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Investments in Hotel Properties, net (Tables) | 9 Months Ended
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Sep. 30, 2021
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
|  | September 30, 2021 |  | December 31, 2020
Land |  | $ | 480,530 |  |  | $ | 455,298 |
Buildings and improvements |  | 1,222,422 |  |  | 1,190,437 |
Furniture, fixtures and equipment |  | 122,921 |  |  | 127,692 |
Construction in progress |  | 9,136 |  |  | 11,422 |
Residences |  | 12,746 |  |  | — |
Total cost |  | 1,847,755 |  |  | 1,784,849 |
Accumulated depreciation |  | (395,753) |  |  | (360,259) |
Investments in hotel properties, net |  | $ | 1,452,002 |  |  | $ | 1,424,590 |
Schedule of Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed in the Acquisition | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):
Land | $ | 25,232 |
Buildings and improvements | 35,689 |
Furniture, fixtures and equipment | 758 |
Residences | 12,746 |
Investments in hotel properties | 74,425 |
Inventories | 94 |
Mortgage loan | (49,815) |
| $ | 24,704 |
Net other assets (liabilities) | $ | (486) |
Schedule of Pro Forma Information | 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, 2021:
| Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021 |
Total revenue | $ | 2,272 |  |  | $ | 2,272 |  |
Net income (loss) | (1,203) |  |  | (1,203) |  |
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, 2020, and the removal of $275,000 and $571,000 of non-recurring transaction costs directly attributable to the acquisition for the three and nine months ended September 30, 2021 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 |  |
Total revenue | $ | 117,808 |  |  | $ | 46,409 |  |  | $ | 303,406 |  |  | $ | 181,121 |  |  |
Net income (loss) | $ | (7,114) |  |  | $ | (23,939) |  |  | $ | (30,418) |  |  | $ | (97,449) |  |  |
Net income (loss) attributable to common stockholders | $ | (7,898) |  |  | $ | (20,675) |  |  | $ | (34,082) |  |  | $ | (84,203) |  |  |
Pro Forma income per share; |  |  |  |  |  |  |  |  |
Basic | $ | (0.13) |  |  | $ | (0.61) |  |  | $ | (0.70) |  |  | $ | (2.54) |  |  |
Diluted | $ | (0.13) |  |  | $ | (0.61) |  |  | $ | (0.70) |  |  | $ | (2.54) |  |  |
Weighted average common shares outstanding (in thousands): |  |  |  |  |  |  |  |  |
Basic | 59,207 |  | 33,923 |  | 48,954 |  | 33,103 |  |
Diluted | 59,207 |  | 33,923 |  | 48,954 |  | 33,103 |  |

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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=120391452&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=123413009&loc=d3e4845-128472 + Details
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