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Investment in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

Schedule of investments in hotel properties

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

	December 31,
	2017				2016
Land	$	344,937			$	210,696
Buildings and improvements	962,478				972,412
Furniture, fixtures and equipment	87,796				70,922
Construction in progress	7,899				4,382
Total cost	1,403,110				1,258,412
Accumulated depreciation	(257,268		)		(243,880		)
Investments in hotel properties, net	$	1,145,842			$	1,014,532

Preliminary estimated fair value of acquisition

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 for the years ended December 31, 2017 and 2016 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 year ended December 31, 2017 (in thousands):

	Year Ended December 31,
	2017				2016
Total revenue	$	437,149			$	462,416
Net income (loss)	38,535				30,437
Net income (loss) attributable to common stockholders	25,132				20,823
Pro Forma income per share:
Basic	$	0.81			$	0.77
Diluted	$	0.81			$	0.74
Weighted average common shares outstanding (in thousands):
Basic	30,473				26,648
Diluted	34,706				31,195

X

- 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

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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

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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

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