INVESTMENT IN HOTEL PROPERTIES, NET (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of investment in hotel properties, net

Investment in hotel properties, net is as follows (in thousands):

	June 30, 2020		December 31, 2019
Hotel buildings and improvements	$	2,056,244	$	2,049,384
Land	319,603		319,603
Furniture, fixtures and equipment	180,961		173,128
Construction in progress	5,061		9,388
Intangible assets	11,231		11,231
Real estate development loan	9,275		5,485
	2,582,375		2,568,219
Less - accumulated depreciation and amortization	(436,463)		(383,987)
	$	2,145,912	$	2,184,232

Schedule of asset sales

On April 17, 2019, we completed the sale of the six hotel properties set forth in the following table for a gross sales price of $135.0 million and a realized net gain of $36.6 million:

Franchise/Brand	Location	Guestrooms
SpringHill Suites	Minneapolis (Bloomington), MN	113
Hampton Inn & Suites	Minneapolis (Bloomington), MN	146
Residence Inn	Salt Lake City, UT	189
Hyatt Place	Dallas (Arlington), TX	127
Hampton Inn	Santa Barbara (Goleta), CA	101
Hampton Inn	Boston (Norwood), MA	139
Total		815

Schedule of pro forma information

The unaudited condensed pro forma financial information for the 72 hotel properties owned at June 30, 2020 for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands, except per share):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Revenues	$	25,435	$	152,240	$	133,820	$	293,996
Income from hotel operations	$	(10,009)	$	60,905	$	19,716	$	114,713
Net (loss) income (1)	$	(52,543)	$	20,791	$	(68,756)	$	36,394
Net (loss) income attributable to common stockholders, net of amount allocated to participating securities (2)	$	(54,126)	$	13,752	$	(73,231)	$	22,612
Basic and diluted net (loss) income per share attributable to common stockholders (2)	$	(0.52)	$	0.13	$	(0.70)	$	0.22

(1) Pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, loss on impairment of assets and other corporate expenses totaling $51.8 million and $49.6 million for the three months ended June 30, 2020 and 2019, respectively, and $108.4 million and $97.5 million for the six months ended June 30, 2020 and 2019, respectively.

(2) Pro forma amounts include depreciation expense, property tax expense, interest expense, income tax expense, loss on impairment of assets and other corporate expenses totaling $49.5 million and $49.4 million for the three months ended June 30, 2020 and 2019, respectively, and $103.7 million and $97.1 million for the six months ended June 30, 2020 and 2019, respectively.