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Acquisition of Hotel Properties (Tables) | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Purchase Price Allocation | The allocation of the purchase price, based on the fair value on the date of its acquisition, was (in thousands):
| RI Summerville
Acquisition date | 8/27/2018 |
Number of Rooms | 96 |
Land | $ | 2,300 |
Building and improvements | 16,954 |
Furniture, fixtures and equipment | 1,440 |
Accounts payable and accrued expenses | (54 | )
Net assets acquired, net of cash | $ | 20,640 |
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective dates of acquisition through September 30, 2018 is as follows (in thousands):
|  | For the three months ended September 30, |  | For the nine months ended September 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
| Acquisition Date | Revenue |  | Operating Income |  | Revenue |  | Operating Income |  | Revenue |  | Operating Income |  | Revenue |  | Operating Income
Hilton Garden Inn Portsmouth, NH | 09/20/2017 | $ | 3,075 |  |  | $ | 1,174 |  |  | $ | 392 |  |  | $ | 241 |  |  | $ | 6,826 |  |  | $ | 1,724 |  |  | $ | 392 |  |  | $ | 241 |
Courtyard Summerville, SC | 11/15/2017 | 978 |  |  | 147 |  |  | — |  |  | — |  |  | 3,079 |  |  | 672 |  |  | — |  |  | — |
Embassy Suites Springfield, VA | 12/06/2017 | 3,472 |  |  | 720 |  |  | — |  |  | — |  |  | 10,803 |  |  | 2,518 |  |  | — |  |  | — |
Residence Inn Summerville, SC | 08/27/2018 | 186 |  |  | (147 | ) |  | — |  |  | — |  |  | 186 |  |  | (182 | ) |  | — |  |  | — |
Total |  | $ | 7,711 |  |  | $ | 1,894 |  |  | $ | 392 |  |  | $ | 241 |  |  | $ | 20,894 |  |  | $ | 4,732 |  |  | $ | 392 |  |  | $ | 241 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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