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INVESTMENT IN HOTEL PROPERTIES, NET - Schedule of intangible assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017
--- | --- | ---
Intangible assets: |  |
Intangible assets, gross | $ 22,764 | $ 22,764
Less accumulated amortization | (1,411) | (1,001)
Intangible assets, net | 21,353 | 21,763
Intangible liabilities: |  |
Unfavorable leases | 5,002 | 5,002
Less accumulated amortization | (333) | (285)
Intangible liabilities, net | 4,669 | 4,717
Favorable leases |  |
Intangible assets: |  |
Intangible assets, gross | 10,569 | 10,569
In-place lease agreements |  |
Intangible assets: |  |
Intangible assets, gross | 1,361 | 1,361
Air rights |  |
Intangible assets: |  |
Intangible assets, gross | 10,754 | 10,754
Other |  |
Intangible assets: |  |
Intangible assets, gross | $ 80 | $ 80

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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph ((a)(1),(b)) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
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