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Investment in Hotel Properties | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands):
| December 31, 2023 |  | December 31, 2022
Land and improvements | $ | 998,417 |  |  | $ | 992,609 |
Buildings and improvements | 4,117,210 |  |  | 4,040,505 |
Furniture, fixtures and equipment | 798,410 |  |  | 745,978 |
| 5,914,037 |  |  | 5,779,092 |
Accumulated depreciation | (1,777,821) |  |  | (1,598,764) |
Investment in hotel properties, net | $ | 4,136,216 |  |  | $ | 4,180,328 |
For the years ended December 31, 2023, 2022 and 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $179.1 million, $184.4 million and $187.2 million, respectively. Impairments During 2021, the Company evaluated the recoverability of the carrying amount of the DoubleTree Metropolitan Hotel New York City and recorded an impairment loss of $138.9 million to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price (a Level 2 measurement in the fair value hierarchy) for the sale which closed in 2021. During 2021, the Company evaluated the recoverability of the carrying amounts of two hotel properties and recorded an impairment loss 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 (a Level 2 measurement in the fair value hierarchy) for the sales which closed in 2021. There were no impairment losses recorded during either of the years ended December 31, 2023 or 2022.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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