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Investment in Hotel Properties | 6 Months Ended
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Jun. 30, 2020
Investments, All Other Investments [Abstract] |
Investment in Hotel Properties | Investment in Hotel Properties Investment in Hotel Properties,net Investment in hotel properties, net as of June 30, 2020 and December 31, 2019 consisted of the following (in thousands):
| June 30, 2020 |  | December 31, 2019
Land and improvements | $ | 296,905 |  |  | $ | 296,884 |
Building and improvements | 1,232,263 |  |  | 1,216,849 |
Furniture, fixtures and equipment | 88,846 |  |  | 81,707 |
Renovations in progress | 15,809 |  |  | 31,589 |
| 1,633,823 |  |  | 1,627,029 |
Less: accumulated depreciation | (305,106) |  |  | (279,913) |
Investment in hotel properties, net | $ | 1,328,717 |  |  | $ | 1,347,116 |
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 $30.5 million of costs to date, which includes $6.6 million of land acquisition costs and $23.9 million of other development costs.

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