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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2017
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 acquisitions (in thousands):
 
 
L'Auberge de Sedona
 
Orchards Inn Sedona
Land
 
$
39,484

 
$
9,604

Building and improvements
 
22,329

 
10,883

Furnitures, fixtures and equipment
 
4,387

 
1,956

    Total fixed assets
 
66,200

 
22,443

Favorable lease asset
 
—

 
8,557

Other assets and liabilities, net
 
(2,946
)
 
(459
)
Total
 
$
63,254

 
$
30,541
Pro Forma Operating Information
The following unaudited pro forma financial information presents our results of operations (in thousands, except per share data) as if the hotels were acquired on January 1, 2016. The comparable 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,
 
2017
 
2016
Revenues
$
199,632

 
$
218,399

Net income
$
8,613

 
$
16,811

Earnings per share:
 
 
 
  Basic earnings per share
$
0.04

 
$
0.08

  Diluted earnings per share
$
0.04

 
$
0.08