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Note 5 - Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Real Estate Disclosure [Text Block]

5.

Investment in Hotel Properties

 

Investment in hotel properties, net

 

Investment in hotel properties, net as of  June 30, 2026 and  December 31, 2025 consisted of the following (in thousands):

 

   

June 30, 2026

    

December 31, 2025

  

Land and improvements

   $ 277,676     $ 268,546  

Building and improvements

     1,254,402       1,174,132  

Furniture, fixtures and equipment

     103,380       87,528  

Finance lease assets

     43,893       43,840  

Renovations in progress

     9,821       11,718  
      1,689,172       1,585,764  

Less accumulated depreciation and amortization

     (509,239 )     (478,874 )

Investment in hotel properties, net

   $ 1,179,933     $ 1,106,890  

 

 

 

Investment in hotel properties under development

 

We are developing a Home2 Suites by Hilton hotel in Portland, ME on a parcel of land owned by us. We have incurred $1.6 million of development costs through June 30, 2026.