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Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2017
Business Combinations [Abstract]  
Schedule of Acquired Assets and Liabilities
The following table summarizes the fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands):
 
 
L'Auberge de Sedona
 
Orchards Inn Sedona
Land
 
$
39,384

 
$
9,726

Building and improvements
 
22,204

 
10,180

Furnitures, fixtures and equipment
 
4,376

 
1,982

    Total fixed assets
 
65,964

 
21,888

Favorable lease asset
 
—

 
9,065

Other assets and liabilities, net
 
(2,710
)
 
(412
)
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 September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Revenues
$
223,486

 
$
227,110

 
$
666,389

 
$
710,039

Net income
$
21,623

 
$
30,455

 
$
66,830

 
$
92,800

Earnings per share:
 
 
 
 
 
 
 
  Basic earnings per share
$
0.11

 
$
0.15

 
$
0.33

 
$
0.46

  Diluted earnings per share
$
0.11

 
$
0.15

 
$
0.33

 
$
0.46