Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events

Subsequent Events

12. Subsequent Events

During the first week of July 2017, the Company received gross proceeds of $3.2 million, and paid $0.1 million in costs, from the issuance of 191,832 shares of its common stock in connection with the ATM Agreements. The shares were sold at the end of June, but due to customary settlement periods, the shares were not delivered until July. As of July 31, 2017, the Company has $220.6 million available for sale under the ATM Agreements.

On July 25, 2017, the Company acquired the 175-room Oceans Edge Hotel & Marina located in Key West, Florida for a contractual purchase price of $175.0 million. The newly constructed and recently opened fee simple hotel also includes a marina, wet and dry boat slips and a marina fuel station. The Company funded the acquisition with available cash on hand, including proceeds from the recent sales of the Marriott Park City and the Fairmont Newport Beach, as well as net proceeds received from the Company’s recent equity issuances under its ATM Agreements. The Company is in the process of assessing the fair value of the acquired tangible assets, and any applicable intangible assets, and liabilities for this business combination.