Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Estimated Fair Value of Assets Acquired and Liabilities Assumed in Acquisitions

On August 11, 2014, we acquired the 242-room b2 miami downtown hotel for approximately $58 million. On January 21, 2014, we acquired the 151-room Powell Hotel in San Francisco, California, including retail space, for approximately $75 million. Accounting for acquisitions requires an allocation of the purchase price to the assets acquired and the liabilities assumed at their respective estimated fair values. The purchase price allocation for the b2 miami downtown hotel is estimated based on currently available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for this acquisition. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed related to these acquisitions (in millions):

Property and equipment	$	131
Other assets		3
Total assets		134
Other liabilities		(1	)
Net assets acquired	$	133