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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price, including all measurement period adjustments, as presented in our consolidated balance sheets is as follows:
Assets acquired | August 11, 2022 - original |  | Measurement period adj - 4th quarter 2022 |  | Measurement period adj - 1st quarter 2023 |  | August 11, 2022 - as adjusted
Cash and cash equivalents | $ | 113,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,023 |
Restricted cash | 10,403 |  |  | — |  |  | — |  |  | 10,403 |
Accounts receivable | 32,972 |  |  | 8,752 |  |  | (1,941) |  |  | 39,783 |
Notes receivables - current | 1,709 |  |  | — |  |  | (860) |  |  | 849 |
Prepaid expenses and other current assets | 8,139 |  |  | — |  |  | — |  |  | 8,139 |
Property and equipment | 125,441 |  |  | — |  |  | — |  |  | 125,441 |
Operating lease right-of-use assets | 42,315 |  |  | (2,016) |  |  | — |  |  | 40,299 |
Intangible assets | 447,400 |  |  | (300) |  |  | — |  |  | 447,100 |
Notes receivable - noncurrent | 2,592 |  |  | — |  |  | — |  |  | 2,592 |
Investment in affiliates | 471 |  |  | — |  |  | — |  |  | 471 |
Other assets | 2,129 |  |  | — |  |  | — |  |  | 2,129 |
Total assets acquired | $ | 786,594 |  |  | $ | 6,436 |  |  | $ | (2,801) |  |  | $ | 790,229 |
Liabilities assumed |  |  |  |  |  |  |
Accounts payable | 8,295 |  |  | (1,566) |  |  | (1,941) |  |  | 4,788 |
Accrued expenses and other current liabilities | 15,987 |  |  | 425 |  |  | 674 |  |  | 17,086 |
Deferred revenue - current(1) | 5,745 |  |  | 1,566 |  |  | — |  |  | 7,311 |
Liability for guest loyalty program - current(1) | 3,542 |  |  | 3,792 |  |  | — |  |  | 7,334 |
Long-term debt | 55,975 |  |  | — |  |  | — |  |  | 55,975 |
Long-term deferred revenue(1) | 26,499 |  |  | (3,915) |  |  | — |  |  | 22,584 |
Deferred compensation and retirement plan obligations | 9,265 |  |  | — |  |  | — |  |  | 9,265 |
Operating lease liabilities | 42,705 |  |  | (2,016) |  |  | — |  |  | 40,689 |
Liability for guest loyalty program - noncurrent(1) | 10,180 |  |  | (1,443) |  |  | — |  |  | 8,737 |
Other liabilities | 3,052 |  |  | 543 |  |  | — |  |  | 3,595 |
Total liabilities assumed | $ | 181,245 |  |  | $ | (2,614) |  |  | $ | (1,267) |  |  | $ | 177,364 |
Fair value of net assets acquired | $ | 605,349 |  |  | $ | 9,050 |  |  | $ | (1,534) |  |  | $ | 612,865 |
Goodwill | 68,507 |  |  | (9,050) |  |  | 1,534 |  |  | 60,991 |
Total purchase consideration | $ | 673,856 |  |  | $ | — |  |  | $ | — |  |  | $ | 673,856 |
(1) The deferred revenue (including deferred affiliation fees) and the liability for guest loyalty program balances were assumed at their carrying value at the date of the acquisition pursuant to the application of ASU 2021-08. Refer to Note 1 for more information. The following table presents the estimated fair value of the acquired property and equipment, which is primarily concentrated at three acquired hotel properties, and their estimated weighted average remaining useful lives.
| Estimated Useful Life |  | Estimated Fair Value
| (in years) |  | (in thousands)
Land | N/A |  | $ | 7,159 |
Construction in progress | N/A |  | 3,190 |
Building and leasehold improvements | 24.4 |  | 93,934 |
Site improvements | 23.1 |  | 586 |
Furniture, fixtures and equipment | 3.9 |  | 8,334 |
Computer equipment and software | 2.0 |  | 12,238 |
Total property and equipment |  |  | $ | 125,441 |
The following table presents the estimated fair values of the acquired identified intangible assets and their estimated useful lives:
| Estimated Useful Life |  | Estimated Fair Value
| (in years) |  | (in thousands)
Trade names | N/A |  | $ | 223,700 |
Franchise agreements | 15.5 |  | 220,100 |
Management agreements | 15.5 |  | 3,300 |
Total intangible assets |  |  | $ | 447,100 |
Schedule of Pro Forma Information | The following unaudited pro forma information presents the combined results of operations of Choice and Radisson Hotels Americas as if the Transaction was completed on January 1, 2021, but using the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The unaudited pro forma information reflects adjustments relating to (i) the allocation of the purchase price and related adjustments, including incremental depreciation and amortization expense based on the fair values of the acquired property and equipment and intangible assets, (ii) the incremental impact of the Revolver draw on interest expense and the amortization of financing costs, (iii) nonrecurring transaction costs, and (iv) the income tax impact of the aforementioned pro forma adjustments. As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the transaction had occurred at the beginning of the period presented, nor are they indicative of the future results of operations.
| Year Ended December 31,
(in thousands) | 2022 |  | 2021
Revenues | $ | 1,551,775 |  |  | $ | 1,263,988 |
Net income | 368,449 |  |  | 207,023 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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