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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 16.  SUBSEQUENT EVENTS



The Company sold the 61-room Comfort Inn in Harlan, Kentucky on April 3, 2017 for gross proceeds of $1,850 and the 62-room Comfort Suites in Lafayette, Indiana on April 18, 2017 for gross proceeds of $3,885. Net proceeds from the sales were applied to the Company’s credit facility.



On April 14, 2017, the Company closed on the acquisition of the Home2 Suites Memphis / Southaven for a purchase price of $19,000.  The acquisition of this hotel included the assumption of an existing securitized loan on the property totaling approximately $9,100.  The loan bears interest at a fixed rate of 4.54%, requires monthly principal and interest payments of $48, and matures on August 1, 2024.



On April 29, 2017, the Company entered into a hotel purchase agreement to purchase a Hampton Inn and Suites in Lake Mary, Florida, a suburb of Orlando, for $19,250.  The closing of the acquisition is subject to customary closing conditions including accuracy of representations and warranties and compliance with covenants and obligations and is expected to occur in the late second quarter or early third quarter of 2017.



On May 11, 2017, the Company closed on an expansion of its $90,000 credit facility to $150,000 of committed borrowing capacity.  The credit facility continues to include an accordion feature that would allow the Company to increase the size of the credit facility up to $400,000 with additional lender commitments.