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Investments in Hotel Properties, net | 12 Months Ended
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Dec. 31, 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):
|  | December 31, 2024 |  | December 31, 2023
Land |  | $ | 630,842 |  |  | $ | 630,842 |
Buildings and improvements |  | 1,430,096 |  |  | 1,535,501 |
Furniture, fixtures and equipment |  | 158,470 |  |  | 166,673 |
Construction in progress |  | 20,420 |  |  | 36,954 |
Residences |  | 12,746 |  |  | 12,746 |
Total cost |  | 2,252,574 |  |  | 2,382,716 |
Accumulated depreciation |  | (473,888) |  |  | (498,508) |
Investments in hotel properties, net |  | $ | 1,778,686 |  |  | $ | 1,884,208 |
For the years ended December 31, 2024, 2023 and 2022, depreciation expense was $98.2 million, $92.6 million and $78.0 million, respectively. Impairment Charges During the years ended December 31, 2024, 2023 and 2022, 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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