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Acquisition of Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2017
Business Combinations [Abstract]  
Purchase Price Allocation
The allocation of the purchase price of each of the hotels acquired by the Company in 2017, based on the fair value on the date of its acquisition, was (in thousands):
 
 
HGI Portsmouth
CY Summerville
ES Springfield
Total
Acquisition date
9/20/2017

11/15/2017

12/6/2017

 
Number of rooms (unaudited)
131

96

219

446

Land
$
3,600

$
2,500

$
7,700

$
13,800

Building and improvements
37,630

16,923

58,807

113,360

Furniture, fixtures and equipment
2,120

730

1,490

4,340

Cash
8

1

3

12

Accounts receivable
32

1

—

33

Prepaid expenses and other assets
12

28

129

169

Accounts payable and accrued expenses
(27
)
(1
)
(51
)
(79
)
Net assets acquired, net of cash
$
43,367

$
20,181

$
68,075

$
131,623
Revenue and Operating Income of New Hotels Acquired
The amount of revenue and operating income from the hotels acquired in 2017 from their respective date of acquisition through December 31, 2017 is as follows (in thousands):
 
For the Year Ended December 31, 2017
 
Revenue
 
Operating Income
 
 
 
 
Hilton Garden Inn Portsmouth, NH
$
2,453

 
$
1,116

Courtyard Summerville, SC
$
384

 
$
152

Embassy Suites Springfield, VA
$
674

 
$
161

Total
$
3,511

 
$
1,429
Business Acquisition, Pro Forma Information
The following condensed pro forma financial information presents the unaudited results of operations as if the acquisition of the hotels acquired during the year ended December 31, 2015 had taken place on January 1, 2014. There were no hotels acquired in 2016. Supplemental pro forma earnings were adjusted to exclude $0.7 million of acquisition-related costs incurred in the year ended December 31, 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
 
Pro forma total revenue
 
$
292,908

 
Pro forma net income
 
$
32,137

 
Pro forma income per share:
 
 
 
Basic
 
$
0.85

 
Diluted
 
$
0.84

 
Weighted average common shares outstanding
 
 
 
Basic
 
37,917,871

 
Diluted
 
38,322,285