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Hotel Property Acquisitions | 12 Months Ended
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Dec. 31, 2012
Hotel Property Acquisitions | NOTE 3 - 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 |  |  | $ | - |
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) 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 |
The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if the 2012 and 2011 acquisitions had taken place on January 1, 2011. The unaudited condensed pro forma information excludes discontinued operations, is for comparative purposes only, and is not necessarily indicative of what actual results of operations would have been had the hotel acquisitions taken place on January 1, 2011. This information does not purport to represent results of operations for future periods. 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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- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 67-73 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph F4 -Subparagraph e -Appendix F Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472 Reference 17: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 88-16 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 18: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 51, 52 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 19: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479 + Details
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