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Investment in Hotel Properties, net (Tables)
 9 Months Ended
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