Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019 and 2018, consists of the following (in thousands):


	December 31, 2019		December 31, 2018
Hotel properties:
Land and site improvements ⁽¹⁾	$	1,228,231	$	1,215,710
Building and improvements	2,792,579		2,729,661
Furniture, fixtures and equipment	745,145		674,545
Total hotel properties	4,765,955		4,619,916
Development in process ⁽²⁾	70,864		27,174
Corporate furniture, fixtures, equipment, software and other	30,680		24,647
Total cost	4,867,499		4,671,737
Less accumulated depreciation:
Hotel properties	(1,353,772)		(1,201,260)
Corporate furniture, fixtures, equipment, software and other	(20,178)		(16,845)
Total accumulated depreciation	(1,373,950)		(1,218,105)
Property and equipment—net	$	3,493,549	$	3,453,632

_________________________________

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

(2)Includes finance lease asset of $0.8 million and $0.6 million as of December 31, 2019 and 2018, respectively.