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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Schedule of Acquired Assets and Liabilities
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands):
 
 
L'Auberge de Sedona
 
Orchards Inn Sedona
 
Shorebreak Hotel
 
Sheraton Suites Key West
Land
 
$
39,384

 
$
9,726

 
$
19,908

 
$
49,592

Building and improvements
 
22,204

 
10,180

 
37,525

 
42,958

Furniture, fixtures and equipment
 
4,376

 
1,982

 
1,338

 
1,378

Total fixed assets
 
65,964

 
21,888

 
58,771

 
93,928

Favorable lease asset
 
—

 
9,065

 
—

 
—

Unfavorable lease liability
 
—

 
—

 
(349
)
 
—

Other assets and liabilities, net
 
(2,710
)
 
(412
)
 
401

 
500

Total
 
$
63,254

 
$
30,541

 
$
58,823

 
$
94,428
Pro Forma Operating Information
The following pro forma financial information for the years ended December 31, 2017, 2016, and 2015, presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 were acquired on January 1, 2016 and 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,
 
 
2017
 
2016
 
2015
 
 
(unaudited)
 
(unaudited)
 
(unaudited)
Revenues
 
$
873,427

 
$
924,806

 
$
942,547

Net income
 
$
91,602

 
$
118,232

 
$
89,184

Earnings per share:
 
 
 
 
 
 
Basic earnings per share
 
$
0.46

 
$
0.59

 
$
0.44

Diluted earnings per share
 
$
0.45

 
$
0.59

 
$
0.44