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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

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- 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

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