Investment in Hotel Properties, Net

9 Months Ended

Sep. 30, 2018

4. Investment in Hotel Properties, Net

Investment in hotel properties, net as of September 30, 2018 and December 31, 2017 consisted of the following:

	September 30, 2018			December 31, 2017
Land and land improvements	$	64,133,706		$	59,504,625
Buildings and improvements		423,313,080			348,532,577
Furniture, fixtures and equipment		58,881,638			48,467,956
		546,328,424			456,505,158
Less: accumulated depreciation and impairment		(108,802,624	)		(98,705,646	)
Investment in Hotel Properties, Net	$	437,525,800		$	357,799,512

The Crowne Plaza Hampton Marina property, 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 for the period ending September 30, 2017.