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Subsequent Events | 12 Months Ended
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Dec. 31, 2012
Subsequent Events | NOTE 22 - SUBSEQUENT EVENTS Equity Transactions On January 3, 2013, we redeemed 1,974,669 Common Units, which had been tendered November 5, 2012, for shares of our common stock. On January 31, 2013, 249,846 Common Units were tendered for redemption, which we intend to redeem for shares of our common stock on April 1, 2013. On January 14, 2013, we completed our second follow-on common stock offering of 17,250,000 shares. Net proceeds were $148.1 million, after the underwriting discount and offering-related expenses. On January 31, 2013, our Board of Directors declared cash dividends of $0.1125 per share of common stock, $0.578125 per share of 9.25% Series A Cumulative Redeemable Preferred Stock, and $0.432 per share of 7.875% Series B Cumulative Redeemable Preferred Stock. These dividends are payable February 28, 2013. Debt Transactions On January 14, 2013, we paid off two variable rate term loans with First National Bank of Omaha that were secured by three hotel properties. These loans totaled $22.8 million and had maturity dates of July 2013 and February 2014. There were no associated prepayment penalties. On January 25, 2013, we closed on a $29.4 million term loan with KeyBank that is secured by four of the Hyatt hotels we acquired in October 2012. This loan has a fixed interest rate of 4.46%, matures February 1, 2023, and amortizes over 30 years. Hotel Property Acquisitions Closed On January 22, 2013, we purchased from affiliates of Hyatt, a portfolio of three hotel properties for an aggregate purchase price of $36.1 million. The properties include a Hyatt Place in Orlando (Universal), FL, a Hyatt Place in Orlando (Convention Center), FL, and a Hyatt Place in Chicago (Hoffman Estates), IL. On February 11, 2013, through a joint venture with an affiliate of IHG, we purchased a Holiday Inn Express & Suites in San Francisco, CA. The purchase price was $60.5 million and included the assumption of debt of $23.5 million. We contributed $34.6 million, including $2.8 million in renovation reserves, to the joint venture for an 80% controlling interest. Hotel Property Purchase Agreements Entered Into On January 22, 2013, we entered into a purchase agreement to acquire five hotel properties in New Orleans, LA for an aggregate purchase price of $135.0 million. These properties include a SpringHill Suites and two Courtyards by Marriott in New Orleans and a Residence Inn and a Courtyard by Marriott in Metairie. Although closing is expected to occur prior to the end of the first quarter of 2013, it is subject to the completion of due diligence and other customary conditions; therefore, we cannot provide assurance that we will acquire these hotel properties. Hotel Property Dispositions On January 15, 2013, we sold the AmericInn & Suites in Golden, CO for $2.6 million. On February 15, 2013, we sold the Hampton Inn in Denver, CO for $5.5 million.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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