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Acquisition of Hotel Properties (Tables)
 3 Months Ended
Mar. 31, 2019
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 paid

TownePlace Suites

01/18/2018

 

$

1,435 

 

$

16,459 

 

$

1,729 

 

$

190 

 

$

19,813 

 

$

19,813 

 

$

 -

 

$

 -

Austin, TX

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home2 Suites

02/21/2018

 

 

998 

 

 

13,485 

 

 

1,854 

 

 

53 

 

 

16,390 

 

 

14,818 

 

 

50 

 

 

1,522 

Summerville, SC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

$

2,433 

 

$

29,944 

 

$

3,583 

 

$

243 

 

$

36,203 

 

$

34,631 

 

$

50 

 

$

1,522 



(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).
Schedule of Pro Forma Results



 

 



Three months ended March 31,



2018

Total revenue

$

 17,322 

Operating income

$

 2,280 

Net earnings (loss) attributable to common shareholders

$

 671 

Net earnings (loss) per share - Basic

$

 0.06 

Net earnings (loss) per share - Diluted

$

 0.06