Investment in Hotel Properties, Net

3 Months Ended

Mar. 31, 2018

4. Investment in Hotel Properties, Net

Investment in hotel properties, net as of March 31, 2018 and December 31, 2017 consisted of the following:

	March 31, 2018			December 31, 2017
Land and land improvements	$	60,117,980		$	59,504,625
Buildings and improvements		430,011,879			348,532,577
Furniture, fixtures and equipment		50,010,187			48,467,956
		540,140,046			456,505,158
Less: accumulated depreciation and impairment		(101,490,325	)		(98,705,646	)
Investment in Hotel Properties, Net	$	438,649,721		$	357,799,512

The Crowne Plaza Hampton Marina property, was sold on February 7, 2017 for approximately $5.6 million. After selling costs, mortgage loan payoff and associated fees we realized an approximate gain on the sale of assets of $0.1 million, as reflected in the consolidated statements of operations for the period ending March 31, 2017.