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Investment in Hotel Properties (Tables)
9 Months Ended
Sep. 30, 2023
Investments, All Other Investments [Abstract]  
Schedule of Investment in Hotel Properties
Investment in hotel properties, net as of September 30, 2023 and December 31, 2022 consisted of the following (in thousands):
 
September 30, 2023December 31, 2022
Land and improvements$289,671 $289,589 
Building and improvements1,276,283 1,267,035 
Furniture, fixtures and equipment107,756 98,373 
Renovations in progress14,074 11,710 
1,687,784 1,666,707 
Less: accumulated depreciation(445,829)(402,455)
Investment in hotel properties, net$1,241,955 $1,264,252