PROPERTY AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2019

Property, Plant and Equipment [Abstract]

Net Investment in Property and Equipment

Net investment in property and equipment as of June 30, 2019 and December 31, 2018, consists of the following (in thousands):

	June 30, 2019			December 31, 2018
Hotel properties:
Land and site improvements (1)	$	1,217,149		$	1,215,710
Building and improvements	2,747,230			2,729,661
Furniture, fixtures and equipment	717,774			674,545
Total hotel properties	4,682,153			4,619,916
Development in process (2)	51,199			27,174
Corporate furniture, fixtures, equipment and other	23,729			22,972
Undeveloped land parcel	1,675			1,675
Total cost	4,758,756			4,671,737
Less accumulated depreciation:
Hotel properties	(1,281,821		)	(1,201,260		)
Corporate furniture, fixtures, equipment and other	(18,697		)	(16,845		)
Total accumulated depreciation	(1,300,518		)	(1,218,105		)
Property and equipment - net	$	3,458,238		$	3,453,632

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(1) Includes finance lease asset of $3.2 million as of June 30, 2019 and December 31, 2018.

(2)

Includes finance lease asset of $0.8 million and $0.6 million as of June 30, 2019 and December 31, 2018, respectively.