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Acquisition of Hotel Properties (Notes) | 9 Months Ended
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Sep. 30, 2015
Business Combination [Abstract] |
Business Combination Disclosure | Acquisition of Hotel Properties During the nine months ended September 30, 2016, the Company did not acquire any hotel properties. During the nine months ended September 30, 2015, the Company acquired a 100% interest in the following hotel properties:
Property Name |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Hyatt Place Washington DC Downtown K Street |  | Washington, DC |  | July 15, 2015 |  | Aimbridge Hospitality |  | 164 |  |  | $ | 68,000 |
Homewood Suites Seattle Lynnwood |  | Lynnwood, WA |  | July 20, 2015 |  | InnVentures |  | 170 |  |  | 37,900 |
Residence Inn Palo Alto Los Altos (1) |  | Los Altos, CA |  | September 25, 2015 |  | InnVentures |  | 156 |  |  | 70,000 |
|  |  |  |  |  |  |  | 490 |  |  | $ | 175,900 |
(1) | In connection with this acquisition, the Company assumed a $33.4 million mortgage loan with a fair value at assumption of $34.7 million.
The allocation of the purchase price for the hotel properties acquired during the nine months ended September 30, 2015 was as follows (in thousands):
| For the nine months ended September 30, 2015
Land and improvements | $ | 31,692 |
Buildings and improvements | 131,960 |
Furniture, fixtures and equipment | 13,517 |
Fair value adjustment on mortgage debt assumed | (1,269 | )
Total purchase price | $ | 175,900 |
See Note 14 for the detail of the other assets acquired and the liabilities assumed in conjunction with the Company's acquisitions. For the hotel properties acquired during the nine months ended September 30, 2015, the total revenues and net loss from the date of acquisition through September 30, 2015 are included in the accompanying consolidated statements of operations as follows (in thousands):
| For the three months ended September 30, 2015 |  | For the nine months ended September 30, 2015
Revenue | $ | 3,905 |  |  | $ | 3,905 |
Net loss | $ | (1,674 | ) |  | $ | (1,674 | )
The following unaudited condensed pro forma financial information presents the results of operations as if the 2015 acquisitions had taken place on January 1, 2014. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the 2015 acquisitions had taken place on January 1, 2014, nor does it purport to represent the results of operations for future periods. 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, 2015 |  | For the nine months ended September 30, 2015
Revenue | $ | 293,099 |  |  | $ | 874,190 |
Net income attributable to common shareholders | $ | 43,322 |  |  | $ | 148,473 |
Net income per share attributable to common shareholders - basic | $ | 0.34 |  |  | $ | 1.14 |
Net income per share attributable to common shareholders - diluted | $ | 0.34 |  |  | $ | 1.13 |
Weighted average number of shares outstanding - basic | 127,663,480 |  |  | 129,855,686 |
Weighted average number of shares outstanding - diluted | 128,143,154 |  |  | 130,410,613 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4922-128472 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4934-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4926-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=73530397&loc=SL65897772-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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