ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2012

Allocation of Aggregated Purchase Prices

The following table illustrates our initial allocation of the aggregated purchase prices for the hotel acquisitions discussed above during 2011 and 2012. The allocations for certain of our acquisitions are based on preliminary information and are, therefore, subject to change.

	2012		2011
	(in thousands)		(in thousands)
Land	$	9,843	$	7,254
Hotel buildings and improvements		84,757		41,368
Furniture, fixtures and equipment		4,425		1,428
Other assets		338		365
Total assets acquired		99,363		50,415
Other liabilities		311		398
Debt acquired		33,103		-
Total liabilities acquired		33,414		398
Net assets acquired	$	65,949	$	50,017

Total Revenues and Net Income (Loss) of Hotels Acquired

Total revenues and net income (loss) for the three and nine months ended September 30, 2012 of hotels acquired during the nine months ended September 30, 2012 and the year ended December 31, 2011, which are included in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2012 and 2011, were as follows (in thousands):

	For the three months ended				For the nine months ended
2012 acquisitions	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Revenue	$	5,808	$	-	$	11,457	$	-
Net income	$	448	$	-	$	1,055	$	-
	For the three months ended				For the nine months ended
2011 acquisitions	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Revenue	$	4,338	$	4,022	$	12,496	$	6,222
Net income	$	748	$	913	$	2,070	$	1,474

Business Acquisition, Pro Forma Information

The unaudited condensed pro forma financial information, excluding discontinued operations, is as follows (in thousands, except per share data):

	For the three months ended				For the nine months ended
	September 30, 2012		September 30, 2011		September 30, 2012			September 30, 2011
Revenue	$	51,234	$	45,916	$	144,338		$	130,658
Net income (loss)	$	485	$	153	$	(4,193	)	$	(6,090	)
Net income (loss) per share
attributable to common
shareholders - basic and diluted	$	0.01	$	0.00	$	(0.11	)	$	(0.16	)