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INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Investments in Lodging Property, 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 at December 31, 2024 and 2023 include (in thousands):
 20242023
Lodging buildings and improvements$2,867,256 $2,798,667 
Land415,149 375,413 
Furniture, fixtures and equipment296,476 269,682 
Construction in progress35,294 41,359 
Intangible assets32,267 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 
Schedule of Hotel Property Acquisitions
Lodging property acquisitions during the years ended December 31, 2024 and 2023 were as follows (dollar amounts in thousands):
Date AcquiredBrand/Hotel NameLocationGuestroomsPurchase
Price
2024 Acquisitions:
December 2024Hampton Inn and Hilton Garden InnRevere (Boston), MA; Tysons Corner (Vienna), VA399$96,000 
2023 Acquisitions:
June 2023Residence Inn by MarriottScottsdale, AZ120$29,000 
June 2023Nordic LodgeSteamboat Springs, CO4713,700 
167$42,700 
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):
20242023
Land$40,936 $12,258 
Lodging buildings and improvements51,891 29,225 
Furniture, fixtures and equipment3,502 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 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
Hilton Garden InnMinneapolis (Eden Prairie), MN97
Holiday Inn Express & SuitesMinneapolis (Minnetonka), MN93
Hyatt PlaceChicago (Hoffman Estates), IL126
Hyatt PlaceChicago (Lombard/Oak Brook), IL151
467
Schedule of Assets Held for Sale
Assets held for sale, net are as follows (in thousands):
December 31,
20242023
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:
Parcel of undeveloped land - Flagstaff, AZ425 425 
$1,650 $65,736 
Schedule of Finite-Lived Intangible Assets
Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):
Weighted Average Amortization Period (in Years)
December 31,
20242023
Indefinite-lived Intangible assets:
Air rightsN/A$10,754 $10,754 
OtherN/A80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives(1)
9.212,063 19,750 
Key money(1)
17.89,370 9,370 
21,433 29,120 
Total intangible assets32,267 39,954 
    Less - accumulated amortization(5,691)(9,251)
Intangible assets, net$26,576 $30,703 

(1)    Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Indefinite-lived Intangible Assets
Intangible assets included in Investments in Lodging Property, net in our Consolidated Balance Sheets include the following (in thousands):
Weighted Average Amortization Period (in Years)
December 31,
20242023
Indefinite-lived Intangible assets:
Air rightsN/A$10,754 $10,754 
OtherN/A80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives(1)
9.212,063 19,750 
Key money(1)
17.89,370 9,370 
21,433 29,120 
Total intangible assets32,267 39,954 
    Less - accumulated amortization(5,691)(9,251)
Intangible assets, net$26,576 $30,703 

(1)    Finite-lived intangible assets were primarily acquired in the NCI Transaction.
Schedule of Future Amortization Expenses
Future amortization expense related to intangible assets is as follows (in thousands):
For the Year Ended
December 31,		Amount
2025$1,564 
20261,564 
20271,511 
20281,016 
20291,016 
Thereafter9,071 
$15,742