Indirect Hotel Operating Expenses (Tables)

9 Months Ended

Sep. 30, 2015

Indirect hotel operating expenses consists of the following expenses incurred by the hotels:

	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)
General and administrative	$	2,908,836	$	2,542,701	$	8,245,283	$	7,335,774
Sales and marketing		837,820		2,588,456		6,360,115		7,328,646
Repairs and maintenance		2,788,820		1,700,344		6,046,368		4,676,000
Utilities		994,203		1,662,806		3,836,014		4,357,314
Franchise fees		1,865,001		1,289,381		3,872,493		3,279,077
Management fees, including incentive		1,770,100		977,178		3,531,346		2,696,499
Insurance		591,058		513,071		1,614,391		1,473,246
Property taxes		1,406,013		901,066		3,336,271		2,535,613
Other		83,211		15,042		203,994		181,661
Total indirect hotel operating expenses	$	13,245,062	$	12,190,045	$	37,046,275	$	33,863,830