BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives of Hotel Properties and Related Assets

We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:

 

Classification	Estimated Useful Lives
Buildings and improvements	6 to 40 years
Furniture, fixtures and equipment	2 to 15 years

Investments in lodging property, net at December 31, 2023 and 2022 include (in thousands):

 

	2023		2022
Land	$	373,039	$	373,106
Lodging buildings and improvements	2,786,223		2,815,993
Intangible assets	39,954		39,954
Construction in progress	41,324		64,159
Furniture, fixtures and equipment	268,631		252,842
Real estate development loan (1)	4,176		—
	3,513,347		3,546,054
Less - accumulated depreciation and amortization	(784,298)		(704,198)
	$	2,729,049	$	2,841,856

(1)    In January 2023, we entered into an agreement with affiliates of Onera Opportunity Fund I, LP to provide a mezzanine financing loan to fund up to $4.6 million for the development of a property. The mezzanine loan was classified as Investments in Lodging Property, net in our Consolidated Balance Sheet at December 31, 2023. See "Note 4 - Investment in Real Estate Loans" for further information.