v2.3.0.11
Combined Consolidated Statements of Cash Flows (USD $)
In Thousands
6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net loss $ (18,737) $ (3,585)
Adjustments to reconcile net loss to cash flow provided by operating activities:    
Gain on sale of properties   (23,715)
Depreciation and amortization 64,386 47,867
Amortization of deferred financing costs 3,657 1,444
Amortization of deferred management fees 500 500
Share grants to trustees 40  
Amortization of share based compensation 639  
Unrealized gain on interest rate swaps   (43)
Changes in assets and liabilities:    
Hotel receivables, net (7,233) (5,259)
Prepaid expense and other assets (445) (2,577)
Accounts payable and accrued expense 9,237 10,187
Advance deposits and deferred revenue 986 (18)
Accrued interest (401) (194)
Net cash flow provided by operating activities 52,629 24,607
Cash flows from investing activities:    
Acquisition of hotel properties, net of cash acquired (194,830) (130,004)
Proceeds from principal payments on investment in loans 108  
Improvements and additions to hotel properties (26,331) (5,020)
Additions to property and equipment (73) (71)
Advances from related parties   10,702
Repayments to related parties   (523)
Proceeds from sale of hotel properties   73,166
Funding of restricted cash reserves, net (24,772) (3,249)
Net cash flow used in by investing activities (245,898) (54,999)
Cash flows from financing activities:    
Borrowings under credit facility   179,956
Repayments under credit facility   (168,905)
Proceeds from term loan 140,000  
Proceeds from mortgage loans   60,000
Payment of mortgage principal (483,197) (66,878)
Payment of members' distributions (3,262) (28,653)
Proceeds from partners' contributions 126,721 190,128
Payment of partners' distributions (16,296) (15,500)
Distributions to preferred unitholders (500)  
Proceeds from issuance of common shares 568,700  
Payment of offering costs (39,211)  
Distributions to noncontrolling interest (500)  
Payment of preferred unitholder distributions (61) (32)
Payment of deferred financing costs (4,020) (3,680)
Net cash flow provided by financing activities 288,374 146,436
Net change in cash and cash equivalents 95,105 116,044
Cash and cash equivalents, beginning of period 267,454 151,383
Cash and cash equivalents, end of period $ 362,559 $ 267,427