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Investment in Hotel Properties, net (Tables) | 9 Months Ended
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Sep. 30, 2017
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
|  | September 30, 2017 |  | December 31, 2016
Land |  | $ | 347,662 |  |  | $ | 210,696 |
Buildings and improvements |  | 1,076,366 |  |  | 972,412 |
Furniture, fixtures and equipment |  | 96,845 |  |  | 70,922 |
Construction in progress |  | 8,238 |  |  | 4,382 |
Total cost |  | 1,529,111 |  |  | 1,258,412 |
Accumulated depreciation |  | (297,976 | ) |  | (243,880 | )
Investments in hotel properties, net |  | $ | 1,231,135 |  |  | $ | 1,014,532 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the assets acquired in the acquisition (in thousands):
| Final Allocations as of September 30, 2017
Land | $ | 47,849 |
Buildings and improvements | 41,216 |
Furniture, fixtures and equipment | 7,351 |
| 96,416 |
Inventories | 84 |
| 96,500 |
The following table summarizes the 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 |
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 $5.3 million of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2017 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Total revenue | $ | 108,119 |  |  | $ | 113,504 |  |  | $ | 344,593 |  |  | $ | 355,642 |
Net income (loss) | (217 | ) |  | 23,087 |  |  | 9,536 |  |  | 29,141 |
Net income (loss) attributable to common stockholders | (2,707 | ) |  | 17,434 |  |  | 1,458 |  |  | 21,024 |
Pro Forma income per share: |  |  |  |  |  |  |
Basic | $ | (0.09 | ) |  | $ | 0.67 |  |  | $ | 0.03 |  |  | $ | 0.76 |
Diluted | $ | (0.09 | ) |  | $ | 0.60 |  |  | $ | 0.03 |  |  | $ | 0.74 |
Weighted average common shares outstanding (in thousands): |  |  |  |  |  |  |
Basic | 31,483 |  |  | 25,554 |  |  | 30,089 |  |  | 27,261 |
Diluted | 31,483 |  |  | 33,874 |  |  | 30,235 |  |  | 31,887 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: 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 + Details
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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=84161108&loc=d3e4845-128472 + Details
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