Investment in Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2017

Schedule of investment in hotel properties

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



	September 30,		December 31,
	2017		2016
	(unaudited)
Land	$	623,493	$	531,660
Buildings and improvements		3,195,726		3,135,806
Furniture, fixtures and equipment		502,775		512,372
Intangible assets		48,560		49,015
Franchise fees		980		1,021
Construction in process		39,481		65,449
Investment in hotel properties, gross		4,411,015		4,295,323
Accumulated depreciation and amortization		(1,175,962)		(1,137,104)
Investment in hotel properties, net	$	3,235,053	$	3,158,219

Schedule of fair values of assets acquired and liabilities assumed in hotel acquisition

The fair values of the assets acquired and liabilities assumed at the Oceans Edge Hotel & Marina’s acquisition date were allocated as follows (in thousands):


Assets:
Investment in hotel properties	$	174,971
Accounts receivable		15
Inventories		50
Prepaid expenses		41
Other assets		84
Total assets acquired		175,161

Liabilities:
Accounts payable and accrued expenses		210
Accrued payroll and employee benefits		256
Other current liabilities		752
Other liabilities		26
Total liabilities assumed		1,244

Total cash paid for acquisition	$	173,917

Pro Forma Operating Information

The following unaudited pro forma results of operations reflect the Company’s results as if the acquisition of the Oceans Edge Hotel & Marina had occurred on January 1, 2017. The information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results. Since the newly-developed hotel opened mid-January 2017, the year-to-date results are slightly less than a full nine months, and there are no prior year results. In the Company’s opinion, all significant adjustments necessary to reflect the effects of the acquisition have been made (in thousands, except per share data):


	Three Months Ended		Nine Months Ended
	September 30, 2017		September 30, 2017
	(unaudited)		(unaudited)
Revenues	$	305,052	$	912,697
Income attributable to common stockholders	$	12,083	$	117,751
Income per diluted share attributable to common stockholders	$	0.02	$	0.50