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Investment in Hotel Properties (Tables)
 6 Months Ended
Jun. 30, 2013
Investments Schedule [Abstract]  
Investment in Hotel Properties
Investment in hotel properties as of June 30, 2013 and December 31, 2012 consisted of the following (in thousands):
 
 
June 30, 2013
 
December 31, 2012
Land and improvements
$
72,607

 
$
63,428

Building and improvements
424,960

 
360,301

Furniture, fixtures and equipment
29,041

 
21,381

Renovations in progress
6,338

 
5,145

 
532,946

 
450,255

Less accumulated depreciation
(31,908
)
 
(24,181
)
Investment in hotel properties, net
$
501,038

 
$
426,074