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Real Estate Properties (Tables)
6 Months Ended
Jun. 30, 2017
Real Estate [Abstract]  
Schedule of allocation of the acquisition cost to the estimated fair value of assets acquired
Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below.  
Acquisition Date
 
Location
 
Purchase Price
 
Land
 
Land Improvements
 
Building and Improvements
 
Furniture, Fixtures and Equipment
 
Intangible Assets
2/1/2017
 
Chicago, IL (1)
 
$
86,201

 
$
13,609

 
$
40

 
$
58,929

 
$
11,926

 
$
1,697

3/31/2017
 
Seattle, WA (2)
 
71,794

 
24,143

 
30

 
46,336

 
844

 
441

5/3/2017
 
Columbia, SC (3)
 
27,604

 
4,040

 
7,172

 
16,392

 

 

6/2/2017
 
St. Louis, MO (4)
 
88,055

 
4,249

 
161

 
79,714

 
3,393

 
538

6/29/2017
 
Atlanta, GA (5)
 
88,740

 
16,610

 
483

 
68,858

 
2,789

 

 
 
 
 
$
362,394

 
$
62,651

 
$
7,886

 
$
270,229

 
$
18,952

 
$
2,676

(1)
On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201, including capitalized acquisition costs of $707. We added this Kimpton® branded hotel to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 8 for further information regarding our InterContinental agreement.
(2)
On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71,794, including capitalized acquisition costs of $169. We added this Kimpton® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.
(3)
On May 3, 2017, pursuant to the terms of our June 2015 transaction agreement with TA, as amended, we purchased from, and leased back to, TA a newly developed travel center located in Columbia, SC for a purchase price of $27,604, including capitalized acquisition costs of $2. This property was added to our TA No. 4 lease and our minimum annual rent under the lease increased by $2,346 as a result. See Notes 8 and 10 for further information regarding our TA leases.
(4)
On June 2, 2017, we acquired the 389 room Chase Park Plaza Hotel in St. Louis, MO for a purchase price of $88,055, including capitalized acquisition costs of $441. We converted this hotel to the Royal Sonesta® hotel brand and added it to our management agreement with Sonesta International Hotels Corporation, or Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement.
(5)
On June 29, 2017, we acquired the 495 room Crowne Plaza Ravinia hotel located in Atlanta, GA for a purchase price of $88,740, including capitalized acquisition costs of $136. We added this Crowne Plaza® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.