Acquisitions

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Acquisitions

9. Acquisitions

On June 8, 2015, we acquired The Phoenician, a 643-room Luxury Collection resort, in Scottsdale, Arizona, for $400 million. In connection with the acquisition, we incurred $1 million of acquisition costs. Accounting for the acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to this acquisition (in millions):

Property and equipment	$	400
Total assets		400
Other liabilities		(2	)
Net assets acquired	$	398

Our summarized unaudited consolidated pro forma results of operations, assuming that this acquisition occurred on January 1, 2014, are as follows (in millions, except per share and per unit amounts):

	Quarter ended September 30,				Year-to-date ended September 30,
	2015		2014		2015		2014
Revenues	$	1,287	$	1,309	$	4,125	$	4,119
Income from continuing operations		85		139		427		497
Net income		85		139		427		497
Host Inc.:
Net income attributable to Host Inc.	$	85	$	138	$	417	$	486
Basic earnings per common share	$	.11	$	.18	$	.55	$	.64
Diluted earnings per common share	$	.11	$	.18	$	.55	$	.64
Host L.P.:
Net income attributable to Host L.P.	$	86	$	140	$	422	$	493
Basic earnings per common unit	$	.12	$	.19	$	.57	$	.66
Diluted earnings per common unit	$	.12	$	.19	$	.57	$	.66

The above pro forma results of operations exclude $1 million of acquisition costs for the year-to-date period ended September 30, 2015. The condensed consolidated statements of operations for the quarter and year-to-date periods ended September 30, 2015 include approximately $18 million and $23 million, respectively, of revenues and $5 million and $6 million, respectively, of net loss related to our 2015 acquisition.