Investment in Hotel Properties, net

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

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.