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Investment in Hotel Properties | 3 Months Ended
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Mar. 31, 2022
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, 2022 and December 31, 2021 consisted of the following (in thousands):
| March 31, 2022 |  | December 31, 2021
Land and improvements | $ | 302,640 |  |  | $ | 291,768 |
Building and improvements | 1,344,843 |  |  | 1,258,845 |
Furniture, fixtures and equipment | 102,299 |  |  | 91,110 |
Renovations in progress | 5,553 |  |  | 7,869 |
| 1,755,335 |  |  | 1,649,592 |
Less: accumulated depreciation | (381,692) |  |  | (366,722) |
Investment in hotel properties, net | $ | 1,373,643 |  |  | $ | 1,282,870 |
Investment in hotel properties under development On January 24, 2022, the Company opened the newly developed Home2 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills"). We incurred $70.7 million of costs to develop the hotel, which included $6.6 million of land acquisition costs and $64.1 million of other development costs.

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