Industry Segments

9 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

7.  Industry Segments

The Company has two reportable segments: the New York hotel and all other hotels. The New York hotel is a full service hotel in New York City, New York. The Company’s other hotels are extended-stay and select service hotel properties throughout the United States that generate rental and other property related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, other than the New York hotel, the other properties have been aggregated into a single reportable segment. The Company does not allocate corporate-level accounts to its reportable segments, including corporate general and administrative expenses, non-operating interest income and interest expense. The following table summarizes the results of operations and assets for each segment for the three and nine months ended September 30, 2013 and 2012. Dollar amounts are in thousands.

	For the three months ended September 30, 2013
	New York,
	New York			All Other
	Hotel			Hotels			Corporate			Consolidated
Total revenue	$	5,493		$	51,402		$	0		$	56,895
Hotel expenses		5,255			31,603			0			36,858
General and administrative expense		0			0			1,253			1,253
Merger transaction costs		0			0			1,253			1,253
Depreciation expense		1,620			7,860			0			9,480
Operating income/(loss)		(1,382	)		11,939			(2,506	)		8,051
Interest expense, net		0			(3,431	)		(573	)		(4,004	)
Income tax expense		0			(39	)		0			(39	)
Net income/(loss)	$	(1,382	)	$	8,469		$	(3,079	)	$	4,008
Total assets	$	103,167		$	791,888		$	2,353		$	897,408

	For the nine months ended September 30, 2013
	New York,
	New York			All Other
	Hotel			Hotels			Corporate			Consolidated
Total revenue	$	16,463		$	139,527		$	0		$	155,990
Hotel expenses		15,027			89,027			0			104,054
General and administrative expense		0			0			3,990			3,990
Merger transaction costs		0			0			1,305			1,305
Depreciation expense		4,881			23,412			0			28,293
Operating income/(loss)		(3,445	)		27,088			(5,295	)		18,348
Interest expense, net		0			(9,524	)		(1,632	)		(11,156	)
Income tax expense		0			(141	)		0			(141	)
Net income/(loss)	$	(3,445	)	$	17,423		$	(6,927	)	$	7,051
Total assets	$	103,167		$	791,888		$	2,353		$	897,408

	For the three months ended September 30, 2012
	New York,
	New York			All Other
	Hotel			Hotels			Corporate			Consolidated
Total revenue	$	5,558		$	50,072		$	0		$	55,630
Hotel expenses		5,029			30,534			0			35,563
General and administrative expense		0			0			1,548			1,548
Merger transaction costs		0			0			0			0
Depreciation expense		1,639			7,648			0			9,287
Operating income/(loss)		(1,110	)		11,890			(1,548	)		9,232
Interest expense, net		0			(3,255	)		(589	)		(3,844	)
Income tax expense		0			(53	)		0			(53	)
Net income/(loss)	$	(1,110	)	$	8,582		$	(2,137	)	$	5,335
Total assets	$	107,948		$	815,157		$	2,236		$	925,341

	For the nine months ended September 30, 2012
	New York,
	New York			All Other
	Hotel			Hotels			Corporate			Consolidated
Total revenue	$	16,171		$	136,307		$	0		$	152,478
Hotel expenses		15,131			86,027			0			101,158
General and administrative expense		0			0			4,566			4,566
Merger transaction costs		0			0			484			484
Depreciation expense		4,930			22,683			0			27,613
Operating income/(loss)		(3,890	)		27,597			(5,050	)		18,657
Interest expense, net		0			(9,237	)		(1,647	)		(10,884	)
Income tax expense		0			(150	)		0			(150	)
Net income/(loss)	$	(3,890	)	$	18,210		$	(6,697	)	$	7,623
Total assets	$	107,948		$	815,157		$	2,236		$	925,341