Investment in Hotel Properties

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Investment in hotel properties consisted of the following (in thousands):



	September 30, 2020		December 31, 2019
Land and improvements	$	501,392	$	500,618
Buildings and improvements	1,476,035		1,461,525
Furniture, fixtures and equipment	141,601		135,400
	2,119,028		2,097,543
Accumulated depreciation	(206,464)		(150,717)
Investment in hotel properties, net	$	1,912,564	$	1,946,826

For the three and nine months ended September 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.7 million and $55.7 million, respectively. For the three and nine months ended September 30, 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $17.6 million and $53.9 million, respectively.