Investment In Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2015

Investment In Hotel Properties

		December 31, 2015		December 31, 2014
Land	$	480,874	$	439,540
Buildings and Improvements		1,518,565		1,424,842
Furniture, Fixtures and Equipment		227,527		203,275
		2,226,966		2,067,657
Less Accumulated Depreciation		(395,847)		(322,174)
Total Investment in Hotel Properties	$	1,831,119	$	1,745,483

Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations

	Year Ended December 31,
	2015			2014		2013
Property Tax	$	-	$	223	223	$	388
Interest Expense		-		458	458		1,320
Utilities		-		73	73		3
Total	$	-	$	754	754	$	1,711

Condensed Pro Forma Financial Data

		Year Ended December 31,
	2015		2014
Pro Forma Total Revenues		493,096		456,189
Pro Forma Income from Continuing Operations		43,180		73,717
Loss from Discontinued Operations		-		(1,665)
Pro Forma Net Income		43,180		72,052
(Loss) Allocated to Noncontrolling Interest		(448)		(1,144)
Preferred Distributions		(14,356)		(14,356)
Pro Forma Net Income Applicable to Common Shareholders	$	28,376	$	56,552
Pro Forma Income Applicable to Common Shareholders per Common Share
Basic	$	0.59	$	1.14
Diluted	$	0.59	$	1.12
Weighted Average Common Shares Outstanding
Basic		47,786,811		49,777,302
Diluted		48,369,658		50,307,506

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

Aquisitions In 2015 [Member]

Wholly Owned Hotel Properties Acquired

During the year ended December 31, 2015, we acquired the following wholly-owned hotel properties:

Hotel	Acquisition Date		Land		Buildings and Improvements		Furniture Fixtures and Equipment		Other Intangibles			Loan Costs		Total Purchase Price		Assumption of Debt
St. Gregory Hotel, Washington, DC	6/16/2015	$	23,764	$	33,005	$	3,240	$	45		$	978	$	61,032	$	28,902	*
TownePlace Suites, Sunnyvale, CA	8/25/2015		-		18,999		2,348		6,453	**		-		27,800		-
Ritz-Carlton Georgetown, DC	12/29/2015		17,570		29,160		3,270		-			-		50,000		-
TOTAL		$	41,334	$	81,164	$	8,858	$	6,498		$	978	$	138,832	$	28,902

*Includes a $3,050 premium as we determined that the stated rate of interest on the assumed mortgage debt was above market.

**Acquired ground lease asset of $6,353and intangible asset related to the franchise agreement of $100with purchase of the property.

Results Of Operations For Hotels Acquired With 100% Interest

	Year Ended December 31,
	2015
Hotel		Revenue		Net  Income
St. Gregory Hotel, Washington, DC	$	5,257	$	164
TownePlace Suites, Sunnyvale, CA		1,744		364
Ritz-Carlton Georgetown, DC		149		20
Total	$	7,150	$	548

Aquisitions In 2014 [Member]

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		-
Total		$	103,369	$	149,801	$	13,877	$	(14,230)	$	1,396	$	254,213	$	24,924

Results Of Operations For Hotels Acquired With 100% Interest

	Year Ended December 31,
	2014
Hotel		Revenue		Net Income
Hotel Milo, Santa Barbara, CA	$	8,655	$	668
Parrot Key Resort, Key West, FL		9,145		2,978
Hilton Garden Inn 52nd Street, New York, NY		10,439		2,573
Total	$	28,239	$	6,219