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Investments in Hotel Properties, net (Tables) | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
Schedule of Investment in Hotel Properties | Investments in hotel properties, net consisted of the following (in thousands):
|  | December 31, 2022 |  | December 31, 2021
Land |  | $ | 630,489 |  |  | $ | 480,530 |
Buildings and improvements |  | 1,511,949 |  |  | 1,215,810 |
Furniture, fixtures and equipment |  | 147,019 |  |  | 123,954 |
Construction in progress |  | 22,890 |  |  | 12,038 |
Residences |  | 12,746 |  |  | 12,746 |
Total cost |  | 2,325,093 |  |  | 1,845,078 |
Accumulated depreciation |  | (440,492) |  |  | (399,481) |
Investments in hotel properties, net |  | $ | 1,884,601 |  |  | $ | 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) | $ | (9,966) |
The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022:
|  |  | Year Ended December 31, 2022 |  |  |  |
Total revenue |  |  | $ | 61,246 |  |  |  |  |
Net income (loss) |  |  | 7,583 |  |  |  |  |
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):
Land | $ | 70,248 |
Buildings and improvements | 181,560 |
Furniture, fixtures and equipment | 16,050 |
Investments in hotel properties | 267,858 |
Inventories | 480 |
| $ | 268,338 |
Net other assets (liabilities) | $ | (691) |
The table below summarizes the total revenue and net income (loss) in our consolidated statements of operations for the year ended December 31, 2022:
|  |  | Year Ended December 31, 2022 |  |  |  |
Total revenue |  |  | $ | 5,194 |  |  |  |  |
Net income (loss) |  |  | 934 |  |  |  |  |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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