Acquisition of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

Schedule of Business Acquisitions, by Acquisition

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.

Schedule of Business Acquisition Actual Results

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	)

Business Acquisition, Pro Forma 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, 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