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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
September 30, 2023December 31, 2022
Land and improvements$996,972 $992,609 
Buildings and improvements4,096,444 4,040,505 
Furniture, fixtures and equipment782,305 745,978 
5,875,721 5,779,092 
Accumulated depreciation(1,733,356)(1,598,764)
Investment in hotel properties, net$4,142,365 $4,180,328 
 
For the three and nine months ended September 30, 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.7 million and $134.6 million, respectively. For the three and nine months ended September 30, 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $46.5 million and $139.9 million, respectively.