INVESTMENT IN HOTEL PROPERTIES, NET (Tables)

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Schedule of investment in hotel properties, net

Investment in hotel properties, net at March 31, 2017 and December 31, 2016 is as follows (in thousands):

	March 31, 2017			December 31, 2016
Land	$	185,269		$	178,423
Hotel buildings and improvements	1,473,573			1,433,389
Construction in progress	20,019			22,490
Furniture, fixtures and equipment	135,694			129,437
	1,814,555			1,763,739
Less - accumulated depreciation	(236,804		)	(224,871		)
	$	1,577,751		$	1,538,868

Disclosure of assets held for sale

Assets held for sale at March 31, 2017 and December 31, 2016 include the following (in thousands):

	March 31, 2017		December 31, 2016
Land	$	10,907	$	10,907
Hotel buildings and improvements	44,736		44,718
Furniture, fixtures and equipment	6,752		6,649
Franchise fees and other	421		421
	$	62,816	$	62,695

Schedule of sale of hotels

Hotel	Location	Guestrooms
Courtyard by Marriott	Jackson, MS	117
Courtyard by Marriott	Germantown, TN	93
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
Total		651

Schedule of hotel property acquisitions

A summary of the hotel properties acquired during the three months ended March 31, 2017 and 2016 is as follows (in thousands):

Date Acquired	Franchise/Brand	Location	Purchase Price
For the three months ended March 31, 2017
March 1, 2017	Homewood Suites	Aliso Viejo (Laguna Beach), CA	$	38,000
March 30, 2017	Hyatt Place	Phoenix (Mesa), AZ	22,200
			$	60,200	(1)
For the three months ended March 31, 2016
January 19, 2016	Courtyard by Marriott	Nashville, TN	$	71,000
January 20, 2016	Residence Inn by Marriott	Atlanta, GA	38,000
			$	109,000	(2)

(1) The net assets acquired totaled $60.5 million due to the purchase at settlement of $0.3 million of net working capital assets.

(2) The net assets acquired totaled $109.2 million due to the purchase at settlement of $0.2 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 Three Months Ended March 31,
	2017				2016
Land	$	7,999			$	12,173
Hotel buildings and improvements	49,027				94,697
Furniture, fixtures and equipment	3,150				2,130
Other assets	360			(1)	383			(2)
Total assets acquired	60,536				109,383
Less - other liabilities assumed	(69		)	(1)	(201		)	(2)
Net assets acquired	$	60,467			$	109,182

(1) The net assets acquired totaled $60.5 million due to the purchase at settlement of $0.3 million of net working capital assets.

(2) The net assets acquired totaled $109.2 million due to the purchase at settlement of $0.2 million of net working capital assets.

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, 2017 and 2016, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands):

	2017 Acquisitions		2016 Acquisitions
	For the		For the
	Three Months Ended March 31,		Three Months Ended March 31,
	2017		2017		2016
Revenues	$	768	$	5,338	$	4,244
Net income	$	373	$	1,081	$	977

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for the three months ended March 31, 2017 and 2016 is as follows (in thousands, except per share):

	For the Three Months Ended March 31,
	2017		2016
Revenues	$	120,002	$	119,101
Income from hotel operations	$	43,850	$	45,069
Net income before taxes	$	15,348	$	15,925
Net income	$	14,927	$	14,354
Net income attributable to common stockholders, net of amount allocated to participating securities	$	10,568	$	10,121
Basic and diluted net income per share attributable to common stockholders	$	0.11	$	0.12