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Acquisition of Hotel Properties (Tables) | 12 Months Ended
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Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract] |
Hotel Acquisition | During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties:
Property |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Hampton Inn and Suites Atlanta Midtown |  | Atlanta, GA |  | August 5, 2021 |  | Aimbridge Hospitality |  | 186 |  |  | $ | 58,000 |
AC Hotel Boston Downtown |  | Boston, MA |  | October 18, 2021 |  | Colwen Management |  | 205 |  |  | $ | 89,000 |
Moxy Denver Cherry Creek (1) |  | Denver, CO |  | December 23, 2021 |  | Sage Hospitality |  | 170 |  |  | $ | 51,250 |
|  |  |  |  |  |  |  | 561 |  |  | $ | 198,250 |
(1) In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million.
Asset Acquisition, Transaction Costs | The allocation of the costs for the properties acquired was as follows (in thousands):
| December 31, 2021
Land and improvements | $ | 32,550 |  |  |
Buildings and improvements | 150,400 |  |  |
Furniture, fixtures and equipment | 16,472 |  |  |
Favorable lease asset | 4,294 |  |  |
Fair value adjustment on mortgage debt assumed | (2,554) |  |  |
Other liability | (898) |  |  |
Total purchase price | $ | 200,264 |  |  |

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