Assets held for sale at December 31, 2019 and 2018 include the following (in thousands):



	2019		2018
Land	$	425	$	2,442
Hotel building and improvements	—		7,929
Furniture, fixtures and equipment	—		2,519
Franchise fees	—		131
	425		13,021
Less - accumulated depreciation and amortization	—		(5,388		)
	$	425	$	7,633

Assets held for sale at December 31, 2019 included a land parcel in Flagstaff, AZ, which is currently under contract for sale. Assets held for sale at December 31, 2018 included a land parcel in Flagstaff, AZ and two hotels that were sold on February 12, 2019.

During the year ended December 31, 2019, we recognized a loss on impairment of assets of $0.1 million to reduce the carrying value of the land parcel in Flagstaff, AZ to its estimated net sales price based on a pending sales contract that is expected to close in 2020.

Restricted cash at December 31, 2019 and 2018 was as follows (in thousands):



	2019		2018
FF&E reserves	$	25,664	$	24,386
Property taxes	1,728		1,625
Other	203		2,457
	$	27,595	$	28,468

Prepaid expenses and other at December 31, 2019 and 2018 included the following (in thousands):



	2019		2018
Prepaid insurance	$	3,501	$	2,822
Prepaid taxes	2,032		3,825
Other	3,311		3,464
	$	8,844	$	10,111

Deferred charges at December 31, 2019 and 2018 were as follows (in thousands):



	2019			2018
Initial franchise fees	$	6,615		$	6,463
Less - accumulated amortization	(1,906		)	(1,772		)
	$	4,709		$	4,691

Amortization expense for the years ended December 31, 2019, 2018, and 2017 was $0.4 million, $0.5 million and $0.4 million, respectively.

Other assets at December 31, 2019 and 2018 included the following (in thousands):



	2019		2018
Purchase options related to real estate loans	$	8,920	$	6,120
Deferred tax asset, net	2,138		2,046
Other	981		—
Prepaid land lease	—		3,180
Derivative financial instruments	—		3,461
	$	12,039	$	14,807

In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain prepaid land lease assets to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information).

Accrued expenses and other at December 31, 2019 and 2018 included the following (in thousands):



	2019		2018
Accrued property, sales and income taxes	$	21,392	$	19,570
Derivative financial instruments	16,177		5,042
Other accrued expenses at hotels	13,274		13,288
Accrued salaries and benefits	11,625		10,540
Other	8,209		9,801
Accrued interest	1,082		3,186
Acquired unfavorable leases	—		4,623
	$	71,759	$	66,050

In accordance with ASU No. 2016-02, Leases (Topic 842), we reclassified certain acquired unfavorable lease liabilities to Right-of-use assets as of January 1, 2019 (See "Note 7 - Leases" for further information).