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INVESTMENT IN HOTEL PROPERTIES (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Investment in Hotel Properties
Investment in hotel properties consists of the following at September 30, 2022 and December 31, 2021:
  
September 30, 2022December 31, 2021
  
Land$390,532 $478,412 
Buildings and Improvements1,092,438 1,560,768 
Furniture, Fixtures and Equipment200,960 274,802 
Construction in Progress5,290 1,784 
1,689,220 2,315,766 
  
Less Accumulated Depreciation(492,267)(650,669)
  
Total Investment in Hotel Properties *$1,196,953 $1,665,097 
* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $37,815 and $39,577 at September 30, 2022 and December 31, 2021, respectively.
Schedule of Real Estate Assets Sold
During the nine months ended September 30, 2022, we had the following hotel dispositions:

HotelAcquisition
Date		Disposition
Date		ConsiderationGain on
Disposition
Urban Select Service (6 of 7 hotels)
June 2005 - March 201608/04/2022$435,900 $167,791 
2022 Total$167,791 

During the nine months ended September 30, 2021, we had the following hotel dispositions:

HotelAcquisition
Date		Disposition
Date		ConsiderationGain on
Disposition
Courtyard San Diego, CA05/30/201302/19/2021$64,500 $5,032 
The Capitol Hill Hotel Washington, DC04/15/201103/09/202151,000 12,975 
Holiday Inn Express Cambridge, MA05/03/200603/09/202132,000 20,280 
Residence Inn Miami Coconut Grove, FL06/12/201303/10/202131,000 9,996 
2021 Total$48,283 
We sold the following hotel properties subsequent to September 30, 2022:
HotelDisposition DateConsiderationDebt Pay down/Assumption by Buyer
Hotel Milo Santa BarbaraOctober 6, 2022$55,000 $20,696 
Pan Pacific Seattle
October 19, 202270,000 22,380 *
Courtyard Sunnyvale
October 26, 202269,100 39,309 
* We used a portion of the proceeds to pay down the term loan by $22,380, as required by the Credit Agreement.
Summary of Assets Held-for-Sale The table below shows the balances for the four properties noted above that were classified as held for sale as of September 30, 2022:
September 30, 2022
Land$30,773 
Right of Use Asset - Land Lease11,532 
Buildings and Improvements195,412 
Furniture, Fixtures and Equipment26,485 
264,202 
Less Accumulated Depreciation(67,357)
Assets Held for Sale$196,845 
Liabilities related to hotel liabilities held for sale at September 30, 2022 consisted of the following:
September 30, 2022
Mortgage Indebtedness$60,061 
Net Unamortized Deferred Financing Costs(192)
Lease Liabilities28,205 
Liabilities Related to Hotel Assets Held for Sale$88,074