4. Investment in Hotel Properties

Investment in hotel properties as of December 31, 2011 and 2010 consisted of the following (in thousands):


	December 31, 2011			December 31, 2010
Land and land improvements	$	19,374		$	19,245
Buildings and improvements		179,585			176,641
Furniture, fixtures and equipment		32,419			30,345

		231,378			226,231
Less: accumulated depreciation		(49,909	)		(42,332	)

	$	181,469		$	183,899

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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