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Investment in Hotel Properties, net (Tables)
 6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment [Abstract]  
Schedule of Investment in Hotel Properties
Investments in hotel properties, net consisted of the following (in thousands):
 
 
June 30, 2017
 
December 31, 2016
Land
 
$
347,662

 
$
210,696

Buildings and improvements
 
1,071,359

 
972,412

Furniture, fixtures and equipment
 
93,400

 
70,922

Construction in progress
 
5,865

 
4,382

Total cost
 
1,518,286

 
1,258,412

Accumulated depreciation
 
(265,807
)
 
(243,880
)
Investments in hotel properties, net
 
$
1,252,479

 
$
1,014,532
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands):
 
Preliminary Allocations as of March 31, 2017
 
Adjustments
 
Final Allocations as of June 30, 2017
Land
$
92,470

 
$
(3,353
)
 
$
89,117

Buildings and improvements
47,724

 
3,545

 
51,269

Furniture, fixtures and equipment
5,306

 
(192
)
 
5,114

 
$
145,500

 
$
—

 
$
145,500

Net other assets (liabilities)
$
4,528

 
$
(721
)
 
$
3,807

The following table summarizes the preliminary estimated fair value of the assets acquired in the acquisition (in thousands):
Land
$
47,849

Buildings and improvements
41,216

Furniture, fixtures and equipment
7,351

 
96,416

Inventories
84

 
96,500

 
 
Net other assets (liabilities)
$
(2,141
)
Pro Forma Financial Results
The following table reflects the unaudited pro forma results of operations as if the acquisitions had occurred and the applicable indebtedness was incurred on January 1, 2016, and the removal of $2.1 million and $5.0 million of non-recurring transaction costs directly attributable to the acquisitions for the three and six months ended June 30, 2017 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Total revenue
$
117,662

 
$
121,418

 
$
236,474

 
$
242,138

Net income (loss)
1,936

 
1,352

 
9,509

 
6,054

Net income (loss) attributable to common stockholders
(1,223
)
 
394

 
3,921

 
3,590

Pro Forma income per share:
 
 
 
 
 
 
 
Basic
$
(0.04
)
 
$
0.01

 
$
0.12

 
$
0.12

Diluted
$
(0.04
)
 
$
0.01

 
$
0.12

 
$
0.12

Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
31,469

 
27,916

 
29,380

 
28,121

Diluted
31,469

 
28,005

 
29,553

 
32,812