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Acquisition of Hotel Properties (Notes)
 9 Months Ended
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