Investment In Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2014

Investment In Hotel Properties

		June 30, 2014		December 31, 2013
Land	$	439,540	$	339,027
Buildings and Improvements		1,415,055		1,222,639
Furniture, Fixtures and Equipment		193,483		171,116
Construction in Progress		-		63,168
		2,048,078		1,795,950
Less Accumulated Depreciation		(287,185)		(260,115)
Total Investment in Hotel Properties	$	1,760,893	$	1,535,835

Wholly Owned Hotel Properties Acquired

Hotel	Acquisition Date		Land		Buildings and Improvements		Furniture Fixtures and Equipment		Ground Lease Intangible		Franchise Fees and Loan Costs		Total Purchase Price		Assumption of Debt
Hotel Oceana, Santa Barbara, CA	2/28/2014	$	-	$	55,080	$	805	$	(14,230)	$	273	$	41,928	$	24,924
Parrot Key Resort, Key West, FL	5/7/2014		57,889		33,959		8,152		-		-		100,000		-
Hilton Garden Inn 52nd Street, New York, NY	5/27/2014		45,480		60,762		4,920		-		1,123		112,285		-

Results Of Operations For Hotels Acquired With 100% Interest

	Three Months Ended June 30,				Six Months Ended June 30,
	2014				2014
Hotel		Revenue		Net Income		Revenue		Net  Income
Hotel Oceana, Santa Barbara, CA	$	2,588		262		3,300		291
Parrot Key Resort, Key West, FL		2,189		716		2,189		716
Hilton Garden Inn 52nd Street, New York, NY		1,143		137		1,143		137
Total	$	5,920	$	1,115	$	6,632	$	1,144

Condensed Pro Forma Financial Data

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Pro Forma Total Revenues	$	113,326	$	101,589	$	199,126	$	180,195
Pro Forma Income from Continuing Operations	$	59,429	$	19,566	$	56,354	$	15,436
Income (Loss) from Discontinued Operations		-		12		(1,415)		(1,103)
Pro Forma Net Income		59,429		19,578		54,939		14,333
(Loss) Income Allocated to Noncontrolling Interest		(1,683)		(260)		(1,244)		328
Preferred Distributions		(3,589)		(3,589)		(7,178)		(7,433)
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares		-		-		-		(2,250)
Pro Forma Net Income Applicable to Common Shareholders	$	54,157	$	15,729	$	46,517	$	4,978
Pro Forma Income Applicable to Common Shareholders per Common Share
Basic	$	0.27	$	0.08	$	0.23	$	0.03
Diluted	$	0.27	$	0.08	$	0.23	$	0.02
Weighted Average Common Shares Outstanding
Basic		198,494,473		198,633,051		199,612,898		197,835,465
Diluted		200,213,554		201,201,337		201,015,581		201,083,900

Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
Property Tax	$	114	$	84	$	223	$	167
Interest Expense		216		318		458		593
Utility		62		1		70		2
Total	$	392	$	403	$	751	$	762

Hilton Garden Inn 52nd Street, New York, NY [Member]

Wholly Owned Hotel Properties Acquired

Hotel		Initial Purchase Price		Interest and Late Fees on Development Loan		Non-Cash Fair Market Value Gain on Acquisition		Other		Fair Market Value At Acquisition		Franchise Fees and Loan Costs		Asset Value Upon Acquisition
Hilton Garden Inn 52nd Street, New York, NY	$	84,000	$	12,494	$	13,727	$	941	$	111,162	$	1,123	$	112,285