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Acquisition of Hotel Properties | 9 Months Ended
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Sep. 30, 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. Crowne Plaza Hollywood Beach Resort Acquisition. On July 31, 2015, we acquired the controlling interest in the 311-room Crowne Plaza Hollywood Beach Resort in Hollywood Beach, Florida, previously held by the Carlyle Group for approximately $25.5 million. The purchase price allocation for final valuation of assets acquired is preliminary as of September 30, 2015. The allocation of the purchase price based on fair values for both properties is as follows:
|  | Georgian Terrace |  |  | Crowne Plaza Hollywood Beach Resort |
Land and land improvements |  | $ | 10,127,687 |  |  | $ | 24,008,289 |
Buildings and improvements |  |  | 45,385,939 |  |  |  | 64,854,787 |
Furniture, fixtures and equipment |  |  | 5,163,135 |  |  |  | 2,802,135 |
Investment in hotel properties |  |  | 60,676,761 |  |  |  | 91,665,211 |
Restricted cash |  |  | 124,658 |  |  |  | 1,159,759 |
Accounts receivable |  |  | 465,287 |  |  |  | 140,588 |
Prepaid expenses, inventory and other assets |  |  | 430,997 |  |  |  | 797,505 |
Assumed mortgage |  |  | — |  |  |  | (57,259,159 | )
Accounts payable and accrued liabilities |  |  | (591,618 | ) |  |  | (2,527,633 | )
Equity investment |  |  | — |  |  |  | (1,889,560 | )
Gain on change in control |  |  | — |  |  |  | (6,560,958 | )
Net cash |  | $ | 61,106,085 |  |  | $ | 25,525,754 |
The results of operations of the Georgian Terrace are included in our consolidated financial statements from the date of acquisition. The total revenue and net loss related to the acquisition of the Georgian Terrace, for the period March 27, 2014 to September 30, 2014 are approximately $11.3 million and $2.0 million, respectively and the total revenue and net loss related to the acquisition of the Crowne Plaza Hollywood Beach Resort, for the period from August 1, 2015 to September 30, 2015 are approximately $2.4 million and $0.5 million, respectively. The following pro forma financial information presents the results of operations of the Company and the Operating Partnership for the three and nine months ended September 30, 2015 and 2014, as if the acquisitions of the Georgian Terrace and the Crowne Plaza Hollywood Beach Resort 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 |  |  | Three Months Ended |  |  | Nine Months Ended |  |  | Nine Months Ended |
|  | September 30, 2015 |  |  | September 30, 2014 |  |  | September 30, 2015 |  |  | September 30, 2014 |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Pro forma revenues |  | $ | 35,402,727 |  |  | $ | 35,581,783 |  |  | $ | 115,181,068 |  |  | $ | 112,740,493 |
Pro forma operating expenses |  |  | 33,597,191 |  |  |  | 32,850,638 |  |  |  | 99,056,441 |  |  |  | 96,048,017 |
Pro forma operating income |  | $ | 1,805,536 |  |  | $ | 2,731,145 |  |  | $ | 16,124,627 |  |  | $ | 16,692,476 |
Pro forma net income (loss) |  | $ | (1,936,057 | ) |  | $ | (1,378,074 | ) |  | $ | 1,487,491 |  |  | $ | 1,735,808 |
Pro forma earnings (loss) per basic and diluted share |  | $ | (0.12 | ) |  | $ | (0.08 | ) |  | $ | 0.09 |  |  | $ | 0.10 |
Pro forma earnings (loss) per basic and diluted units |  | $ | (0.12 | ) |  | $ | (0.08 | ) |  | $ | 0.09 |  |  | $ | 0.10 |
Pro forma basic and diluted common shares |  |  | 14,247,671 |  |  |  | 13,788,988 |  |  |  | 15,319,110 |  |  |  | 13,746,595 |
Pro forma basic and diluted units |  |  | 16,487,524 |  |  |  | 16,542,413 |  |  |  | 16,534,316 |  |  |  | 16,542,413 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1497-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1490-128463 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1392-128463 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1486-128463 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479 Reference 7: 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=56956791&loc=d3e4845-128472 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1500-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1524-128463 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4922-128472 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4934-128472 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=56956791&loc=d3e4926-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56956515&loc=d3e1383-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479 + Details
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