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Investment in Hotel Properties (Tables)
 9 Months Ended
Sep. 30, 2017
Investments Schedule [Abstract]  
Investment in Hotel Properties
Investment in hotel properties as of September 30, 2017 and December 31, 2016 consisted of the following (in thousands):
 
 
September 30, 2017
 
December 31, 2016
Land and improvements
$
284,655

 
$
274,554

Building and improvements
1,087,046

 
1,045,880

Furniture, fixtures and equipment
59,040

 
50,495

Renovations in progress
14,807

 
10,067

 
1,445,548

 
1,380,996

Less: accumulated depreciation
(182,365
)
 
(147,902
)
Investment in hotel properties, net
$
1,263,183

 
$
1,233,094