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Acquisition of Hotel Properties | 9 Months Ended
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Sep. 30, 2019
Business Combinations And Or Asset Acquisitions [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 $79.7 million (after amendment of the initial purchase price of $81.0 million). We considered this acquisition to be an asset acquisition as opposed to a business combination, applying the screen test, as discussed in the Accounting Standards Update 2017-01 – Business Combinations – Clarifying the Definition of a Business (Topic 805). The results of operations of the hotel 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 September 30, 2018 were approximately $13.4 million and $1.6 million, respectively. The total revenue and net income related to the Hyatt Centric Arlington acquisition for the period January 1, 2019 to September 30, 2019 were approximately $16.3 million and $0.1 million, respectively. Hyde Beach House Resort & Residences. On September 26, 2019, we acquired a commercial condominium unit of the Hyde Beach House condominium hotel, for a total fair value of consideration transferred including inventory and other assets of approximately $6.3 million. The results of operations of the hotel commercial condominium unit are included in our consolidated financial statements from the date of the acquisition. The total revenue and net loss related to the acquisition for the period September 26, 2019 to September 30, 2019 are approximately $1.0 million and $0.3, respectively. There is no pro forma financial information, since this is a new operation without prior historical information. The allocation of the respective purchase price is based on fair value as follows:
|  | Hyatt Centric Arlington |  |  | Hyde Beach House |
Land and land improvements |  | $ | 190,916 |  |  | $ | 500 |
Buildings and improvements |  |  | 70,369,046 |  |  |  | 5,564,219 |
Furniture, fixtures and equipment |  |  | 6,229,888 |  |  |  | 347,621 |
Favorable lease and other intangible assets |  |  | 3,054,812 |  |  |  | — |
Investment in hotel properties |  |  | 79,844,662 |  |  |  | 5,912,340 |
Accrued liabilities and other costs |  |  | (111,946 | ) |  |  | — |
Prepaid expenses, inventory and other assets |  |  | — |  |  |  | 434,038 |
Net cash |  | $ | 79,732,716 |  |  | $ | 6,346,378 |

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- Definition Business combinations and / or asset acquisitions. + References No definition available. + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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