Acquisitions And Development

12 Months Ended

Dec. 31, 2014

Acquisitions And Development [Abstract]

Acquisitions And Development

Note 3. Acquisitions and Development

There were no hotel acquisitions and no properties under construction or redevelopment during 2014 or 2013.

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. Total revenues included in the consolidated statement of operations for the twelve months ended December 31, 2014 and 2013 and since the date of acquisition in 2012 are $3.1 million, $3.3 million and $2.2 million, respectively.Total net income included in the consolidated statement of operations for the twelve months ended December 31, 2014 and 2013 and since the date of acquisition in 2012 is $0.8 million, $0.8 million and$0.6 million, respectively. Additionally, $0.2 million of acquisition costs are included in acquisition and termination expense.