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Investment in Hotel Properties, net

6 Months Ended

Jun. 30, 2019

Investment in Hotel Properties, net

Investment in hotel properties, net as of June 30, 2019 and December 31, 2018 consisted of the following (in thousands):


	June 30, 2019		December 31, 2018
Land and improvements	$	288,662	$	296,253
Building and improvements	1,211,555		1,214,780
Furniture, fixtures and equipment	78,609		73,411
Renovations in progress	24,107		25,370
	1,602,933		1,609,814
Less: accumulated depreciation	(255,042)		(236,041)
Investment in hotel properties, net	$	1,347,891	$	1,373,773

Investment in Hotel Properties Under Development

We are developing a hotel in Los Angeles, CA on a parcel of land owned by us. We have incurred $10.8 million of costs to date, which includes $6.6 million of land acquisition costs and $4.2 million of other development costs. We reclassified the $6.6 million of land acquisition costs from Land to Hotel Properties Under Development during the three months ended June 30, 2019 in conjunction with the commencement of development activities.