INVESTMENT IN HOTEL PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of investment in hotel properties

Investment in hotel properties consists of the following at June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
Land	$	478,413	$	488,463
Buildings and Improvements	1,557,840		1,611,144
Furniture, Fixtures and Equipment	271,977		281,440
Construction in Progress	1,489		987
	2,309,719		2,382,034
Less Accumulated Depreciation	(610,489)		(597,196)
Total Investment in Hotel Properties *	$	1,699,230	$	1,784,838

* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $40,937 and $42,487 at June 30, 2021 and December 31, 2020, respectively.

Schedule of real estate assets sold

For the six months ended June 30, 2020, we had no hotel dispositions. During the six months ended June 30, 2021, we had the following hotel dispositions:

Hotel	Acquisition Date	Disposition Date	Consideration		Gain on Disposition
Courtyard San Diego, CA	05/30/2013	02/19/2021	$	64,500	$	5,037
The Capitol Hill Hotel Washington, DC	04/15/2011	03/09/2021	51,000		12,990
Holiday Inn Express Cambridge, MA	05/03/2006	03/09/2021	32,000		20,281
Residence Inn Miami Coconut Grove, FL	06/12/2013	03/10/2021	31,000		10,005
Duane Street Hotel (1)	01/04/2008	05/13/2021	18,000		—
2021 Total					$	48,313

(1)During the second quarter of 2020, the Company determined that the carrying value of the Duane Street hotel exceeded the anticipated net proceeds from sale, resulting in a $1,069 impairment charge recorded during the second quarter of 2020. We recorded an additional impairment charge of $147 prior to the disposition of the hotel property during the six months ended June 30, 2021.

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 December 31, 2020:

	December 31, 2020
Land	$	28,015
Buildings and Improvements	93,314
Furniture, Fixtures and Equipment	15,469
	136,798
Less Accumulated Depreciation	(40,578)
Assets Held for Sale	$	96,220