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Investment in Hotel Properties
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 consisted of the following (in thousands):
 
June 30, 2022December 31, 2021
Land and improvements$289,569 $291,768 
Building and improvements1,264,693 1,258,845 
Furniture, fixtures and equipment97,508 91,110 
Renovations in progress8,496 7,869 
1,660,266 1,649,592 
Less: accumulated depreciation(373,605)(366,722)
Investment in hotel properties, net$1,286,661 $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 $71.4 million of costs to develop the hotel, which included $6.6 million of land acquisition costs and $64.8 million of other development costs.