Investment in Real Estate (Tables)

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Property, Plant and Equipment [Table Text Block]

The Company’s investment in real estate consisted of the following (in thousands):

	September 30,			December 31,
	2016			2015
Land	$	713,559		$	561,630
Building and Improvements		4,304,705			3,200,918
Furniture, Fixtures and Equipment		391,151			293,444
Franchise Fees		11,774			8,832
		5,421,189			4,064,824
Less Accumulated Depreciation		(526,973	)		(423,057	)
Investment in Real Estate, net	$	4,894,216		$	3,641,767

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

During the nine month period ended September 30, 2015, the Company acquired five hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel acquired during the nine months ended September 30, 2015. All dollar amounts are in thousands.

City	State	Brand	Manager	Date Acquired	Rooms		Gross Purchase Price (1)
Fort Lauderdale	FL	Hampton Inn	LBA	6/23/2015		156	$	23,000
Cypress	CA	Hampton Inn	Dimension	6/29/2015		110		19,800
Burbank	CA	SpringHill Suites	Marriott	7/13/2015		170		60,000
Burbank	CA	Courtyard	Huntington	8/11/2015		190		54,000
San Diego	CA	Courtyard	Huntington	9/1/2015		245		56,000
						871	$	212,800

⁽¹⁾    At the date of purchase, the purchase price for each of these properties was funded through the Company’s revolving credit facility with availability provided primarily from the proceeds from the sale of properties discussed in Note 4.  No goodwill was recorded in connection with any of the acquisitions.

Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block]

As of September 30, 2016, the Company had outstanding contracts for the potential purchase of three additional hotels for a total purchase price of $56.5 million. All three hotels are under construction and are expected to be completed and opened for business in the first half of 2017, at which time closing on these hotels is expected to occur. Although the Company is working towards acquiring these three hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on these hotels will occur under the outstanding purchase contracts. The following table summarizes the location, brand, date of purchase contract, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at September 30, 2016. All dollar amounts are in thousands.

Location	Brand	Date of Purchase Contract	Rooms		Refundable Deposits		Gross Purchase Price
Birmingham, AL (a)(b)	Home2 Suites	8/28/2015		105	$	3	$	19,219
Birmingham, AL (a)(b)	Hilton Garden Inn	8/28/2015		105		2		19,219
Fort Worth, TX (a)	Courtyard	8/28/2015		124		5		18,034
				334	$	10	$	56,472

(a)   As of September 30, 2016, these hotels were under construction.  The table shows the expected number of rooms upon hotel completion and the expected franchise brands.  Assuming all conditions to closing are met, the purchases of these hotels are expected to close in the first half of 2017.  If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract.  As the property is under construction, at this time, the seller has not met all of the conditions to closing.

(b)   The Home2 Suites and Hilton Garden Inn hotels in Birmingham, AL are part of an adjoining two-hotel complex located on the same site.