47 based on our primary business objectives and forecasted operating conditions , our current key priorities and financial strategies include , among other things : acquisition of hotel properties ; disposition of non-core hotel properties ; investing in securities ; pursuing capital market activities to enhance long-term stockholder value ; preserving capital , enhancing liquidity , and continuing current cost saving measures ; implementing selective capital improvements designed to increase profitability ; implementing effective asset management strategies to minimize operating costs and increase revenues ; financing or refinancing hotels on competitive terms ; utilizing hedges and derivatives to mitigate risks ; and making other investments or divestitures that our board of directors deems appropriate . our current investment strategies focus on the full-service and select-service hotels in the upscale and upper-upscale segments within the lodging industry that have revpar generally less than twice the national average . our board of directors has , subject to the closing of the ashford hospitality select , inc. transaction , modified our investment strategies to focus on full-service hotels in the upscale and upper-upscale segments in domestic and international markets that have revpar generally less than twice the national average . we believe that as supply , demand , and capital market cycles change , we will be able to shift our investment strategies to take advantage of new lodging-related investment opportunities as they may develop . our board of directors may change our investment strategies at any time without stockholder approval or notice . significant transactions in 2014 and recent developments refinanced our $ 164.4 million mortgage loan - on january 24 , 2014 , we refinanced our $ 164.4 million loan due march 2014 with a $ 200.0 million loan due february 2016 , with three one-year extension options , subject to the satisfaction of certain conditions . the new loan provides for an interest rate of libor + 4.75 % , with a libor floor of 0.20 % . the new loan continues to be secured by the same five hotels that secured the original loan , including : the embassy suites philadelphia airport , embassy suites walnut creek , sheraton mission valley san diego , sheraton anchorage and the hilton minneapolis/st paul airport mall of america.the refinance resulted in excess proceeds above closing costs and reserves of approximately $ 37.8 million . sale of the pier house resort - on march 1 , 2014 , we closed on the sale of the pier house resort to ashford prime . the sales price was $ 92.7 million . ashford prime assumed the $ 69.0 million mortgage and paid the balance of the purchase price in cash , in accordance with the option agreement . we recognized a gain of $ 3.5 million . we deferred a gain of $ 599,000 as a result of our retained interest in ashford prime . common stock offering - on april 8 , 2014 , we commenced a follow-on public offering of 7.5 million shares of common stock at $ 10.70 per share for gross proceeds of $ 80.3 million . the aggregate proceeds net of underwriting discount and other expenses were approximately $ 76.8 million . the offering settled on april 14 , 2014. we granted the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock . on may 9 , 2014 , the underwriters partially exercised their option and purchased an additional 850,000 shares of our common stock at a price of $ 10.70 per share less the underwriting discount resulting in additional net proceeds of approximately $ 8.7 million . refinanced our $ 5.1 million mortgage loan - on may 1 , 2014 , we refinanced our $ 5.1 million loan due may 2014 with a $ 6.9 million loan due may 2024 , with no extension options . the new loan provides for a fixed interest rate of 4.99 % . the new loan continues to be secured by the same hotel property , the courtyard hartford-manchester in manchester , connecticut . acquisition of the ashton hotel - on july 18 , 2014 , we acquired a 100 % interest in the ashton hotel in fort worth , texas for total consideration of $ 8.0 million . the acquisition was funded with cash . we allocated the assets acquired and liabilities assumed using the estimated fair value information based on a third party appraisal . we are in the process of evaluating property level working capital balances , which amount to a net liability of $ 66,000 . on july 31 , 2014 , to fund a portion of the acquisition , we completed the financing of a $ 5.5 million mortgage loan . the mortgage loan bears interest at a rate of libor + 3.75 % ( with a .25 % libor floor ) for the first 18 months and a fixed rate of 4.0 % thereafter . the stated maturity is july 2019 , with no extension options . the mortgage loan is secured by the ashton hotel . 48 refinanced three mortgage loans - $ 326.6 million - on july 25 , 2014 , we refinanced three mortgage loans , including our $ 135.0 million mortgage loan due may 2015 , our $ 102.3 million mortgage loan due december 2014 , which had an outstanding balance of $ 101.1 million , and our $ 89.3 million mortgage loan due february 2016 , which had an outstanding balance of $ 88.5 million . the new loans total $ 468.9 million . as a result of the refinancing , the homewood suites mobile and the hampton inn terre haute , indiana are now unencumbered by debt . other than the properties noted above , the new loans continue to be secured by the same hotel properties . story_separator_special_tag there were eight additional hotel properties managed by marriott until may 31 , 2013 and six properties managed by marriott were included in the ashford prime spin-off . for these 40 marriott-managed hotels , the 2012 fiscal year reflects twelve weeks of operations in each of the first three quarters of the year and sixteen weeks for the fourth quarter of the year . beginning in 2013 , the fiscal quarters end on march 31 st , june 30 th , september 30 th and december 31 st . for marriott-managed hotels , the fourth quarters of 2014 , 2013 and 2012 ended december 31 , 2014 , december 31 , 2013 and december 28 , 2012 , respectively . prior results have not been adjusted . revpar is a commonly used measure within the hotel industry to evaluate hotel operations . revpar is defined as the product of the adr charged and the average daily occupancy achieved . revpar does not include revenues from food and beverage or parking , telephone , or other guest services generated by the property . although revpar does not include these ancillary revenues , it is generally considered the leading indicator of core revenues for many hotels . we also use revpar to compare the results of our hotels between periods and to analyze results of our comparable hotels ( comparable hotels represent hotels we have owned for the entire year ) . revpar improvements attributable to increases in occupancy are generally accompanied by increases in most categories of variable operating costs . revpar improvements attributable to increases in adr are generally accompanied by increases in limited categories of operating costs , such as management fees and franchise fees . 53 the following table summarizes the changes in key line items from our consolidated statements of operations for the years ended december 31 , 2014 , 2013 and 2012 ( in thousands ) : replace_table_token_9_th 54 comparison of year ended december 31 , 2014 with year ended december 31 , 2013 income from continuing operations represents the operating results of 87 legacy hotel properties and worldquest included in continuing operations for the years ended december 31 , 2014 and 2013 as well as the operating results from january 1 , 2013 through november 18 , 2013 of the eight hotel properties that were contributed to ashford prime op in connection with the previously discussed ashford prime spin-off . additionally , the operating results of the ashton and fremont hotels , which were acquired on july 18 , 2014 and august 6 , 2014 , respectively , are included in continuing operations since their acquisition . the operating results of the pier house resort , which was acquired may 14 , 2013 and sold on march 1 , 2014 , are included for the periods from may 14 , 2013 through december 31 , 2013 and january 1 , 2014 through february 28 , 2014. in connection with the previously discussed ashford inc. spin-off , operating results are included from january 1 , 2014 through november 12 , 2014. the following table illustrates the key performance indicators of these hotels : replace_table_token_10_th revenue . rooms revenue for the year ended december 31 , 2014 ( “ 2014 ” ) de creased $ 106.3 million , or 14.2 % , to $ 640.3 million from $ 746.6 million for the year ended december 31 , 2013 ( “ 2013 ” ) . we experienced a decrease in rooms revenue of $ 158.7 million as a result of the ashford prime spin-off and $ 5.5 million in rooms revenue from the pier house resort that was purchased in may 2013 and sold in march 2014 ; offset by a $ 51.1 million increase from our remaining 85 hotel properties and worldquest and $ 6.9 million from the acquisitions of the ashton and fremont hotels . food and beverage revenue experienced a de crease of $ 40.9 million , or 26.6 % , to $ 112.7 million of which food and beverage revenue decreased $ 46.1 million as a result of the spin-off and $ 1.2 million from the pier house resort . the remaining 85 hotel properties and the acquisitions of the ashton and fremont hotels resulted in an increase in food and beverage revenue of $ 4.0 million and $ 2.3 million , respectively . other hotel revenue , which consists mainly of internet access , parking , and spa services , experienced a de crease of $ 10.8 million , which is primarily attributable to the ashford prime spin-off and the pier house resort . advisory services revenue increased $ 9.7 million to $ 10.7 million from $ 1.0 million . the 2014 advisory services revenue from ashford prime represents the period from january 1 , 2014 to november 12 , 2014. in connection with the previously discussed spin-off of ashford inc. , all future ashford prime advisory services revenue will be recorded by ashford inc. for 2013 , advisory services revenue from ashford prime represents the period from november 19 , 2013 to december 31 , 2013. for 2014 , the advisory services revenue consists of a base advisory fee of $ 7.5 million and reimbursable overhead and internal audit , insurance claims advisory and asset management services of $ 1.4 million . the advisory services revenue also includes advisory revenue for equity grants of ashford prime common stock and ltip units awarded to our officers and employees of approximately $ 1.8 million . for 2013 , advisory services revenue comprised of a base advisory fee of $ 878,000 , reimbursable overhead of $ 53,000 and internal audit reimbursements of $ 116,000. no incentive management fee was earned in connection with the advisory agreement that was in place prior to the spin-off of ashford inc. , for 2014 or 2013 . other non-hotel revenue was $ 4.1 million and $ 526,000 for 2014 and 2013 , respectively . the increase in other non-hotel

liquidity and capital resources our cash position from operations is affected primarily by macro industry movements in occupancy and rate as well as our ability to control costs . further , interest rates can greatly affect the cost of our debt service as well as the value of any financial hedges we may put in place . we monitor industry fundamentals and interest rates very closely . capital expenditures above our reserves will affect cash flow as well . certain of our loan agreements contain cash trap provisions that may get triggered if the performance of our hotels decline . when these provisions are triggered , substantially all of the profit generated by our hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our various lenders . cash is distributed to us only after certain items are paid , including deposits into ground leasing and maintenance reserves and the payment of debt service , insurance , taxes , operating expenses , and extraordinary capital expenditures and ground leasing expenses . this could affect our liquidity and our ability to make distributions to our stockholders . also , we have entered into certain customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of our subsidiaries or joint ventures that may result from non-recourse carve-outs , which include , but are not limited to fraud , misrepresentation , willful misconduct resulting in waste , misappropriations of rents following an event of default , voluntary bankruptcy filings , unpermitted transfers of collateral , and certain environmental liabilities . certain of these guarantees represent a guaranty of material amounts , and if we are required to make payments under those guarantees , our liquidity could be adversely affected . in connection with the ashford prime spin-off , we are still jointly and severally liable under certain carve-out guarantees and environmental indemnities associated with three loans . ashford prime has indemnified us in the case that any of these guarantees are ever called . 50 our senior credit facility expired in september 2014. we do not currently plan to replace it with another credit facility .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our cash position from operations is affected primarily by macro industry movements in occupancy and rate as well as our ability to control costs . further , interest rates can greatly affect the cost of our debt service as well as the value of any financial hedges we may put in place . we monitor industry fundamentals and interest rates very closely . capital expenditures above our reserves will affect cash flow as well . certain of our loan agreements contain cash trap provisions that may get triggered if the performance of our hotels decline . when these provisions are triggered , substantially all of the profit generated by our hotels is deposited directly into lockbox accounts and then swept into cash management accounts for the benefit of our various lenders . cash is distributed to us only after certain items are paid , including deposits into ground leasing and maintenance reserves and the payment of debt service , insurance , taxes , operating expenses , and extraordinary capital expenditures and ground leasing expenses . this could affect our liquidity and our ability to make distributions to our stockholders . also , we have entered into certain customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of our subsidiaries or joint ventures that may result from non-recourse carve-outs , which include , but are not limited to fraud , misrepresentation , willful misconduct resulting in waste , misappropriations of rents following an event of default , voluntary bankruptcy filings , unpermitted transfers of collateral , and certain environmental liabilities . certain of these guarantees represent a guaranty of material amounts , and if we are required to make payments under those guarantees , our liquidity could be adversely affected . in connection with the ashford prime spin-off , we are still jointly and severally liable under certain carve-out guarantees and environmental indemnities associated with three loans . ashford prime has indemnified us in the case that any of these guarantees are ever called . 50 our senior credit facility expired in september 2014. we do not currently plan to replace it with another credit facility .
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 Suspicious Activity Report : 47 based on our primary business objectives and forecasted operating conditions , our current key priorities and financial strategies include , among other things : acquisition of hotel properties ; disposition of non-core hotel properties ; investing in securities ; pursuing capital market activities to enhance long-term stockholder value ; preserving capital , enhancing liquidity , and continuing current cost saving measures ; implementing selective capital improvements designed to increase profitability ; implementing effective asset management strategies to minimize operating costs and increase revenues ; financing or refinancing hotels on competitive terms ; utilizing hedges and derivatives to mitigate risks ; and making other investments or divestitures that our board of directors deems appropriate . our current investment strategies focus on the full-service and select-service hotels in the upscale and upper-upscale segments within the lodging industry that have revpar generally less than twice the national average . our board of directors has , subject to the closing of the ashford hospitality select , inc. transaction , modified our investment strategies to focus on full-service hotels in the upscale and upper-upscale segments in domestic and international markets that have revpar generally less than twice the national average . we believe that as supply , demand , and capital market cycles change , we will be able to shift our investment strategies to take advantage of new lodging-related investment opportunities as they may develop . our board of directors may change our investment strategies at any time without stockholder approval or notice . significant transactions in 2014 and recent developments refinanced our $ 164.4 million mortgage loan - on january 24 , 2014 , we refinanced our $ 164.4 million loan due march 2014 with a $ 200.0 million loan due february 2016 , with three one-year extension options , subject to the satisfaction of certain conditions . the new loan provides for an interest rate of libor + 4.75 % , with a libor floor of 0.20 % . the new loan continues to be secured by the same five hotels that secured the original loan , including : the embassy suites philadelphia airport , embassy suites walnut creek , sheraton mission valley san diego , sheraton anchorage and the hilton minneapolis/st paul airport mall of america.the refinance resulted in excess proceeds above closing costs and reserves of approximately $ 37.8 million . sale of the pier house resort - on march 1 , 2014 , we closed on the sale of the pier house resort to ashford prime . the sales price was $ 92.7 million . ashford prime assumed the $ 69.0 million mortgage and paid the balance of the purchase price in cash , in accordance with the option agreement . we recognized a gain of $ 3.5 million . we deferred a gain of $ 599,000 as a result of our retained interest in ashford prime . common stock offering - on april 8 , 2014 , we commenced a follow-on public offering of 7.5 million shares of common stock at $ 10.70 per share for gross proceeds of $ 80.3 million . the aggregate proceeds net of underwriting discount and other expenses were approximately $ 76.8 million . the offering settled on april 14 , 2014. we granted the underwriters a 30-day option to purchase up to an additional 1.125 million shares of common stock . on may 9 , 2014 , the underwriters partially exercised their option and purchased an additional 850,000 shares of our common stock at a price of $ 10.70 per share less the underwriting discount resulting in additional net proceeds of approximately $ 8.7 million . refinanced our $ 5.1 million mortgage loan - on may 1 , 2014 , we refinanced our $ 5.1 million loan due may 2014 with a $ 6.9 million loan due may 2024 , with no extension options . the new loan provides for a fixed interest rate of 4.99 % . the new loan continues to be secured by the same hotel property , the courtyard hartford-manchester in manchester , connecticut . acquisition of the ashton hotel - on july 18 , 2014 , we acquired a 100 % interest in the ashton hotel in fort worth , texas for total consideration of $ 8.0 million . the acquisition was funded with cash . we allocated the assets acquired and liabilities assumed using the estimated fair value information based on a third party appraisal . we are in the process of evaluating property level working capital balances , which amount to a net liability of $ 66,000 . on july 31 , 2014 , to fund a portion of the acquisition , we completed the financing of a $ 5.5 million mortgage loan . the mortgage loan bears interest at a rate of libor + 3.75 % ( with a .25 % libor floor ) for the first 18 months and a fixed rate of 4.0 % thereafter . the stated maturity is july 2019 , with no extension options . the mortgage loan is secured by the ashton hotel . 48 refinanced three mortgage loans - $ 326.6 million - on july 25 , 2014 , we refinanced three mortgage loans , including our $ 135.0 million mortgage loan due may 2015 , our $ 102.3 million mortgage loan due december 2014 , which had an outstanding balance of $ 101.1 million , and our $ 89.3 million mortgage loan due february 2016 , which had an outstanding balance of $ 88.5 million . the new loans total $ 468.9 million . as a result of the refinancing , the homewood suites mobile and the hampton inn terre haute , indiana are now unencumbered by debt . other than the properties noted above , the new loans continue to be secured by the same hotel properties . story_separator_special_tag there were eight additional hotel properties managed by marriott until may 31 , 2013 and six properties managed by marriott were included in the ashford prime spin-off . for these 40 marriott-managed hotels , the 2012 fiscal year reflects twelve weeks of operations in each of the first three quarters of the year and sixteen weeks for the fourth quarter of the year . beginning in 2013 , the fiscal quarters end on march 31 st , june 30 th , september 30 th and december 31 st . for marriott-managed hotels , the fourth quarters of 2014 , 2013 and 2012 ended december 31 , 2014 , december 31 , 2013 and december 28 , 2012 , respectively . prior results have not been adjusted . revpar is a commonly used measure within the hotel industry to evaluate hotel operations . revpar is defined as the product of the adr charged and the average daily occupancy achieved . revpar does not include revenues from food and beverage or parking , telephone , or other guest services generated by the property . although revpar does not include these ancillary revenues , it is generally considered the leading indicator of core revenues for many hotels . we also use revpar to compare the results of our hotels between periods and to analyze results of our comparable hotels ( comparable hotels represent hotels we have owned for the entire year ) . revpar improvements attributable to increases in occupancy are generally accompanied by increases in most categories of variable operating costs . revpar improvements attributable to increases in adr are generally accompanied by increases in limited categories of operating costs , such as management fees and franchise fees . 53 the following table summarizes the changes in key line items from our consolidated statements of operations for the years ended december 31 , 2014 , 2013 and 2012 ( in thousands ) : replace_table_token_9_th 54 comparison of year ended december 31 , 2014 with year ended december 31 , 2013 income from continuing operations represents the operating results of 87 legacy hotel properties and worldquest included in continuing operations for the years ended december 31 , 2014 and 2013 as well as the operating results from january 1 , 2013 through november 18 , 2013 of the eight hotel properties that were contributed to ashford prime op in connection with the previously discussed ashford prime spin-off . additionally , the operating results of the ashton and fremont hotels , which were acquired on july 18 , 2014 and august 6 , 2014 , respectively , are included in continuing operations since their acquisition . the operating results of the pier house resort , which was acquired may 14 , 2013 and sold on march 1 , 2014 , are included for the periods from may 14 , 2013 through december 31 , 2013 and january 1 , 2014 through february 28 , 2014. in connection with the previously discussed ashford inc. spin-off , operating results are included from january 1 , 2014 through november 12 , 2014. the following table illustrates the key performance indicators of these hotels : replace_table_token_10_th revenue . rooms revenue for the year ended december 31 , 2014 ( “ 2014 ” ) de creased $ 106.3 million , or 14.2 % , to $ 640.3 million from $ 746.6 million for the year ended december 31 , 2013 ( “ 2013 ” ) . we experienced a decrease in rooms revenue of $ 158.7 million as a result of the ashford prime spin-off and $ 5.5 million in rooms revenue from the pier house resort that was purchased in may 2013 and sold in march 2014 ; offset by a $ 51.1 million increase from our remaining 85 hotel properties and worldquest and $ 6.9 million from the acquisitions of the ashton and fremont hotels . food and beverage revenue experienced a de crease of $ 40.9 million , or 26.6 % , to $ 112.7 million of which food and beverage revenue decreased $ 46.1 million as a result of the spin-off and $ 1.2 million from the pier house resort . the remaining 85 hotel properties and the acquisitions of the ashton and fremont hotels resulted in an increase in food and beverage revenue of $ 4.0 million and $ 2.3 million , respectively . other hotel revenue , which consists mainly of internet access , parking , and spa services , experienced a de crease of $ 10.8 million , which is primarily attributable to the ashford prime spin-off and the pier house resort . advisory services revenue increased $ 9.7 million to $ 10.7 million from $ 1.0 million . the 2014 advisory services revenue from ashford prime represents the period from january 1 , 2014 to november 12 , 2014. in connection with the previously discussed spin-off of ashford inc. , all future ashford prime advisory services revenue will be recorded by ashford inc. for 2013 , advisory services revenue from ashford prime represents the period from november 19 , 2013 to december 31 , 2013. for 2014 , the advisory services revenue consists of a base advisory fee of $ 7.5 million and reimbursable overhead and internal audit , insurance claims advisory and asset management services of $ 1.4 million . the advisory services revenue also includes advisory revenue for equity grants of ashford prime common stock and ltip units awarded to our officers and employees of approximately $ 1.8 million . for 2013 , advisory services revenue comprised of a base advisory fee of $ 878,000 , reimbursable overhead of $ 53,000 and internal audit reimbursements of $ 116,000. no incentive management fee was earned in connection with the advisory agreement that was in place prior to the spin-off of ashford inc. , for 2014 or 2013 . other non-hotel revenue was $ 4.1 million and $ 526,000 for 2014 and 2013 , respectively . the increase in other non-hotel

