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Investment in Hotel Properties

3 Months Ended

Mar. 31, 2021

Property, Plant and Equipment [Abstract]

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



	March 31, 2021		December 31, 2020
Land and improvements	$	501,502	$	501,448
Buildings and improvements	1,487,032		1,481,983
Furniture, fixtures and equipment	146,270		143,546
	2,134,804		2,126,977
Accumulated depreciation	(244,339)		(225,333)
Investment in hotel properties, net	$	1,890,465	$	1,901,644

For the three months ended March 31, 2021 and 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $19.0 million and $18.4 million, respectively.