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Property and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consists of the following (in thousands):
As of December 31,
20242023
Land$570,386 $590,824 
Land improvements2,400 7,994 
Buildings2,812,461 2,878,508 
Furniture, fixtures and equipment200,415 561,484 
Construction in progress24,969 21,175 
 3,610,631 4,059,985 
Less: accumulated depreciation(979,410)(1,304,790)
 $2,631,221 $2,755,195 

As of December 31, 2024 and 2023, we had accrued capital expenditures of $5.4 million and $4.7 million, respectively.

On December 20, 2024, we entered into a purchase and sale agreement to sell the Westin Washington D.C. City Center to an unaffiliated third party for a contractual purchase price of $92.0 million. During the year ended December 31, 2024, we evaluated the recoverability of the carrying amount of the hotel as a result of our determination in the fourth quarter of 2024 that it is more likely than not that the hotel will be sold before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $32.6 million to adjust the hotel's carrying amount to its estimated fair value less costs to sell. As of December 31, 2024, the buyer placed a $2.7 million non-refundable deposit and the hotel was classified as held for sale based on our assessment of the criteria for a hotel to be classified as held for sale. The associated assets and liabilities of the hotel are recorded in assets held for sale and liabilities of assets held for sale on our consolidated balance sheets.

During the year ended December 31, 2024, we recorded additional impairment losses of $1.6 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2023, we recorded an impairment loss of $0.9 million related to the write-off of construction in progress that was determined not to be recoverable. During the year ended December 31, 2022, we recorded impairment losses of $2.8 million on the right-to-manage intangible asset related to the rental management agreements at Tranquility Bay Beachfront Resort upon our acquisition of four third-party owned units.