ACQUISITIONS

9 Months Ended

Sep. 30, 2011

ACQUISITIONS

NOTE 3 -ACQUISITIONS

We have acquired four hotels during the second quarter of 2011 and one hotel during the third quarter of 2011. We purchased the Homewood Suites in Ridgeland, MS on April 15, 2011 for approximately $7.3 million, the Staybridge Suites in Glendale, CO on April 27, 2011 for approximately $10.0 million, the Holiday Inn in Duluth, GA on April 27, 2011 for approximately $7.0 million, and the Hilton Garden Inn in Duluth, GA for approximately $13.4 million on May 25, 2011.  We purchased the Courtyard by Marriott in El Paso, TX on July 28, 2011 for approximately $12.4 million.  The purchases were financed with borrowings under our revolving credit facility.  We did not acquire any intangibles or assume any debt related to these five acquisitions.

The following table illustrates the allocation of the aggregated purchase prices for the purchases discussed above during 2011:

	2011
	(in thousands)
Land	$	7,254
Hotel buildings and improvements		41,368
Furniture, fixtures and equipment		1,428
Currents assets		365
Total assets acquired	$	50,415
Current liabilities		398
Net assets acquired	$	50,017