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Property and Equipment
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment as of December 31, 2020 and 2019 consists of the following (in thousands):
20202019
Land$618,210 $617,695 
Land improvements7,994 7,994 
Buildings2,724,277 2,751,590 
Furniture, fixtures and equipment539,729 534,802 
Construction in progress37,481 126,464 
 3,927,691 4,038,545 
Less: accumulated depreciation(1,110,335)(1,011,776)
 $2,817,356 $3,026,769 

As of December 31, 2020 and 2019, we had accrued capital expenditures of $3.9 million and $13.1 million, respectively.

On March 2, 2020, we acquired the remaining 4.5% interest in the land underlying the Kimpton Shorebreak Resort located in Huntington Beach, California, for a purchase price of $1.6 million. We now own 100% of the interest in the land underlying the hotel.
During the year ended December 31, 2020, we evaluated the recoverability of the carrying amount of Frenchman’s Reef as a result of our determination in the fourth quarter of 2020 that it is more likely than not that the hotel will be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $174.1 million to adjust the hotel's carrying amount to its estimated fair value. The hotel remains classified as held and used. See Note 12 for further discussion about the determination of the hotel's fair value.