Investment in Hotel Properties

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Investment in Hotel Properties

Investment in Hotel Properties

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

	March 31, 2023		December 31, 2022
Land and improvements	$	993,190	$	992,609
Buildings and improvements	4,055,187		4,040,505
Furniture, fixtures and equipment	761,211		745,978
	5,809,588		5,779,092
Accumulated depreciation	(1,643,745)		(1,598,764)
Investment in hotel properties, net	$	4,165,843	$	4,180,328

For the three months ended March 31, 2023 and 2022, the Company recognized depreciation expense related to its investment in hotel properties of approximately $45.0 million and $46.7 million, respectively.