Acquisitions

2012 Acquisitions

On July 12, 2012, we acquired a portfolio of four hotels for a contractual purchase price of $495 million from affiliates of Blackstone Real Estate Partners VI (the "Sellers"). The portfolio consists of the Hilton Boston Downtown, Westin Washington D.C. City Center, Westin San Diego and Hilton Burlington. We funded the acquisition with a combination of approximately $120 million in borrowings under our senior unsecured credit facility, $100 million of corporate cash, net proceeds from a secondary public offering of our common stock and the issuance of 7,211,538 shares of common stock to an affiliate of the Sellers in a private placement. We recorded the acquisition at fair value using an independent valuation analysis, with the purchase price allocation to property and equipment, hotel working capital, favorable management contract assets and the Company's common stock.

On November 9, 2012, we acquired the Hotel Rex, a 94-room full-service boutique hotel located in the Union Square district of San Francisco, California, for a purchase price of approximately $29.5 million. We funded the acquisition with borrowings under our credit facility.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in our 2012 acquisitions (in thousands):



	Hilton Boston Downtown		Westin Washington D.C. City Center		Westin San Diego		Hilton Burlington		Hotel Rex
Land	$	23,262	$	24,579	$	22,902	$	9,197	$	7,856
Building	128,628		122,229		95,617		40,644		21,085
Furnitures, fixtures and equipment	3,675		3,499		2,734		3,469		601
Total fixed assets	155,565		150,307		121,253		53,310		29,542
Net other assets and liabilities	270		207		657		142		(21		)
Total	$	155,835	$	150,514	$	121,910	$	53,452	$	29,521

The acquired properties are included in our results of operations based on their date of acquisition. 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. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.



	Year Ended December 31, 2012
Revenues	$	779,248
Loss from continuing operations	(7,176		)
Net loss	(5,693		)
Loss per share - Basic and Diluted	$	(0.04	)

For the years ended December 31, 2013 and December 31, 2012, our consolidated statements of operations include $101 million and $44 million of revenues, respectively, and $6.3 million and $6.8 million of net income, respectively, related to the operations of the hotels acquired in 2012.