v3.25.1
INVESTMENTS IN LODGING PROPERTY, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Investment in Lodging Properties, Net
We generally depreciate our lodging properties and related assets using the straight-line method over their estimated useful lives as follows:

Classification Estimated Useful Lives
Buildings and improvements
6 to 40 years
Furniture, fixtures and equipment
2 to 15 years
Investments in lodging property, net is as follows (in thousands):
March 31, 2025December 31, 2024
Lodging buildings and improvements$2,875,145 $2,867,256 
Land415,574 415,574 
Furniture, fixtures and equipment299,578 296,476 
Construction in progress42,101 35,294 
Intangible assets32,267 32,267 
Real estate development loan4,576 4,576 
3,669,241 3,651,443 
Less accumulated depreciation and amortization(941,731)(904,678)
$2,727,510 $2,746,765 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
March 31, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,082)(5,691)
Intangible assets, net$26,185 $26,576 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net is as follows (in thousands):
March 31, 2025December 31, 2024
Indefinite-lived intangible assets:
Air rights$10,754 $10,754 
Other80 80 
10,834 10,834 
Finite-lived intangible assets:
Tax incentives12,063 12,063 
Key money9,370 9,370 
21,433 21,433 
Intangible assets32,267 32,267 
Less - accumulated amortization(6,082)(5,691)
Intangible assets, net$26,185 $26,576 
Schedule of Future Amortization Expenses
Future amortization expense related to intangible assets is as follows (in thousands):

For the Year Ending
December 31,		Amount
2025$1,173 
20261,564 
20271,511 
20281,016 
20291,016 
Thereafter9,071 
$15,351