Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2012

Business Combinations [Abstract]

Schedule of Purchase Price Allocation

The allocation of fair value to the acquired assets and liabilities assumed is as follows (in thousands):

	Hotel Zetta (formerly Hotel Milano)		Hotel Vintage Park		Hotel Vintage Plaza		W Los Angeles - Westwood			Hotel Palomar San Francisco			Total
Land	$	7,294	$	8,170	$	6,222	$	24,403		$	—		$	46,089
Buildings and improvements	22,166		23,557		23,012		93,203			63,430			225,368
Furniture, fixtures and equipment	290		706		1,093		3,600			3,780			9,469
Above market rate contracts	—		—		—		—			(9,170		)	(9,170		)
Capital improvement reserve	—		—		—		3,600			—			3,600
Mortgage debt	—		—		—		—			(27,175		)	(27,175		)
Net working capital	7		118		123		(193		)	(265		)	(210		)
Net assets acquired	$	29,757	$	32,551	$	30,450	$	124,613		$	30,600		$	247,971

Business acquisition, unaudited proforma information

	For the year ended December 31,
	2012		2011
	(Unaudited)
Total revenues	$	426,869	$	401,044
Operating income (loss)	43,686		36,334
Net income (loss) attributable to common shareholders	12,954		9,486
Net income (loss) per share available to common shareholders — basic and diluted	$	0.23	$	0.16