the company also assumed the outstanding balance on apple ten 's credit facility totaling $ 111.1 million , which was terminated and repaid in full on september 1 , 2016 with borrowings on the company 's revolving credit facility . all costs related to the merger are being expensed in the period they are incurred and are included in transaction and litigation costs in the company 's consolidated statements of operations . in connection with the merger , the company has incurred approximately $ 29.2 million in merger costs ( including approximately $ 25.1 million of costs incurred to defend and settle the lawsuit related to the merger , which is net of approximately $ 10.0 million of reimbursements from the company 's directors and officers insurance carriers , which is discussed in note 15 titled “ legal proceedings ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k ) for the year ended december 31 , 2016. as contemplated in the merger agreement , in connection with the completion of the merger , the advisory and related party arrangements with respect to apple ten and its advisors were terminated . 38 index see note 2 titled “ merger with apple reit ten , inc. ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for additional information concerning the merger with apple ten . other acquisitions and dispositions the company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value in the long term . consistent with this strategy and the company 's focus on investing in select service hotels , in addition to completing the apple ten merger in the third quarter of 2016 , the company also acquired a newly constructed 128-room home2 suites hotel in atlanta , georgia on july 1 , 2016 , the same day the hotel opened for business , for a purchase price of approximately $ 24.6 million . the purchase price for this property was funded through borrowings on the company 's revolving credit facility . as of december 31 , 2016 , the company had outstanding contracts for the potential purchase of four additional hotels for a total purchase price of $ 100.6 million . one of the four , the newly constructed fort worth , texas courtyard hotel , was acquired on february 2 , 2017 , the same day the hotel opened for business . the remaining three hotels are under construction and are planned to be completed and opened for business over the next nine to 18 months from december 31 , 2016 , at which time closing on these hotels is expected to occur . additionally , for its existing portfolio , the company monitors each property 's profitability , market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided by the proceeds from the sale of the property . as a result , during the third quarter of 2016 , the company identified two properties for potential sale ( its 224-room hilton hotel in dallas , texas and its 226-room marriott hotel in chesapeake , virginia ) , and in october 2016 , the company entered into separate contracts for the sale of these properties . due to the change in the anticipated hold period for each of these hotels , the company recognized an impairment loss of approximately $ 5.5 million during the third quarter of 2016 to adjust the basis of the chesapeake , virginia marriott to its estimated fair value . in december 2016 , the company completed the sale of the chesapeake , virginia marriott , resulting in a loss of approximately $ 0.2 million , which is included in the company 's consolidated statements of operations for the year ended december 31 , 2016. at december 31 , 2016 , the dallas , texas hilton was under contract to be sold for approximately $ 56.1 million and was classified as held for sale in the company 's consolidated balance sheet . under the contract , at closing , which is expected to be during the first half of 2017 , the mortgage loan secured by the dallas , texas hilton hotel with an outstanding balance of approximately $ 27.2 million as of december 31 , 2016 will be assumed by the buyer with the buyer receiving a credit for the amount assumed . the sale of these properties does not represent a strategic shift that has , or will have , a major effect on the company 's operations and financial results , and therefore the operating results of these properties are included in income from continuing operations for the three years ended december 31 , 2016. the proceeds from the sales were or will be used to pay down borrowings on the company 's $ 540 million revolving credit facility . see note 4 titled “ investment in real estate ” and note 5 titled “ assets held for sale and dispositions ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for additional information concerning these dispositions . hotel operations although hotel performance can be influenced by many factors including local competition , local and general economic conditions in the united states and the performance of individual managers assigned to each hotel , performance of the company 's hotels as compared to other hotels within their respective local markets , in general , has met the company 's expectations for the period owned . story_separator_special_tag the increase in interest expense was primarily due to an increase in the company 's average outstanding borrowings during 2016 as compared to 2015 which is primarily attributable to ( a ) mortgage debt assumed in the apple ten merger effective september 1 , 2016 and ( b ) borrowings to fund ( i ) the cash payment portion of the apple ten merger , ( ii ) the repayment of apple ten 's outstanding balance on its extinguished credit facility assumed in the merger , ( iii ) the acquisition of eight hotels ( seven between june 1 , 2015 and october 31 , 2015 and one on july 1 , 2016 ) and ( iv ) the company 's tender offer and other share repurchases in 2016 and 2015. the impact of higher debt balances was partially offset by a reduction in the average interest rate incurred on the company 's total outstanding debt . also , interest expense in 2015 includes a loss of approximately $ 0.4 million recorded to interest and other expense , net related to the change in fair value in the company 's interest 43 index rate swap terminated in may 2015 , from the time that it was no longer designated as a cash flow hedge during the first quarter of 2015 through the termination date . results of operations for years 2015 and 2014 as of december 31 , 2015 , the company owned 179 hotels with 22,961 rooms as compared to 191 hotels with a total of 23,790 rooms as of december 31 , 2014. results of operations are included only for the period of ownership for hotels acquired or disposed of during 2015 and 2014 . during 2015 , the company acquired one new and six existing hotels ( between june 1 , 2015 and october 31 , 2015 ) and sold 19 hotels ( 18 of which were sold on february 26 , 2015 and one of which was sold on june 1 , 2015 ) . during 2014 , the company acquired 100 hotels , including 99 continuing hotels with the a7 and a8 mergers , effective march 1 , 2014 , and opened two newly constructed hotels during 2014. as a result , the comparability of results for the years ended december 31 , 2015 and 2014 as discussed below is significantly impacted by these transactions . revenues for the years ended december 31 , 2015 and 2014 , the company had total revenue of $ 898.3 million and $ 803.9 million , respectively . for the years ended december 31 , 2015 and 2014 , respectively , comparable hotels achieved combined average occupancy of 76.9 % and 75.6 % , adr of $ 130.05 and $ 123.95 and revpar of $ 100.07 and $ 93.72. during 2015 , as the united states economy continued to strengthen , the company experienced an increase in average occupancy of approximately 1.7 % and an increase in adr of approximately 4.9 % for its comparable hotels as compared to 2014. hotel operating expense for the years ended december 31 , 2015 and 2014 , respectively , hotel operating expense totaled $ 507.1 million and $ 455.9 million or 56.4 % and 56.7 % of total revenue for each respective period . overall hotel operational expenses for 2015 primarily reflect the impact of the a7 and a8 mergers and the two newly constructed hotels that opened in december 2014 for the entire period , the 19 hotels sold until the respective dates of sale , and the seven hotels acquired in 2015 from their respective dates of acquisition ; and for 2014 reflect the a7 and a8 mergers only for the months of march through december and the 19 hotels sold in 2015 ( of which 13 were acquired in the a7 and a8 mergers ) for the entire period . for the company 's comparable hotels , operating expense as a percentage of revenue decreased slightly for the year ended december 31 , 2015 as compared to the year ended december 31 , 2014 primarily due to the overall increase in adr for these hotels and the company 's success in reducing , relative to revenue increases , certain labor costs , hotel supply costs , maintenance costs and utility costs . the improvements in hotel operating expenses as a percentage of revenue were negatively impacted by disruption from and costs related to the company 's transition of six management contracts to consolidate management within specific markets and to better access regional expertise during 2015. property taxes , insurance and other expense property taxes , insurance and other expense for the years ended december 31 , 2015 and 2014 totaled $ 46.0 million and $ 40.0 million , respectively , or 5.1 % and 5.0 % of total revenue , respectively . for the company 's comparable hotels , real estate taxes during 2015 increased due to the reassessment of property values by localities related to the improved economy , partially offset by a decrease due to successful appeals of tax assessments for other locations . property taxes , insurance and other expense in 2015 and 2014 was reduced by approximately $ 1.8 million and $ 0.2 million , respectively , in settlement proceeds received , net of costs , from the deepwater horizon economic and property damages settlement program . ground lease expense ground lease expense for the years ended december 31 , 2015 and 2014 was $ 10.0 million and $ 8.3 million , respectively . ground lease expense primarily represents the expense incurred by the company to lease land for 10 of its hotel properties as of december 31 , 2015 , nine of which were acquired effective march 1 , 2014 with the a7 and a8 mergers . 44 index general and administrative expense general and administrative expense for the years ended december 31 , 2015 and 2014 was $ 19.6 million and $ 20.9

capital resources the company 's principal sources of liquidity are the operating cash flow generated from the company 's properties and availability under its unsecured “ $ 965 million credit facility ” , which is comprised of ( i ) a $ 540 million revolving credit facility with an initial maturity date of may 18 , 2019 , and ( ii ) a $ 425 million term loan facility with a maturity date of may 18 , 2020 , consisting of three term loans , all funded during 2015. subject to certain conditions and fees , the maturity of the $ 540 million revolving credit facility may be extended one year and the total $ 965 million credit facility may be increased to $ 1.25 billion . the revolving credit facility , which as of december 31 , 2016 had unused borrowing capacity of approximately $ 270.0 million , is available for share repurchases , acquisitions , hotel renovations and development , working capital and other general corporate funding purposes , including the payment of distributions to shareholders . as of december 31 , 2016 , the company 's $ 540 million revolving credit facility had an outstanding principal balance of approximately $ 270.0 million with an annual variable interest rate of approximately 2.32 % . the credit agreement governing the $ 965 million credit facility contains mandatory prepayment requirements , customary affirmative covenants , negative covenants and events of default . the credit agreement requires that the company comply with various covenants , which include , among others , a minimum tangible net worth , maximum debt limits , minimum interest and fixed charge coverage ratios , limits on dividend payments and share repurchases and restrictions on certain investments . see note 6 titled “ debt ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for a summary of the financial and restrictive covenants as defined in the credit agreement and a description of the company 's other debt instruments .


 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.
     ```capital resources the company 's principal sources of liquidity are the operating cash flow generated from the company 's properties and availability under its unsecured “ $ 965 million credit facility ” , which is comprised of ( i ) a $ 540 million revolving credit facility with an initial maturity date of may 18 , 2019 , and ( ii ) a $ 425 million term loan facility with a maturity date of may 18 , 2020 , consisting of three term loans , all funded during 2015. subject to certain conditions and fees , the maturity of the $ 540 million revolving credit facility may be extended one year and the total $ 965 million credit facility may be increased to $ 1.25 billion . the revolving credit facility , which as of december 31 , 2016 had unused borrowing capacity of approximately $ 270.0 million , is available for share repurchases , acquisitions , hotel renovations and development , working capital and other general corporate funding purposes , including the payment of distributions to shareholders . as of december 31 , 2016 , the company 's $ 540 million revolving credit facility had an outstanding principal balance of approximately $ 270.0 million with an annual variable interest rate of approximately 2.32 % . the credit agreement governing the $ 965 million credit facility contains mandatory prepayment requirements , customary affirmative covenants , negative covenants and events of default . the credit agreement requires that the company comply with various covenants , which include , among others , a minimum tangible net worth , maximum debt limits , minimum interest and fixed charge coverage ratios , limits on dividend payments and share repurchases and restrictions on certain investments . see note 6 titled “ debt ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for a summary of the financial and restrictive covenants as defined in the credit agreement and a description of the company 's other debt instruments .
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 Suspicious Activity Report : the company also assumed the outstanding balance on apple ten 's credit facility totaling $ 111.1 million , which was terminated and repaid in full on september 1 , 2016 with borrowings on the company 's revolving credit facility . all costs related to the merger are being expensed in the period they are incurred and are included in transaction and litigation costs in the company 's consolidated statements of operations . in connection with the merger , the company has incurred approximately $ 29.2 million in merger costs ( including approximately $ 25.1 million of costs incurred to defend and settle the lawsuit related to the merger , which is net of approximately $ 10.0 million of reimbursements from the company 's directors and officers insurance carriers , which is discussed in note 15 titled “ legal proceedings ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k ) for the year ended december 31 , 2016. as contemplated in the merger agreement , in connection with the completion of the merger , the advisory and related party arrangements with respect to apple ten and its advisors were terminated . 38 index see note 2 titled “ merger with apple reit ten , inc. ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for additional information concerning the merger with apple ten . other acquisitions and dispositions the company continually monitors market conditions and attempts to maximize shareholder value by investing in properties that it believes provide superior value in the long term . consistent with this strategy and the company 's focus on investing in select service hotels , in addition to completing the apple ten merger in the third quarter of 2016 , the company also acquired a newly constructed 128-room home2 suites hotel in atlanta , georgia on july 1 , 2016 , the same day the hotel opened for business , for a purchase price of approximately $ 24.6 million . the purchase price for this property was funded through borrowings on the company 's revolving credit facility . as of december 31 , 2016 , the company had outstanding contracts for the potential purchase of four additional hotels for a total purchase price of $ 100.6 million . one of the four , the newly constructed fort worth , texas courtyard hotel , was acquired on february 2 , 2017 , the same day the hotel opened for business . the remaining three hotels are under construction and are planned to be completed and opened for business over the next nine to 18 months from december 31 , 2016 , at which time closing on these hotels is expected to occur . additionally , for its existing portfolio , the company monitors each property 's profitability , market conditions and capital requirements and attempts to maximize shareholder value by disposing of properties when it believes that superior value can be provided by the proceeds from the sale of the property . as a result , during the third quarter of 2016 , the company identified two properties for potential sale ( its 224-room hilton hotel in dallas , texas and its 226-room marriott hotel in chesapeake , virginia ) , and in october 2016 , the company entered into separate contracts for the sale of these properties . due to the change in the anticipated hold period for each of these hotels , the company recognized an impairment loss of approximately $ 5.5 million during the third quarter of 2016 to adjust the basis of the chesapeake , virginia marriott to its estimated fair value . in december 2016 , the company completed the sale of the chesapeake , virginia marriott , resulting in a loss of approximately $ 0.2 million , which is included in the company 's consolidated statements of operations for the year ended december 31 , 2016. at december 31 , 2016 , the dallas , texas hilton was under contract to be sold for approximately $ 56.1 million and was classified as held for sale in the company 's consolidated balance sheet . under the contract , at closing , which is expected to be during the first half of 2017 , the mortgage loan secured by the dallas , texas hilton hotel with an outstanding balance of approximately $ 27.2 million as of december 31 , 2016 will be assumed by the buyer with the buyer receiving a credit for the amount assumed . the sale of these properties does not represent a strategic shift that has , or will have , a major effect on the company 's operations and financial results , and therefore the operating results of these properties are included in income from continuing operations for the three years ended december 31 , 2016. the proceeds from the sales were or will be used to pay down borrowings on the company 's $ 540 million revolving credit facility . see note 4 titled “ investment in real estate ” and note 5 titled “ assets held for sale and dispositions ” in part ii , item 8 , of the consolidated financial statements and notes thereto , appearing elsewhere in this annual report on form 10-k for additional information concerning these dispositions . hotel operations although hotel performance can be influenced by many factors including local competition , local and general economic conditions in the united states and the performance of individual managers assigned to each hotel , performance of the company 's hotels as compared to other hotels within their respective local markets , in general , has met the company 's expectations for the period owned . story_separator_special_tag the increase in interest expense was primarily due to an increase in the company 's average outstanding borrowings during 2016 as compared to 2015 which is primarily attributable to ( a ) mortgage debt assumed in the apple ten merger effective september 1 , 2016 and ( b ) borrowings to fund ( i ) the cash payment portion of the apple ten merger , ( ii ) the repayment of apple ten 's outstanding balance on its extinguished credit facility assumed in the merger , ( iii ) the acquisition of eight hotels ( seven between june 1 , 2015 and october 31 , 2015 and one on july 1 , 2016 ) and ( iv ) the company 's tender offer and other share repurchases in 2016 and 2015. the impact of higher debt balances was partially offset by a reduction in the average interest rate incurred on the company 's total outstanding debt . also , interest expense in 2015 includes a loss of approximately $ 0.4 million recorded to interest and other expense , net related to the change in fair value in the company 's interest 43 index rate swap terminated in may 2015 , from the time that it was no longer designated as a cash flow hedge during the first quarter of 2015 through the termination date . results of operations for years 2015 and 2014 as of december 31 , 2015 , the company owned 179 hotels with 22,961 rooms as compared to 191 hotels with a total of 23,790 rooms as of december 31 , 2014. results of operations are included only for the period of ownership for hotels acquired or disposed of during 2015 and 2014 . during 2015 , the company acquired one new and six existing hotels ( between june 1 , 2015 and october 31 , 2015 ) and sold 19 hotels ( 18 of which were sold on february 26 , 2015 and one of which was sold on june 1 , 2015 ) . during 2014 , the company acquired 100 hotels , including 99 continuing hotels with the a7 and a8 mergers , effective march 1 , 2014 , and opened two newly constructed hotels during 2014. as a result , the comparability of results for the years ended december 31 , 2015 and 2014 as discussed below is significantly impacted by these transactions . revenues for the years ended december 31 , 2015 and 2014 , the company had total revenue of $ 898.3 million and $ 803.9 million , respectively . for the years ended december 31 , 2015 and 2014 , respectively , comparable hotels achieved combined average occupancy of 76.9 % and 75.6 % , adr of $ 130.05 and $ 123.95 and revpar of $ 100.07 and $ 93.72. during 2015 , as the united states economy continued to strengthen , the company experienced an increase in average occupancy of approximately 1.7 % and an increase in adr of approximately 4.9 % for its comparable hotels as compared to 2014. hotel operating expense for the years ended december 31 , 2015 and 2014 , respectively , hotel operating expense totaled $ 507.1 million and $ 455.9 million or 56.4 % and 56.7 % of total revenue for each respective period . overall hotel operational expenses for 2015 primarily reflect the impact of the a7 and a8 mergers and the two newly constructed hotels that opened in december 2014 for the entire period , the 19 hotels sold until the respective dates of sale , and the seven hotels acquired in 2015 from their respective dates of acquisition ; and for 2014 reflect the a7 and a8 mergers only for the months of march through december and the 19 hotels sold in 2015 ( of which 13 were acquired in the a7 and a8 mergers ) for the entire period . for the company 's comparable hotels , operating expense as a percentage of revenue decreased slightly for the year ended december 31 , 2015 as compared to the year ended december 31 , 2014 primarily due to the overall increase in adr for these hotels and the company 's success in reducing , relative to revenue increases , certain labor costs , hotel supply costs , maintenance costs and utility costs . the improvements in hotel operating expenses as a percentage of revenue were negatively impacted by disruption from and costs related to the company 's transition of six management contracts to consolidate management within specific markets and to better access regional expertise during 2015. property taxes , insurance and other expense property taxes , insurance and other expense for the years ended december 31 , 2015 and 2014 totaled $ 46.0 million and $ 40.0 million , respectively , or 5.1 % and 5.0 % of total revenue , respectively . for the company 's comparable hotels , real estate taxes during 2015 increased due to the reassessment of property values by localities related to the improved economy , partially offset by a decrease due to successful appeals of tax assessments for other locations . property taxes , insurance and other expense in 2015 and 2014 was reduced by approximately $ 1.8 million and $ 0.2 million , respectively , in settlement proceeds received , net of costs , from the deepwater horizon economic and property damages settlement program . ground lease expense ground lease expense for the years ended december 31 , 2015 and 2014 was $ 10.0 million and $ 8.3 million , respectively . ground lease expense primarily represents the expense incurred by the company to lease land for 10 of its hotel properties as of december 31 , 2015 , nine of which were acquired effective march 1 , 2014 with the a7 and a8 mergers . 44 index general and administrative expense general and administrative expense for the years ended december 31 , 2015 and 2014 was $ 19.6 million and $ 20.9

