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Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2015

Business Combinations [Abstract]

Allocation of Purchase Price Based on Fair Values

The allocation of the purchase price based on their fair values was 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	)			(2,517,380	)
Equity investment			—				(1,857,622	)
Gain on change in control			—				(6,603,148	)
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:

		December 31, 2015				December 31, 2014
		(unaudited)				(unaudited)
Pro forma revenues		$	151,931,931			$	147,451,042
Pro forma operating expenses		$	133,346,497			$	129,961,867
Pro forma operating income		$	18,585,434			$	17,489,175
Pro forma net income (loss)		$	1,017,180			$	(1,671,774	)
Pro forma earnings (loss) per basic and diluted share		$	0.07			$	(0.10	)
Pro forma earnings (loss) per basic and diluted units		$	0.07			$	(0.10	)
Pro forma basic and diluted common shares			12,541,117				13,812,125
Pro forma basic and diluted units			14,924,410				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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- References

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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

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