Acquisition of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2019

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)