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Acquisition of Hotel and Other Properties (Tables)

9 Months Ended

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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- Definition

Tabular disclosure of results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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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.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

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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.

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-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

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