Acquisitions

6 Months Ended

Jun. 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 purchase price allocations are estimated based on currently available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition. 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
Other assets		1
Total assets		401
Other liabilities		(1	)
Net assets acquired	$	400

Our summarized unaudited consolidated pro forma results of operations, assuming the acquisition completed during 2015 occurred on January 1, 2014, are as follows (in millions, except per share and per unit amounts):

	Quarter ended June 30,				Year-to-date ended June 30,
	2015		2014		2015		2014
Revenues	$	1,478	$	1,461	$	2,838	$	2,810
Income from continuing operations		226		163		345		361
Net income		226		163		345		361
Host Inc.:
Net income attributable to Host Inc.	$	222	$	159	$	335	$	351
Basic earnings per common share	$	.29	$	.21	$	.44	$	.46
Diluted earnings per common share	$	.29	$	.21	$	.44	$	.46
Host L.P.:
Net income attributable to Host L.P.	$	225	$	161	$	339	$	356
Basic earnings per common unit	$	.30	$	.21	$	.45	$	.48
Diluted earnings per common unit	$	.30	$	.21	$	.45	$	.48

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