Property and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment [Abstract]

Property and equipment as of December 31, 2018 and 2017 consists of the following (in thousands):



	2018			2017
Land	$	617,695		$	602,879
Land improvements	7,994			7,994
Buildings	2,682,320			2,414,216
Furniture, fixtures and equipment	491,421			423,987
Construction in progress	38,623			31,906
	3,838,053			3,480,982
Less: accumulated depreciation	(893,436		)	(788,696		)
	$	2,944,617		$	2,692,286

During the year ended December 31, 2017, we recognized a $41.7 million impairment loss for property damage at Frenchman's Reef, the Havana Cabana Key West, and the Sheraton Suites Key West in connection with Hurricanes Irma and Maria. We recorded a reduction to the impairment loss and a corresponding receivable of $40.8 million reflecting the insurance proceeds that were 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 sheets. We evaluate probable recovery by considering various factors, including discussions with our insurance providers, consideration of their financial strength, and review of our insurance provisions and limits. 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, 2018 and 2017, we had accrued capital expenditures of $12.4 million and $11.7 million, respectively.