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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 09, 2011
Sep. 10, 2010
Cash flows from operating activities:  
Net loss$ (12,613)$ (11,040)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Real estate depreciation66,83559,278
Corporate asset depreciation as corporate expenses59110
Non-cash ground rent4,8785,104
Non-cash financing costs and debt premium as interest1,068804
Non-cash reversal of penalty interest0(3,134)
Amortization of unfavorable contract liabilities(1,284)(1,203)
Amortization of deferred income(414)(390)
Stock-based compensation3,3392,794
Changes in assets and liabilities:  
Prepaid expenses and other assets(1,371)2,482
Restricted cash(5,225)(3,892)
Due to/from hotel managers(7,438)(11,765)
Accounts payable and accrued expenses(4,564)3,368
Net cash provided by operating activities43,27042,516
Cash flows from investing activities:  
Hotel capital expenditures(35,403)(16,154)
Hotel acquisitions(385,472)(265,998)
Purchase of mortgage loan0(60,615)
Cash received from mortgage loan1,7041,250
Change in restricted cash(3,164)(11,290)
Purchase deposits(20,000)0
Receipt of deferred key money3,4300
Net cash used in investing activities(438,905)(352,807)
Cash flows from financing activities:  
Scheduled mortgage debt principal payments(6,217)(4,121)
Repurchase of common stock(3,849)(3,961)
Proceeds from sale of common stock, net149,674209,817
Proceeds from mortgage loan financing100,0000
Draw on senior unsecured credit facility130,0000
Payment of financing costs(2,457)(3,220)
Payment of cash dividends(26,940)(4,323)
Net cash provided by financing activities340,211194,192
Net decrease in cash and cash equivalents(55,424)(116,099)
Cash and cash equivalents, beginning of period84,201177,380
Cash and cash equivalents, end of period28,77761,281
Supplemental Disclosure of Cash Flow Information:  
Cash paid for interest39,43633,381
Cash paid for income taxes629642
Capitalized interest1,0360
Non-cash Financing Activities:  
Assumption of mortgage debt71,4210
Unpaid dividends$ 13,569