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Acquisition Of Hotel Properties (Tables)
 9 Months Ended
Sep. 30, 2017
Acquisition Of Hotel Properties [Abstract]  
Schedule Of Purchase Price Allocation



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Date of acquisition

 

Land

 

Buildings, improvements, and vehicle

 

Furniture and equipment

 

Intangible asset

 

Estimated earn out

 

Total purchase price

 

Debt at acquisition (2)

 

Issuance of CHLP partnership units

 

Net cash

Home2 Suites

03/24/2017

 

$

905 

 

$

14,204 

 

$

1,351 

 

$

40 

 

$

 -

 

$

16,500 

 

$

16,455 

 

$

45 

 

$

 -

Lexington, KY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home2 Suites

03/24/2017

 

 

1,087 

 

 

14,345 

 

 

1,285 

 

 

33 

 

 

 -

 

 

16,750 

 

 

16,705 

 

 

45 

 

 

 -

Round Rock, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home2 Suites

03/24/2017

 

 

1,519 

 

 

18,229 

 

 

1,727 

 

 

25 

 

 

 -

 

 

21,500 

 

 

21,442 

 

 

58 

 

 

 -

Tallahassee, FL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home 2 Suites

04/14/2017

 

 

1,311 

 

 

16,792 

 

 

897 

 

 

 -

 

 

 -

 

 

19,000 

 

 

9,096 

 

 

52 

 

 

9,852 

Southaven, MS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hampton Inn & Suites

06/19/2017

 

 

1,200 

 

 

16,432 

 

 

1,773 

 

 

 -

 

 

(155) (1)

 

 

19,250 

 

 

19,165 

 

 

85 

 

 

 -

Lake Mary, FL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fairfield Inn & Suites

08/31/2017

 

 

1,014 

 

 

14,297 

 

 

1,089 

 

 

 -

 

 

 -

 

 

16,400 

 

 

16,336 

 

 

64 

 

 

 -

EL Paso, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residence Inn

08/31/2017

 

 

1,495 

 

 

19,630 

 

 

1,275 

 

 

 -

 

 

 -

 

 

22,400 

 

 

22,314 

 

 

86 

 

 

 -

Austin, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

8,531 

 

$

113,929 

 

$

9,397 

 

$

98 

 

$

(155)

 

$

131,800 

 

$

121,513 

 

$

435 (3)

 

$

9,852 



(1)

The Lake Mary purchase price is subject to a post-closing adjustment of up to $250 to be paid to the seller if the hotel achieves a stipulated hotel net operating income level in 2017.  This contingent consideration is included in the purchase price allocation at its estimated fair value on the date of the acquisition.

(2)

Debt of $9,096 was assumed related to the Home2 Suites Southaven, MS acquisition. The assumed loan bears interest at a fixed rate of 4.54%, requires monthly principal and interest payments of $48, and matures on August 1, 2024.    All other debt was drawn from the credit facility at acquisition.

(3)

Total issuance of 1,940,451 partnership units in CHLP.
Schedule Of Pro Forma Results



 

 

 

 

 

 

 

 

 

 

 

 



 

Three months ended September 30,

 

Nine months ended September 30,



 

2017

 

2016

 

2017

 

2016

Total revenue

 

$

 16,813 

 

$

 21,292 

 

$

 51,616 

 

$

 62,627 

Operating income

 

$

 1,667 

 

$

 2,826 

 

$

 6,198 

 

$

 7,939 

Net earnings (loss) attributable to common shareholders

 

$

 (1,071)

 

$

 2,350 

 

$

 (8,580)

 

$

 105 

Net earnings (loss) per share - Basic

 

$

 (0.09)

 

$

 3.09 

 

$

 (0.99)

 

$

 0.14 

Net earnings (loss) per share - Diluted

 

$

 (0.09)

 

$

 0.49 

 

$

 (0.99)

 

$

 0.08