Net Investment in Hotels (Tables)

3 Months Ended

Mar. 31, 2016

Net investments in hotels are summarized as follows (in thousands):



	March 31, 2016			December 31, 2015
Buildings	$	1,688,982		$	1,629,741
Land	386,512			371,712
Furniture, fixtures and equipment	123,537			121,722
Building and site improvements	64,145			63,456
Construction in progress	38,834			22,310
Hotels, at cost	2,302,010			2,208,941
Less: Accumulated depreciation	(134,844		)	(115,639		)
Net investments in hotels	$	2,167,166		$	2,093,302

Schedule Net Assets Acquired in Business Combination

(a)

The purchase price was allocated to the assets acquired and liabilities assumed based upon their preliminary fair values. The information in this table is based on the current best estimates of management. We are in the process of finalizing our assessment of the fair value of the assets acquired and liabilities assumed. Accordingly, the fair value of these assets acquired and liabilities assumed are subject to change.

The following tables present a summary of assets acquired and liabilities assumed in this business combination, at the date of acquisition, and revenues and earnings thereon, since date of acquisition through March 31, 2016 (in thousands):



	Equinox ^(a)
Acquisition date	February 17, 2016
Cash consideration	$	74,224
Assets acquired at fair value:
Land	14,800
Building and site improvements	58,396
Furniture, fixtures and equipment	1,100
Accounts receivable	534
Other assets	854
Liabilities assumed at fair value:
Accounts payable, accrued expenses and other liabilities	(1,460		)
Net assets acquired at fair value	$	74,224

Schedule Of Revenues and Net Income



	From Acquisition date through March 31, 2016
Revenues	$	1,289
Net loss	$	(115	)