Investment in Hotel Properties

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Investment in Hotel Properties

Investment in Hotel Properties

Investment in hotel properties as of June 30, 2018 and December 31, 2017 consisted of the following (in thousands):

	June 30, 2018			December 31, 2017
Land	$	448,401		$	448,401
Buildings and improvements	2,227,616			2,205,315
Furniture, fixtures and equipment	250,831			240,842
Construction in progress	8,921			9,514
Investment in hotel properties	$	2,935,769		$	2,904,072
Less: Accumulated depreciation	(496,629		)	(447,622		)
Investment in hotel properties, net	$	2,439,140		$	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 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. As of June 30, 2018, the Company reached a final agreement with the insurance carriers totaling $20.5 million, and the Company recognized a gain of $8.2 million and $13.1 million for the three and six months endedJune 30, 2018, respectively.