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Investment in Hotel Properties, Net
12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Investment in Hotel Properties, Net

4. Investment in Hotel Properties, Net

Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following:

 

 

 

December 31, 2018

 

 

December 31, 2017

 

Land and land improvements

 

$

64,409,730

 

 

$

59,504,625

 

Buildings and improvements

 

 

424,657,327

 

 

 

348,532,577

 

Furniture, fixtures and equipment

 

 

57,830,987

 

 

 

48,467,956

 

 

 

 

546,898,044

 

 

 

456,505,158

 

Less: accumulated depreciation and impairment

 

 

(111,172,230

)

 

 

(98,705,646

)

Investment in Hotel Properties, Net

 

$

435,725,814

 

 

$

357,799,512

 

 

Our review of possible impairment during the years ended December 31, 2018, 2017 and 2016, resulted in no impairment on our investment in hotel properties, respectively.