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Investments in Hotel Properties, net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Investment in Hotel Properties

Investments in hotel properties, net consisted of the following (in thousands):

						December 31, 2021						December 31, 2020
Land						$	480,530					$	455,298
Buildings and improvements						1,215,810						1,190,437
Furniture, fixtures and equipment						123,954						127,692
Construction in progress						12,038						11,422
Residences						12,746						—
Total cost						1,845,078						1,784,849
Accumulated depreciation						(399,481)						(360,259)
Investments in hotel properties, net						$	1,445,597					$	1,424,590

Schedule of Preliminary Estimated Fair Value of the Assets Acquired and Liabilities Assumed in the Acquisition

This valuation is considered a Level 3 valuation technique, as noted in the following table (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 consolidated statements of operations for the year ended December 31, 2021:

									Year Ended December 31, 2021
Total revenue									$	6,592
Net income (loss)									(1,630)

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 $563,000 of non-recurring transaction costs directly attributable to the acquisition for the year ended December 31, 2021 (in thousands):

									Year Ended December 31,
															2021						2020
Total revenue															$	433,813					$	235,379
Net income (loss)															$	(32,720)					$	(128,461)
Net income (loss) attributable to common stockholders															$	(38,334)					$	(111,613)
Pro forma income (loss) per share;
Basic															$	(0.72)					$	(3.28)
Diluted															$	(0.72)					$	(3.28)
Weighted average common shares outstanding (in thousands):
Basic															52,684						33,998
Diluted															52,684						33,998

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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.

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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.

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