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Investment in Hotel Properties, net | 9 Months Ended
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Sep. 30, 2019
Investments Schedule [Abstract] |
Investment in Hotel Properties, net | Investment in Hotel Properties, net Investment in Hotel Properties, net Investment in hotel properties, net as of September 30, 2019 and December 31, 2018 consisted of the following (in thousands):
| September 30, 2019 |  | December 31, 2018
Land and improvements | $ | 296,832 |  |  | $ | 296,253 |
Building and improvements | 1,213,894 |  |  | 1,214,780 |
Furniture, fixtures and equipment | 79,737 |  |  | 73,411 |
Renovations in progress | 30,321 |  |  | 25,370 |
| 1,620,784 |  |  | 1,609,814 |
Less: accumulated depreciation | (267,893) |  |  | (236,041) |
Investment in hotel properties, net | $ | 1,352,891 |  |  | $ | 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 $15.2 million of costs to date, which includes $6.6 million of land acquisition costs and $8.6 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.

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