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Investment in Hotel Properties, net (Tables) | 9 Months Ended
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Sep. 30, 2018
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
|  | September 30, 2018 |  | December 31, 2017
Land |  | $ | 428,567 |  |  | $ | 344,937 |
Buildings and improvements |  | 984,285 |  |  | 962,478 |
Furniture, fixtures and equipment |  | 99,101 |  |  | 87,796 |
Construction in progress |  | 24,125 |  |  | 7,899 |
Total cost |  | 1,536,078 |  |  | 1,403,110 |
Accumulated depreciation |  | (252,686 | ) |  | (257,268 | )
Investments in hotel properties, net |  | $ | 1,283,392 |  |  | $ | 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 | 86,042 |
Furniture, fixtures and equipment | 13,740 |
Customer relationships | 5,682 |
Refundable membership club deposits (2) | (9,960 | )
Income guarantee (3) | 2,000 |
| $ | 181,134 |
Net other assets (liabilities) | $ | (3,260 | )
________
(1) | Amount includes the $9.7 million, 22-acre plot of vacant land.
(2) | Recorded within “other liabilities” on our condensed consolidated balance sheet.
(3) | Recorded within “other assets” on our condensed consolidated balance sheet.
Business Acquisition, Pro Forma Information | The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2018:
| Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
Total revenue | 11,233 |  |  | 26,360 |
Net income (loss) | (3,506 | ) |  | (4,225 | )
The unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2017 are included below under “Pro Forma Financial Results.” 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, 2017, and the removal of $949,000 of non-recurring transaction costs directly attributable to the acquisitions for the nine months ended September 30, 2018 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
Total revenue | $ | 108,846 |  |  | $ | 119,438 |  |  | $ | 352,526 |  |  | $ | 367,566 |
Net income (loss) | (626 | ) |  | (2,760 | ) |  | 20,216 |  |  | (723 | )
Net income (loss) attributable to common stockholders | (3,576 | ) |  | (6,267 | ) |  | 11,861 |  |  | (9,562 | )
Pro Forma income per share: |  |  |  |  |  |  |
Basic | $ | (0.12 | ) |  | $ | (0.20 | ) |  | $ | 0.36 |  |  | $ | (0.33 | )
Diluted | $ | (0.12 | ) |  | $ | (0.20 | ) |  | $ | 0.36 |  |  | $ | (0.33 | )
Weighted average common shares outstanding (in thousands): |  |  |  |  |  |  |
Basic | 32,023 |  |  | 31,483 |  |  | 31,905 |  |  | 30,089 |
Diluted | 32,023 |  |  | 31,483 |  |  | 31,922 |  |  | 30,089 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 + 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://fasb.org/us-gaap/role/ref/legacyRef -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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