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Investment in Hotel Properties
 9 Months Ended
Sep. 30, 2019
Property, Plant and Equipment [Abstract]  
Investment in Hotel Properties Investment in Hotel Properties
 
Investment in hotel properties consisted of the following (in thousands):
 
September 30, 2019
 
December 31, 2018
Land and improvements
$
1,095,632

 
$
1,209,416

Buildings and improvements
4,079,476

 
4,694,490

Furniture, fixtures and equipment
686,685

 
813,797

 
5,861,793

 
6,717,703

Accumulated depreciation
(1,184,774
)
 
(1,339,052
)
Investment in hotel properties, net
$
4,677,019

 
$
5,378,651


 
For the three and nine months ended September 30, 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $48.9 million and $160.9 million, respectively. For the three and nine months ended September 30, 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $58.5 million and $176.4 million, respectively.