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Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2020
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
June 30, 2020December 31, 2019
Land and improvements$501,192  $500,618  
Buildings and improvements1,471,551  1,461,525  
Furniture, fixtures and equipment140,694  135,400  
 2,113,437  2,097,543  
Accumulated depreciation(187,722) (150,717) 
Investment in hotel properties, net$1,925,715  $1,946,826  
 
For the three and six months ended June 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.6 million and $37.0 million, respectively. For the three and six months ended June 30, 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.2 million and $36.4 million, respectively.