Investment in Hotel Properties

6 Months Ended

Jun. 30, 2015

Investment in Hotel Properties

Investment in hotel properties as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands):



	June 30, 2015			December 31, 2014
Land	$	499,381		$	357,680
Buildings and improvements	2,201,682			1,987,050
Furniture, fixtures and equipment	196,425			183,016
Construction in progress	11,743			10,524
Investment in hotel properties	$	2,909,231		$	2,538,270
Less: Accumulated depreciation	(236,674		)	(194,580		)
Investment in hotel properties, net	$	2,672,557		$	2,343,690

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

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