Investment in Hotel Properties

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

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



	March 31, 2018			December 31, 2017
Land and improvements	$	579,640		$	597,451
Buildings and improvements	1,711,158			1,801,302
Furniture, fixtures and equipment	119,659			126,590
	2,410,457			2,525,343
Accumulated depreciation	(46,117		)	(27,463		)
Investment in hotel properties, net	$	2,364,340		$	2,497,880

For the three months ended March 31, 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $20.5 million. For the Predecessor three months ended March 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $27.7 million.

Impairment

The Company determined that there was no impairment of any assets for the three months ended March 31, 2018.

During the Predecessor three months ended March 31, 2017, the Company recorded an impairment loss of $24.8 million related to one hotel property. The impairment charge was based on both third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy).