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Investment in Hotel Properties
 3 Months Ended
Mar. 31, 2017
Investments Schedule [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties

Investment in hotel properties as of March 31, 2017 and December 31, 2016 consisted of the following (in thousands):
 
 
March 31, 2017
 
December 31, 2016
Land and improvements
$
274,554

 
$
274,554

Building and improvements
1,048,398

 
1,045,880

Furniture, fixtures and equipment
50,803

 
50,495

Renovations in progress
12,348

 
10,067

 
1,386,103

 
1,380,996

Less: accumulated depreciation
(159,839
)
 
(147,902
)
Investment in hotel properties, net
$
1,226,264

 
$
1,233,094