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Investment in Hotel Properties, net | 3 Months Ended
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Mar. 31, 2020
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):
| March 31, 2020 |  | December 31, 2019
Land | $ | 455,298 |  |  | $ | 455,298 |
Buildings and improvements | 1,185,545 |  |  | 1,173,151 |
Furniture, fixtures and equipment | 132,946 |  |  | 129,595 |
Construction in progress | 20,715 |  |  | 33,130 |
Total cost | 1,794,504 |  |  | 1,791,174 |
Accumulated depreciation | (325,322 | ) |  | (309,752 | )
Investments in hotel properties, net | $ | 1,469,182 |  |  | $ | 1,481,422 |
Impairment Charges and Insurance Recoveries For the three months ended March 31, 2020 and 2019, the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $3.6 million and $6.0 million, respectively. These revenues are included in “other” hotel revenue in our condensed consolidated statements of operations. For the three months ended March 31, 2020 and 2019, the Company received proceeds of $2.0 million and $0.0 million, respectively, from our insurance carriers for property damage and business interruption from the hurricanes. During the three months ended March 31, 2020 and 2019, no impairment charges were recorded. As of March 31, 2020, the Company recorded an insurance receivable of $3.3 million, related to business interruption insurance recoveries that are realizable. The Company also had a liability of $2.2 million, included in “other liabilities” on the condensed consolidated balance sheet, as it has received insurance proceeds in excess of property damage claims that are not yet settled as of March 31, 2020. The Company will not record revenue for business interruption losses associated with lost profits or gains from property damage recoveries until the amount for such recoveries is known and the amount is realizable.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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