Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2020

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		Total
Acquisition date	8/27/2018		12/5/2018
Number of rooms (unaudited)	96		167		263
Land	$	2,300	$	2,900	$	5,200
Building and improvements	17,060		42,760		59,820
Furniture, fixtures and equipment	1,234		3,340		4,574
Cash	—		5		5

Accounts receivable	—		8		8

Prepaid expenses and other assets	—		68		68

Accounts payable and accrued expenses	(9)		(33)		(42)


Net assets acquired, net of cash	$	20,585	$	49,043	$	69,628

Revenue and Operating Income of New Hotels Acquired

The amount of revenue and operating income from the hotels acquired in 2018 from their respective date of acquisition through December 31, 2020 is as follows (in thousands):


		For the Year Ended December 31, 2020				For the Year Ended December 31, 2019
	Acquisition Date	Revenue		Operating Income		Revenue		Operating Income
Residence Inn Summerville, SC	8/27/18	$	2,968	$	903	$	3,645	$	1,250
Courtyard Dallas Downtown, TX	12/05/18	3,574		838		7,833		2,479



Total		$	6,542	$	1,741	$	11,478	$	3,729