Equity Investment in Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule Equity Method Investments

The following table sets forth our share of equity in earnings from our Unconsolidated Hotels, which are based on the hypothetical liquidation at book value model, as well as certain amortization adjustments related to basis differentials from acquisitions of investments (in thousands):

	Three Months Ended March 31,
Venture	2016		2015
Marriott Sawgrass Golf Resort & Spa Venture	$	1,126	$	—
Ritz-Carlton Philadelphia Venture	644		—
Westin Atlanta Venture	292		(175		)
Hyatt French Quarter Venture	240		835
Total equity in earnings of equity method investments in real estate	$	2,302	$	660

The following table sets forth our ownership interests in our equity investments in real estate and their respective carrying values. The carrying values of these ventures are affected by the timing and nature of distributions (dollars in thousands):

Hotels	State	Number of Rooms	% Owned	Our Initial Investment (a)		Acquisition Date	Hotel Type	Renovation Status at March 31, 2016	Carrying Value at
									March 31, 2016		December 31, 2015
Unconsolidated Hotels
Hyatt French Quarter Venture (b)	LA	254	80%	$	13,000	9/6/2011	Full-service	Completed	$	721	$	1,752
Westin Atlanta Venture (c)	GA	372	57%	13,170		10/3/2012	Full-service	Completed	7,109		7,156
Marriott Sawgrass Golf Resort & Spa Venture (d)	FL	511	50%	33,758		10/3/2014	Resort	In progress	33,794		32,668
Ritz-Carlton Philadelphia Venture (e)	PA	299	60%	38,327		5/15/2015	Full-service	Planned Future	38,857		38,325
		1,436		$	98,255				$	80,481	$	79,901

___________

(a) This amount represents purchase price plus capitalized costs, inclusive of fees paid to our Advisor, at the time of acquisition.

(b) We received cash distributions of $1.2 million from this investment during the three months ended March 31, 2016.

(c) We received cash distributions of $0.3 million from this investment during the three months ended March 31, 2016.

(d) This investment is considered a VIE (Note 2).

(e) We received cash distributions of $0.1 million from this investment during the three months ended March 31, 2016.