Property and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment consists of the following (in thousands):


	As of December 31,
	2025		2024
Land	$	570,386	$	570,386
Land improvements	2,400		2,400
Buildings	2,877,236		2,812,461
Furniture, fixtures and equipment	222,001		200,415
Construction in progress	16,096		24,969
	3,688,119		3,610,631
Less: accumulated depreciation	(1,091,661)		(979,410)
	$	2,596,458	$	2,631,221

As of December 31, 2025 and 2024, we had accrued capital expenditures of $2.5 million and $5.4 million, respectively.

During the year ended December 31, 2024, we evaluated the recoverability of the carrying amount of Westin Washington D.C. City Center as a result of our determination it was more likely than not that the hotel would be sold significantly before the end of its previously estimated useful life. As a result, we recorded an impairment loss of $32.6 million to adjust the hotel's carrying amount to its estimated fair value less costs to sell. See Note 4 for discussion related to the disposition of the hotel.

During the years ended December 31, 2025, and 2024, we recorded impairment losses of $1.1 million and $1.6 million, respectively, related to the write-off of construction in progress that was determined not to be recoverable.