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Investment in Hotel Properties
 3 Months Ended
Mar. 31, 2016
Investments Schedule [Abstract]  
Investment in Hotel Properties
Investment in Hotel Properties
Investment in hotel properties as of March 31, 2016 and December 31, 2015 consisted of the following (in thousands):
 
 
March 31, 2016
 
December 31, 2015
Land and improvements
$
274,543

 
$
274,543

Building and improvements
1,033,522

 
1,031,649

Furniture, fixtures and equipment
65,019

 
63,542

Renovations in progress
10,577

 
8,829

 
1,383,661

 
1,378,563

Less: accumulated depreciation
(132,518
)
 
(120,111
)
Investment in hotel properties, net
$
1,251,143

 
$
1,258,452