Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Depreciation and amortization are recorded on a straight-line basis over the following estimated useful lives:



Hotel buildings	7–49 years
Hotel building improvements	4–39 years
Hotel site improvements	3–20 years
Hotel furniture, fixtures and equipment	2–10 years
Corporate furniture, fixtures equipment	3–15 years

Net investment in property and equipment as of December 31, 2018 and 2017, consists of the following (in thousands):



	December 31, 2018			December 31, 2017
Hotel properties:
Land and site improvements ⁽¹⁾	$	1,215,710		$	1,286,784
Building and improvements	2,729,661			2,934,048
Furniture, fixtures and equipment	674,545			649,487
Total hotel properties	4,619,916			4,870,319
Development in process ⁽²⁾	27,174			2,453
Corporate furniture, fixtures, equipment, software and other	22,972			21,486
Undeveloped land parcel	1,675			1,675
Total cost	4,671,737			4,895,933
Less accumulated depreciation:
Hotel properties	(1,201,260		)	(1,128,465		)
Corporate furniture, fixtures, equipment, software and other	(16,845		)	(14,334		)
Total accumulated depreciation	(1,218,105		)	(1,142,799		)
Property and equipment—net	$	3,453,632		$	3,753,134

_________________________________


(1)	Includes capital lease asset of $3.2 million and $0 as of December 31, 2018 and 2017, respectively.


(2)	Includes capital lease asset of $0.6 million and $0 as of December 31, 2018 and 2017, respectively.

Depreciation and amortization are recorded on a straight-line basis over the following estimated useful lives:



Hotel buildings	7–49 years
Hotel building improvements	4–39 years
Hotel site improvements	3–20 years
Hotel furniture, fixtures and equipment	2–10 years

Net investment in property and equipment as of December 31, 2018 and 2017, consists of the following (in thousands):



	December 31, 2018			December 31, 2017
Hotel properties:
Land and site improvements ⁽¹⁾	$	1,218,077		$	1,289,152
Building and improvements	2,756,674			2,970,404
Furniture, fixtures and equipment	679,944			655,120
Total hotel properties	4,654,695			4,914,676
Development in process ⁽²⁾	27,174			2,453
Undeveloped land parcel	1,675			1,675
Total cost	4,683,544			4,918,804
Less accumulated depreciation	(1,215,899		)	(1,143,164		)
Property and equipment - net	$	3,467,645		$	3,775,640