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INVESTMENT IN HOTEL PROPERTIES, NET

3 Months Ended

Mar. 31, 2021

Investment in Hotel Properties, net

Investment in hotel properties, net is as follows (in thousands):


	March 31, 2021		December 31, 2020
Hotel buildings and improvements	$	2,068,117	$	2,066,986
Land	319,603		319,603
Furniture, fixtures and equipment	173,861		173,351
Construction in progress	9,881		8,903
Intangible assets	11,231		11,231
Real estate development loan	19,429		16,508
	2,602,122		2,596,582
Less - accumulated depreciation and amortization	(517,838)		(490,636)
	$	2,084,284	$	2,105,946

We provided a mezzanine loan to fund up to $28.9 million for a mixed-use development project that includes a hotel property, retail space, and parking. We have classified the mezzanine loan as Investment in hotel properties, net in our Condensed Consolidated Balance Sheets at March 31, 2021 and December 31, 2020. See "Note 4 - Investment in Real Estate Loans" for further information.

We did not acquire or sell any hotel properties in 2020 or the three months ended March 31, 2021.