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Investments in Hotel Properties, net (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Investment in Hotel Properties
Investments in hotel properties, net consisted of the following (in thousands):
September 30, 2022December 31, 2021
Land$560,241 $480,530 
Buildings and improvements1,329,102 1,215,810 
Furniture, fixtures and equipment132,386 123,954 
Construction in progress21,298 12,038 
Residences12,746 12,746 
Total cost2,055,773 1,845,078 
Accumulated depreciation(431,303)(399,481)
Investments in hotel properties, net$1,624,470 $1,445,597 
Asset Acquisition
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 improvements102,105 
Furniture, fixtures and equipment 15,405 
Investments in hotel properties197,221 
Restricted cash1,091 
Inventories1,184 
Mortgage loan(58,601)
$140,895 
Net other assets (liabilities)$(9,966)
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, 2022Nine Months Ended September 30, 2022
Total revenue$14,311 $41,342 
Net income (loss)1,197 7,707