Investment in Hotel Properties

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Investment in hotel properties consisted of the following (in thousands):


	June 30, 2020		December 31, 2019
Land and improvements	$	1,089,545	$	1,088,436
Buildings and improvements	4,066,761		4,039,012
Furniture, fixtures and equipment	695,449		685,699
	5,851,755		5,813,147
Accumulated depreciation	(1,296,127)		(1,198,181)
Investment in hotel properties, net	$	4,555,628	$	4,614,966

For the three and six months ended June 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $49.0 million and $97.9 million, respectively. For the three and six months ended June 30, 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $54.3 million and $112.0 million, respectively.

Impairment

In connection with the preparation of the unaudited consolidated financial statements for the three and six months ended June 30, 2020 and 2019, the Company evaluated the recoverability of the carrying values of its hotel properties. The Company performed an undiscounted cash flow analysis as of June 30, 2020 for certain of its hotel properties. Based on this analysis, the Company concluded that there were no impairments for the three and six months ended June 30, 2020 and 2019.