INVESTMENT IN HOTEL PROPERTIES, NET (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of investment in hotel properties, net

Investment in hotel properties, net at September 30, 2016 and December 31, 2015 is as follows (in thousands):



	September 30, 2016			December 31, 2015
Land	$	173,028		$	149,996
Hotel buildings and improvements	1,363,232			1,222,017
Construction in progress	17,926			6,555
Furniture, fixtures and equipment	126,287			123,332
	1,680,473			1,501,900
Less accumulated depreciation	(209,724		)	(168,493		)
	$	1,470,749		$	1,333,407

Disclosure of assets held for sale

Assets held for sale at September 30, 2016 and December 31, 2015 include the following (in thousands):



	September 30, 2016		December 31, 2015
Land	$	10,907	$	24,250
Hotel buildings and improvements	44,683		97,249
Furniture, fixtures and equipment	6,628		10,906
Franchise fees and other	395		733
	$	62,613	$	133,138

Schedule of hotel property acquisitions

A summary of the hotel properties acquired during the nine months ended September 30, 2016 and 2015 is as follows (in thousands):



Date Acquired	Franchise/Brand	Location	Purchase Price
For the nine months ended September 30, 2016
January 19, 2016	Courtyard by Marriott	Nashville, TN	$	71,000
January 20, 2016	Residence Inn by Marriott	Atlanta, GA	38,000
August 9, 2016	Marriott	Boulder, CO	61,400
			$	170,400	(1)
For the nine months ended September 30, 2015
April 13, 2015	Hampton Inn & Suites	Minneapolis, MN	$	38,951
June 18, 2015	Hampton Inn	Boston (Norwood), MA	24,000
June 30, 2015	Hotel Indigo	Asheville, NC	35,000
July 24, 2015	Residence Inn by Marriott	Branchburg, NJ	25,700
July 24, 2015	Residence Inn by Marriott	Hunt Valley, MD	31,100
			$	154,751	(2)

(1) The net assets acquired totaled $169.7 million due to the assumption at settlement of $0.7 million of net liabilities.


(2)	The net assets acquired totaled $155.1 million due to the purchase at settlement of $0.3 million of net working capital assets.

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 Nine Months Ended September 30,
	2016				2015
Land	$	23,288			$	9,975
Hotel buildings and improvements	143,856				134,109
Furniture, fixtures and equipment	2,948				13,690
Other assets	946			(1)	700			(2)
Total assets acquired	171,038				158,474
Less - lease liability assumed	—				(3,250		)
Less - other liabilities assumed	(1,384		)	(1)	(160		)	(2)
Net assets acquired	$	169,654			$	155,064

Schedule of total revenues and net income for hotel properties acquired

Total revenues and net income for hotel properties acquired in the nine months ended September 30, 2016 and 2015, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands):



	2016 Acquisitions		2015 Acquisitions				2016 Acquisitions		2015 Acquisitions
	For the		For the				For the		For the
	Three Months Ended September 30,		Three Months Ended September 30,				Nine Months Ended September 30,		Nine Months Ended September 30,
	2016		2016		2015		2016		2016		2015
Revenues	$	8,071	$	10,075	$	8,936	$	18,582	$	25,575	$	10,848
Net income	$	2,568	$	2,357	$	1,636	$	5,284	$	2,450	$	1,826

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for the three and nine months ended September 30, 2016 and 2015 is as follows (in thousands, except per share):



	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2016 (1)		2015		2016 (1)		2015
	(unaudited)				(unaudited)
Revenues	$	119,861	$	117,621	$	363,148	$	345,891
Income from hotel operations	$	45,401	$	44,336	$	140,232	$	130,532
Net income before taxes	$	16,227	$	10,604	$	51,091	$	42,872
Net income	$	17,472	$	10,420	$	50,630	$	41,286
Net income attributable to common stockholders, net of amount allocated to participating securities	$	12,367	$	6,200	$	37,016	$	28,529
Basic net income per share attributable to common stockholders	$	0.14	$	0.07	$	0.43	$	0.33
Diluted net income per share attributable to common stockholders	$	0.14	$	0.07	$	0.42	$	0.33

(1) The pro forma amounts exclude the $10.5 million and $50.0 million gain on the sale of hotel properties during the three and nine months ended September 30, 2016, respectively.