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Acquisition of Hotel Property (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Schedule of Property Acquisitions

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.

Schedule of Asset Acquisition, Property Allocation Cost

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

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Asset Acquisition, Property Allocation Cost

+ References

No definition available.

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 805
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

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