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Investments in Hotel Properties, net | 6 Months Ended
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Jun. 30, 2021
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, 2021 |  | December 31, 2020
Land |  | $ | 455,298 |  |  | $ | 455,298 |
Buildings and improvements |  | 1,187,283 |  |  | 1,190,437 |
Furniture, fixtures and equipment |  | 124,370 |  |  | 127,692 |
Construction in progress |  | 7,355 |  |  | 11,422 |
Total cost |  | 1,774,306 |  |  | 1,784,849 |
Accumulated depreciation |  | (384,373) |  |  | (360,259) |
Investments in hotel properties, net |  | $ | 1,389,933 |  |  | $ | 1,424,590 |
Impairment Charges and Insurance Recoveries For the three and six months ended June 30, 2021, we recognized a $0 and $481,000 gain associated with proceeds received from an insurance claim. For the three and six months ended June 30, 2020, the Company received proceeds of $5.4 million and $7.4 million from our insurance carriers for property damage and business interruption from Hurricane Irma. There were no proceeds for the three and six months ended June 30, 2021 as the claim was fully settled in September 2020. During the three and six months ended June 30, 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.

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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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