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Joint Venture Transaction (Tables)
12 Months Ended
Dec. 31, 2015
Joint Venture Transaction [Abstract]  
Fair values of assets acquired and liabilities assumed
The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity (i.e., a business combination) through this, primarily non-cash, transaction (in thousands):
Assets
 
Investment in hotels
$
130,100

Other assets
1,300

Deferred expenses
259

Total assets acquired
$
131,659

 
 
Liabilities
 
Debt
$
64,000

Net assets acquired
$
67,659

Unaudited consolidated pro forma results of operations
The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date.
 
Year Ended December 31,
 
2014
 
2013
Net income (loss)
$
94,869

 
$
(65,670
)
Income (loss) per share/unit - basic
$
0.43

 
$
(0.82
)
Income (loss) per share/unit - diluted
$
0.43

 
$
(0.82
)