INVESTMENT IN HOTEL PROPERTIES

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Investment in hotel properties consists of the following at March 31, 2022 and December 31, 2021:



	March 31, 2022		December 31, 2021

Land	$	478,412	$	478,412
Buildings and Improvements	1,562,851		1,560,768
Furniture, Fixtures and Equipment	276,974		274,802
Construction in Progress	1,739		1,784
	2,319,976		2,315,766

Less Accumulated Depreciation	(669,796)		(650,669)

Total Investment in Hotel Properties *	$	1,650,180	$	1,665,097

* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $38,939 and $39,577 at March 31, 2022 and December 31, 2021, respectively.

Acquisitions

For the three months ended March 31, 2022 and 2021, we acquired no hotel properties.

Hotel Dispositions

For the three months ended March 31, 2022, we had no hotel dispositions. During the three months ended March 31, 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	$	5,032
The Capitol Hill Hotel Washington, DC	04/15/2011	03/09/2021	51,000		12,975
Holiday Inn Express Cambridge, MA	05/03/2006	03/09/2021	32,000		20,280
Residence Inn Miami Coconut Grove, FL	06/12/2013	03/10/2021	31,000		9,996

2021 Total					$	48,283

On April 27, 2022, we entered into a purchase and sale agreement to sell the Courtyard Brookline, MA, the Hampton Inn Washington, DC, Hilton Garden Inn M Street, DC, Hampton Inn - Philadelphia, PA, Courtyard Sunnyvale, CA, TownePlace Suites Sunnyvale, CA and the Courtyard Los Angeles Westside, CA to an unaffiliated buyer for a purchase price of $505,000. The transaction is expected to close in the third quarter of 2022, subject to customary closing conditions.

Assets Held For Sale

As of March 31, 2022 and December 31, 2021, there were no assets held for sale.