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Investment in Hotel Properties, net (Tables)
 3 Months Ended
Mar. 31, 2019
Property, Plant and Equipment [Abstract]  
Schedule of Investment in Hotel Properties
We accounted for this transaction as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. We allocated the cost of the acquisition including transaction costs to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique, as noted in the following table (in thousands):
Land (1)
$
26,731

Buildings and improvements
89,340

Furniture, fixtures and equipment
2,172

 
$
118,243

Capital reserves
6,150

Key money
(3,811
)
 
$
120,582

Net other assets (liabilities)
$
912

________
(1) 
Amount includes the value of a 3.4-acre parking lot adjacent to the hotel which could be used for future development of luxury town homes.
The results of operations of the hotel property have been included in our results of operations as of the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three months ended March 31, 2019:
 
Three Months Ended March 31, 2019
Total revenue
$
13,491

Net income (loss)
$
3,028

Investments in hotel properties, net consisted of the following (in thousands):
 
March 31, 2019
 
December 31, 2018
Land
$
455,298

 
$
428,567

Buildings and improvements
1,089,457

 
989,180

Furniture, fixtures and equipment
114,086

 
103,025

Construction in progress
60,434

 
42,034

Total cost
1,719,275

 
1,562,806

Accumulated depreciation
(276,799
)
 
(262,905
)
Investments in hotel properties, net
$
1,442,476

 
$
1,299,901