XML 32 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Real Estate Properties
 3 Months Ended
Mar. 31, 2017
Real Estate [Abstract]  
Real Estate Properties
Real Estate Properties
At March 31, 2017, we owned 308 hotels and 198 travel centers.
During the three months ended March 31, 2017, we funded $34,721 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 $2,717. See Notes 8 and 10 for further information about our management and lease agreements and our fundings of improvements to certain of our properties.
During the three months ended March 31, 2017, we acquired two hotels. We accounted for these transactions as acquisitions of assets. Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below.  
Acquisition Date
 
Location
 
Purchase Price
 
Land
 
Land Improvements
 
Building and Improvements
 
Furniture, Fixtures and Equipment
 
Intangible Assets
2/1/2017
 
Chicago, IL (1)
 
$
86,201

 
$
13,609

 
$
40

 
$
58,929

 
$
11,926

 
$
1,697

3/31/2017
 
Seattle, WA (2)
 
71,748

 
24,127

 
30

 
46,306

 
844

 
441

 
 
 
 
$
157,949

 
$
37,736

 
$
70

 
$
105,235

 
$
12,770

 
$
2,138

(1)
On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201, including capitalized acquisition costs of $707. We added this Kimpton® branded hotel to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 8 for further information regarding our InterContinental agreement.
(2)
On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71,748 including capitalized acquisition costs of $123. We added this Kimpton® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.
On March 16, 2017, we entered into an agreement to acquire the 389 room Chase Park Plaza hotel located in St. Louis, MO for a purchase price of $87,750, excluding acquisition related costs. We currently expect to complete this acquisition during the second quarter of 2017. We plan to convert this hotel to the Royal Sonesta hotel brand and add it to our management agreement with Sonesta International Hotels Corporation, or Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement.
On May 3, 2017, pursuant to the terms of our June 2015 transaction agreement with TA, as amended, we purchased from, and leased back to, TA a newly developed travel center located in Columbia, SC for a purchase price of $27,602, excluding acquisition related costs. This property was added to our TA No. 4 lease and our minimum annual rent under the lease increased by $2,346 as a result. See Notes 8 and 10 for further information regarding our TA leases.
Our pending acquisition is subject to conditions; accordingly, we cannot be sure that we will complete this acquisition or that this acquisition will not be delayed or the terms of this acquisition will not change.