Investment in Hotel Properties

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Investment in hotel properties consisted of the following (in thousands):


	March 31, 2022		December 31, 2021
Land and improvements	$	972,633	$	975,688
Buildings and improvements	3,964,442		4,001,875
Furniture, fixtures and equipment	689,967		691,057
	5,627,042		5,668,620
Accumulated depreciation	(1,471,994)		(1,449,504)
Investment in hotel properties, net	$	4,155,048	$	4,219,116

For the three months ended March 31, 2022 and 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.7 million and $46.8 million, respectively.

Impairments

During the three months ended March 31, 2021, the Company evaluated the recoverability of two hotel properties and recorded impairment losses of $5.9 million to adjust the hotels' carrying amounts to their estimated fair values. The fair values were determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sales of these hotel properties closed in May 2021. There was no impairment recorded during the three months ended March 31, 2022.