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Real Estate Properties | 3 Months Ended
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Mar. 31, 2015
Real Estate Properties |
Real Estate Properties | Note 7. Real Estate Properties At March 31, 2015, we owned 292 hotels and owned 184 travel centers which are operated under 11 operating agreements. During the three months ended March 31, 2015, we funded $39,184 for improvements to certain of our properties which, pursuant to the terms of our management and lease agreements with our hotel managers and tenants, resulted in increases in our contractual annual minimum returns and rents of $3,099. See Notes 10 and 11 for further information about our fundings of improvements to certain of our properties. On March 16, 2015, we acquired a 300 room hotel located in Rosemont, IL for $35,500 excluding related acquisition costs of $154. We accounted for this transaction as a business combination. The following table summarizes our preliminary allocation of the acquisition cost to the estimated fair value of the assets we acquired.
Land |  | $ | 2,379
Building and improvements |  |  | 31,459
Furniture, fixtures and equipment |  |  | 1,399
Intangible assets |  |  | 263
|  | $ | 35,500
This Holiday Inn and Suites® branded hotel was added to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 11 for more information regarding this transaction and our InterContinental agreement. In March 2015, we entered an agreement to acquire a 364 room full service hotel located in Denver, CO for $77,250, excluding closing costs. We plan to add this Crowne Plaza® branded hotel to our management agreement with InterContinental. See Note 11 for more information regarding our InterContinental agreement. This pending acquis ition is subject to closing conditions, and accordingly, we can provide no assurance that we will acquire this property, that the acquisition will not be delayed or that the terms of this transaction will not change. On April 28, 2015, we acquired a land parcel adjacent to one of our hotels fo r $750, excluding closing costs. See Note 10 for further information regarding this acquisition. At March 31, 2015, our Marriott Courtyard hotel in Norcross, GA with a carrying value of $4,143 was held for sale. This amount is included in other assets, net, in our condensed consolidated balance sheets. We can provide no assurance that the sale of this property will occur or that any such sale would realize net proceeds in an amount at least equal to its carrying value. See Note 11 for further information relating to this hotel.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 + Details
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