HOTEL PROPERTY ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2013

Hotel property acquisitions in 2013 and 2012 include (in thousands):

Date Acquired	Franchise/Brand		Location	Purchase Price		Debt Assumed

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	(a)	San Francisco, CA	60,500		23,423
March 11	SpringHill Suites by Marriott		New Orleans, LA	33,095		—
March 11	Courtyard by Marriott		New Orleans (Convention), LA	30,827		—
March 11	Courtyard by Marriott		New Orleans (French Quarter), LA	25,683		—
March 11	Courtyard by Marriott		New Orleans (Metairie), LA	23,539		—
March 11	Residence Inn by Marriott		New Orleans (Metairie), LA	19,890		—
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		—
October 1	Hilton / Hampton Inn & Suites		Ventura (Camarillo), CA	15,750		—
October 8	Hilton / Hampton Inn & Suites		San Diego (Poway), CA	15,150		—
December 31	Hyatt Place		Minneapolis, MN	32,506		—

Total 2013			19 hotel properties	$	475,615	$	33,532

2012
January 12	Courtyard by Marriott (b)		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		—
October 5	Hyatt Place		Dallas (Arlington), TX	9,055		—
October 5	Hyatt Place		Denver (Lone Tree), CO	10,530		—
October 5	Hyatt Place		Denver (Englewood), CO	11,515		—
October 5	Hyatt House		Denver (Englewood), CO	13,480		—
October 5	Hyatt Place		Baltimore (Owings Mills), MD	10,235		—
October 5	Hyatt Place		Chicago (Lombard), IL	17,025		—
October 5	Hyatt Place		Phoenix, AZ	5,020		—
October 5	Hyatt Place		Scottsdale, AZ	10,530		—
October 23	Hilton Garden Inn		Fort Worth, TX	7,200		—
December 21	Residence Inn by Marriott		Salt Lake City, UT	19,959		14,059
December 27	Hyatt Place		Long Island (Garden City), NY	31,000		—
December 27	Hilton / Hampton Inn & Suites		Tampa (Ybor City), FL	20,844		—

Total 2012			19 hotel properties	$	265,418	$	47,162

(a)	This hotel property was acquired by a joint venture in which we own an 80% controlling interest.
(b)	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 aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions, including $10.3 million of properties under development at December 31, 2012, follows (in thousands):

	2013		2012

Land	$	61,776	$	33,874
Hotel buildings and improvements	395,543		220,599
Furniture, fixtures and equipment	18,296		10,945
Other assets	11,273		629
Total assets acquired	486,888		266,047
Debt assumed	33,532		47,162
Other liabilities	1,480		1,993
Net assets acquired	$	451,876	$	216,892

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

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

	2013 Acquisitions		2012 Acquisitions
	2013		2013		2012

Revenues	$	76,675	$	76,088	$	24,939
Net income	$	13,399	$	9,073	$	1,754

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for 2013 and 2012, assuming the hotel properties acquired in 2013 and 2012 were acquired at the beginning of 2012, follows (in thousands, except per share):

	2013		2012
	(unaudited)

Revenues	$	328,595	$	310,928
Net income	$	16,701	$	35,202
Net income per share attributable to common shareholders — basic and diluted	$	0.03	$	0.75