Investment in Hotel Properties

9 Months Ended

Sep. 30, 2020

Investment in Hotel Properties

Investment in Hotel Properties

3. Investment in Hotel Properties

Investment in hotel properties, net for the 19 Hotels consisted of the following (in thousands):

	September 30,		December 31,
	2020		2019
	(unaudited)
Land	$	581,426	$	601,181
Buildings and improvements		2,707,102		2,950,534
Furniture, fixtures and equipment		464,588		506,754
Intangible assets		25,111		32,610
Franchise fees		743		743
Construction in progress		39,026		40,639
Investment in hotel properties, gross		3,817,996		4,132,461
Accumulated depreciation and amortization		(1,196,520)		(1,260,108)
Investment in hotel properties, net	$	2,621,476	$	2,872,353

During the first quarter of 2020, the Company wrote down its investment in hotel properties and recorded impairment losses of $89.4 million on the Hilton Times Square and $5.2 million on the Renaissance Westchester (see Note 5). In addition, during the first quarter of 2020, the Company recorded an impairment loss of $2.3 million related to the abandonment of a potential project to expand one of its hotels.