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Investment in Hotel Properties
6 Months Ended
Jun. 30, 2019
Investment in Hotel Properties  
Investment in Hotel Properties

3. Investment in Hotel Properties

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

June 30,

December 31,

    

2019

    

2018

(unaudited)

Land

$

605,581

$

611,993

Buildings and improvements

2,957,631

2,983,308

Furniture, fixtures and equipment

497,082

486,441

Intangible assets

33,083

56,021

Franchise fees

778

778

Construction in progress

68,264

60,744

Investment in hotel properties, gross

4,162,419

4,199,285

Accumulated depreciation and amortization

(1,225,741)

(1,168,287)

Investment in hotel properties, net

$

2,936,678

$

3,030,998