INVESTMENT IN HOTEL PROPERTIES, NET (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of investment in hotel properties, net

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

	September 30, 2020		December 31, 2019
Hotel buildings and improvements	$	2,062,345	$	2,049,384
Land	319,603		319,603
Furniture, fixtures and equipment	176,058		173,128
Construction in progress	6,972		9,388
Intangible assets	11,231		11,231
Real estate development loan	12,495		5,485
	2,588,704		2,568,219
Less - accumulated depreciation and amortization	(463,258)		(383,987)
	$	2,125,446	$	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 allocation of aggregate purchase prices to the 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):

	For the Nine Months Ended September 30,
	2019
Land	$	6,845
Hotel buildings and improvements	20,652
Furniture, fixtures and equipment	465
Other assets	207
Total assets acquired	28,169
Less other liabilities	(70)
Net assets acquired	$	28,099

On January 31, 2019, we exercised our option pursuant to a ground lease agreement to purchase the land upon which our Residence Inn by Marriott in Baltimore (Hunt Valley), MD is located for $4.2 million, which resulted in a termination of obligations under the ground lease. As a result, this hotel property is no longer subject to a ground lease.

Schedule of pro forma information

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

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues	$	52,413	$	144,564	$	186,233	$	438,560
Income from hotel operations	$	5,663	$	54,290	$	25,379	$	169,003
Net (loss) income (1)	$	(35,936)	$	18,340	$	(104,692)	$	54,734
Net (loss) income attributable to common stockholders, net of amount allocated to participating securities (2)	$	(38,424)	$	11,205	$	(111,654)	$	33,862
Basic and diluted net (loss) income per share attributable to common stockholders (2)	$	(0.37)	$	0.11	$	(1.07)	$	0.33

(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 $50.9 million and $46.1 million for the three months ended September 30, 2020 and 2019, respectively, and $159.3 million and $143.6 million for the nine months ended September 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 $48.7 million and $45.8 million for the three months ended September 30, 2020 and 2019, respectively, and $152.4 million and $142.9 million for the nine months ended September 30, 2020 and 2019, respectively.