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Hotel Property Acquisitions | 9 Months Ended
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Sep. 30, 2014
Hotel Property Acquisitions |
Hotel Property Acquisitions | Note 3 — Hotel Property Acquisitions Hotel property acquisitions in the nine months ended September 30, 2014 and 2013 are as follows (in thousands):
Date Acquired |  | Franchise/Brand |  | Location |  | Purchase Price |  | Debt Assumed |
Nine Months 2014: |  |  |  |  |  |  |  |
January 9 |  | Hilton Garden Inn |  | Houston, TX |  | $ | 37,500 |  | $ | 17,846 |
January 10 |  | Hampton Inn |  | Santa Barbara (Goleta), CA |  | 27,900 |  | 12,037 |
January 24 |  | Four Points by Sheraton |  | South San Francisco, CA |  | 21,250 |  | — |
March 14 |  | DoubleTree by Hilton |  | San Francisco, CA |  | 39,060 |  | 13,289 |
August 15 |  | Hilton Garden Inn |  | Houston (Energy Corridor), TX |  | 36,000 |  | — |
September 9 |  | Hampton Inn & Suites |  | Austin, TX |  | 53,000 |  | — |
Total Nine Months Ended September 30, 2014 |  | 6 hotel properties |  | $ | 214,710 |  | $ | 43,172 |
Nine Months 2013: |  |  |  |  |  |  |  |
January 22 |  | Hyatt Place |  | Chicago (Hoffman Estates), IL |  | $ | 9,230 |  | $ | — |
January 22 |  | Hyatt Place |  | Orlando (Convention), FL |  | 12,252 |  | — |
January 22 |  | Hyatt Place |  | Orlando (Universal), FL |  | 11,843 |  | — |
February 11 |  | Holiday Inn Express & Suites |  | San Francisco, CA |  | 60,500 |  | 23,423 |
March 11 |  | SpringHill Suites by Marriott |  | New Orleans, LA |  | 33,095 |  | — |
March 11 |  | Courtyard by Marriott |  | New Orleans (Convention), LA |  | 30,827 |  | — |
March 11 |  | Courtyard by Marriott |  | New Orleans (French Quarter), LA |  | 25,683 |  | — |
March 11 |  | Courtyard by Marriott |  | New Orleans (Metairie), LA |  | 23,539 |  | — |
March 11 |  | Residence Inn by Marriott |  | New Orleans (Metairie), LA |  | 19,890 |  | — |
April 30 |  | Hilton Garden Inn |  | Greenville, SC |  | 15,250 |  | — |
May 21 |  | IHG / Holiday Inn Express & Suites |  | Minneapolis (Minnetonka), MN |  | 6,900 |  | 3,724 |
May 21 |  | Hilton Garden Inn |  | Minneapolis (Eden Prairie), MN |  | 10,200 |  | 6,385 |
May 23 |  | Fairfield Inn & Suites by Marriott |  | Louisville, KY |  | 25,023 |  | — |
May 23 |  | SpringHill Suites by Marriott |  | Louisville, KY |  | 39,138 |  | — |
May 23 |  | Courtyard by Marriott |  | Indianapolis, IN |  | 58,634 |  | — |
May 23 |  | SpringHill Suites by Marriott |  | Indianapolis, IN |  | 30,205 |  | — |
Total Nine Months Ended September 30, 2013 |  | 16 hotel properties |  | $ | 412,209 |  | $ | 33,532 |
The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):
|  | For the Nine Months Ended September 30, |
|  | 2014 |  | 2013 |
Land |  | $ | 11,400 |  | $ | 57,276 |
Hotel buildings and improvements |  | 199,573 |  | 341,903 |
Furniture, fixtures and equipment |  | 5,489 |  | 14,996 |
Land held for development |  | — |  | 2,800 |
Other assets |  | 11,625 |  | 9,308 |
Total assets acquired |  | 228,087 |  | 426,283 |
Less debt assumed |  | (43,172 | ) | (33,532 | )
Less lease liability assumed |  | (1,752 | ) | — |
Less other liabilities |  | (2,671 | ) | (1,495 | )
Net assets acquired |  | $ | 180,492 |  | $ | 391,256 |
The allocations for certain of the acquisitions for the three months ended September 30, 2014 are based on preliminary information and are, therefore, subject to change. Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
|  | 2014 Acquisitions |  | 2013 Acquisitions |  | 2014 Acquisitions |  | 2013 Acquisitions |
|  | 2014 |  | 2014 |  | 2013 |  | 2014 |  | 2014 |  | 2013 |
Revenues |  | $ | 11,358 |  | $ | 27,546 |  | $ | 23,449 |  | $ | 24,808 |  | $ | 80,990 |  | $ | 50,862 |
Net income |  | $ | 2,897 |  | $ | 5,993 |  | $ | 3,847 |  | $ | 3,999 |  | $ | 16,450 |  | $ | 9,568 |
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 all acquisitions in 2013 and the first nine months of 2014 had taken place on January 1, 2013. 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 property acquisitions taken place on January 1, 2013. This information does not purport to represent results of operations for future periods. The unaudited condensed pro forma financial information for the three and nine months ended September 30, 2014 and 2013 follows (in thousands, except per share amounts):
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
|  | (Restated) |  |  |  | (Restated) |  |  |
Revenues |  | $ | 112,191 |  | $ | 97,549 |  | $ | 320,455 |  | $ | 287,974 |
Net income |  | $ | 2,914 |  | $ | 311 |  | $ | 18,442 |  | $ | 16,027 |
Net income (loss) attributable to common stockholders |  | $ | (1,245 | ) | $ | (3,709 | ) | $ | 5,860 |  | $ | 5,287 |
Net income (loss) per share attributable to common stockholders - basic and diluted |  | $ | (0.01 | ) | $ | (0.05 | ) | $ | 0.07 |  | $ | 0.08 |

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