Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Net Investment in Property and Equipment

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

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(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.

Schedule of Real Estate Properties

During the years ended December 31, 2019 and 2018, newly-built hotels contributed total room and other hotel revenues, total operating expenses and income (loss) before income tax expense as follows (in thousands):


	Year Ended December 31,
	2019		2018
Total room and other hotel revenues	$	2,199	$	152
Total operating expenses	1,856		201
Income (loss) before income tax expense	343		(49)