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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2024
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, 2024December 31, 2023
Land and improvements$1,129,190 $998,417 
Buildings and improvements4,186,098 4,117,210 
Furniture, fixtures and equipment839,541 798,410 
6,154,829 5,914,037 
Accumulated depreciation(1,897,630)(1,777,821)
Investment in hotel properties, net$4,257,199 $4,136,216 
 
For the three and nine months ended September 30, 2024, the Company recognized depreciation expense related to its investment in hotel properties of approximately $44.9 million and $133.9 million, respectively. 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.