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Investment in Hotel Properties | 12 Months Ended
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Dec. 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 December 31, 2022 and 2021 consisted of the following (in thousands):
| December 31, 2022 |  | December 31, 2021
Land and improvements | $ | 289,589 |  |  | $ | 291,768 |
Building and improvements | 1,267,035 |  |  | 1,258,845 |
Furniture, fixtures and equipment | 98,373 |  |  | 91,110 |
Renovations in progress | 11,710 |  |  | 7,869 |
| 1,666,707 |  |  | 1,649,592 |
Less: accumulated depreciation | (402,455) |  |  | (366,722) |
Investment in hotel properties, net | $ | 1,264,252 |  |  | $ | 1,282,870 |
During the year ended December 31, 2021, the Company recorded an impairment loss of $5.6 million on the HGI Burlington hotel property to write down the hotel property to fair value. The HGI Burlington hotel property was sold on May 6, 2022. 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 $70.9 million of costs to develop the hotel, which includes $6.6 million of land acquisition costs and $64.3 million of other development costs.

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