stock. We sold 23,000,000 shares of common stock, including the underwriters’ overallotment of 3,000,000 shares, at an offering price of $8.40 per share. The net proceeds to us, after deduction of offering costs, were approximately $184.6 million. On January 31, 2011, we completed an additional follow-on public offering of our common stock. We sold 12,418,662 shares of our common stock, including the underwriter’s overallotment of 1,418,662 shares, at an offering price of $12.07 per share. The net proceeds to us, after deduction of offering costs, were approximately $149.6 million. Stock Dividend. On January 29, 2010, we paid a dividend to stockholders of record as of December 28, 2009 in the amount of $0.33 per share. We relied on the Internal Revenue Service’s Revenue Procedure 2009-15, as amplified and superseded by Revenue Procedure 2010-12, that allowed us to pay up to 90% of that dividend in shares of common stock and the remainder in cash. Based on stockholder elections, we paid the dividend in the form of approximately 3.9 million shares of common stock and $4.3 million of cash. Controlled Equity Offering Program. During the first quarter ended March 26, 2010, we completed a previously announced $75 million controlled equity offering program by selling 2.8 million shares at an average price of $9.13 per share, raising net proceeds of $25.1 million. *Preferred Shares* We are authorized to issue up to 10,000,000 shares of preferred stock, $.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2010 and December 31, 2009, there were no shares of preferred stock outstanding. *Operating Partnership Units* Holders of Operating Partnership units have certain redemption rights, which enable them to cause the Operating Partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of our limited partners or our stockholders. As of December 31, 2010 and 2009, respectively, there were no Operating Partnership units held by unaffiliated third parties.

Stock Incentive Plans

12 Months Ended

Dec. 31, 2010

Stock Incentive Plans [Abstract]

Stock Incentive Plans

7. Stock Incentive Plans

We are authorized to issue up to 8,000,000 shares of our common stock under our 2004 Stock Option and Incentive Plan, as amended (the “Incentive Plan”), of which we have issued or committed to issue 3,119,827 shares as of December 31, 2010. In addition to these shares, additional shares could be issued related to the Stock Appreciation Rights and Market Stock Unit awards as further described below.

Restricted Stock Awards

Restricted stock awards issued to our officers and employees vest over a three-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations.

A summary of our restricted stock awards from January 1, 2008 to December 31, 2010 is as follows:


				Weighted-Average
	Number of			Grant Date Fair
	Shares			Value
Unvested balance at January 1, 2008		346,625		$	16.88
Granted		406,767			10.92
Vested		(147,583	)		16.31

Unvested balance at December 31, 2008		605,809			13.02
Granted		1,517,435			2.82
Forfeited		(7,184	)		14.61
Vested		(396,684	)		9.77

Unvested balance at December 31, 2009		1,719,376			4.76
Granted		356,964			8.41
Additional shares from dividends		46,206			9.57
Vested		(573,848	)		5.19

Unvested balance at December 31, 2010		1,548,698		$	5.49

The remaining share awards are expected to vest as follows: 848,608 shares during 2011, 581,098 shares during 2012 and 118,992 during 2013. As of December 31, 2010, the unrecognized compensation cost related to restricted stock awards was $4.0 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 20 months. For the years ended December 31, 2010, 2009, and 2008, we recorded $3.2 million, $5.7 million, and $3.2 million, respectively, of compensation expense related to restricted stock awards.

Market Stock Units

We have awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest three years from the date of grant, subject to the achievement of certain levels of total stockholder return over the vesting period (the “Performance Period”). We do not pay dividends on the shares of common stock underlying the MSUs; instead, the dividends are effectively reinvested as each of the executive officers is credited with an additional number of MSUs that have a fair market value (based on the closing stock price on the day the dividend is paid) equal to the amount of the dividend that would have been awarded for those shares.

Each executive officer was granted a target number of MSUs (the “Target Award”). The actual number of MSUs that will be earned, if any, and converted to common stock at the end of the Performance Period is equal to the Target Award plus an additional number of shares of common stock to reflect dividends that would have been paid during the Performance Period on the Target Award multiplied by the percentage of total stockholder return over the Performance Period. The total stockholder return is based on the 30-trading day average closing price of our common stock calculated on the vesting date plus dividends paid and the 30-trading day average closing price of our common stock on the date of grant. There will be no payout of shares of our common stock if the total stockholder return percentage on the vesting date is less than negative 50%. The maximum payout to an executive officer under an MSU award is equal to 150% of the Target Award.

On March 3, 2010, we issued 84,854 MSUs to our executive officers with an aggregate grant date fair value of $0.8 million, or $9.87 per share. We used a Monte Carlo simulation model to determine the grant-date fair value of the awards using the following assumptions: expected volatility of 68% and a risk-free rate of 1.33%. For the year ended December 31, 2010 we recorded approximately $0.2 million of compensation expense related to the MSUs. As of December 31, 2010, the unrecognized compensation cost related to the MSU awards was approximately $0.6 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 26 months.

Deferred Stock Awards

At the time of our initial public offering, we made a commitment to issue 382,500 shares of deferred stock units to our senior executive officers. At issuance, these deferred stock units were fully vested and represented the promise to issue a number of shares of our common stock to each senior executive officer upon the earlier of (i) a change of control or (ii) five years after the date of grant, which was the initial public offering completion date (the “Deferral Period”). On June 1, 2010, the last day of the Deferral Period, we issued 268,657 shares of our common stock pursuant to this commitment, net of shares repurchased for employee income taxes.

Stock Appreciation Rights and Dividend Equivalent Rights

We have awarded our executive officers stock-settled Stock Appreciation Rights (“SARs”) and Dividend Equivalent Rights (“DERs”). The SARs/DERs vest over three years based on continued employment and may be exercised, in whole or in part, at any time after the instrument vests and before the eighth anniversary of issuance. Upon exercise, the holder of a SAR is entitled to receive a number of common shares equal to the positive difference, if any, between the closing price of our common stock on the exercise date and the “strike price.” The strike price is equal to the closing price of our common stock on the SAR grant date. We simultaneously issued one DER for each SAR. The DER entitles the holder to the value of dividends issued on one share of common stock. No dividends are paid on a DER prior to vesting, but upon vesting, the holder of each DER will receive a lump sum equal to the cumulative dividends paid per share of common stock from the grant date through the vesting date. Initially, the DER was to terminate upon exercise or expiration of each SAR. The Company amended the terms of the DERs in 2008. The amendment shortened the maturity from 10 years to 8 years from the grant date and eliminated the provision that required the awards to terminate, in whole or in part, upon the exercise of the SAR that was issued simultaneously with the DER. The modification did not result in an increase or a decrease in the fair value of the DERs. We measure compensation expense of the SAR/DER awards based upon the fair market value of these awards at the grant date. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying condensed consolidated statements of operations.

On March 4, 2008, we issued 300,225 SARs/DERs to our executive officers with an aggregate grant date fair value of approximately $2.0 million. The strike price of the SARs is $12.59. The SARs were valued using a binomial option pricing model using the following assumptions, an expected life of seven years, a risk free rate of 3.17%, expected volatility of 29.8% and an expected dividend yield of 5.5% (the average dividend yield on the four dividend payment dates preceding the issuance of the SARs). The DERs were valued using a discounted cash flow model assuming a stream of dividends equal to 5.5% of the closing stock price on the New York Stock Exchange on the date that the DERs were issued over the seven year expected life of the instrument. For the years ended December 31, 2010, 2009 and 2008, we recorded approximately $0.3 million, $1.1 million and $0.6 million, respectively, of compensation expense related to the SARs/DERs. A summary of our SARs/DERs is as follows:


				Weighted-Average
	Number of			Grant Date Fair
	SARs/DERs			Value
Balance at January 1, 2008		—		$	—

Granted		300,225			6.62
Exercised		—			—

Balance at January 1, 2009		300,225			6.62
Granted		—			—
Exercised		—			—

Balance at December 31, 2009		300,225			6.62
Granted		—			—
Expired		(37,764	)		6.62
Exercised		—			—

Balance at December 31, 2010		262,461		$	6.62

(Loss) Earnings Per Share

12 Months Ended

Dec. 31, 2010

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

8. (Loss) Earnings Per Share

Basic (loss) earnings per share is calculated by dividing net (loss) income available to common stockholders by the weighted-average number of common shares outstanding. Diluted (loss) earnings per share is calculated by dividing net (loss) income available to common stockholders, that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities

The following is a reconciliation of the calculation of basic and diluted (loss) earnings per share for the years ended December 31, 2010, 2009 and 2008 (in thousands, except share and per share data):


	2010			2009			2008
Basic (Loss) Earnings per Share Calculation:
Numerator:
Net (loss) income	$	(9,172	)	$	(11,090	)	$	52,929
Less: dividends on unvested restricted common stock		—			—			(389	)

Net (loss) income after dividends on unvested restricted common stock	$	(9,172	)	$	(11,090	)	$	52,540


Weighted-average number of common shares outstanding — basic		144,463,587			107,404,074			93,064,790


Basic (loss) earnings per share	$	(0.06	)	$	(0.10	)	$	0.56

Diluted (Loss) Earnings per Share Calculation:
Numerator:
Net (loss) income	$	(9,172	)	$	(11,090	)	$	52,929
Less: dividends on unvested restricted common stock		—			—			(389	)

Net (loss) income after dividends on unvested restricted stock	$	(9,172	)	$	(11,090	)	$	52,540


Weighted-average number of common shares outstanding — basic		144,463,587			107,404,074			93,064,790
Unvested restricted common stock (1)		—			—			51,372
Unexercised SARs (2)		—			—			—
Unvested MSUs (2)		—			—			—

Weighted-average number of common shares outstanding — diluted		144,463,587			107,404,074			93,116,162


Diluted (loss) earnings per share	$	(0.06	)	$	(0.10	)	$	0.56


(1)		Anti-dilutive for the years ended December 31, 2009 and 2010.

(2)		Anti-dilutive for all periods presented.

Debt

12 Months Ended

Dec. 31, 2010

Debt [Abstract]

Debt

9. Debt

We have incurred limited recourse, property specific mortgage debt in conjunction with certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds and other customary recourse provisions, the lender may seek payment from us. As of December 31, 2010, ten of our 23 hotel properties were pledged to secure mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. During the fiscal quarter ended June 18, 2010, the cash trap provision had been triggered on our Courtyard Manhattan/Midtown East mortgage. As of December 31, 2010, the lender held approximately $0.8 million under this cash trap for purposes of debt service, which is reflected in restricted cash on the accompanying consolidated balance sheet. As of December 31, 2010, we were in compliance with the financial covenants of our mortgage debt.

As of December 31, 2010, we had approximately $780.9 million of outstanding debt. The following table sets forth the debt obligations on our hotels.


								Maturity	Amortization
Property	Principal Balance		Debt per Room		Interest Rate			Date	Provisions
	(In thousands)
Frenchman’s Reef & Morning Star Marriott Beach Resort	$	60,558	$	120,634		5.44	%	August 2015	30 years
Marriott Los Angeles Airport		82,600		82,271		5.30	%	July 2015	Interest Only
Courtyard Manhattan /Fifth Avenue		51,000		275,676		6.48	%	June 2016	30 years(1)
Courtyard Manhattan /Midtown East		42,641		136,670		8.81	%	October 2014	30 years
Orlando Airport Marriott		59,000		121,649		5.68	%	January 2016	30 years(2)
Marriott Salt Lake City Downtown		31,699		62,155		5.50	%	January 2015	20 years
Renaissance Worthington		56,343		111,791		5.40	%	July 2015	30 years
Chicago Marriott Downtown Magnificent Mile		217,039		181,168		5.975	%	April 2016	30 years
Renaissance Austin		83,000		168,699		5.507	%	December 2016	Interest Only
Renaissance Waverly		97,000		186,180		5.503	%	December 2016	Interest Only
Senior unsecured credit facility (3)		—			LIBOR + 3.00%			August 2013	Interest Only

Total debt	$	780,880

Weighted-Average Interest Rate						5.86	%


(1)		The debt has a five-year interest only period that commenced in May 2006. After the expiration of that period, the debt will amortize based on a thirty-year schedule.

(2)		The debt has a five-year interest only period that commenced in December 2005. After the expiration of that period, the debt will amortize based on a thirty-year schedule.

(3)		The senior unsecured credit facility matures in August 2013. Subject to certain conditions, including being in compliance with all financial covenants, we have one extension option that will extend maturity for one year. Interest is paid on the periodic advances under our senior unsecured credit facility at varying rates, based upon LIBOR, plus an agreed upon additional margin amount. The applicable margin depends upon our leverage.

The aggregate debt maturities as of December 31, 2010 are as follows (in thousands):


2011	$	7,257
2012		7,930
2013		8,486
2014		50,086
2015		222,331
Thereafter		484,790

	$	780,880

Senior Unsecured Credit Facility

On August 6, 2010, we amended and restated our $200 million senior unsecured revolving credit facility that now expires in August 2013. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. We also have the right to increase the amount of the facility to $275 million with lender approval. Interest is paid on the periodic advances under the facility at varying rates, based upon LIBOR, plus an agreed upon additional margin amount. The applicable margin depends upon our leverage, as defined in the credit agreement, as follows:


Leverage		Applicable Margin
Less than or equal to 35%		2.75%
Greater than 35% but less than 45%		3.00%
Greater than or equal to 45% but less than 50%		3.25%
Greater than or equal to 50% but less than 55%		3.50%
Greater than or equal to 55%		3.75%

The facility includes a LIBOR floor of 100 basis points. In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.50% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.40% if the unused portion of the facility is less than 50%. We incurred interest and unused credit facility fees on the facility of $0.7, $0.6, and $2.6 million for the years ended 2010, 2009, and 2008, respectively. As of December 31, 2010, we had no outstanding borrowings under the facility.

The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows:


		Actual at
	Covenant	December 31, 2010
Maximum leverage ratio	60 %		38.6%
Minimum fixed charge coverage ratio	1.3x — on or before June 29, 2012
	1.4x — on or after June 30, 2012
	and on or before June 29, 2013
	1.5x — on or after June 30, 2013		2.3x
Minimum tangible net worth	$1.457 billion		$1.810 billion

The Facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets are subject, among other restrictions, to the following limitations and covenants:

	•		A minimum of five properties with an unencumbered borrowing base value, as defined, of not less than $250 million.

	•		The unencumbered borrowing base must include the Westin Boston Waterfront, the Conrad Chicago and the Vail Marriott Mountain Resort and Spa. The Conrad Chicago and the Vail Marriott Mountain Resort and Spa may be released from the unencumbered borrowing base upon lender approval and certain conditions.

During 2011, we have the option of excluding the Frenchman’s Reef & Morning Star Marriott Beach Resort from the calculation of our compliance with the corporate financial covenants during the extensive renovation and repositioning project at the hotel.

Mortgage Loan Modification

As a result of not completing certain capital projects at Frenchman’s Reef & Morning Star Marriott Beach Resort required by the mortgage loan secured by the hotel, we accrued $3.1 million of penalty interest during the year ended December 31, 2009. During the fiscal quarter ended March 26, 2010, we amended certain provisions of the loan. The lender provided us with a waiver for any penalty interest and an extension to December 31, 2010 and December 31, 2011 for the completion date of certain lender required capital projects. In conjunction with the loan modification, we pre-funded $5.0 million for the capital projects into an escrow account and paid the lender a $150,000 modification fee. As a result of the loan modification, we reversed the $3.1 million penalty interest accrued in 2009. During the year ended December 31, 2010, we deposited an additional $2.1 million into a lender-held escrow for other renovation projects at Frenchman’s Reef, which resulted in total lender-held reserves of $7.1 million at December 31, 2010. The lender-required capital project that was required to be completed by December 31, 2010 was completed in November 2010. Subsequent to December 31, 2010, we received $4.1 million from the lender for completion of all those projects except the one project that is not required to be completed until December 31, 2011.

Acquisitions

12 Months Ended

Dec. 31, 2010

Acquisitions [Abstract]

Acquisitions

10. Acquisitions

Hilton Minneapolis

On June 16, 2010, we acquired a leasehold interest in the 821-room Hilton Minneapolis in Minneapolis, Minnesota, for total cash consideration of approximately $157 million. We assumed the existing management agreement, which expires in December 2026. The management agreement provides for a base management fee of 3% of the hotel’s gross revenues and an incentive management fee of 15% of hotel operating profit above an owner’s priority determined in accordance with the terms of the management agreement. The hotel is subject to a ground lease with an agency of the city of Minneapolis that expires in 2091. The ground lease payment and related property tax liability were negotiated as a single payment in lieu of taxes. The single payments increase at a rate of 5% per year through 2018. Beginning in 2019, there will no longer be a stipulated single payment and the hotel will pay only the real property tax portion of the initial single payment based on the then assessed valuation and applicable tax rate. In accordance with GAAP, the total estimated amount to be paid for the ground lease, which is included as part of the single payments through 2018 is being amortized and recognized as an expense on a straight line basis over the life of the ground lease. The following is a schedule of the contractual single payments, excluding amounts due in 2019 and beyond, because such amounts are not fixed and determinable:


Fiscal Year		Ground Lease Payment
2010 (1)		$5,193,000
2011		$5,453,000
2012		$5,726,000
2013		$6,012,000
2014		$6,313,000
2015		$6,629,000
2016		$6,960,000
2017		$7,308,000
2018		$7,673,000


(1)		Includes total 2010 single payments, including the period prior to our acquisition date.

We reviewed the terms of the ground lease in conjunction with the hotel purchase accounting and concluded that the terms are more favorable to us than a typical current market ground lease. Accordingly, we recorded a $6.1 million favorable lease asset that will be amortized over the remaining term of the ground lease.

Renaissance Charleston Historic District Hotel

On August 6, 2010, we acquired the 166-room Renaissance Charleston Historic District Hotel for total cash consideration of approximately $40 million. We assumed the existing management agreement, which expires in December 2021 with two five-year extensions at the option of the manager. The management agreement provides for a base management fee of 3.5% of the hotel’s gross revenues and an incentive management fee of 20% of hotel operating profit above an owner’s priority determined in accordance with the terms of the management agreement. We reviewed the terms of the management agreement in conjunction with the hotel purchase accounting and concluded that the terms are less favorable than a typical current market management agreement for this type of hotel. Accordingly, we recorded a $2.7 million unfavorable contract liability that will be amortized over the remaining term of the management agreement.

Hilton Garden Inn Chelsea/New York City

On September 8, 2010, we acquired the 169-room Hilton Garden Inn Chelsea/New York City located in New York City for total cash consideration of approximately $69 million. The hotel is managed by Alliance Hospitality Management under a new 10-year management agreement, which provides for a base management fee of 2.5% of the hotel’s gross revenues for the first three years and 2.75% of the hotel’s gross revenues thereafter. In addition, the agreement provides for an incentive management fee of 10% of hotel operating profits above an owner’s priority as defined in the management agreement. The hotel remains Hilton-branded under a franchise agreement.

The allocation of fair value to the acquired assets and liabilities is as follows (in thousands):


						Hilton Garden Inn
			Renaissance			Chelsea/New York
	Hilton Minneapolis		Charleston			City

Land	$	—	$	5,900		$	14,800
Building		129,640		32,511			51,458
Furniture, fixtures and equipment		19,700		3,100			2,115

Total fixed assets		149,340		41,511			68,373
Favorable lease asset		6,100		—			—
Unfavorable contract liability		—		(2,700	)		—
FF&E escrow		1,028		790			—
Accrued liabilities and other assets, net		762		174			622

Purchase Price	$	157,230	$	39,775		$	68,995

The acquired properties are included in our results of operations based on their respective dates of acquisition. The following unaudited pro forma results of operations reflect these transactions as if each had occurred on January 1, 2009. In our opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it intend to indicate future operating results.


	Year ended December 31,
	2010			2009

Revenues	$	657,153		$	637,069
Loss from continuing operations		(5,005	)		(3,804	)
Net loss		(5,005	)		(3,804	)
Loss per share—Basic and Diluted	$	(0.03	)	$	(0.04	)

Income Taxes

12 Months Ended

Dec. 31, 2010

Income Taxes [Abstract]

Income Taxes

12. Income Taxes

We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes.

Our (benefit) provision for income taxes consists of the following (in thousands):


	Year Ended December 31,
	2010		2009			2008
Current — Federal	$	—	$	—		$	—
State		493		535			665
Foreign		106		—			87

		599		535			752
Deferred — Federal		826		(17,299	)		(8,330	)
State		152		(3,882	)		(1,978	)
Foreign		1,065		(385	)		180

		2,043		(21,566	)		(10,128	)

Income tax (benefit) provision	$	2,642	$	(21,031	)	$	(9,376	)

A reconciliation of the statutory federal tax provision to our income tax (benefit) provision is as follows (in thousands):


	Year Ended December 31,
	2010			2009			2008
Statutory federal tax provision (35)%	$	(2,159	)	$	(11,243	)	$	15,663
Tax impact of REIT election		4,411			(7,757	)		(24,565	)
State income tax (benefit) provision, net of federal tax benefit		419			(2,176	)		(854	)
Foreign income tax provision		(736	)		(126	)		267
Foreign tax rate adjustment		770			—			—
Other		(63	)		271			113

Income tax (benefit) provision from continuing operations	$	2,642		$	(21,031	)	$	(9,376	)

We are required to pay franchise taxes in certain jurisdictions. We expensed approximately $0.2 million of franchise taxes during the year ended December 31, 2010 and $0.1 million of franchise taxes during the years ended 2009 and 2008, which are classified as corporate expenses in the accompanying consolidated statements of operations.

Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands):


	December 31,			December 31,
	2010			2009
Deferred income related to key money	$	7,620		$	7,824
Net operating loss carryforwards		36,187			41,213
Alternative minimum tax credit carryforwards		117			3,017
Other		422			—

Deferred tax assets		44,346			52,054

Land basis difference recorded in purchase accounting		(4,260	)		(4,260	)
Depreciation and amortization		(16,854	)		(19,137	)

Deferred tax liabilities		(21,114	)		(23,397	)

Deferred tax asset, net	$	23,232		$	28,657

We believe that we will have sufficient future taxable income, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies to realize existing deferred tax assets. Deferred tax assets of $0.1 million are expected to be recovered from taxes paid in prior years. Deferred tax assets of $8.0 million are expected to be recovered against reversing existing taxable temporary differences. The remaining deferred tax assets of $36.2 million are dependent upon future taxable earnings of the TRS.

The Frenchman’s Reef & Morning Star Marriott Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands (USVI) income taxes. We were party to a tax agreement with the USVI that reduced the income tax rate to approximately 4%. This agreement expired in February 2010, at which time the income tax rate increased to 37.4%. On December 13, 2010, the Governor of the USVI approved an extension of our tax agreement for a period of 5 years, retroactive to February 2010 and subject to another renewal in February 2015. The extension modified the tax exemption rates from the previous agreement. The income tax rate we are subject to is now approximately 7%, an 81% exemption. Furthermore, we are now subject to a 90% exemption from real estate and gross receipt taxes, which are recorded in other hotel expenses, whereas we were 100% exempt under the prior agreement.

Relationships with Managers

12 Months Ended

Dec. 31, 2010

Relationships with Managers [Abstract]

Relationships with Managers

13. Relationships with Managers

Our Hotel Management Agreements

We are a party to hotel management agreements with Marriott for 17 of the 23 properties. The Vail Marriott Mountain Resort & Spa is managed by an affiliate of Vail Resorts and is under a long-term franchise agreements with Marriott; the Atlanta Westin North at Perimeter is managed by Davidson Hotel Company; the Conrad Chicago is managed by Conrad Hotels USA, Inc., a subsidiary of Hilton; the Westin Boston Waterfront Hotel is managed by Westin Hotel Management, L.P. a subsidiary of Starwood; the Hilton Minneapolis Hotel is managed by Hilton Management, LLC, a subsidiary of Hilton; and the Hilton Garden Inn Chelsea/New York City is managed by Alliance Hospitality Management, LLC.

The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement.

Date of

Property

Manager

Agreement

Initial Term

Number of Renewal Terms

Austin Renaissance

Marriott

6/2005

20 years

Three ten-year periods

Atlanta Alpharetta Marriott

Marriott

9/2000

30 years

Two ten-year periods

Atlanta Westin North at Perimeter

Davidson Hotel Company

6/2009

10 years

None

Bethesda Marriott Suites

Marriott

12/2004

21 years

Two ten-year periods

Boston Westin Waterfront

Starwood

5/2004

20 years

Four ten-year periods

Chicago Marriott Downtown

Marriott

3/2006

32 years

Two ten-year periods

Conrad Chicago

Hilton

11/2005

10 years

Two five-year periods

Courtyard Manhattan/Fifth Avenue

Marriott

12/2004

30 years

None

Courtyard Manhattan/Midtown East

Marriott

11/2004

30 years

Two ten-year periods

Frenchman’s Reef & Morning Star Marriott Beach Resort

Marriott

9/2000

30 years

Two ten-year periods

Hilton Garden Inn Chelsea/New York City

Alliance Hospitality Management

9/2010

10 years

None

Hilton Minneapolis

Hilton

3/2006

20 ³/4 years

None

Los Angeles Airport Marriott

Marriott

9/2000

40 years

Two ten-year periods

Marriott Griffin Gate Resort

Marriott

12/2004

20 years

One ten-year period

Oak Brook Hills Marriott Resort

Marriott

7/2005

30 years

None

Orlando Airport Marriott

Marriott

11/2005

30 years

None

Renaissance Charleston

Marriott

1/2000

21 years

Two five-year periods

Renaissance Worthington

Marriott

9/2000

30 years

Two ten-year periods

Salt Lake City Marriott Downtown

Marriott

12/2001

30 years

Three fifteen-year periods

The Lodge at Sonoma, a Renaissance Resort & Spa

Marriott

10/2004

20 years

One ten-year period

Torrance Marriott South Bay

Marriott

1/2005

40 years

None

Waverly Renaissance

Marriott

6/2005

20 years

Three ten-year periods

Vail Marriott Mountain Resort & Spa

Vail Resorts

6/2005

15¹/2 years

None

Under our current hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner’s priority. We refer to this excess of operating profits over the owner’s priority as “available cash flow.”

The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties:


	Base Management			Incentive			FF&E Reserve
Property	Fee(1)			Management Fee(2)			Contribution(1)
Austin Renaissance		3	%		20	%(3)		4	%(4)
Atlanta Alpharetta Marriott		3	%		25	%(5)		5	%(6)
Atlanta Westin North at Perimeter		2.5	%		10	%(7)		4	%
Bethesda Marriott Suites		3	%		50	%(8)		5	%(9)
Boston Westin Waterfront		2.5	%		20	%(10)		4	%
Chicago Marriott Downtown		3	%		20	%(11)		5	%
Conrad Chicago		3	%		15	%(12)		4	%
Courtyard Manhattan/Fifth Avenue		5.5	%(13)		25	%(14)		4	%
Courtyard Manhattan/Midtown East		5	%		25	%(15)		4	%
Frenchman’s Reef & Morning Star Marriott Beach Resort		3	%		25	%(16)		5.5	%


	Base Management			Incentive			FF&E Reserve
Property	Fee(1)			Management Fee(2)			Contribution(1)
Hilton Garden Inn Chelsea/New York City		2.5	%(17)		10	%(18)	None
Hilton Minneapolis		3	%		15	%(19)		4	%
Los Angeles Airport Marriott		3	%		25	%(20)		5	%
Marriott Griffin Gate Resort		3	%		20	%(21)		5	%
Oak Brook Hills Marriott Resort		3	%	20% or 30%(22)				5.5	%
Orlando Airport Marriott		3	%	20% or 25%(23)				5	%
Renaissance Charleston		3.5	%		20	%(24)		4	%(25)
Renaissance Worthington		3	%		25	%(26)		5	%
Salt Lake City Marriott Downtown		3	%		20	%(27)		5	%
The Lodge at Sonoma, a Renaissance Resort & Spa		3	%		20	%(28)		4	%(29)
Torrance Marriott South Bay		3	%		20	%(30)		5	%
Waverly Renaissance		3	%		20	%(31)		4	%(4)
Vail Marriott Mountain Resort & Spa		3	%		20	%(32)		4	%


(1)		As a percentage of gross revenues.

(2)		Based on a percentage of hotel operating profits above a negotiated return on our invested capital as more fully described in the following footnotes.

(3)		Calculated as a percentage of operating profits in excess of the sum of (i) $6.0 million and (ii) 10.75% of certain capital expenditures.

(4)		The FF&E contribution increases to 4.5% beginning in January 2026 and thereafter.

(5)		Calculated as a percentage of operating profits in excess of the sum of (i) $4.1 million and (ii) 10.75% of certain capital expenditures.

(6)		The FF&E contribution increased from 4% to 5% beginning in February 2010.

(7)		Calculated as a percentage of operating profits after a pre-set dollar amount of owner’s priority beginning in 2010. The owner’s priority is $3.0 million in 2010, $3.7 million in 2011, $4.2 million in 2012, $4.7 million in 2013 and $5.0 million in 2014. In 2015 and thereafter, the owner’s priority adjusts annually based upon CPI. The incentive management fee cannot exceed 1.5% of total revenue.

(8)		Calculated as a percentage of operating profits in excess of the sum of (i) the payment of certain loan procurement costs, (ii) 10.75% of certain capital expenditures, (iii) an agreed-upon return on certain expenditures and (iv) the value of certain amounts paid into a reserve account established for the replacement, renewal and addition of certain hotel goods. The owner’s priority expires in 2027.

(9)		The contribution is reduced to 1% until operating profits exceed an owner’s priority of $3.8 million.

(10)		Calculated as a percentage of operating profits in excess of the sum of (i) actual debt service and (ii) 15% of cumulative and compounding return on equity, which resets with each sale.

(11)		Calculated as 20% of net operating income before base management fees. There is no owner’s priority.

(12)		Calculated as a percentage of operating profits above $8.8 million. Beginning in fiscal year 2011, the owner’s priority will be calculated as 103% of the prior year cash flow.

(13)		The base management fee will be equal to 5.5% of gross revenues for fiscal years 2010 through 2014 and 6% for fiscal year 2015 and thereafter until the expiration of the agreement. Beginning in 2011, the base management fee may increase to 6.0% at the beginning of the next fiscal year if operating profits equal or exceed $5.0 million.

(14)		Calculated as a percentage of operating profits in excess of the sum of (i) $5.5 million and (ii) 12% of certain capital expenditures, less 5% of the total real estate tax bill (for as long as the hotel is leased to a party other than the manager).

(15)		Calculated as a percentage of operating profits in excess of the sum of (i) $7.9 million and (ii) 10.75% of certain capital expenditures.

(16)		Calculated as a percentage of operating profits in excess of the sum of (i) $11.5 million and (ii) 10.75% of certain capital expenditures.

(17)		The base management fee will increase to 2.75% in September 2013 and thereafter.


(18)		Calculated as a percentage of operating profits in excess of the sum of (i) $8.3 million plus (ii) 12% of certain capital expenditures plus (iii) 12% of working capital provided by the owner. The incentive management fee payable in any year can be reduced by 25% if the actual House Profit margin is less than budget or if the trailing 12-month RevPAR Index is less than the previous year.

(19)		Calculated as a percentage of operating profits in excess of the sum of (i) $11.6 million and (ii) 11% of certain capital expenditures.

(20)		Calculated as a percentage of operating profits in excess of the sum of (i) $10.3 million and (ii) 10.75% of certain capital expenditures.

(21)		Calculated as a percentage of operating profits in excess of the sum of (i) $6.1 million and (ii) 10.75% of certain capital expenditures.

(22)		Calculated as a percentage of operating profits in excess of the sum of (i) $8.1 million and (ii) 10.75% of certain capital expenditures. The percentage of operating profits is 20% except from 2011 through 2021 when it is 30%.

(23)		Calculated as a percentage of operating profits in excess of the sum of (i) $9.0 million and (ii) 10.75% of certain capital expenditures. The percentage of operating profits is 20% except from 2011 through 2021 when it is 25%.

(24)		Calculated as a percentage of operating profits in excess of the sum of (i) $2.6 million and (ii) 10% of certain capital expenditures.

(25)		The FF&E contribution increases to 5% beginning in January 2011.

(26)		Calculated as a percentage of operating profits in excess of the sum of (i) $7.6 million and (ii) 10.75% of certain capital expenditures.

(27)		Calculated as a percentage of operating profits in excess of the sum of (i) $6.1 million and (ii) 10.75% of capital expenditures.

(28)		Calculated as a percentage of operating profits in excess of the sum of (i) $3.6 million and (ii) 10.75% of capital expenditures.

(29)		The FF&E contribution increases to 5% beginning in fiscal year 2011 and thereafter.

(30)		Calculated as a percentage of operating profits in excess of the sum of (i) $7.5 million and (ii) 10.75% of certain capital expenditures.

(31)		Calculated as a percentage of operating profits in excess of the sum of (i) $10.3 million and (ii) 10.75% of certain capital expenditures.

(32)		Calculated as a percentage of operating profits in excess of the sum of (i) $7.4 million and (ii) 11% of certain capital expenditures. The incentive management fee rises to 25% if the hotel achieves operating profits in excess of 15% of our invested capital.

We recorded $22.0 million, $19.6 million and $28.6 million of management fees during the years ended December 31, 2010, 2009 and 2008, respectively. The management fees for the year ended December 31, 2010 consisted of $5.2 million of incentive management fees and $16.8 million of base management fees. The management fees for the year ended December 31, 2009 consisted of $4.3 million of incentive management fees and $15.3 million of base management fees. The management fees for the year ended December 31, 2008 consisted of $9.7 million of incentive management fees and $18.9 million of base management fees.

Key Money

Marriott has contributed to us certain amounts in exchange for the right to manage hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Previously, Marriott provided us with key money of approximately $22 million in the aggregate in connection with the acquisitions of six of our hotels and in exchange for the renovation of certain hotels. Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees on the accompanying consolidated statements of operations. We amortized $0.6 million of key money during each of the years ended December 31, 2010, 2009 and 2008.

Franchise Agreements

The following table sets forth the terms of the hotel franchise agreements for our three franchised hotels:


	Date of
	Agreement	Term	Franchise Fee
Vail Marriott Mountain Resort & Spa	6/2005	16 years	6% of gross room sales plus 3% of gross food and beverage sales

Atlanta Westin North at Perimeter	5/2006	20 years	7% of gross room sales plus 2% of food and beverage sales

Hilton Garden Inn Chelsea/New York City	9/2010	17 years	Royalty fee of 5% of gross room sales and program fee of 4.3% of gross room sales

We recorded $2.6 million, $1.9 million and $2.8 million of franchise fees during the fiscal years ended December 31, 2010, 2009 and 2008, respectively.

Performance Termination Provisions

Our management agreements provide us with termination rights upon a manager’s failure to meet certain financial performance criteria. Our termination rights may, in certain cases, be waived in exchange for consideration from the manager, such as a cure payment. As of December 31, 2010, the manager of the Conrad Chicago has failed the performance termination test set forth in the management agreement. The management agreement allows the manager of the Conrad Chicago to cure the performance termination. We are in discussions with the manager to assess options available to both parties.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2010

Commitments and Contingencies [Abstract]

Commitments and Contingencies

14. Commitments and Contingencies

Litigation

Except as described below, we are not involved in any material litigation nor, to our knowledge, is any material litigation pending or threatened against us. We are involved in routine litigation arising out of the ordinary course of business, all of which is expected to be covered by insurance and is not expected to have a material adverse impact on our financial condition or results of operations.

We are involved in foreclosure proceedings against the borrower under a senior mortgage loan we acquired in May 2010, which is secured by the Allerton Hotel. The proceedings were initiated in April 2010 and, if successful, would result in the Company owning the Allerton Hotel. The timing and completion of foreclosure proceedings in Cook County, Illinois is uncertain and depends on a variety of factors. No precise timeframe for completion of the foreclosure proceedings on the loan can be given and no assurances can be given that the proceedings will be successful.

A junior lender which held debt subordinated to the Allerton loan intervened in the foreclosure proceedings and recently filed a counterclaim against the Company in the proceedings. This junior lender alleges in its counterclaim that certain press releases and public statements made by the Company in connection with its acquisition of the Allerton loan were intended to and did impair or destroy the value of the junior lender’s interest in its subordinated debt, which it was attempting to sell. The matter is in the early stages of litigation, and while the Company intends to vigorously defend this claim, no assurances can be given that we will be successful. We cannot presently determine the likelihood of the outcome or amount of potential loss, if any; however, we do not expect any potential loss to have a material impact on our financial condition or results of operations.

In addition, certain employees at the Los Angeles Airport Marriott Hotel, and certain employees at other hotels in the vicinity of the Los Angeles Airport, have brought a claim against the Company and Marriott and other LAX area hotel owners and operators alleging that these hotels did not comply with an ordinance adopted by the Los Angeles City Council governing payment of service charges to certain employees at these hotels. The litigation is in the discovery phase. We cannot presently determine the likelihood of the outcome or amount of potential loss, if any; however, we do not expect any potential loss to have a material impact on our financial condition or results of operations.

Ground Leases

Five of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel:

	•		The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087. There are no renewal options.

	•		The Courtyard Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option.

	•		The Salt Lake City Marriott Downtown is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the City Creek Project. The term of the ground lease covering the land under the hotel runs through 2056, inclusive of our renewal options, and the term of the ground lease covering the extension runs through 2017. In 2009, we acquired a 21% interest in the land under the hotel for approximately $0.9 million.

	•		The Westin Boston Waterfront is subject to a ground lease that runs until 2099. There are no renewal options.

•

The Hilton Minneapolis is subject to a ground lease that runs until 2091. There are no renewal options.

In addition, two of the golf courses adjacent to two of our hotels are subject to ground lease agreements:

	•		The golf course that is part of the Marriott Griffin Gate Resort is subject to a ground lease covering approximately 54 acres. The ground lease runs through 2033, inclusive of our renewal options. We have the right, beginning in 2013 and upon the expiration of any 5-year renewal term, to purchase the property covered by such ground lease for an amount ranging from $27,500 to $37,500 per acre, depending on which renewal term has expired. The ground lease also grants us the right to purchase the leased property upon a third party offer to purchase such property on the same terms and conditions as the third party offer. We are also the sub-sublessee under another minor ground lease of land adjacent to the golf course, with a term expiring in 2020.

	•		The golf course that is part of the Oak Brook Hills Marriott Resort is subject to a ground lease covering approximately 110 acres. The ground lease runs through 2045 including renewal options.

Finally, a portion of the parking garage relating to the Renaissance Worthington is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of the three 15-year renewal options.

These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard Manhattan/Fifth Avenue ground lease) and payments for all, or in the case of the ground leases covering the Salt Lake City Marriott Downtown extension and a portion of the Marriott Griffin Gate Resort golf course, our tenant’s share of, charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property.

Ground rent expense was $11.8 million, $9.6 million and $9.8 million for the years ended December 31, 2010, 2009 and 2008, respectively. Cash paid for ground rent was $4.7 million, $1.9 million and $2.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.

Future minimum annual rental commitments under non-cancelable operating leases as of December 31, 2010 are as follows (in thousands):


2011		9,461
2012		9,664
2013		9,389
2014		9,539
2015		9,909
Thereafter		652,563

	$	700,525

Hotel under Development

On January 18, 2011, we entered into a purchase and sale agreement to acquire, upon completion, a hotel property under development on West 42nd Street in Times Square, New York City. Upon completion by the third party developer, the hotel is expected to contain approximately 250 to 300 guest rooms. The contractual purchase price will range from approximately $112.5 million to $135 million, depending upon the number of guest rooms, or approximately $450,000 per guest room. If certain required permits, approvals and consents are obtained, the number of guest rooms could be increased to approximately 400 guest rooms, which would result in the contractual purchase price increasing to approximately $178 million, or $445,000 per guest room. The purchase and sale agreement is for a fixed-price (which varies only by total guest rooms built and the completion date for the hotel, and we are not assuming any construction risk (including not assuming the risk of construction cost overruns).

Upon entering into the purchase and sale agreement, we committed to make a $20.0 million deposit. Upon the completion of certain construction milestones, we will be required to make an additional deposit of $5.0 million. If certain permits, approvals and consents necessary for the hotel to contain more than 250 guest rooms are obtained, we will be required to make an additional deposit equal to $45,000 per guest room for each guest room in excess of 250. All deposits will be interest bearing. We will forfeit our deposits if we do not close on the acquisition of the hotel upon substantial completion of construction, unless we do not close as a result of the seller failing to meet certain conditions, including substantial completion of the hotel within a specified time frame and construction of the hotel within the contractual scope.

We currently expect that the development of the hotel will take approximately 24 to 30 months with an anticipated opening date in 2013.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2010

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2010 and 2009 are as follows (in thousands):


	As of December 31,				As of December 31,
	2010				2009
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
Note receivable	$	57,951	$	40,500	$	—	$	—
Debt	$	780,880	$	794,900	$	786,777	$	670,936

We estimate the fair value of our mortgage debt by discounting the future cash flows of each instrument at estimated market rates. We estimate the fair value of our note receivable by discounting the future cash flows related to the note at estimated market rates. The carrying values of our other financial instruments approximate fair value due to the short-term nature of these financial instruments.

- Definition

This item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

Segment Information

12 Months Ended

Dec. 31, 2010

Segment Information [Abstract]

Segment Information

16. Segment Information

We aggregate our operating segments using the criteria established by GAAP, including the similarities of our product offering, types of customers and method of providing service.

The following table sets forth revenues and investment in hotel assets represented by the following geographical areas as of and for the years ending December 31, 2010, 2009 and 2008.


	Revenues						Investment
	2010		2009		2008		2010		2009		2008
			(in thousands)						(in thousands)
Chicago	$	129,584	$	128,125	$	148,254	$	532,098	$	532,098	$	531,298
Los Angeles		70,129		68,484		84,176		198,766		198,408		197,969
Atlanta		59,345		56,746		68,425		235,576		235,168		234,665
Boston		63,396		65,517		72,993		349,447		349,447		349,320
US Virgin Islands		48,893		48,159		54,729		93,635		82,437		82,437
New York		44,345		36,672		49,730		188,451		119,767		119,607
Minneapolis		27,130				—		155,703		—		—
Other		181,549		171,978		214,927		570,756		531,428		528,726

Total	$	624,371	$	575,681	$	693,234	$	2,324,432	$	2,048,753	$	2,044,022

Quarterly Operating Results (Unaudited)

12 Months Ended

Dec. 31, 2010

Quarterly Operating Results (Unaudited) [Abstract]

Quarterly Operating Results (Unaudited)

17. Quarterly Operating Results (Unaudited)


	2010 Quarter Ended
	March 26			June 18		September 10			December 31
				(In thousands, except per share data)
Total revenue	$	112,828		$	151,125	$	151,113		$	209,306
Total operating expenses	$	114,757		$	136,391	$	144,350		$	190,677

Operating income	$	(1,929	)	$	14,734	$	6,763		$	18,629

Net (loss) income	$	(8,346	)	$	839	$	(3,534	)	$	1,868

Basic and diluted (loss) earnings per share	$	(0.07	)	$	0.01	$	(0.02	)	$	0.01


	2009 Quarter Ended
	March 27			June 19		September 11		December 31
				(In thousands, except per share data)
Total revenue	$	118,544		$	143,607	$	137,800	$	175,730
Total operating expenses	$	118,400		$	133,484	$	130,589	$	174,088

Operating income	$	144		$	10,123	$	7,211	$	1,642

Net income	$	(5,293	)	$	2,457	$	761	$	(9,015	)

Basic and diluted earnings per share	$	(0.06	)	$	0.02	$	0.01	$	(0.07	)

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

+ References+ Details

Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2010

Real Estate and Accumulated Depreciation [Abstract]

Real Estate and Accumulated Depreciation

Schedule III — Real Estate and Accumulated Depreciation
As of December 31, 2010 (in thousands)


									Costs
					Initial Cost				Capitalized		Gross Amount at End of Year
							Building and		Subsequent to				Building and				Accumulated			Net Book		Year of		Depreciation
Description	Encumbrances			Land			Improvements			Acquisition	Land		Improvements		Total		Depreciation			Value		Acquisition		Life
Austin Renaissance	$	(83,000	)		$	9,283	$	93,815	$	383	$	9,283	$	94,198	$	103,481	$	(9,556	)	$	93,925		2006	40 Years
Atlanta Alpharetta Marriott		—				3,623		33,503		591		3,623		34,094		37,717		(4,719	)		32,998		2005	40 Years
Atlanta Westin North at Perimeter		—				7,490		51,124		1,208		7,490		52,332		59,822		(6,113	)		53,709		2006	40 Years
Bethesda Marriott Suites		—				—		45,656		1,555		—		47,211		47,211		(7,044	)		40,167		2004	40 Years
Boston Westin Waterfront		—				—		273,696		16,337		—		290,035		290,035		(28,231	)		261,804		2007	40 Years
Chicago Marriott Downtown		(217,039	)			36,900		347,921		17,506		36,900		365,427		402,327		(42,675	)		359,652		2006	40 Years
Conrad Chicago		—				31,650		76,961		1,298		31,650		78,259		109,909		(8,060	)		101,849		2006	40 Years
Courtyard Manhattan/Fifth Avenue		(51,000	)			—		34,685		1,800		—		36,485		36,485		(5,538	)		30,947		2004	40 Years
Courtyard Manhattan/Midtown East		(42,641	)			16,500		54,812		1,506		16,500		56,318		72,818		(8,479	)		64,339		2004	40 Years
Frenchman’s Reef & Morning Star Marriott Beach Resort		(60,558	)			17,713		50,697		10,376		17,713		61,073		78,786		(7,276	)		71,510		2005	40 Years
Hilton Garden Inn Chelsea/New York City		—				14,800		51,458		174		14,800		51,632		66,432		(396	)		66,036		2010	40 Years
Hilton Minneapolis		—				—		129,640		167		—		129,807		129,807		(1,745	)		128,062		2010	40 Years
Los Angeles Airport Marriott		(82,600	)			24,100		83,077		5,097		24,100		88,174		112,274		(12,101	)		100,173		2005	40 Years
Marriott Griffin Gate Resort		—				7,869		33,352		2,540		7,869		35,892		43,761		(5,395	)		38,366		2004	40 Years
Oak Brook Hills Marriott Resort		—				9,500		39,128		3,989		9,500		43,117		52,617		(5,884	)		46,733		2005	40 Years
Orlando Airport Marriott		(59,000	)			9,769		57,803		3,352		9,769		61,155		70,924		(7,644	)		63,280		2005	40 Years
Renaissance Charleston		—				5,900		32,511		—		5,900		32,511		38,411		(313	)		38,098		2010	40 Years
Renaissance Worthington		(56,343	)			15,500		63,428		483		15,500		63,911		79,411		(8,807	)		70,604		2005	40 Years
Salt Lake City Marriott Downtown		(31,699	)			—		45,815		2,616		855		47,576		48,431		(7,078	)		41,353		2004	40 Years
The Lodge at Sonoma, a Renaissance Resort and Spa		—				3,951		22,720		343		3,951		23,063		27,014		(4,994	)		22,020		2004	40 Years
Torrance Marriott South Bay		—				7,241		48,232		4,526		7,241		52,758		59,999		(7,832	)		52,167		2005	40 Years
Waverly Renaissance		(97,000	)			12,701		110,461		2,332		12,701		112,793		125,494		(11,459	)		114,035		2006	40 Years
Vail Marriott Mountain Resort & Spa		—				5,800		52,463		1,492		5,800		53,955		59,755		(7,402	)		52,353		2005	40 Years

Total	$	(780,880	)		$	240,290	$	1,832,958	$	79,671	$	241,145	$	1,911,776	$	2,152,921	$	(208,741	)	$	1,944,180

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2010, 2009 and 2008 is as follows:


Balance at December 31, 2007	$	1,858,377
Additions:
Capital expenditures		27,434

Balance at December 31, 2008	$	1,885,811

Additions:
Acquisition		855
Capital expenditures		15,382
Adjustments to purchase accounting		(1,788	)

Balance at December 31, 2009	$	1,900,260

Additions:
Acquisition		234,309
Capital expenditures		12,631
Adjustments to purchase accounting		5,721

Balance at December 31, 2010	$	2,152,921

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2010, 2009 and 2008 is as follows:


Balance at December 31, 2007	$	78,357
Depreciation and amortization		41,693

Balance at December 31, 2008		120,050
Depreciation and amortization		42,590

Balance at December 31, 2009		162,640
Depreciation and amortization		46,101

Balance at December 31, 2010	$	208,741

C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,056,465 as of December 31, 2010.

Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008
Dividend per share	$ 0.33	$ 0.33	$ 0.75
Expenses in sale of common stock secondary offerings	$ 413	$ 669
Common Stock
Dividend per share	$ 0.33
Expenses in sale of common stock secondary offerings	413	669
Additional Paid-In Capital
Dividend per share	$ 0.33		$ 0.75
Expenses in sale of common stock secondary offerings	$ 413	$ 669
Accumulated Deficit
Dividend per share	$ 0.33	$ 0.33	$ 0.75

Dividends	12 Months Ended
Dividends	Dec. 31, 2010
Dividends [Abstract]
Dividends	11. Dividends On January 29, 2010, we paid a dividend to stockholders of record as of December 28, 2009 in the amount of $0.33 per share. We relied on the Internal Revenue Service’s Revenue Procedure 2009-15, as amplified and superseded by Revenue Procedure 2010-12, that allowed us to pay a portion of that dividend in shares of common stock and the remainder in cash. As a result, we paid approximately $4.3 million of the dividend in cash and issued 3.9 million shares of our common stock.