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Investment in Hotel Properties, net | 6 Months Ended
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Jun. 30, 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):
| June 30, 2020 |  | December 31, 2019
Land | $ | 455,298 |  |  | $ | 455,298 |
Buildings and improvements | 1,183,288 |  |  | 1,173,151 |
Furniture, fixtures and equipment | 134,919 |  |  | 129,595 |
Construction in progress | 12,861 |  |  | 33,130 |
Total cost | 1,786,366 |  |  | 1,791,174 |
Accumulated depreciation | (338,186 | ) |  | (309,752 | )
Investments in hotel properties, net | $ | 1,448,180 |  |  | $ | 1,481,422 |
Impairment Charges and Insurance Recoveries For the three and six months ended June 30, 2020, the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $390,000 and $4.0 million, respectively. For the three and six months ended June 30, 2019, the Company recorded revenue from business interruption losses associated with lost profits from the hurricanes of $6.6 million and $12.6 million, respectively. These revenues are included in “other” hotel revenue in our condensed consolidated statements of operations. For the three and six months ended June 30, 2020, the Company received proceeds of $5.4 million and $7.4 million, respectively, from our insurance carriers for property damage and business interruption from the hurricanes. The Company received proceeds of $8.3 million for both the three and six months ended June 30, 2019. During both the three and six months ended June 30, 2020 and 2019, no impairment charges were recorded. The Company also had a liability of $3.8 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 June 30, 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 asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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