Investments in Hotel Properties, net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Investments in hotel properties, net consisted of the following (in thousands):


	June 30, 2025		December 31, 2024
Land	$	643,526	$	630,842
Buildings and improvements	1,423,269		1,430,096
Furniture, fixtures and equipment	172,547		158,470
Construction in progress	20,276		20,420
Residences	12,746		12,746
Total cost	2,272,364		2,252,574
Accumulated depreciation	(495,003)		(473,888)
Investments in hotel properties, net	$	1,777,361	$	1,778,686

Impairment Charges

During the three and six months ended June 30, 2025 and 2024, no impairment charges were recorded.

Land Acquisition

On April 4, 2025, the Company acquired an eight acre parcel of land with an estimated fair value of $12.6 million. The consideration consisted of cash of approximately $5.5 million and a 25% equity interest in the acquiring entity (“CR JV”) with an estimated fair value of $1.8 million. CR JV also assumed a mortgage loan for the land with an estimated fair value of $5.4 million.

We accounted for this acquisition as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a group of similar identifiable assets. The cost of the acquisition including transaction costs was allocated to the individual asset acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique.