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Investment in Hotel Properties, net (Tables) | 9 Months Ended
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Sep. 30, 2019
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
| September 30, 2019 |  | December 31, 2018
Land | $ | 455,298 |  |  | $ | 428,567 |
Buildings and improvements | 1,106,503 |  |  | 989,180 |
Furniture, fixtures and equipment | 109,715 |  |  | 103,025 |
Construction in progress | 96,644 |  |  | 42,034 |
Total cost | 1,768,160 |  |  | 1,562,806 |
Accumulated depreciation | (296,557 | ) |  | (262,905 | )
Investments in hotel properties, net | $ | 1,471,603 |  |  | $ | 1,299,901 |
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 | 89,569 |
Furniture, fixtures and equipment | 2,034 |
| $ | 118,334 |
Capital reserves | 6,117 |
Key money | (3,811 | )
| $ | 120,640 |
Net other assets (liabilities) | $ | 510 |
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(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 and nine months ended September 30, 2019 (in thousands):
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
Total revenue | $ | 12,206 |  |  | $ | 31,624 |
Net income (loss) | $ | 643 |  |  | $ | 469 |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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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