XML 27 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Investment in Hotel Properties
 12 Months Ended
Dec. 31, 2018
Real Estate [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties
Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands):
 
 
December 31,
2018
 
December 31, 2017
Land
$
1,056,862

 
$
448,401

Buildings and improvements
5,532,498

 
2,205,315

Furniture, fixtures and equipment
462,620

 
240,842

Construction in progress
25,643

 
9,514

Investment in hotel properties
$
7,077,623

 
$
2,904,072

Less: Accumulated depreciation
(543,430
)
 
(447,622
)
Investment in hotel properties, net
$
6,534,193

 
$
2,456,450



As of December 31, 2018 and 2017, buildings and improvements include capital lease assets of $92.0 million and $12.2 million, respectively, and accumulated depreciation includes amounts related to capital lease assets of $1.4 million and $1.0 million, respectively. Depreciation of capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented.

On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and 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 December 31, 2018, the Company reached a final agreement with the insurance carriers related to LaPlaya totaling $20.5 million, and the Company recognized a gain of $13.1 million, zero and zero for the years ended December 31, 2018, 2017 and 2016, respectively.