Investments in lodging property, net at December 31, 2024 and 2023 include (in thousands):


	2024		2023
Lodging buildings and improvements	$	2,867,256	$	2,798,667
Land	415,149		375,413
Furniture, fixtures and equipment	296,476		269,682
Construction in progress	35,294		41,359
Intangible assets	32,267		39,954
Real estate development loan	4,576		4,176
	3,651,018		3,529,251
Less - accumulated depreciation and amortization	(904,678)		(792,276)
	$	2,746,340	$	2,736,975

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $145.8 million, $150.3 million, and $149.5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

During the year ended December 31, 2024, the GIC Joint Venture received a $9.9 million tax incentive payment from the City of Dallas related to the NCI Transaction. We recorded the payment as a reduction to the accounting basis of the related depreciable assets during the year ended December 31, 2024.

During the year ended December 31, 2024, the GIC Joint Venture recorded a loss on impairment related to a lodging property of $6.7 million to reduce the carrying amount of the property to its estimated fair value.

In December 2024, the GIC Joint Venture acquired the Hampton Inn located in Revere (Boston), MA and the Hilton Garden Inn located in Tysons Corner (Vienna), VA containing an aggregate total of 399 guestrooms for an aggregate purchase price of $96.0 million and transaction costs of approximately $0.3 million. The purchase price was funded through a combination of a $2.9 million escrow deposit, capital contributions from our GIC Joint Venture partner totaling $21.5 million, $49.5 million of borrowings (net of deferred financing costs) on our expanded GIC Joint Venture Credit Facility (as defined below in Note 6 - Debt), and our capital contribution of $22.4 million from proceeds from the sale of the Four Points by Marriott San Francisco Airport, and cash on hand.

In June 2023, the GIC Joint Venture acquired the Residence Inn by Marriott located in Scottsdale, AZ containing 120 guestrooms for a purchase price of approximately $29.0 million. GIC made a capital contribution of $13.7 million, or 49% of the cash paid at closing, to the GIC Joint Venture, and the Operating Partnership made a capital contribution of $14.3 million, or 51% of the cash paid at closing to the GIC Joint Venture, along with $1.0 million of earnest money that was paid from available cash of the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.

In June 2023, the GIC Joint Venture acquired the Nordic Lodge located in Steamboat Springs, CO containing 47 guestrooms for a purchase price of approximately $13.7 million. GIC made a capital contribution of $6.7 million, or 49% of the purchase price, to the GIC Joint Venture and the Operating Partnership made a capital contribution of $7.0 million, or 51% of the purchase price, to the GIC Joint Venture to fund the purchase price. The Operating Partnership made its capital contribution to the GIC Joint Venture with available cash on hand and borrowings on our revolving line of credit.


Date Acquired	Brand/Hotel Name	Location	Guestrooms	Purchase Price
2024 Acquisitions:
December 2024	Hampton Inn and Hilton Garden Inn	Revere (Boston), MA; Tysons Corner (Vienna), VA	399	$	96,000

2023 Acquisitions:
June 2023	Residence Inn by Marriott	Scottsdale, AZ	120	$	29,000
June 2023	Nordic Lodge	Steamboat Springs, CO	47	13,700
			167	$	42,700

All of the acquisitions completed during the years ended December 31, 2024 and 2023 were recorded as asset acquisitions. As such, we allocated the aggregate purchase price paid for each transaction to the net assets acquired based on their relative fair values. In determining relative fair values, we made significant estimates regarding replacement costs for the buildings and furniture, fixtures and equipment, and judgments related to certain financial assumptions. Acquisition costs related to the transactions have been capitalized as part of the recorded amounts of the acquired net assets.

The allocation of the aggregate purchase prices and contingent consideration to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):



	2024		2023
Land	$	40,936	$	12,258
Lodging buildings and improvements	51,891		29,225
Furniture, fixtures and equipment	3,502		1,331


Total assets acquired (1)	$	96,329	$	42,814

(1) Total assets acquired during the year ended December 31, 2024 is based on an aggregate purchase price of $96,000 plus transaction costs of $0.3 million.

Total assets acquired during the year ended December 31, 2023 is based on an aggregate purchase price of $42.7 million plus transaction costs of $0.1 million. Additionally, during the year ended December 31, 2023, we capitalized $2.0 million related to contingent consideration paid to the seller of the Onera property in Fredericksburg, TX. See Note 10 - Non-controlling Interests and Redeemable Non-controlling Interests for details related to the Onera Joint Venture.

In October 2024, we completed the sale of the 101-guestroom Four Points by Marriott San Francisco Airport for $17.7 million, which resulted in a gain of approximately $0.4 million.

In April 2024, we completed the sale of the 202-guestroom Courtyard by Marriott and the 208-guestroom SpringHill Suites by Marriott, both located in New Orleans, LA, for an aggregate selling price of $73.0 million, which resulted in a gain of approximately $28.3 million.

In April 2024, the GIC Joint Venture completed the sale of the 119-guestroom Hilton Garden Inn - Bryan (College Station), TX for $11.0 million. The net selling price of the lodging property approximated its net book value on the closing date.

In February 2024, the GIC Joint Venture completed the sale of the 127-guestroom Hyatt Place Dallas (Plano), TX for $10.3 million. At December 31, 2023, we reclassified the property in Assets held for sale and recorded a write-down of $4.0 million to reduce the carrying amount of the lodging property to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing.

In December 2023, we completed the sale of the 123-guestroom Hyatt Place Baltimore/Owings Mills in Owings Mills, MD for a gross selling price of $8.3 million. The net selling price less costs to sell approximated the net book value of the property on the sale date resulting in a nominal gain that was recorded in the fourth quarter of 2023.

Franchise/Brand

Location

Guestrooms

Hilton Garden Inn

Minneapolis (Eden Prairie), MN

Holiday Inn Express & Suites

Minneapolis (Minnetonka), MN

Hyatt Place

Chicago (Hoffman Estates), IL

126

Hyatt Place

Chicago (Lombard/Oak Brook), IL

151

467

At December 31, 2022, we classified the Sale Portfolio as Assets held for sale and recorded a write-down of $2.9 million to reduce the carrying amount of the net assets to the selling price less estimated costs to sell. As such, the net selling proceeds approximated the net carrying amount of the Sale Portfolio at closing.


	December 31,
	2024		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, TX	1,225		1,225
	1,225		65,311
Marketed for Sale:

Parcel of undeveloped land - Flagstaff, AZ	425		425
	$	1,650	$	65,736

During the first quarter of 2023, we entered into a purchase and sale agreement with a third-party to sell a 5.99-acre parcel of undeveloped land in San Antonio, TX for $1.3 million. The sale of the parcel of land closed in February 2025.

A lodging property with a carrying amount of approximately $8.0 million that was previously classified as Assets held for sale at December 31, 2023 has been reclassified at both December 31, 2024 and 2023 to Investments in lodging property, net as the lodging property no longer meets the Assets held for sale criteria.


	Weighted Average Amortization Period (in Years)	December 31,
		2024		2023
Indefinite-lived Intangible assets:
Air rights	N/A	$	10,754	$	10,754
Other	N/A	80		80
		10,834		10,834
Finite-lived intangible assets:

Tax incentives(1)	9.2	12,063		19,750
Key money(1)	17.8	9,370		9,370


		21,433		29,120
Total intangible assets		32,267		39,954
Less - accumulated amortization		(5,691)		(9,251)
Intangible assets, net		$	26,576	$	30,703

We recorded amortization expense related to intangible assets of approximately $3.3 million and $4.1 million for the years ended December 31, 2024 and 2023, respectively. There was no amortization expense related to intangible assets for the year ended December 31, 2022.