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Note Receivable
3 Months Ended
Mar. 31, 2014
Accounts and Notes Receivable, Net [Abstract]  
Note Receivable
Note Receivable

We own a $66.0 million senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois (the "Allerton Loan"), which has a four-year term (plus a one-year extension option) and bears annual interest at a fixed rate of 5.5%. Principal payments are based on a 30-year amortization schedule, but are only due to the extent there is available cash flow from operations. In connection with the sale of the Allerton Hotel in March 2014, we received a $6.0 million principal payment. As of March 31, 2014, the outstanding principal balance of the Allerton Loan is $58.5 million. We recorded $1.6 million of interest income on the Allerton Loan for the three months ended March 31, 2014, of which $0.7 million is the amortization of the discount and the remainder is contractual interest income. We recorded $1.3 million of interest income on the Allerton Loan for the three months ended March 31, 2013, of which $0.5 million is the amortization of the discount and the remainder is contractual interest income earned. Subsequent to March 31, 2014, the owner of the Allerton Hotel sent notice to us of their intent to prepay the Allerton Loan in full. We expect to receive payment during the second quarter, however the prepayment is subject to the borrower's ability to raise the capital required to prepay the loan.