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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2020
Investments, All Other Investments [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
Investment in hotel properties,net

Investment in hotel properties, net as of September 30, 2020 and December 31, 2019 consisted of the following (in thousands):
 
September 30, 2020December 31, 2019
Land and improvements$296,905 $296,884 
Building and improvements1,233,988 1,216,849 
Furniture, fixtures and equipment85,246 81,707 
Renovations in progress15,281 31,589 
1,631,420 1,627,029 
Less: accumulated depreciation(310,655)(279,913)
Investment in hotel properties, net$1,320,765 $1,347,116 

Investment in hotel properties under development
We are developing a hotel in Los Angeles, CA on a parcel of land owned by us. We have incurred $33.7 million of costs to date, which includes $6.6 million of land acquisition costs and $27.1 million of other development costs.