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COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2014
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

NOTE 7 -                  COMMITMENTS AND CONTINGENCIES

 

Pending Hotel Property Acquisitions

 

At March 31, 2014, we had a purchase agreement for $37.7 million that has not been closed as of the issuance of these financial statements. This acquisition is contingent upon customary closing conditions; therefore, there is no assurance that it will be completed.

 

Litigation

 

We are involved from time to time in litigation arising in the ordinary course of business; however, there are currently no actions pending against us that we believe would have a material impact on our financial condition or results of operations.