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Investment in Hotel Properties
12 Months Ended
Dec. 31, 2021
Investment in Hotel Properties [Abstract]  
Investment in Hotel Properties NOTE 2. INVESTMENT IN HOTEL PROPERTIES Investments in hotel properties consisted of the following at December 31: As of December 31, 2020Land$34,928Buildings, improvements, vehicle 244,041Furniture and equipment 24,622Initial franchise fees 1,784Construction-in-progress 123 Right of use asset 62 Investment in hotel properties 305,560Less accumulated depreciation (39,729)Investment in hotel properties, net$265,831 On January 1, 2019, the Company adopted ASU 842, Leases, and applied it prospectively. At adoption, the Company also elected the practical expedients which permitted it to not reassess its prior conclusions about lease identification, classification, and initial direct costs. Consequently on January 1, 2019, the Company recognized right-of-use assets and related liabilities related to its operating leases. Since most of the Company's leases do not provide an implicit rate, the Company used incremental borrowing rates. The right-of-use assets and liabilities are amortized to rent expense, included in either Hotel and property operations expenses or General and administrative expenses depending on the nature of the lease, over the term of the underlying lease agreements. The weighted average remaining life of the Company’s operating leases, including options to extend when it is reasonably certain the Company will exercise such options, was 6.4 years at December 31, 2020. As of December 31, 2020, the Company's right-of-use assets, net of $62 are included in Investment in hotel properties, net and its related lease liabilities of $62 are presented in Accounts payable, accrued expenses, and other liabilities in the Company's consolidated balance sheet. The adoption of this standard had minimal impact on the Company's consolidated statements of operations.