Chesapeake Lodging Trust - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 10, 2011

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EX-31.1 - EXHIBIT 31.1 - Chesapeake Lodging Trustd226408dex311.htm
v2.3.0.15
Acquisition Of Hotels
9 Months Ended
Sep. 30, 2011
Acquisition Of Hotels [Abstract] 
Acquisition Of Hotels

3. Acquisition of Hotels

The Trust has acquired the following hotels since its IPO and through September 30, 2011:

 

2010 Acquisitions

   

Location

    Rooms      Net Assets
Acquired		     

Acquisition Date

Hyatt Regency Boston

    Boston, MA      498       $ 113,145       March 18, 2010

Hilton Checkers Los Angeles

    Los Angeles, CA      188         45,951       June 1, 2010

Courtyard Anaheim at Disneyland Resort

    Anaheim, CA      153         25,083       July 30, 2010

Boston Marriott Newton

    Newton, MA      430         77,223       July 30, 2010

Le Meridien San Francisco

    San Francisco, CA      360         142,980       December 15, 2010
     

 

 

     

 

 

     
        1,629       $ 404,382      
     

 

 

     

 

 

     

 

2011 Acquisitions

   

Location

    Rooms      Net Assets
Acquired		     

Acquisition Date

Homewood Suites Seattle Convention Center

    Seattle, WA      195       $ 53,005       May 2, 2011

W Chicago—City Center

    Chicago, IL      368         127,546       May 10, 2011

Hotel Indigo San Diego Gaslamp Quarter

    San Diego, CA      210         55,309       June 17, 2011

Courtyard Washington Capitol Hill/Navy Yard(1)

   Washington, DC      204         30,438       June 30, 2011

Hotel Adagio

    San Francisco, CA      171         42,380       July 8, 2011
     

 

 

     

 

 

     
        1,148       $ 308,678      
     

 

 

     

 

 

     

(1)

As part of the acquisition, the Trust assumed a mortgage loan with a fair value of $38.6 million.

The allocation of the purchase prices to the acquired assets and liabilities based on their fair values was as follows (in thousands):

 

     2011
Acquisitions		     2010
Acquisitions		  

Land and land improvements

    $ 61,927      $ 57,409   

Buildings and leasehold improvements

      272,371        277,428   

Furniture, fixtures and equipment

      14,370        32,482   

Intangible asset

      —          36,105   

Cash

      62        185   

Accounts receivable, net

      1,260        2,655   

Prepaid expenses and other assets

      634        1,512   

Accounts payable and accrued expenses

      (3,324 )      (3,394 ) 

Mortgage loan

      (37,497 )      —     

Premium on mortgage loan

      (1,125 )      —     
  

 

 

    

 

 

  

Net assets acquired

    $ 308,678      $ 404,382   
  

 

 

    

 

 

  

The following financial information presents the pro forma results of operations of the Trust for the three and nine months ended September 30, 2011 and 2010 as if all acquisitions during 2010 and 2011 had taken place on January 1, 2010. The pro forma results for the three and nine months ended September 30, 2011 and 2010 have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have actually occurred had all transactions taken place on January 1, 2010, or of future results of operations (in thousands, except per share data).

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2011      2010      2011      2010  

Total revenue

    $ 51,924       $ 47,419       $ 142,420       $ 130,530   

Total hotel operating expenses

      33,356         31,817         96,936         92,357   

Total operating expenses

      41,532         38,961         120,739         122,188   

Operating income

      10,392         8,458         21,681         8,343   

Net income

      5,972         4,047         8,702         (4,632 ) 

Net income available per common share—basic and diluted

    $ 0.19       $ 0.13       $ 0.27       $ (0.15 ) 

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