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Investment in Hotel Properties
3 Months Ended
Mar. 31, 2020
Investments, All Other Investments [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
Investment in Hotel Properties,net

Investment in hotel properties, net as of March 31, 2020 and December 31, 2019 consisted of the following (in thousands):
 
March 31, 2020December 31, 2019
Land and improvements$296,888  $296,884  
Building and improvements1,222,072  1,216,849  
Furniture, fixtures and equipment85,068  81,707  
Renovations in progress28,652  31,589  
1,632,680  1,627,029  
Less: accumulated depreciation(292,902) (279,913) 
Investment in hotel properties, net$1,339,778  $1,347,116  

Investment in hotel properties under development
We are developing a hotel in Los Angeles, CA on a parcel of land owned by us. We have incurred $26.7 million of costs to date, which includes $6.6 million of land acquisition costs and $20.1 million of other development costs.