Investment in Hotel Properties

9 Months Ended

Sep. 30, 2025

Investment in Hotel Properties

Investment in Hotel Properties

3. Investment in Hotel Properties

Investment in hotel properties, net consisted of the following (in thousands):

	September 30,		December 31,
	2025		2024
	(unaudited)
Land	$	641,918	$	645,884
Buildings and improvements		2,902,647		2,824,364
Furniture, fixtures and equipment		478,930		445,696
Intangible assets		43,938		44,063
Construction in progress		31,522		147,250
Investment in hotel properties, gross		4,098,955		4,107,257
Accumulated depreciation and amortization		(1,319,898)		(1,251,225)
Investment in hotel properties, net	$	2,779,057	$	2,856,032

In June 2025, the Company sold the Hilton New Orleans St. Charles, located in Louisiana for a gross sale price of $47.0 million and recorded a loss of $8.8 million. The sale did not represent a strategic shift that had a major impact on the Company’s business plan or its primary markets; therefore, the hotel disposition did not qualify as a discontinued operation.