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Acquisition of Hotel Properties (Tables) | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
Purchase Price Allocation | The allocation of the purchase price of each hotel acquired by the Company in 2018, based on the fair value on the date of its acquisition, was (in thousands):
| RI Summerville |  | Dallas DT |  |  |  |  |  |
Acquisition date | 8/27/2018 |  | 12/5/2018 |  |  |  |  |  |
Number of Rooms | 96 |  | 167 |  |  |  |  |  |
Land | $ | 2,300 |  | $ | 2,900 |  |  |  |  |  |
Building and improvements | 17,060 |  | 42,760 |  |  |  |  |  |
Furniture, fixtures and equipment | 1,234 |  | 3,340 |  |  |  |  |  |
Cash | — |  | 5 |  |  |  |  |  |
Accounts receivable | — |  | 8 |  |  |  |  |  |
Prepaid expenses and other assets | — |  | 68 |  |  |  |  |  |
Accounts payable and accrued expenses | (9) |  | (33) |  |  |  |  |  |
Net assets acquired, net of cash | $ | 20,585 |  | $ | 49,043 |  |  |  |  |  |
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2019 and 2018 from their respective dates of acquisition through June 30, 2019 is as follows (in thousands):
|  | For the three months ended June 30, |  |  |  |  |  |  |  | For the six months ended June 30, |  |  |  |  |  |
|  | 2019 |  |  |  | 2018 |  |  |  | 2019 |  |  |  | 2018 |  |
| Acquisition Date | Revenue |  | Operating Income |  | Revenue |  | Operating Income |  | Revenue |  | Operating Income |  | Revenue |  | Operating Income
Residence Inn Summerville, SC | 08/27/2018 | $ | 1,024 |  | $ | 409 |  | $ | — |  | $ | — |  | $ | 1,824 |  | $ | 663 |  | $ | — |  | $ | —
Courtyard Dallas Downtown, TX | 12/5/2018 | $ | 1,990 |  | $ | 606 |  | — |  | — |  | 3,991 |  | 1403 |  | — |  | —
Total |  | $ | 3,014 |  | $ | 1,015 |  | $ | — |  | $ | — |  | $ | 5,815 |  | $ | 2,066 |  | $ | — |  | $ | —

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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=116869197&loc=d3e4845-128472 + Details
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