Investment in Hotel Properties

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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.