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Investment In Hotel Properties (Tables)
 9 Months Ended
Sep. 30, 2017
Investment In Hotel Properties



 

 

 

 

 

 



 

 

 

 

 

 



 

 

September 30, 2017

 

 

December 31, 2016



 

 

 

 

 

 

Land

 

$

 538,322 

 

$

 499,484 

Buildings and Improvements

 

 

 1,625,695 

 

 

 1,383,266 

Furniture, Fixtures and Equipment

 

 

 248,142 

 

 

 204,212 

Construction in Progress

 

 

 2,450 

 

 

 950 



 

 

 2,414,609 

 

 

 2,087,912 



 

 

 

 

 

 

Less Accumulated Depreciation

 

 

 (380,021)

 

 

 (320,342)



 

 

 

 

 

 

Total Investment in Hotel Properties

 

$

 2,034,588 

 

$

 1,767,570 



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



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,



 

2017

 

2016

 

2017

 

2016

Pro Forma Total Revenues

 

$

 129,589 

 

 

 144,563 

 

$

 393,610 

 

$

 438,810 



 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma Net Income

 

 

 3,263 

 

 

 11,054 

 

 

 119,340 

 

 

 121,983 

(Income) Loss Allocated to Noncontrolling Interest

 

 

 90 

 

 

 (354)

 

 

 (6,174)

 

 

 (4,617)

Preferred Distributions

 

 

 (6,040)

 

 

 (4,417)

 

 

 (18,124)

 

 

 (12,006)

Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares

 

 

 -

 

 

 -

 

 

 -

 

 

 (4,021)

Pro Forma  (Loss) Income Applicable to Common Shareholders

 

$

 (2,687)

 

$

 6,283 

 

$

 95,042 

 

$

 101,339 



 

 

 

 

 

 

 

 

 

 

 

 

Pro Forma (Loss) Income Applicable to Common Shareholders per Common Share

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 (0.07)

 

$

 0.15 

 

$

 2.28 

 

$

 2.34 

Diluted

 

$

 (0.07)

 

$

 0.15 

 

$

 2.25 

 

$

 2.31 



 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 41,721,425 

 

 

 42,309,044 

 

 

 41,725,159 

 

 

 43,368,153 

Diluted

 

 

 41,721,425 

 

 

 42,745,864 

 

 

 42,225,238 

 

 

 43,869,293 



Aquisitions In 2016 [Member]  
Wholly Owned Hotel Properties Acquired







 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Acquisition Date

 

 

Land

 

 

Buildings and Improvements

 

 

Furniture, Fixtures and Equipment

 

 

Other Intangibles

 

 

Total Purchase Price

 

 

Assumption of Debt

 

Mystic Marriott Hotel & Spa, Groton, CT (1)

 

1/3/2017

 

$

 1,420 

 

$

 40,440 

 

$

 7,240 

 

$

 899 

*

$

 49,999 

 

$

 41,333 

 

The Ritz-Carlton, Coconut Grove, FL

 

2/1/2017

 

 

 5,185 

 

 

 30,742 

 

 

 1,064 

 

 

 (291)

**

 

 36,700 

 

 

 3,150 

 

The Pan Pacific Hotel, Seattle, WA

 

2/21/2017

 

 

 13,079 

 

 

 59,256 

 

 

 6,665 

 

 

 -

 

 

 79,000 

 

 

 -

 

Philadelphia Westin, Philadelphia, PA

 

6/29/2017

 

 

 19,154 

 

 

 103,451 

 

 

 12,028 

 

 

 367 

***

 

 135,000 

 

 

 -

 

TOTAL

 

 

 

$

 38,838 

 

$

 233,889 

 

$

 26,997 

 

$

 975 

 

$

 300,699 

 

$

 44,483 

 



(1) The Mystic Marriott Hotel & Spa was acquired as partial consideration within the transaction to redeem and transfer our joint venture interest in Mystic Partners, LLC.  See Note 3 for further description of the transaction.



* Consists entirely of $899 of advanced bookings.



** Includes an intangible asset for a lease-in-place of $229, and a below market lease liability of $520.



*** Consists entirely of $367 of advanced bookings.

Results Of Operations For Hotels Acquired With 100% Interest



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30, 2017

 

Nine Months Ended September 30, 2017

Hotel

 

 

Revenue

 

 

Net Income (Loss)

 

 

Revenue

 

 

Net Income (Loss)

Mystic Marriott Hotel & Spa, Groton, CT

 

$

 5,667 

 

$

 744 

 

$

 15,819 

 

$

 1,303 

The Ritz-Carlton, Coconut Grove, FL

 

 

 2,377 

 

 

 (695)

 

 

 8,921 

 

 

 (774)

The Pan Pacific Hotel, Seattle, WA

 

 

 4,485 

 

 

 669 

 

 

 9,795 

 

 

 638 

Philadelphia Westin, Philadelphia, PA

 

 

 6,758 

 

 

 1,308 

 

 

 6,787 

 

 

 296 



 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

 19,287 

 

$

 2,026 

 

$

 41,322 

 

$

 1,463