Investment In Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2016



		December 31, 2016		December 31, 2015

Land	$	499,484	$	480,874
Buildings and Improvements		1,383,266		1,518,565
Furniture, Fixtures and Equipment		205,162		227,527
		2,087,912		2,226,966

Less Accumulated Depreciation		(320,342)		(395,847)

Total Investment in Hotel Properties	$	1,767,570	$	1,831,119

Real Estate Assets Sold



Hotel	Acquisition Date	Disposition Date		Consideration		Gain (Loss) on Disposition

Cindat Hotel Portfolio (7)	April 2005 - March 2011	April 2016	$	543,500	$	89,892
Hyatt Place, King of Prussia, PA	August 2010	May 2016		13,000		5,375
Hawthorn Suites, Franklin, MA	April 2006	September 2016		8,900		(438)
Residence Inn, Framingham, MA	March 2004	November 2016		25,000		11,467
Residence Inn, Norwood, MA	July 2006	November 2016		22,000		9,543
2016 Total					$	115,839

Hotel 373	June 2007	April 2014	$	37,000	$	7,195
2014 Total					$	7,195

Assets Held For Sale



	December 31, 2016

Land	$	22,208
Buildings and Improvements		105,663
Furniture, Fixtures and Equipment		24,187
		152,058

Less: Accumulated Depreciation & Amortization		(53,585)

Assets Held for Sale	$	98,473

Liabilities Related to Assets Held for Sale	$	51,428

Condensed Pro Forma Financial Data



		Years Ended December 31,
	2016		2015
Pro Forma Total Revenues	$	493,791	$	551,584

Pro Forma Income from Continuing Operations		127,328		44,419
Loss from Discontinued Operations		-		-
Pro Forma Net Income		127,328		44,419
Income Allocated to Noncontrolling Interest		(4,764)		(496)
Preferred Distributions		(17,380)		(14,356)
Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares		(4,021)		-
Pro Forma Income Applicable to Common Shareholders	$	101,163	$	29,567

Pro Forma Income Applicable to Common Shareholders per Common Share
Basic	$	2.35	$	0.62
Diluted	$	2.32	$	0.61

Weighted Average Common Shares Outstanding
Basic		42,957,199		47,786,811
Diluted		43,530,731		48,369,658

Aquisitions In 2016 [Member]

Wholly Owned Hotel Properties Acquired

During the year ended December 31, 2016, 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
Sanctuary Beach Resort, Marina, CA	1/28/2016	$	20,278	$	17,319	$	2,369	$	-		$	198	$	40,164	$	14,750	*
Hilton Garden Inn M Street, Washington, DC	3/9/2016		30,793		67,420		9,621		874	**		-		108,708		-
Envoy Hotel, Boston, MA	7/21/2016		25,264		75,979		11,251		131	***		-		112,625		-
Courtyard, Sunnyvale, CA	10/20/2016		17,694		53,272		4,034		150	****		537		75,687		40,600
The Ambrose, Santa Monica, CA	12/1/2016		18,750		26,839		1,911		-			-		47,500		-

TOTAL		$	112,779	$	240,829	$	29,186	$	1,155		$	735	$	384,684	$	55,350

*Assumption of debt includes a $50 premium resulting from the determination that the stated rate of interest is above market rates on the date of acquisition.

**Includes an intangible asset for a lease-in-place of $648, advance bookings of $76 and franchise fees of $150.

***Includes a lease-in-place intangible asset of $126, below market lease liability of $319, advance bookings asset of $199, and franchise fees asset of $125.

****Includes a franchise fees asset of $150.

Results Of Operations For Hotels Acquired With 100% Interest



	Year Ended December 31, 2016
Hotel		Revenue		Net Income
Sanctuary Beach Resort, Marina, CA	$	6,367	$	933
Hilton Garden Inn M Street, Washington, DC		13,565		3,283
Envoy Hotel, Boston, MA		8,862		1,277
Courtyard, Sunnyvale, CA		1,768		22
The Ambrose, Santa Monica, CA		429		123

Total	$	30,991	$	5,638

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		17,825		29,584		3,270		-			-		50,679		-

Total		$	41,589	$	81,588	$	8,858	$	6,498		$	978	$	139,511	$	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 $6,353 and intangible asset related to the franchise agreement of $100 with 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