HOTEL PROPERTY ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2013

Hotel property acquisitions in the first nine months of 2013 and 2012 include (in thousands):

Date Acquired	Franchise/Brand	Location	Purchase Price		Debt Assumed

First Nine Months of 2013
January 22	Hyatt Place	Chicago (Hoffman Estates), IL	$	9,230	$	—
January 22	Hyatt Place	Orlando (Convention), FL	12,252		—
January 22	Hyatt Place	Orlando (Universal), FL	11,843		—
February 11	IHG / Holiday Inn Express & Suites (1)	San Francisco, CA	60,500		23,423
March 11	SpringHill Suites by Marriott	New Orleans, LA	33,500		—
March 11	Courtyard by Marriott	New Orleans (Convention), LA	31,500		—
March 11	Courtyard by Marriott	New Orleans (French Quarter), LA	26,000		—
March 11	Courtyard by Marriott	New Orleans (Metairie), LA	24,000		—
March 11	Residence Inn by Marriott	New Orleans (Metairie), LA	20,000		—
April 30	Hilton Garden Inn	Greenville, SC	15,250		—
May 21	IHG / Holiday Inn Express & Suites	Minneapolis (Minnetonka), MN	6,900		3,724
May 21	Hilton Garden Inn	Minneapolis (Eden Prairie), MN	10,200		6,385
May 23	Fairfield Inn & Suites by Marriott	Louisville, KY	25,023		—
May 23	SpringHill Suites by Marriott	Louisville, KY	39,138		—
May 23	Courtyard by Marriott	Indianapolis, IN	58,634		—
May 23	SpringHill Suites by Marriott	Indianapolis, IN	30,205		—

Total First Nine Months of 2013		16 hotel properties	$	414,175	$	33,532

First Nine Months of 2012
January 12	Courtyard by Marriott (2)	Atlanta, GA	$	28,900	$	19,011
February 28	Hilton Garden Inn	Birmingham (Liberty Park), AL	11,500		—
February 28	Hilton Garden Inn	Birmingham (Lakeshore), AL	8,625		—
May 16	Courtyard by Marriott	Dallas (Arlington), TX	15,000		—
May 16	Hilton Garden Inn	Nashville (Smyrna), TN	11,500		8,708
June 21	Hilton / Hampton Inn & Suites	Nashville (Smyrna), TN	8,000		5,384
July 2	Residence Inn by Marriott	Dallas (Arlington), TX	15,500		—

Total First Nine Months of 2012		7 hotel properties	$	99,025	$	33,103

(1) This hotel property was acquired by a joint venture in which we own an 80% controlling interest.

(2) We acquired a 90% controlling interest in this hotel property and we are obligated to acquire the remaining ownership in 2016 for $0.4 million. The $0.4 million has been accrued as a liability and is included in the purchase price above.

Schedule of allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired

The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):

	First Nine Months
	2013		2012

Land	$	57,276	$	9,843
Hotel buildings and improvements	341,903		84,757
Furniture, fixtures and equipment	14,996		4,425
Land held for development	2,800		—
Other assets	9,308		338
Total assets acquired	426,283		99,363
Debt assumed	33,532		33,103
Other liabilities	1,495		311

Net assets acquired	$	391,256	$	65,949

Schedule of total revenues and net income (loss) for hotel properties acquired during the period, which is included in consolidated statements of operations

Total revenues and net income (loss) for hotel properties acquired in the first nine months of 2013 and 2012, which are included in our consolidated statements of operations, follow (in thousands):

	Third Quarter						First Nine Months
	2013 Acquisitions		2012 Acquisitions				2013 Acquisitions		2012 Acquisitions
	2013		2013		2012		2013		2013		2012

Revenues	$	23,449	$	6,569	$	5,970	$	50,862	$	19,752	$	11,750

Net income (loss)	$	3,847	$	708	$	450	$	9,568	$	2,095	$	1,057

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for 2013 and 2012 follows (in thousands, except per share amounts):

	Third Quarter					First Nine Months
	2013			2012		2013		2012

Revenues	$	82,174		$	79,383	$	244,942	$	232,935

Net income (loss)	$	(581	)	$	10,582	$	17,992	$	28,354

Net income (loss) per share attributable to common stockholders - basic and diluted	$	(0.07	)	$	0.25	$	0.11	$	0.66