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Acquisition and Disposition of Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2018
Business Combinations [Abstract]  
Schedule of Properties Acquired and Consideration
The total consideration, excluding the net working capital assumed, consisted of the following (in thousands):
 
 
Total Consideration
Common shares
 
$
2,144,057

Preferred Series E shares
 
101,622

Preferred Series F shares
 
132,600

OP units
 
4,665

Cash
 
1,719,150

Total consideration
 
$
4,102,094

As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties:
Property
 
Location
 
Ownership Interest
 
Rooms
Villa Florence San Francisco on Union Square
 
San Francisco, CA
 
100
%
 
189

Hotel Vitale
 
San Francisco, CA
 
100
%
 
200

The Marker San Francisco
 
San Francisco, CA
 
100
%
 
208

Hotel Spero
 
San Francisco, CA
 
100
%
 
236

Chaminade Resort & Spa
 
Santa Cruz, CA
 
100
%
 
156

Harbor Court Hotel San Francisco
 
San Francisco, CA
 
100
%
 
131

Viceroy Santa Monica Hotel
 
Santa Monica, CA
 
100
%
 
162

Le Parc Suite Hotel
 
West Hollywood, CA
 
100
%
 
154

Hotel Amarano Burbank
 
Burbank, CA
 
100
%
 
132

Montrose West Hollywood
 
West Hollywood, CA
 
100
%
 
133

Chamberlain West Hollywood Hotel
 
West Hollywood, CA
 
100
%
 
115

Grafton on Sunset
 
West Hollywood, CA
 
100
%
 
108

The Westin Copley Place, Boston
 
Boston, MA
 
100
%
 
803

The Liberty, A Luxury Collection Hotel, Boston
 
Boston, MA
 
99.99
%
 
298

Hyatt Regency Boston Harbor
 
Boston, MA
 
100
%
 
270

Onyx Hotel
 
Boston, MA
 
100
%
 
112

Hotel Palomar Washington DC
 
Washington, DC
 
100
%
 
335

Sofitel Washington DC Lafayette Square
 
Washington, DC
 
100
%
 
237

The Liaison Capitol Hill
 
Washington, DC
 
100
%
 
343

George Hotel
 
Washington, DC
 
100
%
 
139

Mason & Rook Hotel
 
Washington, DC
 
100
%
 
178

Donovan Hotel
 
Washington, DC
 
100
%
 
193

Rouge Hotel
 
Washington, DC
 
100
%
 
137

Topaz Hotel
 
Washington, DC
 
100
%
 
99

Hotel Madera
 
Washington, DC
 
100
%
 
82

Paradise Point Resort & Spa
 
San Diego, CA
 
100
%
 
462

Hilton San Diego Gaslamp Quarter
 
San Diego, CA
 
100
%
 
286

Solamar Hotel
 
San Diego, CA
 
100
%
 
235

L'Auberge Del Mar
 
Del Mar, CA
 
100
%
 
121

Hilton San Diego Resort & Spa
 
San Diego, CA
 
100
%
 
357

The Heathman Hotel
 
Portland, OR
 
100
%
 
151

Southernmost Beach Resort
 
Key West, FL
 
100
%
 
262

The Marker Key West
 
Key West, FL
 
100
%
 
96

The Roger New York
 
New York, NY
 
100
%
 
194

Hotel Chicago Downtown, Autograph Collection
 
Chicago, IL
 
100
%
 
354

The Westin Michigan Avenue Chicago
 
Chicago, IL
 
100
%
 
752

 
 
 
 
 
 
8,420
Schedule of Purchase Price Allocation
The Company preliminarily allocated the purchase price as follows (in thousands):

 
 
November 30, 2018
Investment in hotel properties
 
$
4,120,370

Restricted cash reserves
 
14,784

Hotel and other receivables
 
34,669

Intangible assets
 
171,660

Prepaid expenses and other assets
 
47,808

Accounts payable and accrued expenses
 
(258,036
)
Deferred revenues
 
(23,816
)
Accrued interest
 
(2,496
)
Distributions payable
 
(2,744
)
Other
 
(105
)
Total consideration
 
$
4,102,094
Schedule of Pro Forma Financial Information
The unaudited condensed pro forma financial information is as follows (in thousands):
 
 
For the year ended December 31,
 
 
2018
 
2017
 
 
(unaudited)
Total revenues
 
$
1,677,663

 
$
1,687,275

Operating income (loss)
 
276,508

 
303,370

Net income (loss) attributable to common shareholders
 
110,635

 
151,340

Net income (loss) per share available to common shareholders — basic
 
$
0.85

 
1.16

Net income (loss) per share available to common shareholders — diluted
 
$
0.85

 
$
1.16