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Acquisition of Hotel and Other Properties (Tables) | 9 Months Ended
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Sep. 30, 2014
Business Combinations [Abstract] |
Schedule of properties acquired through wholly-owned subsidiaries, which were funded by capital contributions | During the nine months ended September 30, 2014, the Company acquired a 100% interest in the following properties:
Property |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Hyatt House Charlotte Center City |  | Charlotte, NC |  | March 12, 2014 |  | Hyatt Affiliate |  | 163 |  |  | $ | 32,496 |
Hyatt House Cypress Anaheim |  | Cypress, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 142 |  |  | 14,753 |
Hyatt House Emeryville San Francisco Bay Area |  | Emeryville, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 234 |  |  | 39,274 |
Hyatt House San Diego Sorrento Mesa |  | San Diego, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 193 |  |  | 35,985 |
Hyatt House San Jose Silicon Valley |  | San Jose, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 164 |  |  | 44,159 |
Hyatt House San Ramon |  | San Ramon, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 142 |  |  | 20,833 |
Hyatt House Santa Clara |  | Santa Clara, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 150 |  |  | 40,570 |
Hyatt Market Street The Woodlands |  | The Woodlands, TX |  | March 12, 2014 |  | Hyatt Corporation |  | 70 |  |  | 25,817 |
Hyatt Place Fremont Silicon Valley |  | Fremont, CA |  | March 12, 2014 |  | Hyatt Affiliate |  | 151 |  |  | 23,525 |
Hyatt Place Madison Downtown |  | Madison, WI |  | March 12, 2014 |  | Hyatt Affiliate |  | 151 |  |  | 35,088 |
Courtyard Portland City Center |  | Portland, OR |  | May 22, 2014 |  | Sage Hospitality |  | 256 |  |  | 67,000 |
Embassy Suites Irvine Orange County |  | Irvine, CA |  | May 22, 2014 |  | Sage Hospitality |  | 293 |  |  | 53,000 |
Hilton Cabana Miami Beach |  | Miami, FL |  | June 19, 2014 |  | Highgate Hotels |  | 231 |  |  | 71,700 |
Hyatt Atlanta Midtown |  | Atlanta, GA |  | July 14, 2014 |  | Interstate Hotels and Resorts |  | 194 |  |  | 49,500 |
DoubleTree Grand Key Resort (1) |  | Key West, FL |  | September 11, 2014 |  | Interstate Hotels and Resorts |  | 215 |  |  | 78,250 |
|  |  |  |  |  |  |  | 2,749 |  |  | $ | 631,950 |
(1) | Purchase price includes $1.3 million paid for five condominium units.
During the nine months ended September 30, 2013, the Company acquired a 100% interest in the following properties:
Property |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Courtyard Houston Downtown Convention Center |  | Houston, TX |  | March 19, 2013 |  | White Lodging Services |  | 191 |  |  | $ | 34,308 |
Residence Inn Houston Downtown Convention Center |  | Houston, TX |  | March 19, 2013 |  | White Lodging Services |  | 171 |  |  | 29,421 |
Humble Tower Apartments (1) |  | Houston, TX |  | March 19, 2013 |  | n/a |  | 82 |  |  | 15,547 |
Courtyard Waikiki Beach |  | Honolulu, HI |  | June 17, 2013 |  | Highgate Hotels |  | 399 |  |  | 75,250 |
Vantaggio Suites Cosmo (2) |  | San Francisco, CA |  | June 21, 2013 |  | n/a |  | 150 |  |  | 29,474 |
Residence Inn Atlanta Midtown/Georgia Tech (3) |  | Atlanta, GA |  | August 6, 2013 |  | Interstate Hotels and Resorts |  | 78 |  |  | 4,731 |
|  |  |  |  |  |  |  | 1,071 |  |  | $ | 188,731 |
(1) | Conversion to a SpringHill Suites is in progress.
(2) | Conversion to a Courtyard by Marriott is in progress.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The allocation of purchase price for the properties acquired was as follows (in thousands):
| For the nine months ended September 30,
| 2014 |  | 2013
Land and land improvements | $ | 164,335 |  |  | $ | 24,132 |
Buildings and improvements | 409,506 |  |  | 169,070 |
Furniture, fixtures and equipment | 57,571 |  |  | 3,151 |
Intangible and other assets | 538 |  |  | 342 |
Intangible and other liabilities | — |  |  | (3,695 | )
| 631,950 |  |  | 193,000 |
Bargain purchase gain | — |  |  | (4,269 | )
Total purchase price | $ | 631,950 |  |  | $ | 188,731 |
Schedule of total revenues and net loss from the properties acquired | For the properties acquired during the nine months ended September 30, 2014, total revenues and net income from the date of acquisition through September 30, 2014 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2014, respectively, as follows (in thousands):
| 2014 acquisitions
| For the three months ended September 30, 2014 |  | For the nine months ended September 30, 2014
Revenue | $ | 38,181 |  |  | $ | 67,988 |
Net income | $ | 8,628 |  |  | $ | 11,639 |
For properties acquired during the nine months ended September 30, 2013 total revenues and net income from the date of acquisition through September 30, 2013 are included in the accompanying consolidated statements of operations for the three and nine months ended September 30, 2013, respectively, as follows (in thousands):
| 2013 acquisitions
| For the three months ended September 30, 2013 |  | For the nine months ended September 30, 2013
Revenue | $ | 11,179 |  |  | $ | 17,741 |
Net income | $ | 2,056 |  |  | $ | 1,488 |
Schedule of unaudited condensed pro forma financial information | The unaudited condensed pro forma financial information is as follows (in thousands, except share and per share data):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
Revenue | $ | 300,652 |  |  | $ | 286,526 |  |  | $ | 870,977 |  |  | $ | 839,560 |
Net income attributable to common shareholders | $ | 37,688 |  |  | $ | 43,172 |  |  | $ | 111,408 |  |  | $ | 109,462 |
Net income per share attributable to common shareholders - basic | $ | 0.29 |  |  | $ | 0.36 |  |  | $ | 0.88 |  |  | $ | 0.94 |
Net income per share attributable to common shareholders - diluted | $ | 0.28 |  |  | $ | 0.35 |  |  | $ | 0.88 |  |  | $ | 0.93 |
Weighted-average number of shares outstanding - basic | 131,106,440 |  |  | 121,594,219 |  |  | 126,070,309 |  |  | 116,697,417 |
Weighted-average number of shares outstanding - diluted | 132,386,843 |  |  | 122,750,121 |  |  | 127,297,901 |  |  | 117,797,670 |

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