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Acquisition of Hotel Properties (Tables) | 9 Months Ended
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Sep. 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 2018 from their respective dates of acquisition through September 30, 2019 is as follows (in thousands):
|  | For the three months ended September 30, |  |  |  |  |  |  |  | For the nine months ended September 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 | $ | 895 |  |  | $ | 303 |  |  | $ | 186 |  |  | $ | (77) |  |  | $ | 2,719 |  |  | $ | 966 |  |  | $ | 186 |  |  | $ | (112) |
Courtyard Dallas Downtown, TX | 12/5/2018 | $ | 1,866 |  |  | $ | 515 |  |  | — |  |  | — |  |  | 5,857 |  |  | 1,918 |  |  | — |  |  | — |
Total |  | $ | 2,761 |  |  | $ | 818 |  |  | $ | 186 |  |  | $ | (77) |  |  | $ | 8,576 |  |  | $ | 2,884 |  |  | $ | 186 |  |  | $ | (112) |

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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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