BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

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 is as follows (in thousands):

	March 31, 2024		December 31, 2023
Lodging buildings and improvements	$	2,793,479	$	2,786,223
Land	373,039		373,039
Furniture, fixtures and equipment	271,533		268,631
Construction in progress	53,628		41,324
Intangible assets	39,954		39,954
Real estate development loan, net	4,309		4,176
	3,535,942		3,513,347
Less accumulated depreciation and amortization	(820,933)		(784,298)
	$	2,715,009	$	2,729,049