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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2018
Business Combinations [Abstract] |
Pro Forma Operating Information | The following pro forma financial information for the years ended December 31, 2017, and 2016, present our results of operations (in thousands, except per share data) as if the hotels acquired in 2017 and accounted for a business combinations were acquired on January 1, 2016. The hotels acquired in 2018 are accounted for as asset acquisitions and are not included in the information presented below. 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
|  | (unaudited) |  | (unaudited)
Revenues |  | $ | 873,427 |  |  | $ | 924,806 |
Net income |  | $ | 91,602 |  |  | $ | 118,232 |
Earnings per share: |  |  |  |
Net income per share available to common stockholders—basic |  | $ | 0.46 |  |  | $ | 0.59 |
Net income per share available to common stockholders—diluted |  | $ | 0.45 |  |  | $ | 0.59 |
Schedule of Acquired Assets and Liabilities | The following table summarizes the assets acquired and liabilities assumed in our 2017 and 2018 acquisitions (in thousands):
|  | Cavallo Point |  | Landing Resort & Spa |  | Hotel Palomar Phoenix |  | L'Auberge de Sedona |  | Orchards Inn Sedona
Land |  | $ | — |  |  | $ | 14,816 |  |  | $ | — |  |  | $ | 39,384 |  |  | $ | 9,726 |
Building and improvements |  | 123,100 |  |  | 24,351 |  |  | 59,703 |  |  | 22,204 |  |  | 10,180 |
Furniture, fixtures and equipment |  | 10,470 |  |  | 3,346 |  |  | 5,207 |  |  | 4,376 |  |  | 1,982 |
Construction in progress |  | 1,734 |  |  | — |  |  | — |  |  | — |  |  | — |
Total fixed assets |  | 135,304 |  |  | 42,513 |  |  | 64,910 |  |  | 65,964 |  |  | 21,888 |
Favorable lease asset |  | 17,907 |  |  | — |  |  | 20,012 |  |  | — |  |  | 9,065 |
Unfavorable lease liability |  | — |  |  | — |  |  | (4,644 | ) |  | — |  |  | — |
New Market Tax Credit loan assumption |  | — |  |  | — |  |  | (2,943 | ) |  | — |  |  | — |
Other assets and liabilities, net |  | (5,083 | ) |  | (658 | ) |  | 497 |  |  | (2,710 | ) |  | (412 | )
Total |  | $ | 148,128 |  |  | $ | 41,855 |  |  | $ | 77,832 |  |  | $ | 63,254 |  |  | $ | 30,541 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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