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Acquisition of Hotel Properties (Tables)
 3 Months Ended
Mar. 31, 2018
Acquisition of Hotel Properties [Abstract]  
Schedule of Purchase Price Allocation

During the three months ended March 31, 2018, the Company acquired two wholly owned hotel properties.  The allocation of the purchase price based on fair value was as follows:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Date of acquisition

 

Land

 

Buildings, improvements, and vehicle

 

Furniture and equipment

 

Intangible asset

 

Total purchase price & acquisition costs (1)

 

Debt at acquisition (2)

 

Issuance of  common units (3)

 

Net cash

TownePlace Suites

01/18/2018

 

$

1,435 

 

$

16,453 

 

$

1,728 

 

$

190 

 

$

19,806 

 

$

19,806 

 

$

 -

 

$

 -

Austin, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home2 Suites

02/21/2018

 

 

997 

 

 

13,474 

 

 

1,853 

 

 

53 

 

 

16,377 

 

 

14,818 

 

 

50 

 

 

1,509 

Summerville, SC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

2,432 

 

$

29,927 

 

$

3,581 

 

$

243 

 

$

36,183 

 

$

34,624 

 

$

50 

 

$

1,509 



(1)

Contractual purchase price of $19,750 and $16,325 for Austin TownePlace Suites and Summerville Home2 Suites, respectively.

(2)

All debt was drawn from the $150,000 secured revolving credit facility (the “credit facility”) at acquisition.

(3)

Total issuance of 259,685 common units.  Common units may be redeemed at a rate of one common share for 52 common units (see Note 11).



During the three months ended March 31, 2017, the Company acquired three wholly owned hotel properties.  The allocation of the purchase price based on fair value was as follows:





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Date of acquisition

 

Land

 

Buildings, improvements, and vehicle

 

Furniture and equipment

 

Intangible asset

 

Total purchase price

 

Debt at acquisition (1)

 

Issuance of common units (2)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

3,511 

 

$

46,778 

 

$

4,363 

 

$

98 

 

$

54,750 

 

$

54,602 

 

$

148 

 

$

 -

 



(1)

All debt was drawn from the credit facility at acquisition.

(2)

Total issuance of 593,896 common units.  Common units may be redeemed at a rate of one common share for 52 common units (see Note 11).
Schedule of Pro Forma Results



 

 

 

 

 

 



 

Three months ended March 31,



 

2018

 

2017

Total revenue

 

$

 17,322 

 

$

 18,025 

Operating income

 

$

 2,280 

 

$

 1,729 

Net earnings (loss) attributable to common shareholders

 

$

 671 

 

$

 (13,048)

Net earnings (loss) per share - Basic

 

$

 0.06 

 

$

 (4.44)

Net earnings (loss) per share - Diluted

 

$

 0.06 

 

$

 (4.44)