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

3 Months Ended

Mar. 31, 2017

Real Estate [Abstract]

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 March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017			December 31, 2016
Land and land improvements	$	57,990,668		$	57,851,380
Buildings and improvements		336,005,447			336,996,876
Furniture, fixtures and equipment		51,453,590			43,458,781
		445,449,705			438,307,037
Less: accumulated depreciation and impairment		(89,451,954	)		(89,713,125	)
Investment in Hotel Properties, Net	$	355,997,751		$	348,593,912

Investment in hotel properties held for sale, net as of March 31, 2017 and December 31, 2016 consisted of the following:

	March 31, 2017		December 31, 2016
Land and land improvements	$	—	$	1,097,096
Buildings and improvements		—		6,242,504
Furniture, fixtures and equipment		—		2,289,008
		—		9,628,608
Less: accumulated depreciation and impairment		—		(4,295,608	)
Investment in Hotel Properties Held for Sale, Net	$	—	$	5,333,000

Investment in hotel properties held for sale, net represents the Crowne Plaza Hampton Marina property which was sold on February 7, 2017, for approximately $5.6 million.  After selling costs, mortgage loan payoff and associated fees we realized an approximate gain on the sale of assets of $0.1 million, as reflected in the consolidated statements of operations.