INVESTMENT IN HOTEL PROPERTIES

12 Months Ended

Dec. 31, 2014

NOTE 4 - INVESTMENT IN HOTEL PROPERTIES

Investment in hotel properties at December 31, 2014 and 2013 are as follows (in thousands):

	2014		2013

Land	$	164,570	$	154,831
Hotel buildings and improvements	1,202,451		993,372
Construction in progress	15,609		24,242
Furniture, fixtures and equipment	136,456		142,976
	1,519,086		1,315,421
Less accumulated depreciation	179,671		165,454
	$	1,339,415	$	1,149,967

Depreciation expense was $63.3 million, $48.9 million and $28.0 million for 2014, 2013 and 2012, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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