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Investment in Hotel Properties | 3 Months Ended
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Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 consisted of the following (in thousands):
| March 31, 2021 |  | December 31, 2020
Land and improvements | $ | 287,049 |  |  | $ | 287,049 |
Building and improvements | 1,197,805 |  |  | 1,195,276 |
Furniture, fixtures and equipment | 86,506 |  |  | 84,381 |
Renovations in progress | 6,656 |  |  | 11,225 |
| 1,578,016 |  |  | 1,577,931 |
Less: accumulated depreciation | (326,030) |  |  | (312,757) |
Investment in hotel properties, net | $ | 1,251,986 |  |  | $ | 1,265,174 |
Investment in hotel properties under development We are developing a hotel in the Warner Center submarket of Los Angeles, CA on a parcel of land owned by us. We have incurred $52.5 million of costs to date, which includes $6.6 million of land acquisition costs and $45.9 million of other development costs.

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