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Investment In Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2013
Investment In Hotel Properties [Abstract]  
Investment In Hotel Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2013

 

 

December 31, 2012

 

 

 

 

 

 

 

Land

 

$
339,027 

 

$
305,286 

Buildings and Improvements

 

 
1,222,639 

 

 
1,214,865 

Furniture, Fixtures and Equipment

 

 
171,116 

 

 
171,892 

Construction in Progress

 

 
63,168 

 

 
40,572 

 

 

 
1,795,950 

 

 
1,732,615 

 

 

 

 

 

 

 

Less Accumulated Depreciation

 

 
(260,115)

 

 
(265,902)

 

 

 

 

 

 

 

Total Investment in Hotel Properties

 

$
1,535,835 

 

$
1,466,713 

 

Wholly Owned Hotel Properties Acquired

During the year ended December 31, 2013, we acquired the following wholly-owned hotel properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Acquisition Date

 

 

Land

 

 

Buildings and Improvements

 

 

Furniture Fixtures and Equipment

 

 

Franchise Fees and Loan Costs

 

 

Total Purchase Price

 

Hyatt Union Square,
New York, NY*

 

4/9/2013

 

$
32,940 

 

$
79,300 

 

$
9,760 

 

$
1,945 

 

$
123,945 

 

Courtyard by Marriott,
San Diego, CA

 

5/30/2013

 

 
15,656 

 

 
51,674 

 

 
3,671 

 

 
183 

 

 
71,184 

 

Residence Inn,   
Coconut Grove, FL

 

6/12/2013

 

 
4,146 

 

 
17,456 

 

 
218 

 

 
75 

 

 
21,895 

 

Blue Moon,
Miami Beach, FL

 

12/20/2013

 

 
4,874 

 

 
20,354 

 

 
1,125 

 

 

 -

 

 
26,353 

 

Winter Haven,
Miami Beach, FL

 

12/20/2013

 

 
5,400 

 

 
18,147 

 

 
1,050 

 

 

 -

 

 
24,597 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$
63,016 

 

$
186,931 

 

$
15,824 

 

$
2,203 

 

$
267,974 

 

*On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC.  Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan.  In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000.  We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred.

 

During the year ended December 31, 2012, we acquired the following wholly-owned hotel and hotel development properties:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Acquisition Date

 

Land

 

Buildings and Improvements

 

Furniture Fixtures and Equipment

 

Franchise Fees and Loan Costs

 

Leasehold Liability

 

Total Purchase Price

The Rittenhouse Hotel,
     Philadelphia, PA 

 

3/1/2012

 

$
7,119 

 

$
29,605 

 

$
3,580 

 

$
2,156 

 

$
(827)

 

$
42,460 

The Boxer,
Boston, MA

 

5/7/2012

 

 
1,456 

 

 
14,954 

 

 
1,790 

 

 

 -

 

 

 -

 

 
18,200 

Holiday Inn Express,
New York, NY

 

6/18/2012

 

 
30,329 

 

 
57,016 

 

 
2,856 

 

 
98 

 

 

 -

 

 
90,299 

Courtyard by Marriot,
Ewing, NJ

 

8/13/2012

 

 
950 

 

 
9,835 

 

 
1,415 

 

 
30 

 

 

 -

 

 
12,230 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$
39,854 

 

$
111,410 

 

$
9,641 

 

$
2,284 

 

$
(827)

 

$
163,189 

 

Results Of Operations For Hotels Acquired With 100% Interest

As shown in the table below, included in the consolidated statements of operations for the year ended December 31, 2013 are total revenues of $22,889 and a total net income of $1,412 for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2013

Hotel

 

 

 

Revenue

 

 

Net
(Loss) Income

Hyatt Union Square, New York, NY

 

 

$
11,272 

 

$
(1,466)

Courtyard by Marriott, San Diego, CA

 

 

 
8,350 

 

 
1,914 

Residence Inn, Coconut Grove, FL

 

 

 
2,889 

 

 
713 

Blue Moon, Miami Beach, FL

 

 

 
175 

 

 
111 

Winter Haven, Miami Beach, FL

 

 

 
203 

 

 
140 

 

 

 

 

 

 

 

 

Total

 

 

$
22,889 

 

$
1,412 

 

 

As shown in the table below, included in the consolidated statements of operations for the year ended December 31, 2012 are total revenues of $31,393 and total net income of $1,085 for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition: 

 NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

Hotel

 

Revenue

 

Net
(Loss)
Income

 

Revenue

 

Net
(Loss)
Income

The Rittenhouse Hotel, Philadelphia, PA

 

$
17,395 

 

$
(2,827)

 

$
16,812 

 

$
(1,834)

The Boxer, Boston, MA

 

 
3,799 

 

 
(241)

 

 
2,791 

 

 
574 

Holiday Inn Express, New York, NY

 

 
16,746 

 

 
1,541 

 

 
10,170 

 

 
2,142 

Courtyard by Marriot, Ewing, NJ

 

 
4,210 

 

 
875 

 

 
1,620 

 

 
203 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
42,150 

 

$
(652)

 

$
31,393 

 

$
1,085 

 

Condensed Pro Forma Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

Pro Forma Total Revenues

 

 

$
353,407 

 

$
331,587 

 

 

 

 

 

 

 

 

Pro Forma Income from Continuing Operations

 

 

$
22,651 

 

$
7,408 

(Loss) Income from Discontinued Operations

 

 

 
29,195 

 

 
14,720 

Pro Forma Net Income

 

 

 
51,846 

 

 
22,128 

Loss Allocated to Noncontrolling Interest

 

 

 
271 

 

 
(154)

Preferred Distributions

 

 

 
(14,611)

 

 
(14,000)

Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares

 

 

 
(2,250)

 

 

 -

Pro Forma Net (Loss) Income Applicable to Common Shareholders

 

 

$
35,256 

 

$
7,974 

 

 

 

 

 

 

 

 

Pro Forma Income Applicable to Common Shareholders per Common Share

 

 

 

 

 

 

 

Basic

 

 

$
0.18 

 

$
0.04 

Diluted

 

 

$
0.18 

 

$
0.04 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

Basic

 

 

 
198,390,450 

 

 
187,415,270 

Diluted

 

 

 
201,918,177 

 

 
187,415,270 

 

Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

 

 

 

 

 

Property Tax

 

 

$
388 

 

$
296 

 

$
218 

Interest Expense

 

 

 
1,318 

 

 
1,542 

 

 
1,372 

Utility

 

 

 
3 

 

 
9 

 

 
201 

Total

 

 

$
1,709 

 

$
1,847 

 

$
1,791