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Investment in Hotel Properties (Tables) | 3 Months Ended
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Mar. 31, 2019
Investments Schedule [Abstract] |
Investment in Hotel Properties | Investment in hotel properties as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands):
| March 31, 2019 |  | December 31, 2018
Land and improvements | $ | 296,260 |  | $ | 296,253
Building and improvements | 1,222,728 |  | 1,214,780
Furniture, fixtures and equipment | 78,237 |  | 73,411
Renovations in progress | 23,594 |  | 25,370
| 1,620,819 |  | 1,609,814
Less: accumulated depreciation | (248,742) |  | (236,041)
Investment in hotel properties, net | $ | 1,372,077 |  | $ | 1,373,773

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