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INVESTMENT IN HOTEL PROPERTIES (Tables)
12 Months Ended
Dec. 31, 2011
INVESTMENT IN HOTEL PROPERTIES [Abstract]  
Investment in hotel properties
Investment in hotel properties consists of the following at December 31, 2011 and 2010:

   
December 31, 2011
  
December 31, 2010
 
        
Land
 $278,442  $233,869 
Buildings and Improvements
  1,090,280   1,057,344 
Furniture, Fixtures and Equipment
  151,600   150,723 
Construction in Progress
  31,638   15,301 
    1,551,960   1,457,237 
          
Less Accumulated Depreciation
  (211,084)  (211,386)
          
Total Investment in Hotel Properties
 $1,340,876  $1,245,851 

Wholly owned hotel properties acquired
During the year ended December 31, 2011, we acquired the following wholly-owned hotel and hotel development properties:

Hotel
 
Acquisition
Date
 
Land
  
Buildings and
Improvements
  
Furniture
Fixtures and
Equipment
  
Franchise Fees,
Loan Costs, and
Leasehold
Intangible
(Liability)
  
Acquisition
Costs
  
Construction in
Progress
  
Total Purchase
Price
  
Fair Value of
Assumed Debt
 
Holiday Inn Express, Water Street, New York, NY
 
3/25/2011
 $7,341  $28,591  $2,704  $28  $716  $-  $39,380  $- 
Capitol Hill Suites, Washington, DC
 
4/15/2011
 $8,095  $35,141  $4,264  $254  $1,043  $-  $48,797  $32,500 
Courtyard by Marriott, Westside, Los Angeles, CA
 
5/19/2011
 $13,489  $27,025  $6,486  $148  $165  $-  $47,313  $- 
Hampton Inn, Pearl Street, New York,  NY
 
7/22/2011
 $-  $-  $-  $-  $-  $28,300  $28,300     
Courtyard by Marriott, Miami, FL
 
11/16/2011
 $35,699  $55,805  $6,142  $(1,979) $236  $-  $95,903  $30,052 
                                     
Total
    $64,624  $146,562  $19,596  $(1,549) $2,160  $28,300  $259,693  $62,552 

During the year ended December 31, 2010 we acquired the following wholly owned hotel properties:

                             
Hotel
 
Acquisition
Date
 
Land
  
Buildings and
Improvements
  
Furniture
Fixtures and
Equipment
  
Franchise Fees,
Loan Costs, and
Leasehold
Intangible
(Liability)
  
Acquisition
Costs
  
Construction in
Progress
  
Total Purchase
Price
  
Fair Value of
Assumed Debt
 
Hilton Garden Inn, Glastonbury, CT
 
1/1/2010
 $1,898  $12,981  $2,223  $27  $24  $-  $17,153  $11,937 
Hampton Inn, Times Square, NY
 
2/9/2010
  10,691   41,637   3,939   89   1,109   -   57,465   - 
Holiday Inn Express, Times Square, NY
 
2/9/2010
  11,075   43,113   4,078   105   1,146   -   59,517   - 
Candlewood Suites, Times Square, NY
 
2/9/2010
  10,281   36,687   4,298   96   1,016   -   52,378   - 
Holiday Inn, Wall Street, NY
 
5/7/2010
  12,152   21,100   1,567   57   175   -   35,051   - 
Hampton Inn, Washington, DC
 
9/1/2010
  9,335   58,048   5,605   108   1,194   -   74,290   - 
Sheraton, New Castle, DE
 
12/28/2010
  -   -   -   -   -   15,301   15,301   - 
                                     
Total
    $55,432  $213,566  $21,710  $482  $4,664  $15,301  $311,155  $11,937 
 
Results of operations for hotels acquired with 100% interest
As shown in the table below, included in the consolidated statements of operations for the year ended December 31, 2011 are total revenues of $19,476 and total net loss of $684 for the hotels we acquired a 100% interest in since January 1, 2011.  While we acquired a 100% interest in the Sheraton, New Castle, DE in December 2010, the property did not open until December 2011.  These amounts represent the results of operations for such hotels since the date of acquisition of our 100% interest in such hotels or, in the case of the Sheraton, New Castle, DE; the results of operations for such hotel since the date operations commenced.

   
Twelve Months Ended,
   
December 31, 2011
Hotel
 
Revenue
  
Net Income (Loss)
Holiday Inn Express, Water Street, New York, NY
 $5,605  $785 
Capitol Hill Suites, Washington, DC
  5,327   (1,601)
Courtyard by Marriott, Westside, Los Angeles, CA
  6,760   557 
Courtyard by Marriott, Miami,  FL
  1,716   (135)
Sheraton, New Castle, DE
  68   (290)
Total
 $19,476  $(684)
 
These amounts represent the results of operations for such hotels since the date of acquisition of our 100% interest in such hotels.
 
  
Twelve Months Ended,
  
Twelve Months Ended,
 
  
December 31, 2011
  
December 31, 2010
 
Hotel 
Revenue
  
Net
 Income
(Loss)
  
Revenue
  
Net
(Loss)
 Income
 
Hilton Garden Inn, Glastonbury, CT
 $5,371  $333  $5,046  $(142)
Hampton Inn, Holiday Inn Express, Candlewood Suites, Times Square, New York, NY
  38,705   11,588   32,681   7,025 
Holiday Inn, Wall Street, New York, NY
  6,756   1,929   4,496   962 
Hampton Inn, Washington, DC
  13,341   (1,497)  3,924   (327)
Total
 $64,173  $12,353  $46,147  $7,518 
Condensed pro forma financial data
The following condensed pro forma financial data are presented as if all acquisitions completed since January 1, 2010 had been completed on January 1, 2010.  Properties acquired without any operating history are excluded from the condensed pro forma operating results.  The condensed pro forma financial data are not necessarily indicative of what actual results of operations of the Company would have been assuming the acquisitions had been consummated on January 1, 2010 at the beginning of the year presented, nor does it purport to represent the results of operations for future periods.

   
For the Year Ended December 31,
 
   
2011
  
2010
 
Pro Forma Total Revenues
 $306,910  $288,818 
          
Pro Forma (Loss) income from Continuing Operations
 $884  $(5,978)
Loss from Discontinued Operations
  (26,771)  (3,976)
Pro Forma Net Loss
  (25,887)  (9,954)
Loss allocated to Noncontrolling Interest
  1,689   408 
Preferred Distributions
  (10,499)  (4,800)
Pro Forma Net Loss applicable to Common Shareholders
 $(34,697) $(14,346)
          
Pro Forma Loss applicable to Common Shareholders per Common Share
        
Basic
 $(0.21) $(0.11)
Diluted
 $(0.21) $(0.11)
          
Weighted Average Common Shares Outstanding
        
Basic
  168,753,382   134,370,172 
Diluted
  168,753,382   134,370,172