Hotel Property Acquisitions

12 Months Ended

Dec. 31, 2012

Hotel Property Acquisitions

NOTE 3 - HOTEL PROPERTY ACQUISITIONS

Hotel property acquisitions in 2012 and 2011 include (in thousands):

Date Acquired	Franchise/Brand	Location	Purchase Price		Debt Assumed
2012
January 12	Courtyard by Marriott	Atlanta, GA	$	28,900	$	19,011
February 28	Hilton Garden Inn	Birmingham (Liberty Park), AL		11,500		-
February 28	Hilton Garden Inn	Birmingham (Lakeshore), AL		8,625		-
May 16	Courtyard by Marriott	Dallas (Arlington), TX		15,000		-
May 16	Hilton Garden Inn	Nashville (Smyrna), TN		11,500		8,708
June 21	Hilton / Hampton Inn & Suites	Nashville (Smyrna), TN		8,000		5,384
July 2	Residence Inn by Marriott	Dallas (Arlington), TX		15,500		-
October 5	Hyatt Place	Dallas (Arlington), TX		9,055		-
October 5	Hyatt Place	Denver (Lone Tree), CO		10,530		-
October 5	Hyatt Place	Denver (Englewood), CO		11,515		-
October 5	Hyatt House	Denver (Englewood), CO		13,480		-
October 5	Hyatt Place	Baltimore (Owings Mills), MD		10,235		-
October 5	Hyatt Place	Chicago (Lombard), IL		17,025		-
October 5	Hyatt Place	Phoenix, AZ		5,020		-
October 5	Hyatt Place	Scottsdale, AZ		10,530		-
October 23	Hilton Garden Inn	Fort Worth, TX		7,200		-
December 21	Residence Inn by Marriott	Salt Lake City, UT		19,959		14,059
December 27	Hyatt Place	Long Island (Garden City), NY		31,000		-
December 27	Hilton / Hampton Inn & Suites	Tampa (Ybor City), FL		20,844		-
Total 2012		19 hotel properties	$	265,418	$	47,162
2011
April 15	Hilton / Homewood Suites	Jackson (Ridgeland), MS	$	7,350	$	-
April 27	IHG / Staybridge Suites	Denver (Glendale), CO		10,000		-
April 27	IHG / Holiday Inn	Duluth, GA		7,000		-
May 25	Hilton Garden Inn	Duluth, GA		13,350		-
July 28	Courtyard by Marriott	El Paso, TX		12,350		-
Total 2011		5 hotel properties	$	50,050	$	-

The allocation of the aggregated purchase prices to the fair value of assets and liabilities acquired for the above acquisitions follows (in thousands):

	2012		2011
Land	$	33,874	$	7,254
Hotel buildings and improvements		220,599		41,368
Furniture, fixtures and equipment		10,945		1,428
Other assets		629		365
Total assets acquired		266,047		50,415
Debt assumed		47,162		-
Other liabilities		1,993		398
Net assets acquired	$	216,892	$	50,017

Total revenues and net income (loss) for hotel properties acquired in 2012 and 2011, which are included in our consolidated statements of operations for the years 2012 and 2011are (in thousands):

	2012 Acquisitions		2011 Acquisitions
	2012		2012		2011
Revenues	$	24,939	$	16,844	$	10,297
Net income (loss)	$	1,754	$	2,457	$	1,986

The results of operations of acquired hotel properties are included in the consolidated statements of operations beginning on their respective acquisition dates. The following unaudited condensed pro forma financial information presents the results of operations as if the 2012 and 2011 acquisitions had taken place on January 1, 2011. The unaudited condensed pro forma information excludes discontinued operations, is for comparative purposes only, and is not necessarily indicative of what actual results of operations would have been had the hotel acquisitions taken place on January 1, 2011. This information does not purport to represent results of operations for future periods.

The unaudited condensed pro forma financial information for 2012 and 2011, assuming the hotel properties acquired in 2012 and 2011 were acquired at the beginning of 2011, follows (in thousands, except per share):

	2012		2011
	(unaudited)
Revenues	$	72,567	$	83,986
Net income (loss)	$	23,840	$	7,499
Net income (loss) per share attributable to common
stockholders  - basic and diluted	$	0.58	$	0.20