INVESTMENT IN HOTEL PROPERTIES (Tables)

12 Months Ended

Dec. 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 December 31, 2016 and 2015 include (in thousands):



	2016			2015
Land	$	178,423		$	149,996
Hotel buildings and improvements	1,433,389			1,222,017
Construction in progress	22,490			6,555
Furniture, fixtures and equipment	129,437			123,332
	1,763,739			1,501,900
Less - accumulated depreciation	(224,871		)	(168,493		)
	$	1,538,868		$	1,333,407

Schedule of hotel property acquisitions

Hotel property acquisitions in 2016 and 2015 were as follows (in thousands):



Date Acquired	Franchise/Brand	Location	Guestrooms	Purchase Price
Year Ended December 31, 2016
January 19	Courtyard by Marriott	Nashville, TN	226	$	71,000
January 20	Residence Inn	Atlanta, GA	160	38,000
August 9	Marriott	Boulder, CO	157	61,400
October 28	Hyatt Place ⁽¹⁾	Chicago, IL	206	73,750
			749	$	244,150	⁽²⁾
Year Ended December 31, 2015
April 13	Hampton Inn & Suites	Minneapolis, MN	211	$	38,951
June 18	Hampton Inn	Boston (Norwood), MA	139	24,000
June 30	Hotel Indigo	Asheville, NC	115	35,000
July 24	Residence Inn	Branchburg, NJ	101	25,700
July 24	Residence Inn	Baltimore (Hunt Valley), MD	141	31,100
October 19	Hyatt House	Miami, FL	156	39,000
October 20	Courtyard by Marriott	Atlanta (Decatur), GA	179	44,000
			1,042	$	237,751	⁽³⁾

(1)

This hotel was a Parked Asset at December 31, 2016 pending the completion of a reverse 1031 Exchange related to the sale of certain properties. See “Note 2 — Summary of Significant Accounting Policies — Variable Interest Entities” to these Consolidated Financial Statements. As such, the legal title to this Parked Asset was held by a qualified intermediary engaged to execute 1031 Exchanges. We retain essentially all of the legal and economic benefits and obligations related to the Parked Asset. As such, the Parked Asset was included in our Consolidated Balance Sheet at December 31, 2016 and Consolidated Statement of Operations for the year then ended as a VIE until legal title is transferred to us upon completion of the 1031 Exchange.


(2)	The net assets acquired totaled $244.7 million due to the purchase at settlement of $0.6 million of net working capital assets.


(3)	The net assets acquired totaled $237.9 million due to the purchase at settlement of $0.1 million of net working capital assets.

Schedule of allocation of aggregate purchase prices to fair value of assets and liabilities acquired

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):



	2016			2015
Land	$	28,683		$	18,947
Hotel buildings and improvements	207,433			208,864
Furniture, fixtures and equipment	8,081			6,803
Other assets	1,240			7,072
Total assets acquired	245,437			241,686
Less lease liability assumed	—			(3,250		)
Less other liabilities	(723		)	(577		)
Net assets acquired	$	244,714		$	237,859

Schedule of total revenues and net income for hotel properties acquired

Total revenues and net income for hotel properties acquired in 2016 and 2015, which are included in our Consolidated Statements of Operations for the years ended December 31, 2016 and 2015, are as follows (in thousands):



	2016 Acquisitions		2015 Acquisitions
	2016		2016		2015
Revenues	$	28,560	$	52,196	$	22,811
Net income	$	6,992	$	5,816	$	3,317

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for 2016 and 2015 is as follows (in thousands, except per share):



	2016		2015
	(unaudited)
Revenues	$	484,989	$	460,422
Net income ⁽¹⁾	$	66,099	$	62,432
Net income attributable to common stockholders, net of amount allocated to participating securities ⁽¹⁾	$	45,319	$	45,381
Net income per share attributable to common stockholders ⁽¹⁾:
Basic	$	0.52	$	0.53
Diluted	$	0.52	$	0.52


(1)	The pro forma amounts exclude the $49.8 million and $66.6 million pre-tax gain on the sale of hotel properties during the years ended December 31, 2016 and 2015, respectively.

Assets held for sale | Hotel properties and land parcels

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of assets held for sale

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



	2016		2015
Land	$	10,907	$	24,250
Hotel building and improvements	44,718		97,249
Furniture, fixtures and equipment	6,649		10,906
Construction in progress	29		42
Franchise fees	392		691
	$	62,695	$	133,138

Assets held for sale | Portfolio of Hotels, ARCH Agreements

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of assets held for sale



Hotel	Location	Guestrooms
Courtyard by Marriott	Jackson, MS	117
Courtyard by Marriott	Germantown, TN	93
Courtyard by Marriott	El Paso, TX	90
Fairfield Inn & Suites	Germantown, TN	80
Homewood Suites	Ridgeland, MS	91
Residence Inn	Jackson, MS	100
Residence Inn	Germantown, TN	78
Staybridge Suites	Ridgeland, MS	92
		741