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Property and Equipment
 12 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment
Property and Equipment

Property and equipment as of December 31, 2014 and 2013 consists of the following (in thousands):
 
2014
 
2013
Land
$
508,838

 
$
394,957

Land improvements
7,994

 
7,994

Buildings
2,427,274

 
2,321,666

Furniture, fixtures and equipment
430,873

 
420,367

CIP
13,784

 
23,104

 
3,388,763

 
3,168,088

Less: accumulated depreciation
(624,370
)
 
(600,555
)
 
$
2,764,393

 
$
2,567,533



As of December 31, 2014 and 2013 we had accrued capital expenditures of $6.2 million and $8.6 million, respectively.

During the year ended December 31, 2012, we recorded an impairment loss of $30.4 million related to the Oak Brook Hills Resort. We evaluated the recoverability of the hotel's carrying value given deteriorating operating forecasts. Based on our estimated undiscounted net cash flow, we concluded that the previous carrying value of the hotel was not recoverable. We estimated the fair value of the hotel using a discounted cash flow analysis and comparable sales information. In our analysis, we estimated the future net cash flows from the hotel based on historical operations and our projected future operating results.  The expected useful life and holding period was based on the age of the property and our plan for the property as well as experience with similar properties. The capitalization rate was estimated using rates from recent comparable market transactions, and the discount rate was estimated using a risk adjusted rate of return. The fair value measurement of the property was a Level 3 measurement under the fair value hierarchy (see Note 2). The impairment loss includes the impairment related to the hotel's favorable ground lease asset. See Note 4 for further discussion.