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Investment in Hotel Properties (Tables)
 12 Months Ended
Dec. 31, 2017
Investments Schedule [Abstract]  
Investment in Hotel Properties
Investment in hotel properties as of December 31, 2017 and 2016 consisted of the following (in thousands):
 
 
December 31, 2017
 
December 31, 2016
Land and improvements
$
291,054

 
$
274,554

Building and improvements
1,140,477

 
1,045,880

Furniture, fixtures and equipment
63,443

 
50,495

Renovations in progress
13,262

 
10,067

 
1,508,236

 
1,380,996

Less: accumulated depreciation
(188,154
)
 
(147,902
)
Investment in hotel properties, net
$
1,320,082

 
$
1,233,094