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Investment in Hotel Properties, net | 3 Months Ended
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Mar. 31, 2017
Property, Plant and Equipment [Abstract] |
Investments in Hotel Properties, net | Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands):
|  | March 31, 2017 |  | December 31, 2016
Land |  | $ | 303,165 |  |  | $ | 210,696 |
Buildings and improvements |  | 1,022,514 |  |  | 972,412 |
Furniture, fixtures and equipment |  | 79,655 |  |  | 70,922 |
Construction in progress |  | 6,094 |  |  | 4,382 |
Total cost |  | 1,411,428 |  |  | 1,258,412 |
Accumulated depreciation |  | (254,168 | ) |  | (243,880 | )
Investments in hotel properties, net |  | $ | 1,157,260 |  |  | $ | 1,014,532 |
Park Hyatt Beaver Creek On March 31, 2017, we acquired a 100% interest in the Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for total consideration of $145.5 million. Concurrent with the closing of the acquisition, we completed the financing of a $67.5 million mortgage loan. See note 7. We have allocated the purchase price to the assets acquired and liabilities assumed on a preliminary basis using estimated fair value information currently available. We are in the process of evaluating the values assigned to investment in hotel property, property level working capital balances and intangibles. This valuation is considered a Level 3 valuation technique. Thus, the balances reflected below are subject to change, and any such changes could result in adjustments to the allocation. Any change to the amounts recorded within the investments in hotel properties or intangibles will also impact depreciation and amortization expense. The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands):
Land | $ | 92,470 |
Buildings and improvements | 47,724 |
Furniture, fixtures, and equipment | 5,306 |
| $ | 145,500 |
Net other assets (liabilities) | $ | 4,528 |
The results of operations of the hotel property have not been included in our results of operations for the period ended March 31, 2017 as a result of the acquisition occurring on March 31, 2017. Pro Forma Financial Results The following table reflects the unaudited pro forma results of operations as if the acquisition had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $2.8 million of non-recurring transaction costs directly attributable to the acquisitions for the three months ended March 31, 2017 (in thousands):
| Three Months Ended March 31,
| 2017 |  | 2016
Total revenue | $ | 116,106 |  |  | $ | 117,825 |
Net income (loss) | 7,888 |  |  | 5,070 |
Net income (loss) attributable to common stockholders | 5,418 |  |  | 3,517 |
Pro Forma income per share: |  |  |
Basic | $ | 0.19 |  |  | $ | 0.12 |
Diluted | $ | 0.19 |  |  | $ | 0.12 |
Weighted average common shares outstanding (in thousands): |  |  |
Basic | 27,267 |  |  | 28,343 |
Diluted | 27,450 |  |  | 28,459 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + 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 210.5-02.13-14) -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 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 4: 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 + Details
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