Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net

12 Months Ended

Dec. 31, 2022

Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net

4. Investment in Hotel Properties, Net and Investment in Hotel Properties Held for Sale, Net

Investment in hotel properties, net as of December 31, 2022 and 2021 consisted of the following:


	December 31, 2022			December 31, 2021

Land and land improvements	$	60,934,859		$	60,395,168
Buildings and improvements		412,717,919			407,310,530
Right of use assets		5,199,845			5,711,607
Furniture, fixtures and equipment		51,292,107			50,505,902
		530,144,730			523,923,207
Less: accumulated depreciation and impairment		(165,074,005	)		(148,037,983	)
Investment in Hotel Properties, Net	$	365,070,725		$	375,885,224

Our review of possible impairment during the years ended December 31, 2022 and 2021, resulted in an impairment charge of approximately $12.2 million, related to the Sheraton Louisville Riverside and The Whitehall in Houston, Texas during the year ended December 31, 2021.

Investment in hotel properties held for sale, net as of December 31, 2022 and 2021 consisted of the following:


		December 31, 2022		December 31, 2021

Land and land improvements	$		—	$	5,799,197
Buildings and improvements			—		36,115,121
Furniture, fixtures and equipment			—		5,743,949
			—		47,658,267
Less: accumulated depreciation and impairment			—		(24,787,780	)
Investment in Hotel Properties Held for Sale, Net	$		—	$	22,870,487