Investment in Hotel Properties

6 Months Ended

Jun. 30, 2024

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,
	2024		2023
	(unaudited)
Land	$	645,884	$	614,112
Buildings and improvements		2,784,889		2,587,278
Furniture, fixtures and equipment		432,543		407,861
Intangible assets		44,063		42,187
Construction in progress		118,417		61,247
Investment in hotel properties, gross		4,025,796		3,712,685
Accumulated depreciation and amortization		(1,187,236)		(1,127,406)
Investment in hotel properties, net	$	2,838,560	$	2,585,279

In April 2024, the Company purchased the fee-simple interest in the 630-room Hyatt Regency San Antonio Riverwalk, located in San Antonio Texas, for a contractual purchase price of $230.0 million. In addition to the fee-simple interest in the hotel, an affiliate of the seller will reimburse the Company for the first $8.0 million of capital invested into the hotel pursuant to the hotel’s management agreement. The acquisition was accounted for as an asset acquisition and was funded from available cash.