
	March 31, 2025		December 31, 2024
Lodging buildings and improvements	$	2,875,145	$	2,867,256
Land	415,574		415,574
Furniture, fixtures and equipment	299,578		296,476
Construction in progress	42,101		35,294
Intangible assets	32,267		32,267
Real estate development loan	4,576		4,576
	3,669,241		3,651,443
Less accumulated depreciation and amortization	(941,731)		(904,678)
	$	2,727,510	$	2,746,765

Depreciation and amortization expense related to our lodging properties (excluding amortization of franchise fees) was $37.1 million and $36.6 million for the three months ended March 31, 2025 and 2024, respectively.

We owned a 5.99-acre parcel of undeveloped land in San Antonio, TX that was classified as Assets held for sale at December 31, 2024. In February 2025, we closed on the sale of the parcel of undeveloped land for $1.3 million, which approximated its carrying value.

In February 2024, the GIC Joint Venture completed the sale of the 127-guestroom Hyatt Place - Dallas (Plano), TX for $10.3 million. We recorded a nominal gain on the sale during the three months ended March 31, 2024 upon closing the transaction.


	March 31, 2025		December 31, 2024
Indefinite-lived intangible assets:
Air rights	$	10,754	$	10,754
Other	80		80
	10,834		10,834
Finite-lived intangible assets:

Tax incentives	12,063		12,063
Key money	9,370		9,370


	21,433		21,433
Intangible assets	32,267		32,267
Less - accumulated amortization	(6,082)		(5,691)
Intangible assets, net	$	26,185	$	26,576

We recorded amortization expense related to intangible assets of approximately $0.4 million and $1.0 million for the three months ended March 31, 2025 and 2024, respectively.

Future amortization expense related to intangible assets is as follows (in thousands):


For the Year Ending December 31,	Amount
2025	$	1,173
2026	1,564
2027	1,511
2028	1,016
2029	1,016
Thereafter	9,071
	$	15,351