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Investment in Hotel Properties, net | 9 Months Ended
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Sep. 30, 2016
Property, Plant and Equipment [Abstract] |
Investments in Hotel Properties, net | Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands):
|  | September 30, 2016 |  | December 31, 2015
Land |  | $ | 210,696 |  |  | $ | 227,620 |
Buildings and improvements |  | 969,222 |  |  | 1,017,086 |
Furniture, fixtures and equipment |  | 66,584 |  |  | 68,529 |
Construction in progress |  | 6,369 |  |  | 2,386 |
Total cost |  | 1,252,871 |  |  | 1,315,621 |
Accumulated depreciation |  | (233,982 | ) |  | (224,142 | )
Investments in hotel properties, net |  | $ | 1,018,889 |  |  | $ | 1,091,479 |
Final Purchase Price Allocation Ritz-Carlton St. Thomas On December 15, 2015, we acquired a 100% interest in the Ritz-Carlton St. Thomas in St. Thomas, U.S. Virgin Islands for total consideration of $64.0 million. Subsequent to the close of the transaction, we completed the financing of a $42.0 million mortgage loan. See note 7. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was prepared with the assistance of a third-party appraisal firm during the three months ended March 31, 2016. The final purchase price allocation resulted in adjustments to land, buildings and improvements and furniture, fixtures and equipment, which resulted in a $25,000 increase in depreciation expense for the three months ended March 31, 2016. This valuation is considered a Level 3 valuation technique. The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):
| Preliminary Allocations as of December 31, 2015 |  | Adjustments |  | Final Allocations as of March 31, 2016
Land | $ | 25,264 |  |  | $ | 269 |  |  | $ | 25,533 |
Buildings and improvements | 34,853 |  |  | (3,100 | ) |  | 31,753 |
Furniture, fixtures, and equipment | 3,883 |  |  | 2,831 |  |  | 6,714 |
| $ | 64,000 |  |  | $ | — |  |  | $ | 64,000 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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