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Real Estate Owned
 6 Months Ended
Jun. 30, 2020
Real Estate Owned  
Real Estate Owned

Note 9 — Real Estate Owned

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Our real estate assets at both June 30, 2020 and December 31, 2019 were comprised of a hotel property and an office building.

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June 30, 2020

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December 31, 2019

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Hotel

    

Office

    

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Hotel

    

Office

    

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(in thousands)

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Property

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Building

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Total

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Property

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Building

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Total

Land

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$

3,294

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$

4,509

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$

7,803

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$

3,294

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$

4,509

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$

7,803

Building and intangible assets

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31,670

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2,010

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33,680

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31,541

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2,010

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33,551

Less: Impairment loss

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(14,307)

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(2,500)

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(16,807)

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(14,307)

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(2,500)

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(16,807)

Less: Accumulated depreciation and amortization

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(10,600)

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(1,086)

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(11,686)

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(10,320)

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(1,007)

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(11,327)

Real estate owned, net

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$

10,057

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$

2,933

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$

12,990

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$

10,208

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$

3,012

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$

13,220

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During the six months ended June 30, 2020 and 2019, our hotel property had a weighted average occupancy rate of 20% and 62%, respectively, a weighted average daily rate of $134 and $111, respectively, and weighted average revenue per available room of $27 and $69, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. As a result of the COVID-19 pandemic, our hotel property temporarily ceased operations during April and May 2020 and has since resumed operations. During the second quarter of 2019, based on discussions with market participants, we determined that the hotel property exhibited indicators of impairment and performed an impairment analysis. As a result of this analysis, we recorded an impairment loss of $1.0 million.

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Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant.

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Our real estate owned assets had restricted cash balances due to escrow requirements totaling $0.4 million and $0.5 million at June 30, 2020 and December 31, 2019, respectively.