
	September 30, 2022		December 31, 2021
Land	$	560,241	$	480,530
Buildings and improvements	1,329,102		1,215,810
Furniture, fixtures and equipment	132,386		123,954
Construction in progress	21,298		12,038
Residences	12,746		12,746
Total cost	2,055,773		1,845,078
Accumulated depreciation	(431,303)		(399,481)
Investments in hotel properties, net	$	1,624,470	$	1,445,597

For the three and nine months ended September 30, 2021, we recognized a $0 and $481,000 gain, respectively, associated with proceeds received from an insurance claim. There was no such gain recognized for the three and nine months ended September 30, 2022.

During the three and nine months ended September 30, 2022 and 2021, no impairment charges were recorded.

On March 11, 2022, the Company acquired a 100% interest in the 96-room Ritz-Carlton Reserve Dorado Beach in Dorado, Puerto Rico. The total consideration consisted of $104.0 million of cash and 6.0 million shares of the Company’s common stock with a fair value of approximately $35.0 million. Additionally, the Company assumed a $54.0 million mortgage loan with a fair value of approximately $58.6 million. See note 6 for further discussion regarding the mortgage loan. On March 14, 2022,

the Company filed a resale registration statement on Form S-3, which was declared effective by the SEC on April 1, 2022, to register for resale the 6.0 million shares of common stock.

We accounted for this acquisition as an asset acquisition because substantially all of the fair value of the gross assets acquired were concentrated in a group of similar identifiable assets. The cost of the acquisition including transaction costs of approximately $1.9 million, was allocated to the individual assets acquired and liabilities assumed on a relative fair value basis, which is considered a Level 3 valuation technique.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands):


Land	$	79,711
Buildings and improvements	102,105
Furniture, fixtures and equipment	15,405
Investments in hotel properties	197,221
Restricted cash	1,091
Inventories	1,184
Mortgage loan	(58,601)
	$	140,895
Net other assets (liabilities)	$	(9,966)

The results of operations of the hotel property have been included in our results of operations from the acquisition date. The table below summarizes the total revenue and net income (loss) in our condensed consolidated statements of operations for the three and nine months ended September 30, 2022:


	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Total revenue	$	14,311	$	41,342
Net income (loss)	1,197		7,707