11.	Acquisitions

Business Combinations

We acquired one hotel during 2015 and recorded $1 million of acquisition related expenses and acquired two hotels during 2014 and recorded $2 million of acquisition related expenses. For 2015 and 2014, our business combinations were as follows:

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On June 8, 2015, we acquired the 643-room Phoenician hotel for approximately $400 million.

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On August 11, 2014, we acquired the 242-room YVE Hotel Miami (formerly the b2 miami downtown hotel) for approximately $58 million.

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On January 21, 2014, we acquired the 151-room Axiom Hotel (formerly the Powell Hotel) in San Francisco, California, including retail space and the fee simple interest in the land, for approximately $75 million.

Accounting for the acquisition of a hotel property or an entity as a purchase transaction requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The purchase price allocations are estimated based on current available information.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed for our 2015 and 2014 hotel acquisitions (in millions):

	As of December 31,
	2015			2014
Property and equipment	$	400		$	131
FF&E Reserves and other assets		—			3
Total assets		400			134
Other liabilities		(2	)		(1	)
Net assets acquired	$	398		$	133

Our summarized unaudited consolidated pro forma results of operations, assuming the 2015 and 2014 hotel acquisitions occurred on January 1, 2014 and 2013, respectively, and excluding the acquisition costs discussed above, are as follows (in millions, except per share and per unit amounts):

	Year ended December 31,
	2015		2014
Revenues	$	5,459	$	5,475
Income from continuing operations		594		763
Net income		594		763

Host Inc.:
Net income attributable to Host Inc.	$	581	$	748

Basic earnings per common share	$	.77	$	.99

Diluted earnings per common share	$	.77	$	.99

Host L.P.:
Net income attributable to Host L.P.	$	588	$	757

Basic earnings per common share	$	.79	$	1.01
Diluted earnings per common share	$	.79	$	1.01

For 2015 and 2014, our consolidated statements of operations include $68 million and $12 million of revenues, respectively, and a net loss of $2 million for 2015 and net income of $2 million for 2014.

New Development and Other Asset Acquisitions

For 2015 and 2014, our new development and other asset acquisitions were as follows:

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On December 30, 2015, we purchased the land under the Minneapolis City Center Marriott for $34 million.

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In February 2015, we purchased the ground lease at the Sheraton Indianapolis Hotel at Keystone Crossing, along with two out-parcels, for $4.6 million.

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In the fourth quarter of 2014, we completed construction and opened the 149-room Novotel and 256-room ibis Rio de Janeiro Parque Olimpico in Barra da Tijuca, both managed by Accor, for a total investment of R$139 million ($65 million).