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Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
December 31, 2020December 31, 2019
Land and improvements$501,448 $500,618 
Buildings and improvements1,481,983 1,461,525 
Furniture, fixtures and equipment143,546 135,400 
 2,126,977 2,097,543 
Accumulated depreciation(225,333)(150,717)
Investment in hotel properties, net$1,901,644 $1,946,826 
 
For the years ended December 31, 2020, 2019 and 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $74.6 million, $71.9 million and $77.9 million, respectively.