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Acquisition of Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]    
Hotel Acquisition
During the year ended December 31, 2022, the Company acquired a 100% interest in the following property:
Property (1)LocationAcquisition DateManagement Company (1)RoomsPurchase Price (in thousands)
21c Hotel NashvilleNashville, TNJuly 29, 2022Accor Hotels124 $59,000 

(1)    During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton.
During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties:
PropertyLocationAcquisition DateManagement CompanyRoomsPurchase Price (in thousands)
Hampton Inn and Suites Atlanta Midtown Atlanta, GAAugust 5, 2021Aimbridge Hospitality186 $58,000 
AC Hotel Boston DowntownBoston, MAOctober 18, 2021Colwen Management205 89,000 
Moxy Denver Cherry Creek (1)Denver, CODecember 23, 2021Sage Hospitality170 51,250 
561 $198,250 
(1)    In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million.
Asset Acquisition, Transaction Costs The allocation of the costs for the property acquired was as follows (in thousands):
December 31, 2022
Land and improvements$19,807 
Buildings and improvements36,223 
Furniture, fixtures and equipment4,081 
Total purchase price $60,111 
 The allocation of the costs for the properties acquired was as follows (in thousands):
December 31, 2021
Land and improvements$32,550 
Buildings and improvements150,400 
Furniture, fixtures and equipment16,472 
Favorable lease asset4,294 
Fair value adjustment on mortgage debt assumed(2,554)
Other liability(898)
Total purchase price $200,264