XML 50 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9

Acquisition of Hotel Properties (Tables)

3 Months Ended

Mar. 31, 2015

Business Combinations [Abstract]

Allocation of Purchase Price Based on Fair Values

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

Pro Forma Results Prepared for Comparative Purposes

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

X

- 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/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration