XML 27 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2020
Schedule of Investments [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
Investment in hotel properties, net
Investment in hotel properties, net as of December 31, 2020 and 2019 consisted of the following (in thousands):
 
December 31, 2020December 31, 2019
Land and improvements$287,049 $296,884 
Building and improvements1,195,276 1,216,849 
Furniture, fixtures and equipment84,381 81,707 
Renovations in progress11,225 31,589 
1,577,931 1,627,029 
Less: accumulated depreciation(312,757)(279,913)
Investment in hotel properties, net$1,265,174 $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 $43.7 million of costs to date, which included $6.6 million of the land acquisition costs and $37.1 million of other development costs. We expect the total development costs for construction of the hotel to be approximately $70.0 million, which includes the cost of the land.