Property, plant and equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

The balance of property, plant and equipment is as follows ($ in thousands):



	As of June 30,			As of December 31,
	2018			2017
Land, buildings and improvements	$	1,787,043		$	1,493,407
Fixtures and machinery	55,537			53,188
Furniture and other fixed assets	205,086			173,912
Construction in progress	49,242			29,220
Total property, plant and equipment, gross	2,096,908			1,749,727
Accumulated depreciation	(312,241		)	(283,401		)
Total property, plant and equipment, net	$	1,784,667		$	1,466,326

Depreciation expense for property, plant and equipment was $31.0 million and $25.8 million for the six months ended June 30, 2018 and 2017, respectively. Depreciation expense for property, plant and equipment was $15.6 million and $13.6 million for the three months ended June 30, 2018 and 2017, respectively.

For the six months ended June 30, 2018 and 2017, $2.1 million and $0 of interest expense was capitalized on qualifying assets, respectively. For the three months ended June 30, 2018 and 2017, $1.4 million and $0 of interest expense was capitalized on qualifying assets, respectively. Interest expense was capitalized at the weighted-average interest rate of our debt.

Cap Cana development

On July 12, 2017, we acquired the land for the new Hyatt Zilara Cap Cana and Hyatt Ziva Cap Cana in Punta Cana, Dominican Republic for total consideration of $56.2 million. We paid $45.6 million of the consideration in cash upon closing of the acquisition. The remaining $10.6 million balance is due on the earlier of (i) two years from the beginning of construction of the resorts or (ii) the opening of the resorts and is recorded in other liabilities within the Condensed Consolidated Balance Sheet as of June 30, 2018 and December 31, 2017.