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Acquisition of Hotel Properties
 3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Acquisition of Hotel Properties

3. Acquisition of Hotel Properties

Georgian Terrace Acquisition. On March 27, 2014, we acquired the 326-room Georgian Terrace in Atlanta, Georgia, for approximately $61.1 million. The allocation of the purchase price based on fair values is as follows:

 

     Georgian Terrace  

Land and land improvements

    $ 10,127,687   

Buildings and improvements

      45,385,939   

Furniture, fixtures and equipment

      5,163,135   
  

 

 

  

Investment in hotel properties

   60,676,761   

Restricted cash

   124,658   

Accounts receivable

   465,287   

Prepaid expenses, inventory and other assets

   430,997   

Accounts payable and accrued liabilities

   (591,618 ) 
  

 

 

  

Net cash

 $ 61,106,085   
  

 

 

  

The results of operations of the hotel are included in our consolidated financial statements from the date of acquisition. The total revenue and net loss related to the acquisition for the period March 27, 2014 to March 31, 2014 are approximately $333,000 and $172,000, respectively. The following pro forma financial information presents the results of operations of the Company and the Operating Partnership for the three months ended March 31, 2014, as if the acquisition of the Georgian Terrace had taken place on January 1, 2014. The pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations which would have actually occurred had the transaction taken place on January 1, 2014, or of future results of operations:

 

     Three Months Ended
March 31, 2014		  
     (unaudited)  

Pro forma revenues

    $ 29,781,052   

Pro forma operating expenses

      26,644,824   

Pro forma operating income

      3,136,228   

Pro forma net income (loss)

      268,146   

Pro forma earnings (loss) per basic and diluted share and unit

      0.03   

Pro forma basic and diluted common shares

      10,225,710