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Acquisitions (Tables) | 9 Months Ended
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Sep. 07, 2012
Business Combinations [Abstract] |
Schedule of Base Management Fee and Incentive Management Fee | The following table sets forth the management agreement terms for each of the four hotels acquired.
Property |  | Expiration |  | Base Management Fee(1) |  | Incentive Management Fee
Hilton Boston Downtown |  | 12/31/2012 | (2) |  | 2 | % |  |  | None |  |
Westin Washington D.C. City Center |  | 12/3/2015 | (3) |  | 1 | % | (4) |  | 10 | % | (5)
Westin San Diego |  | 12/3/2015 | (3) |  | 1 | % | (4) |  | 10 | % | (5)
Hilton Burlington |  | 12/3/2015 | (3) |  | 1 | % | (4) |  | 10 | % | (5)
____________________
(1) | As a percentage of gross revenues.
(2) | May be terminated at any time prior to the expiration date with 30 days written notice.
(3) | Term may be extended on a month-to-month basis following the expiration date.
(4) | The base management fee will increase to 1.5% of gross revenues beginning on July 12, 2014. Total management fees are capped at 3.5% of gross revenues.
(5) | Calculated as a percentage of operating profits in excess of 8% of our invested capital until July 12, 2014 and 10% of our invested capital thereafter.
Schedule of the Terms of the Hotel Franchise Agreements | The following table sets forth the franchise agreement terms for each of the four hotels acquired.
Property |  | Expiration |  | Franchise Fee
Hilton Boston Downtown |  | 7/31/2022 |  | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Westin Washington D.C. City Center |  | 12/22/2030 |  | 7% of gross room sales and 3% of gross food and beverage sales
Westin San Diego |  | 12/22/2030 |  | 7% of gross room sales and 3% of gross food and beverage sales
Hilton Burlington |  | 7/31/2022 |  | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales
Schedule of Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed in Acquisitions | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
|  | Hilton Boston Downtown |  | Westin Washington D.C. City Center |  | Westin San Diego |  | Hilton Burlington
Land |  | $ | 22,000 |  |  | $ | 19,800 |  |  | $ | 17,700 |  |  | $ | 7,100 |
Building |  | 133,975 |  |  | 132,505 |  |  | 103,721 |  |  | 46,182 |
Furnitures, fixtures and equipment |  | 2,700 |  |  | 2,000 |  |  | 2,200 |  |  | 1,600 |
Total fixed assets |  | 158,675 |  |  | 154,305 |  |  | 123,621 |  |  | 54,882 |
Net other assets and liabilities |  | (288 | ) |  | (725 | ) |  | (62 | ) |  | (220 | )
Total |  | $ | 158,387 |  |  | $ | 153,580 |  |  | $ | 123,559 |  |  | $ | 54,662 |
Schedule of Pro Forma Results of Operations | The following unaudited pro forma results of operations (in thousands, except per share data) reflect these transactions as if each had occurred on January 1, 2011. We believe all material adjustments necessary to reflect the effects of acquisitions have been made; however, the amounts recorded are based on a preliminary estimate of the fair value of the assets acquired and the liabilities assumed. We will finalize the recorded amounts upon the completion of our valuation analysis of the assets acquired, liabilities assumed and the share consideration paid. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
| Fiscal Quarter Ended |  | Period from
| September 7, 2012 |  | September 9, 2011 |  | January 1, 2012 to September 7, 2012 |  | January 1, 2011 to September 9, 2011
Revenues | $ | 195,496 |  |  | $ | 183,882 |  |  | $ | 530,595 |  |  | $ | 493,992 |
(Loss) income from continuing operations | (27,996 | ) |  | 4,740 |  |  | (24,806 | ) |  | (3,286 | )
Net (loss) income | (42,086 | ) |  | 4,492 |  |  | (25,711 | ) |  | (3,485 | )
Basic and diluted (loss) earnings per share: |  |  |  |  |  |  |
Continuing operations | $ | (0.14 | ) |  | $ | 0.02 |  |  | $ | (0.13 | ) |  | $ | (0.02 | )
Net (loss) income | $ | (0.22 | ) |  | $ | 0.02 |  |  | $ | (0.13 | ) |  | $ | (0.02 | )
For the fiscal quarter ended September 7, 2012 and the period from January 1, 2012 to September 7, 2012, our condensed consolidated statements of operations include $14.2 million of revenues and $2.8 million of net income related to the operations of the four hotels acquired in 2012.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 805 -SubTopic 20 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 1 -Section 50 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 + Details
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