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Investment in Hotel Properties, net (Tables) | 9 Months Ended
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Sep. 30, 2020
Investments, All Other Investments [Abstract] |
Investment in Hotel Properties | Investment in hotel properties, net as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
| September 30, 2020 |  | December 31, 2019
Land and improvements | $ | 296,905 |  |  | $ | 296,884 |
Building and improvements | 1,233,988 |  |  | 1,216,849 |
Furniture, fixtures and equipment | 85,246 |  |  | 81,707 |
Renovations in progress | 15,281 |  |  | 31,589 |
| 1,631,420 |  |  | 1,627,029 |
Less: accumulated depreciation | (310,655) |  |  | (279,913) |
Investment in hotel properties, net | $ | 1,320,765 |  |  | $ | 1,347,116 |

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