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INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 9 Months Ended
Sep. 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):
September 30, 2024December 31, 2023
Lodging buildings and improvements$2,800,853 $2,798,667 
Land374,213 375,413 
Furniture, fixtures and equipment281,758 269,682 
Construction in progress52,536 41,359 
Intangible assets32,267 39,954 
Real estate development loan, net4,576 4,176 
3,546,203 3,529,251 
Less accumulated depreciation and amortization(876,725)(792,276)
$2,669,478 $2,736,975 
Schedule of Lodging Property Acquisitions and Sale
We acquired the following properties during the nine months ended September 30, 2023 (in thousands):

Date AcquiredBrand/Hotel NameLocationGuestroomsPurchase
Price
June 2023Residence Inn by MarriottScottsdale, AZ120$29,000 
June 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):
Nine Months Ended
September 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 nine months ended September 30, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million. Additionally, during the nine months ended September 30, 2023, we capitalized $2.0 million related to contingent consideration paid to the seller of the Onera property in Fredericksburg, TX. See Note 9 - Non-controlling Interests and Redeemable Non-controlling Interests for details related to the Onera Joint Venture.
The properties sold include the following:
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):
September 30, 2024December 31, 2023
Under Contract for Sale:
Four Points by Marriott - San Francisco, CA
$16,971 $— 
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 
18,196 65,311 
Marketed for Sale:
Parcel of undeveloped land - Flagstaff, AZ425 425 
$18,621 $65,736 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
September 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 incentives12,063 19,750 
Key money9,370 9,370 
21,433 29,120 
Intangible assets32,267 39,954 
Less - accumulated amortization(5,300)(9,251)
Intangible assets, net$26,967 $30,703 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
September 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 incentives12,063 19,750 
Key money9,370 9,370 
21,433 29,120 
Intangible assets32,267 39,954 
Less - accumulated amortization(5,300)(9,251)
Intangible assets, net$26,967 $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$782 
20251,564 
20261,564 
20271,374 
20281,016 
Thereafter9,833 
$16,133