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Investment in Hotel Properties
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
March 31, 2024December 31, 2023
Land and improvements$1,125,650 $998,417 
Buildings and improvements4,133,900 4,117,210 
Furniture, fixtures and equipment812,236 798,410 
6,071,786 5,914,037 
Accumulated depreciation(1,822,445)(1,777,821)
Investment in hotel properties, net$4,249,341 $4,136,216 
 
For the three months ended March 31, 2024 and 2023, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.6 million and $45.0 million, respectively.