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Investment in Hotel Properties, net (Tables)
 6 Months Ended
Jun. 30, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Investment in Hotel Properties
Investments in hotel properties, net consisted of the following (in thousands):
 
 
June 30, 2018
 
December 31, 2017
Land
 
$
428,567

 
$
344,937

Buildings and improvements
 
982,275

 
962,478

Furniture, fixtures and equipment
 
95,443

 
87,796

Construction in progress
 
13,726

 
7,899

Total cost
 
1,520,011

 
1,403,110

Accumulated depreciation
 
(241,928
)
 
(257,268
)
Investments in hotel properties, net
 
$
1,278,083

 
$
1,145,842
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):
Land (1)
$
83,630

Buildings and improvements
86,316

Furniture, fixtures and equipment
13,740

Customer relationships
5,682

Refundable membership club deposits (2)
(9,960
)
Income guarantee (3)
2,000

 
$
181,408

Net other assets (liabilities)
$
(3,533
)
________
(1) 
Amount includes the $9.7 million, 22-acre plot of vacant land.
(2) 
Recorded within “other liabilities” on our condensed consolidated balance sheets.
(3) 
Recorded within “other assets” on our condensed consolidated balance sheets.
Business Acquisition, Pro Forma Information
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, 2017, and the removal of $462,000 and $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the three and six months ended June 30, 2018 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Total revenue
$
121,763

 
$
136,590

 
$
243,680

 
$
248,128

Net income (loss)
13,617

 
1,390

 
20,842

 
2,037

Net income (loss) attributable to common stockholders
10,500

 
(1,705
)
 
15,437

 
(2,578
)
Pro Forma income per share:
 
 
 
 
 
 
 
Basic
$
0.32

 
$
(0.06
)
 
$
0.47

 
$
(0.10
)
Diluted
$
0.31

 
$
(0.06
)
 
$
0.47

 
$
(0.10
)
Weighted average common shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
32,006

 
31,469

 
31,845

 
29,380

Diluted
38,588

 
31,469

 
35,971

 
29,380