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Investment in Hotel Properties
 3 Months Ended
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, 2021December 31, 2020
Land and improvements$287,049 $287,049 
Building and improvements1,197,805 1,195,276 
Furniture, fixtures and equipment86,506 84,381 
Renovations in progress6,656 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.