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Investments in Hotel Properties, net | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Investments in Hotel Properties, net | Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands):
| December 31, 2022 |  | December 31, 2021
Land | $ | 622,759 |  |  | $ | 626,917 |
Buildings and improvements | 3,650,464 |  |  | 3,711,006 |
Furniture, fixtures and equipment | 222,665 |  |  | 298,121 |
Construction in progress | 21,609 |  |  | 16,370 |
Condominium properties | 9,889 |  |  | 10,739 |
Hilton Marietta finance lease | 18,998 |  |  | — |
Total cost | 4,546,384 |  |  | 4,663,153 |
Accumulated depreciation | (1,428,053) |  |  | (1,432,443) |
Investments in hotel properties, net | $ | 3,118,331 |  |  | $ | 3,230,710 |
For the years ended December 31, 2022, 2021 and 2020, we recognized depreciation expense of $201.4 million, $218.5 million and $252.4 million, respectively. Acquisition On December 16, 2022, in exchange for satisfying the full outstanding ERFP balance, which is discussed in note 17, Ashford Inc. transferred to the Company 100% ownership of Marietta Leasehold LP and Marietta Leasehold GP, which holds a lease for the Hilton Atlanta/Marietta Hotel and Conference Center (the “Hilton Marietta”). The finance lease asset had an estimated value of approximately $18.8 million and is included in “investments in hotel properties, net” and a corresponding finance lease liability was recorded in “finance lease liabilities”. The lease expires on December 31, 2054 and was classified as a finance lease. See note 19. We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs of $151,000 to the finance lease asset, increasing the finance lease asset value to approximately $19.0 million. The following table summarizes the assets and liabilities included in Marietta Leasehold LP (in thousands):
Finance lease asset | $ | 18,998 |
Cash and cash equivalents | 1,282 |
Restricted cash | 800 |
Inventories | 48 |
Prepaid expenses | 221 |
Other assets | 1 |
Finance lease liability | (18,847) |
Due to related parties, net | (10) |
Accounts payable and accrued expenses | (2,321) |
The results of operations of the hotel property have been included in our results of operations from the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the year ended December 31, 2022:
| Year ended December 31, 2022
Total revenue | $ | 338 |
Net income (loss) | $ | 30 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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