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Investment in Hotel Properties
 12 Months Ended
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, 2022December 31, 2021
Land and improvements$289,589 $291,768 
Building and improvements1,267,035 1,258,845 
Furniture, fixtures and equipment98,373 91,110 
Renovations in progress11,710 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.