key indicators of financial condition and operating performance we measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room ( `` revpar `` ) ; average daily rate ( `` adr `` ) ; occupancy rate ( `` occupancy `` ) ; funds from operations ( `` ffo `` ) ; earnings before interest , income taxes , depreciation and amortization 38 ( `` ebitda `` ) ; and ebitda for real estate ( `` ebitda re `` ) . we evaluate individual hotel and company-wide performance with comparisons to budgets , prior periods and competing properties . adr , occupancy and revpar may be impacted by macroeconomic factors as well as regional and local economies and events . see `` non-gaap financial matters `` for further discussion of ffo , ebitda and ebidta re . hotel operating statistics the following table represents the key same-property hotel operating statistics for our hotels for the years ended december 31 , 2018 and 2017 . replace_table_token_8_th this schedule of hotel results for the year ended december 31 includes information from all of the hotels we owned as of december 31 , 2018 , except for the grand hotel minneapolis for q4 in both 2018 and 2017 because it was sold during the fourth quarter of 2018 , and laplaya beach resort & club for q3 and q4 in both 2018 and 2017 because it was closed during the fourth quarter of 2017 due to the impact from hurricane irma . hotels acquired through the merger with lasalle hotel properties are excluded from january through november in both 2018 and 2017 , as the company 's ownership of these hotels began in december 2018. results of operations at december 31 , 2018 and 2017 , we had 63 and 28 wholly owned properties and leasehold interests , respectively . all properties owned during these periods have been included in our results of operations during the respective periods since their dates of acquisition or through the dates of disposition . based on when a property was acquired or disposed , operating results for certain properties are not comparable for the years ended december 31 , 2018 and 2017 . the properties listed in the table below are hereinafter referred to as `` non-comparable properties `` for the periods indicated and all other properties are considered and referred to as `` comparable properties `` : non-comparable property for the property location acquisition/disposition date years ended 2018 and 2017 years ended 2017 and 2016 viceroy miami miami , fl june 1 , 2016 x the redbury hollywood hollywood , ca june 1 , 2016 x manhattan nyc ( 1 ) new york , ny october 19 , 2016 x dumont nyc ( 2 ) new york , ny october 19 , 2016 x x doubletree by hilton hotel bethesda -washington dc bethesda , maryland november 2 , 2016 x lasalle hotel properties ' portfolio ( 3 ) various november 30 , 2018 x the grand hotel minneapolis minneapolis , mn december 4 , 2018 x ( 1 ) we obtained full ownership of this property as a result of the joint venture redemption transaction on october 19 , 2016 and subsequently sold this property on december 20 , 2016 . ( 2 ) we obtained full ownership of this property as a result of the joint venture redemption transaction on october 19 , 2016 and subsequently sold this property on june 20 , 2017 . ( 3 ) as a result of our merger with lasalle hotel properties , we acquired a portfolio of 36 properties . comparison of the year ended december 31 , 2018 to the year ended december 31 , 2017 revenues — total hotel revenues increased by $ 59.4 million , of which $ 12.9 million was contributed by the comparable properties and an increase of $ 56.7 million was contributed by the properties acquired through our merger with lasalle which was offset by a decrease in revenues from the other non-comparable properties . the comparable properties increase was 39 primarily due to increases in revenues at the hotel zoe fisherman 's wharf following its renovation in 2017 and the re-opening of laplaya after its closure from hurricane irma in 2017. hotel operating expenses — total hotel operating expenses increased by $ 43.9 million . the comparable properties contributed a net increase of $ 9.2 million , primarily due to increases in revenues and expenses at the hotel zoe fisherman 's wharf following its renovation in 2017 and the re-opening of laplaya after its closure in 2017 from hurricane irma . the acquisitions of hotel properties through our merger with lasalle contributed to an additional $ 40.8 million increase which was offset by a decrease in expenses from the other non-comparable properties . depreciation and amortization — depreciation and amortization expense increased by $ 6.2 million primarily due to the additional depreciation expense of $ 9.2 million from the acquisition of the lasalle portfolio which was offset by fully depreciated assets at some of the hotels acquired in 2010. real estate taxes , personal property taxes , property insurance and ground rent — real estate taxes , personal property taxes , property insurance and ground rent increased by $ 5.7 million primarily due to additional real estate taxes , personal property taxes , property insurance and ground rent from the acquisition of the lasalle portfolio . corporate general and administrative — corporate general and administrative expenses decreased by $ 1.5 million primarily as a result of the decrease in pre-opening expenses related to less hotel renovations in 2018. corporate general and administrative expenses consist of employee compensation costs , legal and professional fees , insurance , state franchise taxes and other expenses . transaction costs — transaction costs increased by $ 75.0 million as a result of the merger with lasalle . story_separator_special_tag if we are the principal , we recognize revenue based upon the gross sales price . some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues ( or contract liabilities ) and recognized once the performance obligations are satisfied . we recognize revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership . for refundable membership initiation deposits , the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership . the present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using our incremental borrowing rate . the accretion is included in interest expense . certain of our hotels have retail spaces , restaurants or other spaces which the we lease to third parties . lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in our consolidated statements of operations and comprehensive income . new accounting pronouncements not yet implemented see note 2 to the accompanying consolidated financial statements for additional information relating to recently issued accounting pronouncements . liquidity and capital resources we expect to meet our short-term liquidity requirements through net cash provided by operations , existing cash balances and , if necessary , short-term borrowings under our senior unsecured revolving credit facilities . we expect our existing cash balances and cash provided by operations will be adequate to fund operating requirements , service debt and fund dividends in accordance with the reit requirements of the federal income tax laws . we expect to meet our long-term liquidity requirements , such as hotel property acquisitions , property redevelopment , investments in new joint ventures , and debt principal payments and debt maturities , through the net proceeds from additional 44 issuances of common shares , additional issuances of preferred shares , issuances of units of limited partnership interest in our operating partnership , secured and unsecured borrowings , hotel property sales and cash provided by operations . the success of our business strategy may depend in part on our ability to access additional capital through issuances of debt and equity securities , which is dependent on favorable market conditions . we strive to maintain prudent debt leverage and intend to opportunistically enhance our capital position . as a result of the approximately 61.5 million common shares and units issued on november 30 , 2018 in connection with our merger with lasalle , we anticipate an increase in cash outflows as a result of the increased dividend payment requirements . we expect to fund the dividends from increased cash flows generated from the hotel properties acquired in the merger . our debt consisted of the following as of december 31 , 2018 and 2017 ( dollars in thousands ) : replace_table_token_11_th 45 ( 1 ) borrowings bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) an adjusted base rate ( as defined in the applicable credit agreement ) plus an applicable margin . ( 2 ) borrowings bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) a eurocurrency rate ( as defined in the applicable credit agreement ) plus an applicable margin . ( 3 ) borrowings under the term loan facilities bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) a base rate plus an applicable margin . unsecured revolving credit facilities we are party to a $ 650.0 million senior unsecured revolving credit facility maturing in january 2022 , with options to extend the maturity date to january 2023 , pursuant to certain terms and conditions and payment of an extension fee . as of december 31 , 2018 , we had $ 170.0 million in outstanding borrowings and $ 480.0 million borrowing capacity remaining on our senior unsecured revolving credit facility . interest is paid on the periodic advances under the senior unsecured revolving credit facility at varying rates , based upon either libor or the alternate base rate , plus an additional margin amount . the interest rate depends upon our leverage ratio pursuant to the provisions of the credit facility agreement . we have the ability to further increase the aggregate borrowing capacity under the credit agreement to up to $ 1.3 billion , subject to lender approval . we intend to repay indebtedness incurred under the senior unsecured revolving credit facility from time to time out of cash flows from operations and , as market conditions permit , from the net proceeds of issuances of additional equity and debt securities and from the net proceeds of dispositions of hotel properties . we also have a $ 10.0 million unsecured revolving credit facility ( the `` phl credit facility `` ) to be used for phl 's working capital and general corporate purposes . this credit facility has substantially similar terms as our senior unsecured revolving credit facility , as amended and restated and matures in january 2022 . borrowings under the phl credit facility bear interest at libor plus an applicable margin , depending on our leverage ratio . as of december 31 , 2018 , we had no borrowings under the phl credit facility . unsecured term loan facilities we are party to senior unsecured term loans with different maturities . the unsecured term loans bear interest at a variable rate of a benchmark interest rate plus an applicable margin , depending

sources and uses of cash our principal sources of cash are cash from operations , borrowings under mortgage financings and other debt , draws on our credit facilities , proceeds from offerings of our equity securities and hotel property sales . our principal uses of cash are asset acquisitions , debt service , capital investments , operating costs , corporate expenses and dividends . cash provided by operations . our cash provided by operating activities was $ 135.7 million for the year ended december 31 , 2018 . our cash from operations includes the operating activities of the 63 hotels we owned as of december 31 , 2018 , investment income , offset by corporate expenses and merger related transaction expenses . our cash provided by operating activities was $ 193.6 million for the year ended december 31 , 2017 . our cash from operations includes the operating activities of the 28 hotels we wholly owned as of december 31 , 2017 . cash used in and provided by investing activities . our cash used in investing activities was $ 1,778.2 million for the year ended december 31 , 2018 . during the year ended december 31 , 2018 , we paid $ 1,372.6 million to fund the lasalle merger , invested $ 89.6 million in improvements to our hotel properties , purchased $ 356.2 million in marketable securities , sold $ 6.7 million in marketable securities , received $ 28.6 million from the sale of one hotel property and received $ 5.2 million in property insurance proceeds . our cash provided by investing activities was $ 132.3 million for the year ended december 31 , 2017 . during the year ended december 31 , 2017 , we invested $ 80.8 million in improvements to our hotel properties and received $ 203.5 million in proceeds from the sale of one hotel property and a parking garage . cash provided by financing activities . our cash provided by financing activities was $ 1,717.7 million for the year ended december 31 , 2018 .


 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.
     ```sources and uses of cash our principal sources of cash are cash from operations , borrowings under mortgage financings and other debt , draws on our credit facilities , proceeds from offerings of our equity securities and hotel property sales . our principal uses of cash are asset acquisitions , debt service , capital investments , operating costs , corporate expenses and dividends . cash provided by operations . our cash provided by operating activities was $ 135.7 million for the year ended december 31 , 2018 . our cash from operations includes the operating activities of the 63 hotels we owned as of december 31 , 2018 , investment income , offset by corporate expenses and merger related transaction expenses . our cash provided by operating activities was $ 193.6 million for the year ended december 31 , 2017 . our cash from operations includes the operating activities of the 28 hotels we wholly owned as of december 31 , 2017 . cash used in and provided by investing activities . our cash used in investing activities was $ 1,778.2 million for the year ended december 31 , 2018 . during the year ended december 31 , 2018 , we paid $ 1,372.6 million to fund the lasalle merger , invested $ 89.6 million in improvements to our hotel properties , purchased $ 356.2 million in marketable securities , sold $ 6.7 million in marketable securities , received $ 28.6 million from the sale of one hotel property and received $ 5.2 million in property insurance proceeds . our cash provided by investing activities was $ 132.3 million for the year ended december 31 , 2017 . during the year ended december 31 , 2017 , we invested $ 80.8 million in improvements to our hotel properties and received $ 203.5 million in proceeds from the sale of one hotel property and a parking garage . cash provided by financing activities . our cash provided by financing activities was $ 1,717.7 million for the year ended december 31 , 2018 .
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 Suspicious Activity Report : key indicators of financial condition and operating performance we measure hotel results of operations and the operating performance of our business by evaluating financial and non-financial metrics such as room revenue per available room ( `` revpar `` ) ; average daily rate ( `` adr `` ) ; occupancy rate ( `` occupancy `` ) ; funds from operations ( `` ffo `` ) ; earnings before interest , income taxes , depreciation and amortization 38 ( `` ebitda `` ) ; and ebitda for real estate ( `` ebitda re `` ) . we evaluate individual hotel and company-wide performance with comparisons to budgets , prior periods and competing properties . adr , occupancy and revpar may be impacted by macroeconomic factors as well as regional and local economies and events . see `` non-gaap financial matters `` for further discussion of ffo , ebitda and ebidta re . hotel operating statistics the following table represents the key same-property hotel operating statistics for our hotels for the years ended december 31 , 2018 and 2017 . replace_table_token_8_th this schedule of hotel results for the year ended december 31 includes information from all of the hotels we owned as of december 31 , 2018 , except for the grand hotel minneapolis for q4 in both 2018 and 2017 because it was sold during the fourth quarter of 2018 , and laplaya beach resort & club for q3 and q4 in both 2018 and 2017 because it was closed during the fourth quarter of 2017 due to the impact from hurricane irma . hotels acquired through the merger with lasalle hotel properties are excluded from january through november in both 2018 and 2017 , as the company 's ownership of these hotels began in december 2018. results of operations at december 31 , 2018 and 2017 , we had 63 and 28 wholly owned properties and leasehold interests , respectively . all properties owned during these periods have been included in our results of operations during the respective periods since their dates of acquisition or through the dates of disposition . based on when a property was acquired or disposed , operating results for certain properties are not comparable for the years ended december 31 , 2018 and 2017 . the properties listed in the table below are hereinafter referred to as `` non-comparable properties `` for the periods indicated and all other properties are considered and referred to as `` comparable properties `` : non-comparable property for the property location acquisition/disposition date years ended 2018 and 2017 years ended 2017 and 2016 viceroy miami miami , fl june 1 , 2016 x the redbury hollywood hollywood , ca june 1 , 2016 x manhattan nyc ( 1 ) new york , ny october 19 , 2016 x dumont nyc ( 2 ) new york , ny october 19 , 2016 x x doubletree by hilton hotel bethesda -washington dc bethesda , maryland november 2 , 2016 x lasalle hotel properties ' portfolio ( 3 ) various november 30 , 2018 x the grand hotel minneapolis minneapolis , mn december 4 , 2018 x ( 1 ) we obtained full ownership of this property as a result of the joint venture redemption transaction on october 19 , 2016 and subsequently sold this property on december 20 , 2016 . ( 2 ) we obtained full ownership of this property as a result of the joint venture redemption transaction on october 19 , 2016 and subsequently sold this property on june 20 , 2017 . ( 3 ) as a result of our merger with lasalle hotel properties , we acquired a portfolio of 36 properties . comparison of the year ended december 31 , 2018 to the year ended december 31 , 2017 revenues — total hotel revenues increased by $ 59.4 million , of which $ 12.9 million was contributed by the comparable properties and an increase of $ 56.7 million was contributed by the properties acquired through our merger with lasalle which was offset by a decrease in revenues from the other non-comparable properties . the comparable properties increase was 39 primarily due to increases in revenues at the hotel zoe fisherman 's wharf following its renovation in 2017 and the re-opening of laplaya after its closure from hurricane irma in 2017. hotel operating expenses — total hotel operating expenses increased by $ 43.9 million . the comparable properties contributed a net increase of $ 9.2 million , primarily due to increases in revenues and expenses at the hotel zoe fisherman 's wharf following its renovation in 2017 and the re-opening of laplaya after its closure in 2017 from hurricane irma . the acquisitions of hotel properties through our merger with lasalle contributed to an additional $ 40.8 million increase which was offset by a decrease in expenses from the other non-comparable properties . depreciation and amortization — depreciation and amortization expense increased by $ 6.2 million primarily due to the additional depreciation expense of $ 9.2 million from the acquisition of the lasalle portfolio which was offset by fully depreciated assets at some of the hotels acquired in 2010. real estate taxes , personal property taxes , property insurance and ground rent — real estate taxes , personal property taxes , property insurance and ground rent increased by $ 5.7 million primarily due to additional real estate taxes , personal property taxes , property insurance and ground rent from the acquisition of the lasalle portfolio . corporate general and administrative — corporate general and administrative expenses decreased by $ 1.5 million primarily as a result of the decrease in pre-opening expenses related to less hotel renovations in 2018. corporate general and administrative expenses consist of employee compensation costs , legal and professional fees , insurance , state franchise taxes and other expenses . transaction costs — transaction costs increased by $ 75.0 million as a result of the merger with lasalle . story_separator_special_tag if we are the principal , we recognize revenue based upon the gross sales price . some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues ( or contract liabilities ) and recognized once the performance obligations are satisfied . we recognize revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership . for refundable membership initiation deposits , the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership . the present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using our incremental borrowing rate . the accretion is included in interest expense . certain of our hotels have retail spaces , restaurants or other spaces which the we lease to third parties . lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in our consolidated statements of operations and comprehensive income . new accounting pronouncements not yet implemented see note 2 to the accompanying consolidated financial statements for additional information relating to recently issued accounting pronouncements . liquidity and capital resources we expect to meet our short-term liquidity requirements through net cash provided by operations , existing cash balances and , if necessary , short-term borrowings under our senior unsecured revolving credit facilities . we expect our existing cash balances and cash provided by operations will be adequate to fund operating requirements , service debt and fund dividends in accordance with the reit requirements of the federal income tax laws . we expect to meet our long-term liquidity requirements , such as hotel property acquisitions , property redevelopment , investments in new joint ventures , and debt principal payments and debt maturities , through the net proceeds from additional 44 issuances of common shares , additional issuances of preferred shares , issuances of units of limited partnership interest in our operating partnership , secured and unsecured borrowings , hotel property sales and cash provided by operations . the success of our business strategy may depend in part on our ability to access additional capital through issuances of debt and equity securities , which is dependent on favorable market conditions . we strive to maintain prudent debt leverage and intend to opportunistically enhance our capital position . as a result of the approximately 61.5 million common shares and units issued on november 30 , 2018 in connection with our merger with lasalle , we anticipate an increase in cash outflows as a result of the increased dividend payment requirements . we expect to fund the dividends from increased cash flows generated from the hotel properties acquired in the merger . our debt consisted of the following as of december 31 , 2018 and 2017 ( dollars in thousands ) : replace_table_token_11_th 45 ( 1 ) borrowings bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) an adjusted base rate ( as defined in the applicable credit agreement ) plus an applicable margin . ( 2 ) borrowings bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) a eurocurrency rate ( as defined in the applicable credit agreement ) plus an applicable margin . ( 3 ) borrowings under the term loan facilities bear interest at floating rates equal to , at our option , either ( i ) libor plus an applicable margin or ( ii ) a base rate plus an applicable margin . unsecured revolving credit facilities we are party to a $ 650.0 million senior unsecured revolving credit facility maturing in january 2022 , with options to extend the maturity date to january 2023 , pursuant to certain terms and conditions and payment of an extension fee . as of december 31 , 2018 , we had $ 170.0 million in outstanding borrowings and $ 480.0 million borrowing capacity remaining on our senior unsecured revolving credit facility . interest is paid on the periodic advances under the senior unsecured revolving credit facility at varying rates , based upon either libor or the alternate base rate , plus an additional margin amount . the interest rate depends upon our leverage ratio pursuant to the provisions of the credit facility agreement . we have the ability to further increase the aggregate borrowing capacity under the credit agreement to up to $ 1.3 billion , subject to lender approval . we intend to repay indebtedness incurred under the senior unsecured revolving credit facility from time to time out of cash flows from operations and , as market conditions permit , from the net proceeds of issuances of additional equity and debt securities and from the net proceeds of dispositions of hotel properties . we also have a $ 10.0 million unsecured revolving credit facility ( the `` phl credit facility `` ) to be used for phl 's working capital and general corporate purposes . this credit facility has substantially similar terms as our senior unsecured revolving credit facility , as amended and restated and matures in january 2022 . borrowings under the phl credit facility bear interest at libor plus an applicable margin , depending on our leverage ratio . as of december 31 , 2018 , we had no borrowings under the phl credit facility . unsecured term loan facilities we are party to senior unsecured term loans with different maturities . the unsecured term loans bear interest at a variable rate of a benchmark interest rate plus an applicable margin , depending

