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Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases Leases
Lessee
The Company has operating leases primarily for office space, buildings, and equipment. Our leases, excluding the assumed ground lease discussed below, have remaining lease terms of one month to ten years, some of which may include options to extend leases for up to five years and some which may include options to terminate the leases within one year.
Additionally, as part of the Radisson Transaction, the Company assumed a ground lease on an owned hotel with a remaining 89 year term. Inclusive of other assumed operating leases, the Radisson transaction resulted in a lease liability and right-of-use asset at acquisition of $40.7 million and $40.3 million, respectively (refer to Note 24).
The Company's lease costs were as follows:
Year Ended December 31,
(in thousands)20222021
Operating lease cost$12,073 $9,499 
Short-term lease cost40 325 
Sublease income(559)(134)
Total lease cost$11,554 $9,690 
Leases recorded on the consolidated balance sheet consist of the following:
December 31,
(in thousands)20222021
Assets:
Operating lease right-of-use assets$68,985 $34,183 
Liabilities:
Current operating lease liabilities$10,663 $11,998 
Long-term operating lease liabilities70,994 35,492 
Total lease liabilities$81,657 $47,490 
On October 4, 2021, an office lease for an approximate 10-year term with an unrelated third party commenced. The Company accounted for this lease as an operating lease and established a lease liability and right-of-use asset of approximately $34.6 million and $25.3 million, respectively, during the fourth quarter of 2021.
Other information related to the Company's lease arrangements is as follows:
Year Ended December 31,
(in thousands)20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14,145 $11,528 
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating lease assets obtained in exchange for operating lease liabilities$44,481 $25,852 
Weighted-average remaining lease term41.02 years7.66 years
Weighted-average discount rate(1)
4.77 %2.79 %
(1) Discount rates used for existing operating leases upon adoption of Topic 842 were established based on remaining lease term as of January 1, 2019.
Maturities of lease liabilities as of December 31, 2022 are as follows:
(in thousands)
2023$12,856 
20246,517 
20256,289 
20266,205 
20276,554 
Thereafter284,249 
Total minimum lease payments$322,670 
Less imputed interest241,013 
Present value of minimum lease payments$81,657 
In the fourth quarter of 2021, the Company entered into one office lease agreement with an unrelated third-party that we expect to account for as an operating lease. This lease is not reflected in our consolidated balance sheets or in the table above as the lease has not commenced. The lease has an approximate 11-year term and expected to commence in the fourth quarter of 2023.
Related Party
The Company and family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company aircraft from time to time for their personal use. The agreement provides for lease payments that contribute towards the fixed costs associated with the aircraft as well as reimbursement of the Company’s variable costs associated with operation of the aircraft, in compliance with, and to the extent authorized by, applicable regulatory requirements. The terms of the lease agreements are consistent with the terms of lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During the years ended December 31, 2022 and 2021, the Company received $48 thousand and $0.2 million, respectively, pursuant to this arrangement.
Leases Leases
Lessee
The Company has operating leases primarily for office space, buildings, and equipment. Our leases, excluding the assumed ground lease discussed below, have remaining lease terms of one month to ten years, some of which may include options to extend leases for up to five years and some which may include options to terminate the leases within one year.
Additionally, as part of the Radisson Transaction, the Company assumed a ground lease on an owned hotel with a remaining 89 year term. Inclusive of other assumed operating leases, the Radisson transaction resulted in a lease liability and right-of-use asset at acquisition of $40.7 million and $40.3 million, respectively (refer to Note 24).
The Company's lease costs were as follows:
Year Ended December 31,
(in thousands)20222021
Operating lease cost$12,073 $9,499 
Short-term lease cost40 325 
Sublease income(559)(134)
Total lease cost$11,554 $9,690 
Leases recorded on the consolidated balance sheet consist of the following:
December 31,
(in thousands)20222021
Assets:
Operating lease right-of-use assets$68,985 $34,183 
Liabilities:
Current operating lease liabilities$10,663 $11,998 
Long-term operating lease liabilities70,994 35,492 
Total lease liabilities$81,657 $47,490 
On October 4, 2021, an office lease for an approximate 10-year term with an unrelated third party commenced. The Company accounted for this lease as an operating lease and established a lease liability and right-of-use asset of approximately $34.6 million and $25.3 million, respectively, during the fourth quarter of 2021.
Other information related to the Company's lease arrangements is as follows:
Year Ended December 31,
(in thousands)20222021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$14,145 $11,528 
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating lease assets obtained in exchange for operating lease liabilities$44,481 $25,852 
Weighted-average remaining lease term41.02 years7.66 years
Weighted-average discount rate(1)
4.77 %2.79 %
(1) Discount rates used for existing operating leases upon adoption of Topic 842 were established based on remaining lease term as of January 1, 2019.
Maturities of lease liabilities as of December 31, 2022 are as follows:
(in thousands)
2023$12,856 
20246,517 
20256,289 
20266,205 
20276,554 
Thereafter284,249 
Total minimum lease payments$322,670 
Less imputed interest241,013 
Present value of minimum lease payments$81,657 
In the fourth quarter of 2021, the Company entered into one office lease agreement with an unrelated third-party that we expect to account for as an operating lease. This lease is not reflected in our consolidated balance sheets or in the table above as the lease has not commenced. The lease has an approximate 11-year term and expected to commence in the fourth quarter of 2023.
Related Party
The Company and family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company aircraft from time to time for their personal use. The agreement provides for lease payments that contribute towards the fixed costs associated with the aircraft as well as reimbursement of the Company’s variable costs associated with operation of the aircraft, in compliance with, and to the extent authorized by, applicable regulatory requirements. The terms of the lease agreements are consistent with the terms of lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During the years ended December 31, 2022 and 2021, the Company received $48 thousand and $0.2 million, respectively, pursuant to this arrangement.