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Acquisition of Hotel Properties | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisition of Hotel Properties | Acquisitions On January 29, 2024, the Company acquired the fee simple interest in its Wyndham Boston Beacon Hill hotel property in Boston, Massachusetts, which was previously owned via a leasehold interest that was subject to a ground lease, for a purchase price of approximately $125.0 million. The acquisition was accounted for as an asset acquisition, whereby approximately $0.2 million of transaction costs were capitalized as part of the cost of the acquisition. The existing right-of-use asset of $1.3 million, lease liability of $0.1 million and $125.2 million cost of the acquisition were recorded as land in the accompanying consolidated balance sheet. Also during the year ended December 31, 2024, the Company acquired a 100% interest in the following property:
Property |  | Location |  | Acquisition Date |  | Management Company |  | Rooms |  | Purchase Price (in thousands)
Hotel Teatro |  | Denver, CO |  | June 13, 2024 |  | Sage Hospitality |  | 110 |  |  | $ | 35,500 |
The acquisition of Hotel Teatro was accounted for as an asset acquisition, whereby approximately $0.6 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):
| December 31, 2024
Land and improvements | $ | 3,433 |  |  |
Buildings and improvements | 29,718 |  |  |
Furniture, fixtures and equipment | 2,996 |  |  |
Total purchase price | $ | 36,147 |  |  |
During the year ended December 31, 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 year ended December 31, 2023, the Company converted this hotel 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 $1.1 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):
| December 31, 2022
Land and improvements | $ | 19,807 |  |  |
Buildings and improvements | 36,223 |  |  |
Furniture, fixtures and equipment | 4,081 |  |  |
Total purchase price | $ | 60,111 |  |  |
In connection with the acquisitions of Hotel Teatro and the 21c Hotel Nashville, the value of the assets 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 respective hotel markets. 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 respective assets.

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- Definition The entire disclosure for asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 15 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480123/805-50-15-3 + Details
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- References No definition available. + Details
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