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INVESTMENT IN HOTEL PROPERTIES, NET (Tables) | 6 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Schedule of investment in hotel properties, net | Investment in hotel properties, net at June 30, 2016 and December 31, 2015 is as follows (in thousands):
|  | June 30, 2016 |  | December 31, 2015
Land |  | $ | 161,914 |  |  | $ | 149,996 |
Hotel buildings and improvements |  | 1,311,348 |  |  | 1,222,017 |
Construction in progress |  | 15,006 |  |  | 6,555 |
Furniture, fixtures and equipment |  | 124,388 |  |  | 123,332 |
|  | 1,612,656 |  |  | 1,501,900 |
Less accumulated depreciation |  | (196,023 | ) |  | (168,493 | )
|  | $ | 1,416,633 |  |  | $ | 1,333,407 |
Disclosure of Long Lived Assets Held-for-sale | Assets held for sale at June 30, 2016 and December 31, 2015 include the following (in thousands):
|  | June 30, 2016 |  | December 31, 2015
Land |  | $ | 11,688 |  |  | $ | 24,250 |
Hotel buildings and improvements |  | 49,581 |  |  | 97,249 |
Furniture, fixtures and equipment |  | 7,413 |  |  | 10,906 |
Franchise fees and other |  | 480 |  |  | 733 |
Total |  | $ | 69,162 |  |  | $ | 133,138 |
Schedule of hotel property acquisitions | A summary of the hotel properties acquired during the six months ended June 30, 2016 and 2015 is as follows (in thousands):
Date Acquired |  | Franchise/Brand |  | Location |  | Purchase Price |  |
First Six Months of 2016 |  |  |  |  |  |  |
January 19, 2016 |  | Courtyard by Marriott |  | Nashville, TN |  | $ | 71,000 |  |  |
January 20, 2016 |  | Residence Inn by Marriott |  | Atlanta, GA |  | 38,000 |  |  |
|  |  |  | $ | 109,000 |  |  | (1)
First Six Months of 2015 |  |  |  |  |  |  |
April 13, 2015 |  | Hampton Inn & Suites |  | Minneapolis, MN |  | $ | 38,951 |  |  |
June 18, 2015 |  | Hampton Inn |  | Boston (Norwood), MA |  | 24,000 |  |  |
June 30, 2015 |  | Hotel Indigo |  | Asheville, NC |  | 35,000 |  |  |
|  |  |  | $ | 97,951 |  |  |
(1) The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000.
Schedule of allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed | The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):
|  | Six Months Ended June 30,
|  | 2016 |  | 2015
Land |  | $ | 12,173 |  |  | $ | 7,602 |
Hotel buildings and improvements |  | 95,358 |  |  | 83,105 |
Furniture, fixtures and equipment |  | 2,130 |  |  | 7,017 |
Other assets |  | 383 |  | (1) | 375 |
Total assets acquired |  | 110,044 |  |  | 98,099 |
Less other liabilities |  | (862 | ) | (1) | (148 | )
Net assets acquired |  | $ | 109,182 |  |  | $ | 97,951 |
(1) | The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000.
Schedule of total revenues and net income for hotel properties acquired | Total revenues and net income for hotel properties acquired in the six months ended June 30, 2016 and 2015, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands):
|  | 2016 Acquisitions |  | 2015 Acquisitions |  | 2016 Acquisitions |  | 2015 Acquisitions
|  | For the Three Months Ended June 30, |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2016 |  | 2016 |  | 2015 |  | 2016 |  | 2016 |  | 2015
Revenues |  | $ | 6,267 |  |  | $ | 6,462 |  |  | $ | 1,912 |  |  | $ | 10,511 |  |  | $ | 10,513 |  |  | $ | 1,912 |
Net income |  | $ | 1,738 |  |  | $ | 1,187 |  |  | $ | 190 |  |  | $ | 2,715 |  |  | $ | 370 |  |  | $ | 190 |
Schedule of unaudited condensed pro forma financial information | The unaudited condensed pro forma financial information for the three and six months ended June 30, 2016 and 2015 is as follows (in thousands, except per share):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2016 (1) |  | 2015 |  | 2016 (1) |  | 2015
|  | (unaudited) |  | (unaudited)
Revenues |  | $ | 125,602 |  |  | $ | 118,073 |  |  | $ | 239,906 |  |  | $ | 224,805 |
Income from hotel operations |  | $ | 50,127 |  |  | $ | 45,274 |  |  | $ | 93,294 |  |  | $ | 84,505 |
Net income before taxes |  | $ | 19,231 |  |  | $ | 17,298 |  |  | $ | 32,641 |  |  | $ | 30,269 |
Net income |  | $ | 19,096 |  |  | $ | 16,394 |  |  | $ | 30,935 |  |  | $ | 28,866 |
Net income attributable to common stockholders, net of amount allocated to participating securities |  | $ | 14,819 |  |  | $ | 7,999 |  |  | $ | 26,562 |  |  | $ | 20,342 |
Basic net income per share attributable to common stockholders |  | $ | 0.17 |  |  | $ | 0.09 |  |  | $ | 0.31 |  |  | $ | 0.24 |
Diluted net income per share attributable to common stockholders |  | $ | 0.17 |  |  | $ | 0.09 |  |  | $ | 0.30 |  |  | $ | 0.23 |
(1) The pro forma amounts exclude the $2.7 million and $39.5 million gain on the sale of hotel properties during the three and six months ended June 30, 2016, respectively.

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