PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2020

Property, Plant and Equipment [Abstract]

Net Investment in Property and Equipment

Net investment in property and equipment as of March 31, 2020 and December 31, 2019, consists of the following (in thousands):


	March 31, 2020		December 31, 2019
Hotel properties:
Land and site improvements ⁽¹⁾	$	1,231,474	$	1,228,231
Building and improvements	2,814,840		2,792,579
Furniture, fixtures and equipment ⁽²⁾	749,815		745,145
Total hotel properties	4,796,129		4,765,955
Development in process ⁽³⁾	80,269		70,864
Corporate furniture, fixtures, equipment, software and other	30,894		30,680

Total cost	4,907,292		4,867,499
Less accumulated depreciation:
Hotel properties	(1,393,347)		(1,353,772)
Corporate furniture, fixtures, equipment, software and other	(21,124)		(20,178)
Total accumulated depreciation	(1,414,471)		(1,373,950)
Property and equipment — net	$	3,492,821	$	3,493,549

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(1)Includes finance lease asset of $3.2 million as of March 31, 2020 and December 31, 2019.

(2)Includes finance lease asset of $0.4 million and $0 as of March 31, 2020 and December 31, 2019, respectively.

(3)Includes finance lease asset of $0.8 million as of March 31, 2020 and December 31, 2019.

Schedule of Real Estate Properties

During the three months ended March 31, 2020, these hotels contributed total room and other hotel revenues, total operating expenses and income before income tax expense as follows (in thousands):


	Three Months Ended
	March 31, 2020
Total room and other hotel revenues	$	1,683
Total operating expenses	1,153
Income before income tax expense	530