Investment in Hotel Properties

6 Months Ended

Jun. 30, 2015

Investment in Hotel Properties

Investment in Hotel Properties

3. Investment in Hotel Properties

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

	June 30,		December 31,
	2015		2014
	(unaudited)
Land	$	570,011	$	570,011
Buildings and improvements		3,276,598		3,237,596
Furniture, fixtures and equipment		471,193		450,057
Intangibles		147,826		147,947
Franchise fees		1,167		1,167
Construction in process		84,760		68,275
Investment in hotel properties, gross		4,551,555		4,475,053
Accumulated depreciation and amortization		(1,019,399)		(936,924)
Investment in hotel properties, net	$	3,532,156	$	3,538,129

In June 2014, the Company acquired the land underlying the Fairmont Newport Beach, and in July 2014, the Company acquired the Wailea Beach Marriott Resort & Spa. Acquired properties are included in the Company’s results of operations and comprehensive income from the date of acquisition. The following unaudited pro forma results of operations reflect the Company’s results as if the acquisitions of the Wailea Beach Marriott Resort & Spa and the land underlying the Fairmont Newport Beach had occurred on January 1, 2014. 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		Six Months Ended
	June 30, 2014		June 30, 2014
	(unaudited)		(unaudited)
Revenues	$	314,321	$	575,219
Income from continuing operations attributable to common stockholders	$	36,291	$	33,118
Income from continuing operations per diluted share attributable to common stockholders	$	0.20	$	0.18