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Acquisition of Hotel Properties (Tables) | 12 Months Ended
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Dec. 31, 2016
Business Combinations [Abstract] |
Purchase Price Allocation | The allocation of the purchase price of each of the hotels acquired by the Company in 2015, based on the fair value on the date of its acquisition, was (in thousands):
| Gaslamp | Dedham | Ft. Lauderdale | Marina del Rey | Total
Acquisition date | 2/25/2015 |  | 7/17/2015 |  | 8/17/2015 |  | 9/17/2015 |  |
Number of rooms (unaudited) | 240 |  | 81 |  | 104 |  | 134 |  | 559 |
Land | $ | — |  | $ | 4,230 |  | $ | 9,200 |  | $ | — |  | $ | 13,430 |
Building and improvements | 89,040 |  | 17,304 |  | 24,048 |  | 43,210 |  | 173,602 |
Furniture, fixtures and equipment | 960 |  | 466 |  | 252 |  | 1,340 |  | 3,018 |
Cash | 3 |  | 2 |  | 2 |  | 6 |  | 13 |
Restricted cash | — |  | — |  | — |  | 1,755 |  | 1,755 |
Accounts receivable | 81 |  | 47 |  | 32 |  | 30 |  | 190 |
Deferred costs, net | — |  | — |  | — |  | 43 |  | 43 |
Prepaid expenses and other assets | 278 |  | 3 |  | 40 |  | 217 |  | 538 |
Mortgage debt | — |  | — |  | — |  | (22,569 | ) | (22,569 | )
Accounts payable and accrued expenses | (204 | ) | (10 | ) | (279 | ) | (67 | ) | (560 | )
Net assets acquired, net of cash | $ | 90,155 |  | $ | 22,040 |  | $ | 33,293 |  | $ | 23,959 |  | $ | 169,447 |
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2015 from their respective date of acquisition through December 31, 2016 is as follows (in thousands):
| December 31, 2016 |  | December 31, 2015
| Revenue |  | Operating Income |  | Revenue |  | Operating Income
Residence Inn San Diego Gaslamp | $ | 15,018 |  |  | $ | 7,616 |  |  | $ | 12,670 |  |  | $ | 6,850 |
Residence Inn Dedham, MA | 4,026 |  |  | 1,909 |  |  | 1,995 |  |  | 1,043 |
Residence Inn Ft. Lauderdale, FL | 6,564 |  |  | 2,984 |  |  | 2,132 |  |  | 863 |
Hilton Garden Inn Marina del Rey, CA | 10,523 |  |  | 5,216 |  |  | 2,500 |  |  | 1,200 |
Total | $ | 36,131 |  |  | $ | 17,725 |  |  | $ | 19,297 |  |  | $ | 9,956 |
Pro Forma Financial Information | The following condensed pro forma financial information presents the unaudited results of operations as if the acquisition of the hotels acquired during the years ended December 31, 2015 or 2014 had taken place on January 1, 2014 and 2013, respectively. There were no hotels acquired in 2016. Since the acquisition of the Cherry Creek hotel was not material, the pro forma numbers presented below do not include the operating results of the Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $0.7 million and $7.2 million, respectively, of acquisition-related costs incurred in the years ended December 31, 2015 and 2014. Supplemental pro forma earnings for the year ended December 2014 were adjusted to include these charges from 2015. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2014, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data).
| For the year ended
| December 31,
| 2015 |  | 2014
Pro forma total revenue | $ | 292,908 |  |  | $ | 271,321 |
Pro forma net income | $ | 32,137 |  |  | $ | 22,013 |
Pro forma income per share: |  |  |
Basic | $ | 0.85 |  |  | $ | 0.58 |
Diluted | $ | 0.84 |  |  | $ | 0.57 |
Weighted average common shares outstanding |  |  |
Basic | 37,917,871 |  |  | 37,917,871 |
Diluted | 38,322,285 |  |  | 38,322,285 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: 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=73530397&loc=d3e4845-128472 + Details
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