XML 76 R14.htm IDEA: XBRL DOCUMENT

Investment in Hotel Properties, net

9 Months Ended

Sep. 30, 2019

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.