Property and Equipment

Property and equipment as of December 31, 2017 and 2016 consists of the following (in thousands):



	2017			2016
Land	$	602,879		$	553,769
Land improvements	7,994			7,994
Buildings	2,414,216			2,355,871
Furniture, fixtures and equipment	423,987			428,991
Construction in progress	31,906			35,253
	3,480,982			3,381,878
Less: accumulated depreciation	(788,696		)	(735,202		)
	$	2,692,286		$	2,646,676

During 2017, we determined the carrying value of $1.8 million of construction in progress was not recoverable and we recorded a corresponding $1.8 million charge within impairment losses for the year ended December 31, 2017.

As of December 31, 2017 and 2016 we had accrued capital expenditures of $11.7 million and $10.8 million, respectively.

Natural Disaster Impact

During September 2017, several of our hotels were impacted by the effects of Hurricanes Irma and Maria. Frenchman's Reef & Morning Star Marriott Beach Resort (“Frenchman's Reef”), located in St. Thomas, U.S. Virgin Islands, sustained significant damage and is currently closed. We expect that Frenchman's Reef will remain closed through the end of 2019. The Inn at Key West and Sheraton Suites Key West located in Key West, Florida and the Westin Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida were impacted by the effects of Hurricane Irma. Each of our Florida hotels closed in advance of the storm in order to comply with mandatory evacuation orders. The Westin Fort Lauderdale Beach Resort and Sheraton Suites Key West sustained minimal damage and reopened shortly after the storm, while the Inn at Key West sustained substantial damage and remains closed. We expect the Inn at Key West to reopen in the second quarter of 2018, renamed as the Havana Cabana Key West.

We maintain property, casualty, flood, and business interruption insurance for each of our hotels with coverage up to $361 million for each covered event, subject to certain deductibles and sublimits. While it is expected that insurance proceeds will be sufficient to cover all or a substantial portion of the remediation costs and business interruption at these hotels, no determination has been made as to the total amount or timing of the related payments.

During the year ended December 31, 2017, we recognized a $41.7 million impairment loss for property damage at Frenchman's Reef, the Inn at Key West, and the Sheraton Suites Key West. We have filed insurance claims for Frenchman's Reef and the Inn at Key West, but the damage to the Sheraton Suites Key West is below the insurance deductible. We recorded a reduction to the impairment loss and a corresponding receivable of $40.8 million reflecting the insurance proceeds that are probable of receipt up to the amount of the loss recorded. The receivable for insurance proceeds is included in prepaid and other assets on the accompanying consolidated balance sheet. We believe these amounts to be recoverable by considering various factors, including discussions with our insurance providers, consideration of their financial strength, and review of our insurance provisions and limits.