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Investment in Hotel Properties
 6 Months Ended
Jun. 30, 2021
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, 2021December 31, 2020
Land and improvements$501,591 $501,448 
Buildings and improvements1,491,971 1,481,983 
Furniture, fixtures and equipment149,372 143,546 
 2,142,934 2,126,977 
Accumulated depreciation(263,631)(225,333)
Investment in hotel properties, net$1,879,303 $1,901,644 
 
For the three and six months ended June 30, 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $19.3 million and $38.3 million, respectively. 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.