Investments In Real Estate

3 Months Ended

Mar. 31, 2019

Real Estate Investments [Abstract]

Investments In Real Estate

NOTE 4. INVESTMENTS IN REAL ESTATE

During the three months ended March 31, 2019, two hotels were sold for gross proceeds of $5 million resulting in a gain on sale of less than $0.1 million. Net proceeds were used to pay down the CMBS Facility (as defined in Note 6 “Debt”).  During the three months ended March 31, 2018, one hotel was sold for gross proceeds of $5 million resulting in a gain on sale of $0.5 million.

Depreciation expense related to buildings and improvements, furniture, fixtures and other equipment was $44 million and $37 million for the three months ended March 31, 2019 and 2018, respectively.

Construction in progress primarily includes capitalized costs for ongoing projects that have not yet been put into service.

We have pledged substantially all of our hotels as collateral for the CMBS Facility.