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Investments in Hotel Properties, net | 12 Months Ended
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Dec. 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):
|  | December 31, 2020 |  | December 31, 2019
Land |  | $ | 455,298 |  |  | $ | 455,298 |
Buildings and improvements |  | 1,190,437 |  |  | 1,173,151 |
Furniture, fixtures and equipment |  | 127,692 |  |  | 129,595 |
Construction in progress |  | 11,422 |  |  | 33,130 |
Total cost |  | 1,784,849 |  |  | 1,791,174 |
Accumulated depreciation |  | (360,259) |  |  | (309,752) |
Investments in hotel properties, net |  | $ | 1,424,590 |  |  | $ | 1,481,422 |
The cost of land and depreciable property, net of accumulated depreciation, for U.S. federal income tax purposes was approximately $1.3 billion and $1.3 billion as of December 31, 2020 and 2019, respectively. For the years ended December 31, 2020, 2019 and 2018, depreciation expense was $72.8 million, $69.5 million and $56.8 million, respectively. Impairment Charges and Insurance Recoveries 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. Additionally, for the year ended December 31, 2019, the Company recorded a gain of $26.2 million upon settlement of a portion of the insurance claim. For the years ended December 31, 2020, 2019 and 2018, the Company received proceeds of $14.5 million, $36.6 million and $48.1 million, respectively, from our insurance carriers for property damage and business interruption from Hurricane Irma. During the years ended December 31, 2020 and 2019, no impairment charges were recorded. During the year ended December 31, 2018, the Company recorded an impairment charge of $71,000, as a result of a change in estimate of property damage as a result of the hurricanes Maria and Irma. During the year ended December 31, 2019, the Company recorded a loss of $1.2 million related to the disposition of FF&E resulting from the renovation at The Notary Hotel. As of December 31, 2019, the Company had a net liability of $2.2 million included in “other liabilities” on the consolidated balance sheet, as it had received insurance proceeds in excess of the sum of its impairment, remediation expenses and business interruption revenue recorded through December 31, 2019.

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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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