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Investments in Hotel Properties, net (Tables) | 3 Months Ended
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Mar. 31, 2022
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
|  | March 31, 2022 |  | December 31, 2021
Land |  | $ | 560,241 |  |  | $ | 480,530 |
Buildings and improvements |  | 1,321,913 |  |  | 1,215,810 |
Furniture, fixtures and equipment |  | 137,303 |  |  | 123,954 |
Construction in progress |  | 12,175 |  |  | 12,038 |
Residences |  | 12,746 |  |  | 12,746 |
Total cost |  | 2,044,378 |  |  | 1,845,078 |
Accumulated depreciation |  | (409,567) |  |  | (399,481) |
Investments in hotel properties, net |  | $ | 1,634,811 |  |  | $ | 1,445,597 |
Asset Acquisition | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):
Land | $ | 79,711 |
Buildings and improvements | 102,105 |
Furniture, fixtures and equipment | 15,405 |
Investments in hotel properties | 197,221 |
Restricted cash | 1,091 |
Inventories | 1,184 |
Mortgage loan | (58,601) |
| $ | 140,895 |
Net other assets (liabilities) | $ | (9,806) |
The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three months ended March 31, 2022:
|  |  | Three Months Ended March 31, 2022 |  |  |  |
Total revenue |  |  | $ | 7,495 |  |  |  |  |
Net income (loss) |  |  | 3,492 |  |  |  |  |

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