Investments in Hotel Properties, net

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Investments in hotel properties, net consisted of the following (in thousands):



	September 30, 2020			December 31, 2019
Land	$	455,298		$	455,298
Buildings and improvements	1,187,947			1,173,151
Furniture, fixtures and equipment	127,553			129,595
Construction in progress	9,758			33,130
Total cost	1,780,556			1,791,174
Accumulated depreciation	(343,877		)	(309,752		)
Investments in hotel properties, net	$	1,436,679		$	1,481,422

Impairment Charges and Insurance Recoveries

For the three and nine months ended September 30, 2020, the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $0 and $4.0 million, respectively. For the three and nine months ended September 30, 2019, the Company recorded revenue from business interruption losses associated with lost profits from Hurricane Irma of $4.0 million and $16.6 million, respectively. These revenues are included in “other” hotel revenue in our condensed consolidated statements of operations.

In September 2020, the Company reached a final settlement with its insurance carriers related to Hurricane Irma. Upon settlement, the Company recorded a gain of $10.1 million as the proceeds received exceeded the carrying value of the hotel property at the time of the loss. As of September 30, 2020, the Company has a receivable of $6.5 million related to the final settlement from the insurance carriers, which is included in “accounts receivable, net” in our condensed consolidated financial statements.

For the three and nine months ended September 30, 2020, the Company received proceeds of $650,000 and $8.0 million, respectively, from our insurance carriers for property damage and business interruption from Hurricane Irma. For the three and nine months ended September 30, 2019, the Company received proceeds of $6.6 million and $14.9 million, respectively, from our insurance carriers for property damage and business interruption from Hurricane Irma.

During both the three and nine months ended September 30, 2020 and 2019, no impairment charges were recorded.