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Acquisitions (Tables)
 12 Months Ended
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