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Fair Value of Assets and Liabilities | 12 Months Ended
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Dec. 31, 2012
Fair Value of Assets and Liabilities |
Fair Value of Assets and Liabilities | 12. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at December 31, 2012, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset.
|  |  |  | Fair Value at Reporting Date Using |
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Description |  | Year Ended December 31, 2012 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Total Gains (Losses), Net |
Properties held for sale(1) |  | $ | — |  | $ | — |  | $ | (889 | )
Investment securities(2) |  | $ | 11,938 |  | $ | 11,938 |  | $ | — |
(1) We sold one Marriott hotel we held for sale at December 31, 2011 in July 2012. We removed 20 Marriott branded hotels with a carrying value of $104,585 we held for sale at December 31, 2011 from held for sale status in March 2012. As described in Note 5, we have agreed to retain 18 of these hotels in our Marriott No. 234 agreement and retained and rebranded the remaining two hotels to Sonesta brands and management. We recorded an $889 loss on asset impairment in the first quarter of 2012 in connection with our decision to remove these hotels from held for sale status. (2) Our investment securities, consisting of our 2,540,000 shares of TA, which are included in our other assets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these securities is $9,267. The unrealized gain for these securities as of December 31, 2012, is included in cumulative other comprehensive income in our Consolidated Balance Sheets. In addition to the investment securities included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, revolving credit facility, unsecured term loan, senior notes and security deposits. At December 31, 2012 and December 31, 2011, the fair values of these additional financial instruments were not materially different from their carrying values, except as follows:
|  | December 31, 2012 |  | December 31, 2011 |
--- | --- | --- | --- | --- | ---
|  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Senior Notes, due 2012 at 6.85% |  | $ | — |  | $ | — |  | $ | 100,829 |  | $ | 105,407 |
Senior Notes, due 2013 at 6.75% |  |  | — |  |  | — |  |  | 287,000 |  |  | 301,871 |
Senior Notes, due 2014 at 7.875% |  |  | 300,000 |  |  | 333,360 |  |  | 300,000 |  |  | 333,887 |
Senior Notes, due 2015 at 5.125% |  |  | 280,000 |  |  | 298,926 |  |  | 280,000 |  |  | 290,052 |
Senior Notes, due 2016 at 6.3% |  |  | 275,000 |  |  | 306,078 |  |  | 275,000 |  |  | 291,572 |
Senior Notes, due 2017 at 5.625% |  |  | 300,000 |  |  | 335,173 |  |  | 300,000 |  |  | 313,106 |
Senior Notes, due 2018 at 6.7% |  |  | 350,000 |  |  | 417,293 |  |  | 350,000 |  |  | 386,942 |
Senior Notes, due 2022 at 5.0% |  |  | 500,000 |  |  | 531,343 |  |  | — |  |  | — |
Convertible Senior Notes, due 2027 at 3.8% |  |  | 8,478 |  |  | 9,092 |  |  | 79,054 |  |  | 80,087 |
Unamortized discounts |  |  | (11,120 | ) |  | — |  |  | (5,169 | ) |  | — |
Total financial liabilities |  | $ | 2,002,358 |  | $ | 2,231,265 |  | $ | 1,966,714 |  | $ | 2,102,924 |
We estimate the fair value of our indebtedness using discounted cash flow analyses and currently prevailing market interest rates (Level 3 inputs).

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13504-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 107 -Paragraph 15C, 15D -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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