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Investments in Hotel Properties, net | 6 Months Ended
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Jun. 30, 2024
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, 2024 |  | December 31, 2023
Land |  | $ | 630,842 |  |  | $ | 630,842 |
Buildings and improvements |  | 1,429,670 |  |  | 1,535,501 |
Furniture, fixtures and equipment |  | 169,828 |  |  | 166,673 |
Construction in progress |  | 26,437 |  |  | 36,954 |
Residences |  | 12,746 |  |  | 12,746 |
Total cost |  | 2,269,523 |  |  | 2,382,716 |
Accumulated depreciation |  | (469,885) |  |  | (498,508) |
Investments in hotel properties, net |  | $ | 1,799,638 |  |  | $ | 1,884,208 |
Assets Held For Sale On May 6, 2024, the Company entered into a purchase and sale agreement for the Hilton La Jolla Torrey Pines. As of June 30, 2024, the Hilton La Jolla Torrey Pines was classified as held for sale. Depreciation and amortization ceased as of the date the assets were deemed held for sale. Since the sale of this hotel did not represent a strategic shift that has (or will have) a major effect on our operations or financial results, its results of operations were not reported as discontinued operations in the consolidated financial statements. The Hilton La Jolla Torrey Pines sale closed on July 17, 2024. See note 17. The major classes of assets and liabilities related to assets held for sale included in the consolidated balance sheet at June 30, 2024 were as follows:
| June 30, 2024
Assets |
Investments in hotel properties, net | $ | 65,156 |
Cash and cash equivalents | 5,711 |
Restricted cash | 8,402 |
Accounts receivable, net | 1,586 |
Inventories | 61 |
Prepaid expenses | 373 |
Operating lease right-of-use assets | 43,538 |
Other assets | 104 |
Assets held for sale | $ | 124,931 |
Liabilities |
Indebtedness, net | $ | 66,482 |
Accounts payable and accrued expenses | 5,114 |
Due to Ashford Inc., net | 173 |
Due to third-party hotel managers, net | 579 |
Operating lease liabilities | 41,112 |
Liabilities related to assets held for sale | $ | 113,460 |
Impairment Charges During the six months ended June 30, 2024 and 2023, no impairment charges were recorded.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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