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Investments in Hotel Properties, net
 12 Months Ended
Dec. 31, 2023
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):
December 31, 2023December 31, 2022
Land$630,842 $630,489 
Buildings and improvements1,535,501 1,511,949 
Furniture, fixtures and equipment166,673 147,019 
Construction in progress36,954 22,890 
Residences12,746 12,746 
Total cost2,382,716 2,325,093 
Accumulated depreciation(498,508)(440,492)
Investments in hotel properties, net$1,884,208 $1,884,601 
For the years ended December 31, 2023, 2022 and 2021, depreciation expense was $92.6 million, $78.0 million and $73.0 million, respectively.
Impairment Charges
During the years ended December 31, 2023, 2022 and 2021, no impairment charges were recorded.