INVESTMENT IN HOTEL PROPERTIES

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Investment in hotel properties consists of the following at March 31, 2023 and December 31, 2022:


	March 31, 2023		December 31, 2022
Land	$	390,532	$	390,532
Buildings and Improvements	1,098,258		1,093,575
Furniture, Fixtures and Equipment	206,189		203,369
Construction in Progress	10,647		7,105
	1,705,626		1,694,581
Less Accumulated Depreciation	(518,919)		(505,342)
Total Investment in Hotel Properties *	$	1,186,707	$	1,189,239

* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $36,951 and $37,303 at March 31, 2023 and December 31, 2022, respectively.

Acquisitions

For the three months ended March 31, 2023 and 2022, we acquired no hotel properties.

Hotel Dispositions

During the year ended December 31, 2022, we had the following hotel dispositions:


Hotel	Acquisition Date	Disposition Date	Consideration		Gain on Disposition
Urban Select Service (7 hotels)	June 2005 - October 2016	8/4/2022, 10/26/22	$	505,000	$	170,193
Hotel Milo Santa Barbara	02/28/2014	10/06/2022	55,000		25,784
Pan Pacific Seattle	02/21/2017	10/19/2022	70,000		1,532
Gate hotel JFK Airport	06/13/2008	11/02/2022	11,000		—


2022 Total					$	197,509