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INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Schedule of Investment in Lodging Properties, Net
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):
June 30, 2024December 31, 2023
Lodging buildings and improvements$2,806,950 $2,786,223 
Land373,039 373,039 
Furniture, fixtures and equipment275,917 268,631 
Construction in progress58,965 41,324 
Intangible assets39,954 39,954 
Real estate development loan, net4,442 4,176 
3,559,267 3,513,347 
Less accumulated depreciation and amortization(857,229)(784,298)
$2,702,038 $2,729,049 
Schedule of Lodging Property Acquisitions and Sale We acquired the following properties during the six months ended June 30, 2023 (in thousands):
Date AcquiredBrand/Hotel NameLocationGuestroomsPurchase
Price
June 1, 2023Residence Inn by MarriottScottsdale, AZ120$29,000 
June 23, 2023Nordic LodgeSteamboat Springs, CO4713,700 
Total167$42,700 
The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):
Six Months Ended
June 30, 2023
Land$12,257 
Lodging buildings and improvements29,225 
Furniture, fixtures and equipment1,331 
Net assets acquired (1)
$42,813 

(1) Net assets acquired during the six months ended June 30, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million.
In May 2023, we completed the sale of four lodging properties (the "Sale Portfolio") for an aggregate gross selling price of $28.1 million as follows:

Franchise/BrandLocationGuestrooms
Hyatt PlaceChicago (Lombard/Oak Brook), IL151
Hyatt PlaceChicago (Hoffman Estates), IL126
Hilton Garden InnMinneapolis (Eden Prairie), MN97
Holiday Inn Express & SuitesMinneapolis (Minnetonka), MN93
467
Schedule of Asset Held for Sale
Assets held for sale, net is as follows (in thousands):
June 30, 2024December 31, 2023
Under Contract for Sale:
Courtyard by Marriott and SpringHill Suites - New Orleans, LA
$— $43,504 
Hilton Garden Inn - Bryan (College Station), TX— 10,642 
Hyatt Place - Dallas (Plano), TX— 9,940 
Parcel of undeveloped land - San Antonio, TX1,225 1,225 
1,225 65,311 
Marketed for Sale:
One individual lodging property8,065 8,004 
Parcel of undeveloped land - Flagstaff, AZ425 425 
$9,715 $73,740 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
June 30, 2024December 31, 2023
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives19,750 19,750 
Key money9,370 9,370 
29,120 29,120 
Intangible assets39,954 39,954 
Less - accumulated amortization(11,315)(9,251)
Intangible assets, net$28,639 $30,703 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
June 30, 2024December 31, 2023
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives19,750 19,750 
Key money9,370 9,370 
29,120 29,120 
Intangible assets39,954 39,954 
Less - accumulated amortization(11,315)(9,251)
Intangible assets, net$28,639 $30,703 
Schedule of Future Amortization Expenses
Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending
December 31,		Amount
2024$2,454 
20251,564 
20261,564 
20271,374 
20281,016 
Thereafter9,833 
$17,805