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Acquisition of Hotel Properties | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Acquisition of Hotel Properties | Acquisition of Hotel Properties Hotel Purchase Price Allocation We acquired the Residence Inn Summerville ("RI Summerville") hotel in Summerville, SC for $20.8 million on August 27, 2018, the Dallas Downtown Courtyard ("Dallas DT") hotel in Dallas, TX for $49.0 million on December 5, 2018, the Hilton Garden Inn Portsmouth ("Portsmouth") hotel in Portsmouth, NH for $43.4 million on September 20, 2017, the Courtyard Summerville ("Summerville") hotel in Summerville, SC for $20.2 million on November 15, 2017 and the Embassy Suites Springfield Embassy ("Springfield") hotel in Springfield, VA for $68.1 million on December 6, 2017. The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands):
|  |  | RI Summerville | Dallas DT | HGI Portsmouth | CY Summerville | ES Springfield | Total
Acquisition date |  |  | 8/27/2018 | 12/5/2018 | 9/20/2017 | 11/15/2017 | 12/6/2017 |
Number of rooms (unaudited) |  |  | 96 | 167 | 131 |  | 96 |  | 219 |  | 709 |
Land |  |  | $ | 2,300 |  | $ | 2,900 |  | $ | 3,600 |  | $ | 2,500 |  | $ | 7,700 |  | $ | 19,000 |
Building and improvements |  |  | 17,060 |  | 42,760 |  | 37,630 |  | 16,923 |  | 58,807 |  | 173,180 |
Furniture, fixtures and equipment |  |  | 1,234 |  | 3,340 |  | 2,120 |  | 730 |  | 1,490 |  | 8,914 |
Cash |  |  | — |  | 5 |  | 8 |  | 1 |  | 3 |  | 17 |
Accounts receivable |  |  | — |  | 8 |  | 32 |  | 1 |  | — |  | 41 |
Prepaid expenses and other assets |  |  | — |  | 68 |  | 12 |  | 28 |  | 129 |  | 237 |
Accounts payable and accrued expenses |  |  | (9) |  | (33) |  | (27) |  | (1) |  | (51) |  | (121) |
Net assets acquired, net of cash |  |  | $ | 20,585 |  | $ | 49,043 |  | $ | 43,367 |  | $ | 20,181 |  | $ | 68,075 |  | $ | 201,251 |
The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $0.1 million and $0.1 million, respectively, were capitalized in 2019 and 2018. The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2019 is as follows (in thousands):
|  |  | For the Year Ended December 31, 2019 |  |  |  | For the Year Ended December 31, 2018 |  |  |  |  |  |
| Acquisition Date |  | Revenue |  | Operating Income |  | Revenue |  | Operating Income |  |  |  |
Hilton Garden Inn Portsmouth, NH | 9/20/17 |  | $ | 9,660 |  |  | $ | 3,773 |  |  | $ | 9,160 |  |  | $ | 3,629 |  |  |  |  |
Courtyard Summerville, SC | 11/15/17 |  | 3,846 |  |  | 1,302 |  |  | 3,969 |  |  | 1,261 |  |  |  |  |
Embassy Suites Springfield, VA | 12/6/17 |  | 14,284 |  |  | 5,035 |  |  | 13,886 |  |  | 4,887 |  |  |  |  |
Residence Inn Summerville, SC | 8/27/18 |  | 3,645 |  |  | 1,250 |  |  | 875 |  |  | 30 |  |  |  |  |
Courtyard Dallas Downtown, TX | 12/5/18 |  | 7,833 |  |  | 2,479 |  |  | 258 |  |  | (21) |  |  |  |  |
Total |  |  | $ | 39,268 |  |  | $ | 13,839 |  |  | $ | 28,148 |  |  | $ | 9,786 |  |  |  |  |
On August 29, 2017, the Company purchased a parcel of land in Los Angeles County, California for $6.5 million and a parcel of land in Silicon Valley, California on July 2, 2019 for $8.1 million.

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