Acquisitions And Development

12 Months Ended

Dec. 31, 2013

Acquisitions And Development [Abstract]

Acquisitions And Development

Note 3. Acquisitions and Development

There were no acquisitions and no properties under construction or redevelopment during 2013 or 2011.

On May 25, 2012, we acquired the wholly-owned property, Hilton Garden Inn in Dowell, Maryland.The fair value of the investment in hotel properties, included within the consolidated balance sheet, is $11.5 million. The purchase price was allocated to land, buildings and improvements, and furniture, fixtures and equipment. Included in the consolidated statement of operations for the twelve months ended December 31, 2012 are total revenues of $2.2 million and total net income of $0.6 million since the date of acquisition. Additionally, $0.2 million of acquisition costs are included in acquisition, termination expense.