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Acquisition of Hotel Properties | 3 Months Ended
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Mar. 31, 2018
Business Combinations [Abstract] |
Acquisition of Hotel Properties | 3. Acquisition of Hotel Properties Hyatt Centric Arlington. On March 1, 2018, we acquired the Hyatt Centric Arlington hotel, for a total fair value of consideration transferred including inventory and other assets of approximately $80.5 million (after amendment of the initial purchase price of $81.0 million). Hyde Resort & Residences. On January 30, 2017, we acquired the hotel commercial condominium unit of the Hyde Resort & Residences condominium hotel, for a total fair value of consideration transferred including inventory and other assets of approximately $4.8 million. The allocations of the respective purchase prices are based on fair values are as follows:
|  | Hyatt Centric Arlington (1) |  |  | Hyde Resort & Residences |
Land and land improvements |  | $ | 190,237 |  |  | $ | 500 |
Buildings and improvements |  |  | 68,600,051 |  |  |  | 4,309,500 |
Furniture, fixtures and equipment |  |  | 7,759,666 |  |  |  | 72,616 |
Intangible assets |  |  | 3,043,947 |  |  |  | — |
Investment in hotel properties |  |  | 79,593,901 |  |  |  | 4,382,616 |
Accrued liabilities and other costs |  |  | — |  |  |  | (866,142 | )
Prepaid expenses, inventory and other assets |  |  | 885,236 |  |  |  | 470,375 |
Net cash |  | $ | 80,479,137 |  |  | $ | 3,986,849 |
| (1) | The purchase price allocation for the Hyatt Centric Arlington is estimated.
The results of operations of the hotels are included in our consolidated financial statements from the date of acquisition. The total revenue and net income related to the Hyatt Centric Arlington acquisition for the period March 1, 2018 to March 31, 2018 are approximately $2.1 million and $0.5 million, respectively. The total revenue and net loss related to the Hyde Resort & Residences acquisition for the period January 1, 2018 to March 31, 2018 are approximately $2.1 million and $0.4 million, respectively.

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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 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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