Investment In Hotel Properties And Acquisition Of Hotel Properties

3 Months Ended

Mar. 31, 2016

Investment In Hotel Properties And Acquisition Of Hotel Properties [Abstract]

Investment In Hotel Properties And Acquisitions Of Hotel Properties

NOTE 2.  INVESTMENT IN HOTEL PROPERTIES AND ACQUISITION OF HOTEL PROPERTIES

Investments in hotel properties consisted of the following at March 31, 2016 and December 31, 2015:

	As of
	March 31, 2016						December 31, 2015
	Held for sale		Held for use		Total		Held for sale		Held for use		Total
Land	$	2,050	$	15,550	$	17,600	$	3,316	$	15,551	$	18,867
Acquired below market lease intangibles		883		-		883		883		-		883
Buildings, improvements, vehicle		25,183		106,229		131,412		32,050		106,056		138,106
Furniture and equipment		7,643		20,772		28,415		9,876		20,712		30,588
Construction-in-progress		19		647		666		2		453		455
Investment in hotel properties		35,778		143,198		178,976		46,127		142,772		188,899
Less accumulated depreciation		(17,101)		(37,553)		(54,654)		(21,740)		(36,460)		(58,200)
Investment in hotel properties, net	$	18,677	$	105,645	$	124,322	$	24,387	$	106,312	$	130,699

The Company had no acquisitions during the three months ended March 31, 2016 or 2015.

Pro Forma Results

The Company acquired three hotel properties with a combined purchase price of $42,500 on October 1 and 2, 2015.  The following condensed pro forma financial data is presented as if all acquisitions completed in 2015 had been completed on January 1, 2014.  The condensed pro forma financial data is not necessarily indicative of what actual results of operations of the Company would have been assuming the acquisitions had been consummated on January 1, 2014, nor do they purport to represent the results of operations for future periods.

	Three months ended
	March 31, 2015
Total revenue	$	15,303
Operating income	$	54
Net earnings attributable to common shareholders	$	2,382
Net earnings per share attributable to common shareholders - Basic	$	0.50
Net earnings per share attributable to common shareholders - Diluted	$	(0.08)