XML 25 R25.htm IDEA: XBRL DOCUMENT
v3.3.0.814

Acquisition of Hotel Properties (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2015
Business Combinations [Abstract] |
Allocation of Purchase Price Based on Fair Values | 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 |
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 |  |  | 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 |

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=56956515&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + 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=56956791&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration