Investment in Hotel Properties (Tables)

12 Months Ended

Dec. 31, 2016

Property, Plant and Equipment [Abstract]

Investment in hotel properties

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

	December 31,
	2016			2015
Land	$	663,013		$	704,534
Buildings and improvements	3,913,377			4,026,857
Furniture, fixtures and equipment	434,091			406,893
Construction in progress	32,525			31,235
Condominium properties	11,558			11,947
Total cost	5,054,564			5,181,466
Accumulated depreciation	(894,001		)	(761,782		)
Investments in hotel properties, net	$	4,160,563		$	4,419,684

Schedule of assets acquired and liabilities assumed

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):

Land	$	3,230
Buildings and improvements	22,135
Furniture, fixtures, and equipment	1,576
	26,941
Indebtedness	(16,581		)
Net other assets and liabilities	425