Investment in Hotel Properties, net (Tables)

9 Months Ended

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