Investment in Hotels

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Investment in hotels consisted of the following (in thousands):



	December 31,
	2016			2015
Building and improvements	$	1,761,228		$	1,859,100
Furniture, fixtures and equipment	426,692			449,437
Land	271,662			294,384
Construction in progress	40,127			26,185
	2,499,709			2,629,106
Accumulated depreciation - Building and improvements	(716,376		)	(697,386		)
Accumulated depreciation - Furniture, fixtures and equipment	(216,510		)	(202,189		)
	$	1,566,823		$	1,729,531

In the third quarter of 2016, we acquired land previously leased for one of our hotels for $8.2 million (including closing costs).

In 2016, we retired fully depreciated furniture, fixtures and equipment aggregating approximately $35.0 million and fully depreciated assets for building and improvements aggregating approximately $763,000.

We invested $74.3 million and $48.4 million in additions and improvements to our consolidated hotels during the years ended December 31, 2016 and 2015, respectively.