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Note Receivable
 9 Months Ended
Sep. 30, 2014
Accounts and Notes Receivable, Net [Abstract]  
Note Receivable
Note Receivable

On May 21, 2014, we received $58.5 million for the prepayment of the senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois (the "Allerton Loan"). As a result of the prepayment, we recorded a gain of $13.6 million. The Allerton Loan had an original principal balance of $66.0 million, which had a four-year term (plus a one-year extension option) and bore annual interest at a fixed rate of 5.5%. Principal payments were based on a 30-year amortization schedule, but were only due to the extent there was available cash flow from operations.

We recorded the following amounts of interest income on the Allerton Loan (in thousands):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2014
 
2013
 
2014
 
2013
Contractual interest income
$
—

 
$
907

 
$
1,317

 
$
2,549

Amortization of discount
—

 
687

 
1,075

 
1,892

Total interest income
$
—

 
$
1,594

 
$
2,392

 
$
4,441