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Hotel Property Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2012
Hotel Property Acquisitions | Hotel property acquisitions in 2012 and 2011 include (in thousands):
Date Acquired |  | Franchise/Brand |  | Location |  | Purchase Price |  |  | Debt Assumed |
2012 |  |  |  |  |  |  |  |  |  |
January 12 |  | Courtyard by Marriott |  | Atlanta, GA |  | $ | 28,900 |  |  | $ | 19,011 |
February 28 |  | Hilton Garden Inn |  | Birmingham (Liberty Park), AL |  |  | 11,500 |  |  |  | - |
February 28 |  | Hilton Garden Inn |  | Birmingham (Lakeshore), AL |  |  | 8,625 |  |  |  | - |
May 16 |  | Courtyard by Marriott |  | Dallas (Arlington), TX |  |  | 15,000 |  |  |  | - |
May 16 |  | Hilton Garden Inn |  | Nashville (Smyrna), TN |  |  | 11,500 |  |  |  | 8,708 |
June 21 |  | Hilton / Hampton Inn & Suites |  | Nashville (Smyrna), TN |  |  | 8,000 |  |  |  | 5,384 |
July 2 |  | Residence Inn by Marriott |  | Dallas (Arlington), TX |  |  | 15,500 |  |  |  | - |
October 5 |  | Hyatt Place |  | Dallas (Arlington), TX |  |  | 9,055 |  |  |  | - |
October 5 |  | Hyatt Place |  | Denver (Lone Tree), CO |  |  | 10,530 |  |  |  | - |
October 5 |  | Hyatt Place |  | Denver (Englewood), CO |  |  | 11,515 |  |  |  | - |
October 5 |  | Hyatt House |  | Denver (Englewood), CO |  |  | 13,480 |  |  |  | - |
October 5 |  | Hyatt Place |  | Baltimore (Owings Mills), MD |  |  | 10,235 |  |  |  | - |
October 5 |  | Hyatt Place |  | Chicago (Lombard), IL |  |  | 17,025 |  |  |  | - |
October 5 |  | Hyatt Place |  | Phoenix, AZ |  |  | 5,020 |  |  |  | - |
October 5 |  | Hyatt Place |  | Scottsdale, AZ |  |  | 10,530 |  |  |  | - |
October 23 |  | Hilton Garden Inn |  | Fort Worth, TX |  |  | 7,200 |  |  |  | - |
December 21 |  | Residence Inn by Marriott |  | Salt Lake City, UT |  |  | 19,959 |  |  |  | 14,059 |
December 27 |  | Hyatt Place |  | Long Island (Garden City), NY |  |  | 31,000 |  |  |  | - |
December 27 |  | Hilton / Hampton Inn & Suites |  | Tampa (Ybor City), FL |  |  | 20,844 |  |  |  | - |
Total 2012 |  | 19 hotel properties |  | $ | 265,418 |  |  | $ | 47,162 |
2011 |  |  |  |  |  |  |  |  |  |  |  |
April 15 |  | Hilton / Homewood Suites |  | Jackson (Ridgeland), MS |  | $ | 7,350 |  |  | $ | - |
April 27 |  | IHG / Staybridge Suites |  | Denver (Glendale), CO |  |  | 10,000 |  |  |  | - |
April 27 |  | IHG / Holiday Inn |  | Duluth, GA |  |  | 7,000 |  |  |  | - |
May 25 |  | Hilton Garden Inn |  | Duluth, GA |  |  | 13,350 |  |  |  | - |
July 28 |  | Courtyard by Marriott |  | El Paso, TX |  |  | 12,350 |  |  |  | - |
Total 2011 |  | 5 hotel properties |  | $ | 50,050 |  |  | $ | - |
Allocation of Aggregated Purchase Prices | The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):
|  | 2012 |  |  | 2011 |
Land |  | $ | 33,874 |  |  | $ | 7,254 |
Hotel buildings and improvements |  |  | 220,599 |  |  |  | 41,368 |
Furniture, fixtures and equipment |  |  | 10,945 |  |  |  | 1,428 |
Other assets |  |  | 629 |  |  |  | 365 |
Total assets acquired |  |  | 266,047 |  |  |  | 50,415 |
Debt assumed |  |  | 47,162 |  |  |  | - |
Other liabilities |  |  | 1,993 |  |  |  | 398 |
Net assets acquired |  | $ | 216,892 |  |  | $ | 50,017 |
Total Revenues and Net Income (Loss) of Hotel Properties Acquired | Total revenues and net income (loss) for hotel properties acquired in 2012 and 2011, which are included in our consolidated statements of operations for the years 2012 and 2011are (in thousands):
|  | 2012 Acquisitions |  |  | 2011 Acquisitions |
|  | 2012 |  |  | 2012 |  |  | 2011 |
Revenues |  | $ | 24,939 |  |  | $ | 16,844 |  |  | $ | 10,297 |
Net income (loss) |  | $ | 1,754 |  |  | $ | 2,457 |  |  | $ | 1,986 |
Business Acquisition, Pro Forma Financial Information | The unaudited condensed pro forma financial information for 2012 and 2011, assuming the hotel properties acquired in 2012 and 2011 were acquired at the beginning of 2011, follows (in thousands, except per share):
|  | 2012 |  |  | 2011 |
|  | (unaudited) |
Revenues |  | $ | 72,567 |  |  | $ | 83,986 |
Net income (loss) |  | $ | 23,840 |  |  | $ | 7,499 |
Net income (loss) per share attributable to common |  |  |  |  |  |  |  |
stockholders - basic and diluted |  | $ | 0.58 |  |  | $ | 0.20 |

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