Investment In Hotel Properties And Acquisition Of Hotel Properties

6 Months Ended

Jun. 30, 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 June 30, 2016 and December 31, 2015:

	As of
	June 30, 2016						December 31, 2015
	Held for sale		Held for use		Total		Held for sale		Held for use		Total
Land	$	3,438	$	13,049	$	16,487	$	5,818	$	13,049	$	18,867
Acquired below market lease intangibles		883		-		883		883		-		883
Buildings, improvements, vehicle		36,641		83,448		120,089		55,220		82,886		138,106
Furniture and equipment		10,620		14,242		24,862		16,558		14,030		30,588
Construction-in-progress		65		622		687		118		337		455
Investment in hotel properties		51,647		111,361		163,008		78,597		110,302		188,899
Less accumulated depreciation		(23,116)		(23,025)		(46,141)		(36,921)		(21,279)		(58,200)
Investment in hotel properties, net	$	28,531	$	88,336	$	116,867	$	41,676	$	89,023	$	130,699

The Company had no acquisitions during the three or six months ended June 30, 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		Six months ended
	June 30, 2015		June 30, 2015
Total revenue	$	19,214	$	34,517
Operating income	$	3,639	$	3,693
Net earnings (loss)  attributable to common shareholders	$	(4,565)	$	(2,183)
Net earnings (loss) per share attributable to common shareholders - Basic	$	(0.93)	$	(0.45)
Net earnings (loss) per share attributable to common shareholders - Diluted	$	(0.93)	$	(0.45)