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Investment in Hotel Properties, net (Tables) | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Schedule of investments in hotel properties | Investments in hotel properties, net consisted of the following (in thousands):
| December 31,
| 2018 |  | 2017
Land | $ | 428,567 |  |  | $ | 344,937 |
Buildings and improvements | 989,180 |  |  | 962,478 |
Furniture, fixtures and equipment | 103,025 |  |  | 87,796 |
Construction in progress | 42,034 |  |  | 7,899 |
Total cost | 1,562,806 |  |  | 1,403,110 |
Accumulated depreciation | (262,905 | ) |  | (257,268 | )
Investments in hotel properties, net | $ | 1,299,901 |  |  | $ | 1,145,842 |
Preliminary estimated fair value of acquisition | The following table summarizes the 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) | $ | (3,189 | )
________
(1) | Amount includes the $9.7 million, 22-acre plot of vacant land.
(2) | Recorded within “other liabilities” on our consolidated balance sheet.
(3) | The income guarantee was originally recorded within “other assets” on our consolidated balance sheet. The income guarantee expired at the end of 2018 as a result of the hotel property’s 2018 gross operating profit exceeding the 2017 gross operating profit. As a result we recorded a $2.0 million expense in “property taxes, insurance and other” on our consolidated statement of operations.
Pro Forma Financial Results | 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 consolidated statements of operations for the year ended December 31, 2018:
| Year Ended December 31, 2018
Total revenue | 42,232 |
Net income (loss) | (4,619 | )
The following table reflects the unaudited pro forma results of operations for the years ended December 31, 2018 and 2017 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 year ended December 31, 2018 (in thousands):
| Year Ended December 31,
| 2018 |  | 2017
Total revenue | $ | 451,471 |  |  | $ | 476,386 |
Net income (loss) | 6,198 |  |  | 28,101 |
Net income (loss) attributable to common stockholders | (2,677 | ) |  | 16,018 |
Pro Forma income (loss) per share: |  |  |
Basic | $ | (0.09 | ) |  | $ | 0.51 |
Diluted | $ | (0.09 | ) |  | $ | 0.51 |
Weighted average common shares outstanding (in thousands): |  |  |
Basic | 31,944 |  |  | 30,473 |
Diluted | 31,944 |  |  | 34,706 |

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- 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/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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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