XML 23 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
June 30, 2021December 31, 2020
Land and improvements$1,086,138 $1,089,597 
Buildings and improvements4,072,090 4,084,712 
Furniture, fixtures and equipment695,164 697,404 
5,853,392 5,871,713 
Accumulated depreciation(1,457,491)(1,385,297)
Investment in hotel properties, net$4,395,901 $4,486,416 
 
For the three and six months ended June 30, 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.8 million and $93.6 million, respectively. For the three and six months ended June 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $49.0 million and $97.9 million, respectively.

Impairment
During the six months ended June 30, 2021, the Company entered into purchase and sale agreements to sell two hotel properties with an aggregate book value of approximately $18.5 million. The Company recorded impairment losses of $5.9 million to write down the hotel properties to fair value during the three months ended March 31, 2021. The sales of these two hotel properties closed in May 2021.