INVESTMENT IN HOTEL PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

Investment in hotel properties consists of the following at September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Land	$	505,156	$	518,243
Buildings and Improvements	1,690,198		1,710,621
Furniture, Fixtures and Equipment	298,107		294,527
Construction in Progress	4,673		10,202
	2,498,134		2,533,593
Less Accumulated Depreciation	(614,799)		(557,620)
Total Investment in Hotel Properties *	$	1,883,335	$	1,975,973

* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $43,462 and $44,854 at September 30, 2020 and December 31, 2019, respectively.

Schedule of assets held for sale

The table below shows the balances for the properties that were classified as assets held for sale as of September 30, 2020.

	September 30, 2020
Land	$	13,087
Buildings and Improvements	35,492
Furniture, Fixtures and Equipment	6,433
	55,012
Less Accumulated Depreciation	(14,817)
Assets Held for Sale	$	40,195