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Investment in Hotel Properties
 3 Months Ended
Mar. 31, 2019
Investments Schedule [Abstract]  
Investment in Hotel Properties 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, 2019December 31, 2018
Land and improvements$296,260 $296,253 
Building and improvements1,222,728 1,214,780 
Furniture, fixtures and equipment78,237 73,411 
Renovations in progress23,594 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