HOTEL PROPERTY ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2014

Hotel property acquisitions in the three months ended March 31, 2014 and 2013 include (in thousands):

Date Acquired	Franchise/Brand	Location	Purchase Price		Debt Assumed

First Quarter 2014
January 9	Hilton Garden Inn	Houston, TX	$	37,500	$	17,846
January 10	Hampton Inn	Santa Barbara (Goleta), CA	27,900		12,037
January 24	Four Points by Sheraton	South San Francisco, CA	21,250		—
March 14	DoubleTree by Hilton	San Francisco, CA	39,060		13,289

Total Three Months Ended March 31, 2014		4 hotel properties	$	125,710	$	43,172

First Quarter 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	Holiday Inn Express & Suites (1)	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		—

Total Three Months Ended March 31, 2013		9 hotel properties	$	226,859	$	23,423

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

Schedule of allocation of aggregate purchase prices to 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):

	March 31,
	2014			2013

Land	$	8,600		$	33,476
Hotel buildings and improvements	114,713			187,754
Furniture, fixtures and equipment	3,389			5,629
Other assets	11,542			7,443
Total assets acquired	138,244			234,302
Less debt assumed	(43,172		)	(23,423		)
Less other liabilities	(1,402		)	(545		)
Net assets acquired	$	93,670		$	210,334

Schedule of total revenues and net income for hotel properties acquired

Total revenues and net income for hotel properties acquired for the three months ended March 31, 2014 and 2013, which are included in our consolidated statements of operations follows (in thousands):

	For the Three Months Ended March 31,
	2014 Acquisitions		2013 Acquisitions
	2014		2014		2013

Revenues	$	4,898	$	15,741	$	6,779

Net income	$	233	$	2,076	$	1,136

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for the three months ended March 31, 2014 and 2013 follows (in thousands, except per share amounts):

	For the Three Months Ended March 31,
	2014			2013

Revenues	$	91,659		$	85,342

Net income	$	2,990		$	3,794

Net income (loss) per share attributable to common stockholders - basic and diluted	$	(0.01	)	$	0.02