Investment in Hotel Properties

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

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


	June 30, 2022		December 31, 2021
Land and improvements	$	970,821	$	975,688
Buildings and improvements	3,959,957		4,001,875
Furniture, fixtures and equipment	704,311		691,057
	5,635,089		5,668,620
Accumulated depreciation	(1,507,799)		(1,449,504)
Investment in hotel properties, net	$	4,127,290	$	4,219,116

For the three and six months ended June 30, 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.8 million and $93.5 million, respectively. 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.

Impairments

During the six months ended June 30, 2021, the Company entered into purchase and sale agreements to sell two hotel properties. The Company recorded impairment losses of $5.9 million to adjust the hotels' carrying amounts to their estimated fair values during the three months ended March 31, 2021. 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 six months ended June 30, 2022.