Acquisition of Hotel Properties (Tables)

6 Months Ended

Jun. 30, 2019

Acquisition of Hotel Properties [Abstract]

During the six months ended June 30, 2018, the Company acquired two wholly owned hotel properties, each of which was acquired in the first quarter of 2018. 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


	Six months ended June 30, 2018
Total revenue	$	35,156
Operating income	$	5,309
Net earnings attributable to common shareholders	$	3,482
Net earnings per share - Basic	$	0.29
Net earnings per share - Diluted	$	0.29