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Investment In Hotel Properties (Tables)
 9 Months Ended
Sep. 30, 2014
Investment In Hotel Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2014

 

 

December 31, 2013

 

 

 

 

 

 

 

Land

 

$
439,540 

 

$
339,027 

Buildings and Improvements

 

 
1,419,963 

 

 
1,222,639 

Furniture, Fixtures and Equipment

 

 
198,173 

 

 
171,116 

Construction in Progress

 

 

 -

 

 
63,168 

 

 

 
2,057,676 

 

 
1,795,950 

 

 

 

 

 

 

 

Less Accumulated Depreciation

 

 
(305,561)

 

 
(260,115)

 

 

 

 

 

 

 

Total Investment in Hotel Properties

 

$
1,752,115 

 

$
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 Milo,
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 September 30,

 

Nine Months Ended September 30,

 

 

2014

 

2014

Hotel

 

 

Revenue

 

 

Net
Income

 

 

Revenue

 

 

Net
 Income

Hotel Milo, Santa Barbara, CA

 

$
3,277 

 

$
667 

 

$
6,577 

 

$
958 

Parrot Key Resort, Key West, FL

 

 
3,222 

 

 
884 

 

 
5,412 

 

 
1,600 

Hilton Garden Inn 52nd Street, New York, NY

 

 
4,341 

 

 
992 

 

 
5,484 

 

 
1,129 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$
10,840 

 

$
2,543 

 

$
17,473 

 

$
3,687 

 

Condensed Pro Forma Financial Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2014

 

2013

 

2014

 

2013

Pro Forma Total Revenues

 

$
112,977 

 

$
98,331 

 

$
312,103 

 

$
278,534 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Income from Continuing Operations

 

$
7,587 

 

$
6,971 

 

$
64,119 

 

$
23,321 

(Loss) from Discontinued Operations

 

 

 -

 

 
(3,531)

 

 
(1,557)

 

 
(4,850)

Pro Forma Net Income

 

 
7,587 

 

 
3,440 

 

 
62,562 

 

 
18,471 

Income (Loss) Allocated to Noncontrolling Interest

 

 
49 

 

 
126 

 

 
(1,197)

 

 
432 

Preferred Distributions

 

 
(3,589)

 

 
(3,589)

 

 
(10,767)

 

 
(11,022)

Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares

 

 

 -

 

 

 -

 

 

 -

 

 
(2,250)

Pro Forma Net Income (Loss) Applicable to Common Shareholders

 

$
4,047 

 

$
(23)

 

$
50,598 

 

$
5,631 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Income Applicable to Common Shareholders per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$
0.02 

 

$

 -

 

$
0.25 

 

$
0.03 

Diluted

 

$
0.02 

 

$

 -

 

$
0.25 

 

$
0.03 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 
198,597,517 

 

 
198,878,496 

 

 
199,270,719 

 

 
198,186,963 

Diluted

 

 
200,621,986 

 

 
201,644,633 

 

 
201,105,852 

 

 
201,488,088 

 

Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Property Tax

 

$

 -

 

$
110 

 

$
223 

 

$
277 

Interest Expense

 

 

 -

 

 
337 

 

 
458 

 

 
930 

Utilities

 

 
2 

 

 
1 

 

 
73 

 

 
3 

Total

 

$
2 

 

$
448 

 

$
754 

 

$
1,210 

 

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 

 

$
13,594 

 

$
1,074 

 

$
111,162 

 

$
1,123 

 

$
112,285