Investments in Hotel Properties, net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

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.