Investment in Hotel Properties

3 Months Ended

Mar. 31, 2014

3. Investment in Hotel Properties

Investment in hotel properties, net consisted of the following (in thousands):



	March 31,		December 31,
	2014		2013
	(unaudited)
Land	$	439,304	$	439,304
Buildings and improvements		2,986,687		2,977,458
Furniture, fixtures and equipment		422,676		414,192
Intangibles		171,889		171,889
Franchise fees		1,346		1,346
Construction in process		51,628		34,643
		4,073,530		4,038,832
Accumulated depreciation and amortization		(845,751)		(807,450)
	$	3,227,779	$	3,231,382

The Company acquired three hotels in 2013: the Hilton New Orleans St. Charles in May 2013; the Boston Park Plaza in July 2013; and the Hyatt Regency San Francisco in December 2013. Acquired properties are included in the Company’s results of operations and comprehensive income (loss) from the date of acquisition. The following unaudited pro forma results of operations reflect the Company’s results as if the acquisitions of the New Orleans St. Charles, the Boston Park Plaza, and the Hyatt Regency San Francisco had occurred on January 1, 2013. In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisitions have been made (in thousands, except per share data):



	Three Months Ended
	March 31, 2013
	(unaudited)
Revenues	$	227,926
Loss attributable to common stockholders from continuing operations	$	(34,404)
Loss per diluted share attributable to common stockholders from continuing operations	$	(0.23)

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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