INVESTMENT IN HOTEL PROPERTIES (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Investment in Hotel Properties

Investment in hotel properties consists of the following at September 30, 2023 and December 31, 2022:

	September 30, 2023		December 31, 2022
Land	$	390,532	$	390,532
Buildings and Improvements	1,107,687		1,093,575
Furniture, Fixtures and Equipment	216,477		203,369
Construction in Progress	8,309		7,105
	1,723,005		1,694,581
Less Accumulated Depreciation	(546,561)		(505,342)
Total Investment in Hotel Properties *	$	1,176,444	$	1,189,239

* The net book value of investment in hotel property at Ritz Coconut Grove, which is a variable interest entity, is $36,176 and $37,303 at September 30, 2023 and December 31, 2022, respectively.

Schedule of Real Estate Assets Sold

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