Acquisition of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2012

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The allocation of fair value to the acquired assets and liabilities is as follows (in thousands). The allocation of fair value for the W Los Angeles - Westwood hotel is preliminary and is subject to change upon management's final determination of fair values for the acquired assets and liabilities.

	Hotel Milano		Hotel Vintage Park Seattle		Hotel Vintage Plaza Portland		W Los Angeles - Westwood			Total
Land	$	7,294	$	8,170	$	6,222	$	22,500		$	44,186
Building and improvements	22,166		23,557		23,012		95,107			163,842
Furniture, fixtures, and equipment	290		706		1,093		3,600			5,689
Construction in progress	—		—		—		3,600			3,600
Net working capital	7		118		123		(194		)	54
Net assets acquired	$	29,757	$	32,551	$	30,450	$	124,613		$	217,371

Business acquisition, unaudited proforma information

	For the three months ended September 30,				For the nine months ended September 30,
	2012		2011		2012		2011
	(Unaudited)				(Unaudited)
Total revenues	$	109,122	$	102,794	$	306,849	$	286,872
Operating income (loss)	16,453		13,217		32,391		26,725
Net income (loss) attributable to common shareholders	8,299		9,970		8,596		10,038
Net income (loss) per share available to common shareholders — basic and diluted	$	0.15	$	0.18	$	0.15	$	0.18