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Investment in Hotel Properties
 3 Months Ended
Mar. 31, 2018
Real Estate [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties
Investment in hotel properties as of March 31, 2018 and December 31, 2017 consisted of the following (in thousands):
 
 
March 31,
2018
 
December 31, 2017
Land
$
448,401

 
$
448,401

Buildings and improvements
2,217,352

 
2,205,315

Furniture, fixtures and equipment
243,226

 
240,842

Construction in progress
9,985

 
9,514

Investment in hotel properties
$
2,918,964

 
$
2,904,072

Less: Accumulated depreciation
(472,294
)
 
(447,622
)
Investment in hotel properties, net
$
2,446,670

 
$
2,456,450



On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and LaPlaya Beach Club ("LaPlaya") located in Naples, Florida were impacted by the effects of Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018.

The Company’s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles. The Company recorded an impairment loss and a corresponding receivable reflecting the insurance proceeds that are probable of receipt up to the amount of loss recorded. As of March 31, 2018, the Company recorded a $4.9 million gain related to business interruption and expense reimbursement claims for the period through December 31, 2017. The Company believes the insurance receivable to be recoverable by considering various factors, including discussions and agreements reached with the insurance providers, consideration of their financial strength and review of the insurance policy provisions and limits. The Company continues to work with its insurance providers to resolve the remaining property and business interruption claims.