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Investments in Hotel Properties, net | 9 Months Ended
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Sep. 30, 2025
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):
|  | September 30, 2025 |  | December 31, 2024
Land |  | $ | 611,638 |  |  | $ | 630,842 |
Buildings and improvements |  | 1,308,151 |  |  | 1,430,096 |
Furniture, fixtures and equipment |  | 170,448 |  |  | 158,470 |
Construction in progress |  | 23,146 |  |  | 20,420 |
Residences |  | 12,746 |  |  | 12,746 |
Total cost |  | 2,126,129 |  |  | 2,252,574 |
Accumulated depreciation |  | (447,087) |  |  | (473,888) |
Investments in hotel properties, net |  | $ | 1,679,042 |  |  | $ | 1,778,686 |
Impairment Charges During the three and nine months ended September 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.

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