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Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
December 31, 2020December 31, 2019
Land and improvements$1,089,597 $1,088,436 
Buildings and improvements4,084,712 4,039,012 
Furniture, fixtures and equipment697,404 685,699 
 5,871,713 5,813,147 
Accumulated depreciation(1,385,297)(1,198,181)
Investment in hotel properties, net$4,486,416 $4,614,966 
 
For the years ended December 31, 2020, 2019 and 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $193.3 million, $209.6 million and $233.8 million, respectively.

Impairment 
During year ended December 31, 2019, the Company recorded an impairment loss of $13.5 million related to two hotel properties. The Company evaluated the recoverability of the carrying value of the hotels due to adverse changes in the operating performance of the hotels. Based on an analysis of the estimated undiscounted net cash flows, the Company concluded that the carrying value of the hotels was not recoverable. The Company estimated the fair value of the hotels using a weighted valuation approach considering room revenue multiples and comparable sales adjusted for capital expenditures. The valuation approach included significant unobservable inputs, including revenue growth projections and prevailing market multiples, from third party sources. There were no impairment losses recorded during the years ended December 31, 2020 and December 31, 2018.