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Acquisition of Hotel Properties
12 Months Ended
Dec. 31, 2018
Business Combinations And Or Asset Acquisitions [Abstract]  
Acquisition of Hotel Properties

3. Acquisition of Hotel Properties

Hyde Resort & Residences. On March 1, 2018, we acquired the Hyatt Centric Arlington hotel, for a total fair value of consideration transferred including inventory and other assets of approximately $79.7 million (after amendment of the initial purchase price of $81.0 million). We considered this acquisition to be an asset acquisition as opposed to a business combination, applying the screen test, as discussed in the Accounting Standards Update 2017-01 – Business Combinations – Clarifying the Definition of a Business (Topic 805).

The results of operations of the hotels are included in our consolidated financial statements from the date of acquisition. The total revenue and net income related to the Hyatt Centric Arlington acquisition for the period March 1, 2018 to December 31, 2018 are approximately $18.1 million and $0.8 million, respectively.  

Hyde Resort & Residences. On January 30, 2017, we acquired the hotel commercial condominium unit of the Hyde Resort & Residences condominium hotel, for a total fair value of consideration transferred including inventory and other assets of approximately $4.8 million.

The total revenue and net income related to the Hyde Resort & Residences acquisition for the period January 1, 2018 to December 31, 2018 are approximately $6.7 million and $0.1 million, respectively and total revenue and net loss for the period January 30, 2017 to December 31, 2017 are approximately $4.0 million and $(0.7) million, respectively.  

 

 The allocation of the purchase price based on their fair values was as follows:

 

 

 

Hyatt Centric Arlington

 

 

Hyde Resort & Residences

 

Land and land improvements

 

$

190,916

 

 

$

500

 

Buildings and improvements

 

 

70,369,046

 

 

 

4,309,500

 

Furniture, fixtures and equipment

 

 

6,229,888

 

 

 

72,616

 

Favorable lease and other intangible assets

 

 

3,054,812

 

 

 

 

Investment in hotel properties

 

 

79,844,662

 

 

 

4,382,616

 

Accrued liabilities and other costs

 

 

(111,946

)

 

 

(866,142

)

Prepaid expenses, inventory and other

   assets

 

 

 

 

 

470,375

 

Net cash

 

$

79,732,716

 

 

$

3,986,849