HOTEL PROPERTY ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2014

Hotel property acquisitions in 2014 and 2013 are as follows (in thousands):

Date Acquired	Franchise/Brand	Location	Purchase Price		Debt Assumed

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	San Francisco, CA	21,250		—
March 14	DoubleTree by Hilton	San Francisco, CA	39,060		13,289
August 15	Hilton Garden Inn	Houston (Energy Corridor), TX	36,000		—
September 9	Hampton Inn & Suites	Austin, TX	53,000		—

Total 2014		6 hotel properties	$	214,710	$	43,172

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	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	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	Hampton Inn & Suites	Ventura (Camarillo), CA	15,750		—
October 8	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

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 is as follows (in thousands):

	2014			2013

Land	$	11,400		$	61,776
Hotel buildings and improvements	199,573			395,543
Furniture, fixtures and equipment	5,489			18,296
Other assets	11,625			11,273
Total assets acquired	228,087			486,888
Less debt assumed	(43,172		)	(33,532		)
Less lease liability assumed	(1,752		)	—
Less other liabilities	(2,671		)	(1,480		)
Net assets acquired	$	180,492		$	451,876

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 2014 and 2013, which are included in our consolidated statements of operations for the years ended December 31, 2014 and 2013, are as follows (in thousands):

	2014 Acquisitions		2013 Acquisitions
	2014		2014		2013

Revenues	$	37,655	$	122,732	$	76,675
Net income	$	4,977	$	21,974	$	13,399

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for 2014 and 2013, assuming the hotel properties acquired in 2014 and 2013 were acquired at the beginning of 2013, are as follows (in thousands, except per share):

	2014		2013
	(unaudited)

Revenues	$	419,595	$	379,606

Net income	$	23,419	$	17,750
Net income attributable to common stockholders	$	6,656	$	2,979

Net income per share attributable to common stockholders - basic and diluted	$	0.08	$	0.04