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INVESTMENT IN HOTEL PROPERTIES, NET (Tables)
 3 Months Ended
Mar. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Schedule of investment in hotel properties, net
Investment in hotel properties, net at March 31, 2016 and December 31, 2015 is as follows (in thousands):
 
 
 
March 31, 2016
 
December 31, 2015
Land
 
$
162,169

 
$
149,996

Hotel buildings and improvements
 
1,321,208

 
1,222,017

Construction in progress
 
13,582

 
6,555

Furniture, fixtures and equipment
 
121,755

 
123,332

 
 
1,618,714

 
1,501,900

Less accumulated depreciation
 
(184,699
)
 
(168,493
)
 
 
$
1,434,015

 
$
1,333,407
Disclosure of Long Lived Assets Held-for-sale
Assets held for sale at March 31, 2016 and December 31, 2015 include the following (in thousands):
 
 
 
March 31, 2016
 
December 31, 2015
Land
 
$
15,228

 
$
24,250

Hotel buildings and improvements
 
61,728

 
97,249

Furniture, fixtures and equipment
 
6,832

 
10,906

Construction in progress
 
36

 
42

Notes receivable
 
2,490

 
—

Franchise fees
 
471

 
691

Total
 
$
86,785

 
$
133,138
Schedule of hotel property acquisitions
A summary of the hotel properties acquired during the three months ended March 31, 2016 is as follows (in thousands):
 
Date Acquired
 
Franchise/Brand
 
Location
 
Purchase
Price
 
 
January 19, 2016
 
Courtyard by Marriott
 
Nashville, TN
 
$
71,000

 
 
January 20, 2016
 
Residence Inn by Marriott
 
Atlanta, GA
 
38,000

 
(1
)

 
 
 
$
109,000

 
(2
)

 
(1)
This Parked Asset was purchased as part of a potential reverse 1031 Exchange. See "Note 2 — Basis of Presentation and Significant Accounting Policies—Variable Interest Entities".  As such, the legal title to this Parked Asset is held by a qualified intermediary engaged to execute the potential 1031 Exchange.  We retain essentially all of the legal and economic benefits and obligations related to the Parked Asset.  As such, the Parked Asset is included in our Condensed Consolidated Balance Sheets at March 31, 2016 and Condensed Consolidated Statements of Operations for the three months then ended as a VIE until legal title is transferred to us upon completion of the 1031 Exchange. 
(2) The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000
Schedule of allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed
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):

 
 
For the Three Months Ended
March 31, 2016
Land
 
$
12,173

Hotel buildings and improvements
 
95,358

Furniture, fixtures and equipment
 
2,130

Other assets (1)
 
383

Total assets acquired
 
110,044

Less other liabilities (1)
 
(862
)
Net assets acquired
 
$
109,182


(1) 
The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000.
Schedule of total revenues and net income for hotel properties acquired
Total revenues and net income for hotel properties acquired in the three months ended March 31, 2016, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands):
 
 
 
For the Three Months Ended
March 31, 2016
Revenues
 
$
4,244

Net income
 
$
977
Schedule of unaudited condensed pro forma financial information
The unaudited condensed pro forma financial information for the three months ended March 31, 2016 and 2015 is as follows (in thousands, except per share):
 
 
 
For the Three Months Ended
March 31,
 
 
2016 (1)
 
2015
 
 
(unaudited)
Revenues
 
$
116,693

 
$
109,035

Income from hotel operations
 
$
43,813

 
$
39,716

Net income before taxes
 
$
13,749

 
$
13,187

Net income
 
$
12,178

 
$
12,668

Net income attributable to common stockholders, net of amount allocated to participating securities
 
$
7,957

 
$
8,425

Basic and diluted net income per share attributable to common stockholders
 
$
0.09


$
0.10


(1) The pro forma amounts exclude the $36.8 million gain on the sale of hotel properties during the three months ended March 31, 2016.