Acquisition of Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2019

The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands):


	RI Summerville		Dallas DT		HGI Portsmouth		CY Summerville		ES Springfield		Total
Acquisition date	8/27/2018		12/5/2018		9/20/2017		11/15/2017		12/6/2017
Number of rooms (unaudited)	96		167		131		96		219		709
Land	$	2,300	$	2,900	$	3,600	$	2,500	$	7,700	$	19,000
Building and improvements	17,060		42,760		37,630		16,923		58,807		173,180
Furniture, fixtures and equipment	1,234		3,340		2,120		730		1,490		8,914
Cash	—		5		8		1		3		17

Accounts receivable	—		8		32		1		—		41

Prepaid expenses and other assets	—		68		12		28		129		237

Accounts payable and accrued expenses	(9)		(33)		(27)		(1)		(51)		(121)


Net assets acquired, net of cash	$	20,585	$	49,043	$	43,367	$	20,181	$	68,075	$	201,251

Revenue and Operating Income of New Hotels Acquired

The amount of revenue and operating income from the hotels acquired in 2018 and 2017 from their respective date of acquisition through December 31, 2019 is as follows (in thousands):


		For the Year Ended December 31, 2019						For the Year Ended December 31, 2018
	Acquisition Date	Revenue		Operating Income		Revenue		Operating Income
Hilton Garden Inn Portsmouth, NH	9/20/17	$	9,660	$	3,773	$	9,160	$	3,629
Courtyard Summerville, SC	11/15/17	3,846		1,302		3,969		1,261
Embassy Suites Springfield, VA	12/6/17	14,284		5,035		13,886		4,887
Residence Inn Summerville, SC	8/27/18	3,645		1,250		875		30
Courtyard Dallas Downtown, TX	12/5/18	7,833		2,479		258		(21)
Total		$	39,268	$	13,839	$	28,148	$	9,786