INVESTMENT IN HOTEL PROPERTIES (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Investment In Hotel Properties

The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives:

Building and Improvements	7 to 40 years
Furniture, Fixtures and Equipment	2 to 7 years

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

	December 31, 2021		December 31, 2020
Land	$	478,412	$	488,463
Buildings and Improvements	1,560,768		1,611,144
Furniture, Fixtures and Equipment	274,802		281,440
Construction in Progress	1,784		987
	2,315,766		2,382,034
Less Accumulated Depreciation	(650,669)		(597,196)
Total Investment in Hotel Properties*	$	1,665,097	$	1,784,838

*The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $39,577 and $42,487 at December 31, 2021 and December 31, 2020, respectively.

Real Estate Assets Sold

During the years ended December 31, 2020 and December 31, 2021, we had the following hotel dispositions:

Hotel	Acquisition Date	Disposition Date	Consideration		Gain on Disposition
Courtyard San Diego, CA	5/30/2013	2/19/2021	$	64,500	$	5,032
The Capitol Hill Hotel Washington, DC	4/15/2011	3/9/2021	51,000		12,975
Holiday Inn Express Cambridge, MA	5/3/2006	3/9/2021	32,000		20,280
Residence Inn Miami Coconut Grove, FL	6/12/2013	3/10/2021	31,000		9,996
Duane Street Hotel (1)	1/4/2008	5/13/2021	18,000		—
2021 Total					$	48,283
Sheraton Wilmington South, DE	12/21/2010	12/1/2020	$	19,500	$	1,158
2020 Total					$	1,158

(1) During 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 year ended December 31, 2020. We recorded an additional impairment charge of $147 prior to the disposition of the hotel property during the year ended December 31, 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