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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Schedule of Acquired Assets and Liabilities
The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisition (in thousands):
 
 
Shorebreak Hotel
Land
 
$
19,908

Building and improvements
 
37,525

Furnitures, fixtures and equipment
 
1,338

Total fixed assets
 
58,771

Unfavorable lease liability
 
(349
)
Other assets and liabilities, net
 
401

Total
 
$
58,823
Pro Forma Operating Information
The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisition of the Shorebreak Hotel as if it had occurred on January 1, 2014, as well as the Inn at Key West and Westin Fort Lauderdale Beach Resort (both acquired in 2014) as if both had occurred on January 1, 2013. The following pro forma results of operations do not include adjustments reflecting the acquisition of the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results.
 
Three Months Ended March 31,
 
2015
 
2014
Revenues
$
210,085

 
$
210,350

Net income
$
10,541

 
$
11,420

Earnings per share:
 
 
 
Basic earnings per share
$
0.05

 
$
0.06

Diluted earnings per share
$
0.05

 
$
0.06