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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
 
September 30, 2019
 
December 31, 2018
Land and improvements
$
500,228

 
$
532,490

Buildings and improvements
1,448,404

 
1,555,132

Furniture, fixtures and equipment
127,966

 
125,207

 
2,076,598

 
2,212,829

Accumulated depreciation
(132,752
)
 
(89,406
)
Investment in hotel properties, net
$
1,943,846

 
$
2,123,423


 
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. For the three and nine months ended September 30, 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $19.2 million and $60.0 million, respectively.