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Acquisition Of Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2017
Schedule Of Purchase Price Allocation



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

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 common units (3)

 

Net cash paid

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 

 

$

9,852 



(1)

The Lake Mary purchase price was subject to a post-closing adjustment of up to $250 to be paid to the seller if the hotel achieved a stipulated hotel net operating income level in 2017.  This contingent consideration was included in the purchase price allocation at its estimated fair value on the date of the acquisition.  The full amount of $250 was paid to the seller in December of 2017 with the incremental amount paid over the estimated fair value included in acquisition and terminated transactions expenses.

(2)

Debt of $9,096 with Morgan Stanley Bank of America Merrill Lynch Trust 2014-C18 was assumed related to the Home2 Suites Southaven, MS acquisition. This loan remains outstanding at December 31, 2017. All other debt was drawn from the credit facility at acquisition.

(3)

Total issuance of 1,940,451 common units.
Schedule Of Pro Forma Results



 

 

 

 

 



Years ended December 31,



2017

 

2016

Total revenue

$

 66,894 

 

$

 81,439 

Operating income

$

 7,204 

 

$

 9,156 

Net earnings (loss) attributable to common shareholders

$

 (7,497)

 

$

 3,877 

Net earnings (loss) per share - Basic

$

 (0.79)

 

$

 5.09 

Net earnings (loss) per share - Diluted

$

 (0.79)

 

$

 1.26 



Aloft Hotel, Leawood, Kansas [Member]  
Schedule Of Purchase Price Allocation



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Date of acquisition

 

Land

 

Buildings, improvements, and vehicles

 

Furniture and equipment

 

Total purchase price

 

Debt at acquisition (1)

 

Issuance of common units (2)

 

Net cash paid

Aloft

 

12/14/2016

 

$

3,339 

 

$

18,046 

 

$

1,115 

 

$

22,500 

 

$

15,925 

 

$

50 

 

$

6,525 

Leawood, KS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Hotel Indigo, Marriott And Springhill Suites [Member]  
Schedule Of Purchase Price Allocation



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotel

 

Date of acquisition

 

Land

 

Buildings, improvements, and vehicles

 

Furniture and equipment

 

Total purchase price

 

Debt at acquisition (1)

 

Issuance of common units (2)

 

Net cash paid (3)

Hotel Indigo

 

10/2/2015

 

$

 800 

 

$

 8,700 

 

$

 1,500 

 

$

 11,000 

 

$

 5,000 

 

$

 150 

 

$

 5,850 

Atlanta, GA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marriott Courtyard

 

10/2/2015

 

 

 2,100 

 

 

 11,050 

 

 

 850 

 

 

 14,000 

 

 

 10,100 

 

 

 150 

 

 

 3,750 

Jacksonville, FL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SpringHill Suites

 

10/1/2015

 

 

 1,597 

 

 

 14,353 

 

 

 1,550 

 

 

 17,500 

 

 

 11,220 

 

 

 150 

 

 

 6,130 

San Antonio, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

 4,497 

 

$

 34,103 

 

$

 3,900 

 

$

 42,500 

 

$

 26,320 

 

$

 450 

 

$

 15,730 



(1)

These acquisitions were funded with the assumption of one loan from Latitude with an aggregate outstanding principal balance of $11,220 and two newly originated GE Capital loans totaling $15,100 (subsequently sold to Western Alliance Bank in April 2016).  These loans were refinanced with a loan from Wells Fargo in 2017.

(2)

Total issuance of 2,298,879 common units.

(3)

Includes $830 funded by borrowings from the Company’s then existing credit facility with Great Western Bank.