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Acquisitions
 12 Months Ended
Dec. 31, 2016
Business Combinations [Abstract]  
Acquisitions
Acquisitions

We had no acquisitions during the year ended December 31, 2016.

2015 Acquisitions

On February 6, 2015, we acquired the 157-room Shorebreak Hotel located in Huntington Beach, California for a purchase price of $58.8 million. Upon acquisition of the hotel, we entered into a 10-year management agreement with Kimpton Hotel and Restaurant Group, LLC.



On June 30, 2015, we acquired the 184-suite Sheraton Suites Key West located in Key West, Florida for a purchase price of $94.4 million. We assumed the existing management agreement with Ocean Properties.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands):
 
 
Shorebreak Hotel
 
Sheraton Suites Key West
Land
 
$
19,908

 
$
49,592

Building and improvements
 
37,525

 
42,958

Furniture, fixtures and equipment
 
1,338

 
1,378

Total fixed assets
 
58,771

 
93,928

Unfavorable lease liability
 
(349
)
 
—

Other assets and liabilities, net
 
401

 
500

Total
 
$
58,823

 
$
94,428



Acquired properties are included in our results of operations from the date of acquisition. The following pro forma financial information for 2015 presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 were acquired on January 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.
 
Year Ended December 31, 2015
 
(unaudited)
Revenues
$
942,547

Net income
$
89,184

Earnings per share:
 
Basic earnings per share
$
0.44

Diluted earnings per share
$
0.44



For the year ended December 31, 2015, our consolidated statement of operations includes $20.8 million of revenues and $4.6 million of net income related to the operations of the hotels acquired in 2015.