Investments in Hotel Properties, net

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

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


	March 31, 2021		December 31, 2020
Land	$	455,298	$	455,298
Buildings and improvements	1,190,169		1,190,437
Furniture, fixtures and equipment	127,896		127,692
Construction in progress	9,390		11,422
Total cost	1,782,753		1,784,849
Accumulated depreciation	(376,243)		(360,259)
Investments in hotel properties, net	$	1,406,510	$	1,424,590

Impairment Charges and Insurance Recoveries

For the three months ended March 31, 2021, we recognized a $481,000 gain associated with proceeds received from an insurance claim.

For the three months ended March 31, 2020, the Company received proceeds of $2.0 million from our insurance carriers for property damage and business interruption from Hurricane Irma. There were no proceeds for the three months ended March 31, 2021 as the claim was fully settled in September 2020.

During the three months ended March 31, 2021 and 2020, no impairment charges were recorded.

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.