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Investment in Hotel Properties, net (Tables) | 12 Months Ended
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Dec. 31, 2019
Property, Plant and Equipment [Abstract] |
Schedule of investments in hotel properties | The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2019 (in thousands):
| Year Ended December 31, 2019
Total revenue | $ | 43,274 |
Net income (loss) | $ | 606 |
Investments in hotel properties, net consisted of the following (in thousands):
| December 31,
| 2019 |  | 2018
Land | $ | 455,298 |  |  | $ | 428,567 |
Buildings and improvements | 1,173,151 |  |  | 989,180 |
Furniture, fixtures and equipment | 129,595 |  |  | 103,025 |
Construction in progress | 33,130 |  |  | 42,034 |
Total cost | 1,791,174 |  |  | 1,562,806 |
Accumulated depreciation | (309,752 | ) |  | (262,905 | )
Investments in hotel properties, net | $ | 1,481,422 |  |  | $ | 1,299,901 |
Preliminary estimated fair value of acquisition | 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.

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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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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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