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Acquisition of Hotel Property (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combinations [Abstract] |
Schedule of Property Acquisitions | During the nine months ended September 30, 2022, the Company acquired a 100% interest in the following property:
Property (1) |  | Location |  | Acquisition Date |  | Management Company (1) |  | Rooms |  | Purchase Price (in thousands)
21c Hotel Nashville |  | Nashville, TN |  | July 29, 2022 |  | Accor Hotels |  | 124 |  |  | $ | 59,000 |
(1) During the nine months ended September 30, 2023, the Company converted this hotel property to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton.
Schedule of Asset Acquisition, Property Allocation Cost | The allocation of the costs for the property acquired was as follows (in thousands):
| September 30, 2022
Land and improvements | $ | 19,777 |  |  |
Buildings and improvements | 36,169 |  |  |
Furniture, fixtures and equipment | 4,075 |  |  |
Total purchase price | $ | 60,021 |  |  |

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