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Revenue (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue from Contract with Customer [Abstract] |
Schedule of Contract with Customer, Asset and Liability | The following table summarizes the significant changes in the contract liabilities balances during the year ended December 31, 2023:
(in thousands) |
Balance as of December 31, 2022 | $ | 209,359 |
Increases to the contract liability balance due to cash received | 115,661 |
Revenue recognized in the period | (115,125) |
Balance as of December 31, 2023 | $ | 209,895 |
Schedule of Disaggregation of Revenue | The following table presents our revenues by over time and point in time recognition:
| Year Ended December 31, 2023 |  |
(in thousands) | Over time |  | Point in time |  | Total |  |  |  |  |  |
Royalty, licensing and management fees | $ | 502,164 |  |  | $ | 11,248 |  |  | $ | 513,412 |  |  |  |  |  |  |
Initial franchise fees | 27,787 |  |  | — |  |  | 27,787 |  |  |  |  |  |  |
Platform and procurement services fees | 72,275 |  |  | 2,839 |  |  | 75,114 |  |  |  |  |  |  |
Owned hotels | 72,132 |  |  | 25,509 |  |  | 97,641 |  |  |  |  |  |  |
Other | 46,051 |  |  | — |  |  | 46,051 |  |  |  |  |  |  |
Other revenues from franchised and managed properties | 705,114 |  |  | 79,046 |  |  | 784,160 |  |  |  |  |  |  |
Total revenues | $ | 1,425,523 |  |  | $ | 118,642 |  |  | $ | 1,544,165 |  |  |  |  |  |  |
|  |  | Year Ended December 31, 2022
(in thousands) |  |  |  |  |  |  | Over time |  | Point in time |  | Total
Royalty, licensing and management fees |  |  |  |  |  |  | $ | 471,601 |  |  | $ | 158 |  |  | $ | 471,759 |
Initial franchise fees |  |  |  |  |  |  | 28,074 |  |  | — |  |  | 28,074 |
Platform and procurement services fees |  |  |  |  |  |  | 60,768 |  |  | 3,032 |  |  | 63,800 |
Owned hotels |  |  |  |  |  |  | 55,428 |  |  | 15,398 |  |  | 70,826 |
Other |  |  |  |  |  |  | 64,740 |  |  | — |  |  | 64,740 |
Other revenues from franchised and managed properties |  |  |  |  |  |  | 596,668 |  |  | 106,082 |  |  | 702,750 |
Total revenues |  |  |  |  |  |  | $ | 1,277,279 |  |  | $ | 124,670 |  |  | $ | 1,401,949 |
| Year Ended December 31, 2021 |  |
(in thousands) | Over time |  | Point in time |  | Total |  |  |  |  |  |
Royalty, licensing and management fees | $ | 397,218 |  |  | $ | — |  |  | $ | 397,218 |  |  |  |  |  |  |
Initial franchise fees | 26,342 |  |  | — |  |  | 26,342 |  |  |  |  |  |  |
Platform and procurement services fees | 47,878 |  |  | 2,515 |  |  | 50,393 |  |  |  |  |  |  |
Owned hotels | 32,191 |  |  | 5,642 |  |  | 37,833 |  |  |  |  |  |  |
Other | 28,669 |  |  | — |  |  | 28,669 |  |  |  |  |  |  |
Other revenues from franchised and managed properties | 465,184 |  |  | 63,659 |  |  | 528,843 |  |  |  |  |  |  |
Total revenues | $ | 997,482 |  |  | $ | 71,816 |  |  | $ | 1,069,298 |  |  |  |  |  |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5 + Details
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