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Acquisition of Hotel Property | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Acquisition of Hotel Property | Acquisition of Hotel Property During the nine months ended September 30, 2022, the Company acquired a 100% interest in the following property:
Property (1) |  | Location |  | Acquisition Date |  | Management Company (1) |  | Rooms |  | Purchase Price (in thousands)
21c Hotel Nashville |  | Nashville, TN |  | July 29, 2022 |  | Accor Hotels |  | 124 |  |  | $ | 59,000 |
(1) During the nine months ended September 30, 2023, the Company converted this hotel property to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton. The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.0 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands):
| September 30, 2022
Land and improvements | $ | 19,777 |  |  |
Buildings and improvements | 36,169 |  |  |
Furniture, fixtures and equipment | 4,075 |  |  |
Total purchase price | $ | 60,021 |  |  |
The value of the asset acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach used inputs of recent land sales in the hotel market. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the asset.

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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/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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