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Investment in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Schedule of investments in hotel properties

Investments in hotel properties, net consisted of the following (in thousands):

	December 31,
	2016				2015
Land	$	210,696			$	227,620
Buildings and improvements	972,412				1,017,086
Furniture, fixtures and equipment	70,922				68,529
Construction in progress	4,382				2,386
Total cost	1,258,412				1,315,621
Accumulated depreciation	(243,880		)		(224,142		)
Investments in hotel properties, net	$	1,014,532			$	1,091,479

Preliminary estimated fair value of acquisition

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):

	Preliminary Allocations as of December 31, 2015				Adjustments				Final Allocations as of March 31, 2016
Land	$	25,264			$	269			$	25,533
Buildings and improvements	34,853				(3,100		)		31,753
Furniture, fixtures, and equipment	3,883				2,831				6,714
	$	64,000			$	—			$	64,000

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- References

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 13
-Subparagraph b
-Article 5

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4845-128472

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