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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
Lessee
The Company has operating leases for office spaces, buildings, and equipment. The Company's leases, excluding the assumed ground lease discussed below, have remaining lease terms of two months to eleven years, some of which include options to extend the lease for up to ten years. Additionally, the Company has a ground lease on an owned hotel with a remaining lease term of 88.3 years.
The Company's lease costs were as follows:
Year Ended December 31,
(in thousands)20232022
Operating lease cost$13,786 $12,073 
Short-term lease cost— 40 
Sublease income(234)(559)
Total lease cost$13,552 $11,554 
Leases recognized in the consolidated balance sheets consisted of the following:
December 31,
(in thousands)20232022
Assets:
Operating lease right-of-use assets$85,101 $68,985 
Liabilities:
Current operating lease liabilities$4,238 $10,663 
Long-term operating lease liabilities109,483 70,994 
Total lease liabilities$113,721 $81,657 
Other information related to the Company's lease arrangements were as follows:
Year Ended December 31,
(in thousands)20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$12,714 $14,145 
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating lease assets obtained in exchange for operating lease liabilities$28,605 $44,481 
Weighted-average remaining lease term33.1 years41.0 years
Weighted-average discount rate5.04 %4.77 %
As of December 31, 2023, the maturities of the lease liabilities were as follows:
(in thousands)
2024$6,454 
20258,168 
202612,159 
202712,605 
202812,592 
Thereafter320,575 
Total minimum lease payments$372,553 
Less: imputed interest258,832 
Present value of the minimum lease payments$113,721 
Office Lease
On September 26, 2023, the Company's principal executive office lease agreement commenced with an unrelated third-party for a lease term of approximately twelve years. The Company accounted for this lease as an operating lease and established a lease liability and a right-of-use asset of approximately $41.9 million and $28.6 million, respectively.
Sublease
In October 2023, the Company entered into a lease agreement with an unrelated third-party to sublease the legacy Radisson corporate office space in Minneapolis, Minnesota. The sublease term is approximately eight years and is expected to commence during the first quarter of 2024. The Company re-evaluated the head lease upon the effectiveness of this sublease, which resulted in the Company recognizing a $3.4 million impairment loss on certain long-lived assets associated with the leased office space. Refer to Note 6 for additional information.
Related Party Lease
The Company and the family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company's 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 a reimbursement of the Company’s variable costs associated with operating the aircraft, in compliance with and to the extent authorized by applicable regulatory requirements. The terms of this lease agreement is consistent with the terms of other lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During both of the years ended December 31, 2023 and 2022, the Company received less than $0.1 million pursuant to this related party lease arrangement.
Leases Leases
Lessee
The Company has operating leases for office spaces, buildings, and equipment. The Company's leases, excluding the assumed ground lease discussed below, have remaining lease terms of two months to eleven years, some of which include options to extend the lease for up to ten years. Additionally, the Company has a ground lease on an owned hotel with a remaining lease term of 88.3 years.
The Company's lease costs were as follows:
Year Ended December 31,
(in thousands)20232022
Operating lease cost$13,786 $12,073 
Short-term lease cost— 40 
Sublease income(234)(559)
Total lease cost$13,552 $11,554 
Leases recognized in the consolidated balance sheets consisted of the following:
December 31,
(in thousands)20232022
Assets:
Operating lease right-of-use assets$85,101 $68,985 
Liabilities:
Current operating lease liabilities$4,238 $10,663 
Long-term operating lease liabilities109,483 70,994 
Total lease liabilities$113,721 $81,657 
Other information related to the Company's lease arrangements were as follows:
Year Ended December 31,
(in thousands)20232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$12,714 $14,145 
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating lease assets obtained in exchange for operating lease liabilities$28,605 $44,481 
Weighted-average remaining lease term33.1 years41.0 years
Weighted-average discount rate5.04 %4.77 %
As of December 31, 2023, the maturities of the lease liabilities were as follows:
(in thousands)
2024$6,454 
20258,168 
202612,159 
202712,605 
202812,592 
Thereafter320,575 
Total minimum lease payments$372,553 
Less: imputed interest258,832 
Present value of the minimum lease payments$113,721 
Office Lease
On September 26, 2023, the Company's principal executive office lease agreement commenced with an unrelated third-party for a lease term of approximately twelve years. The Company accounted for this lease as an operating lease and established a lease liability and a right-of-use asset of approximately $41.9 million and $28.6 million, respectively.
Sublease
In October 2023, the Company entered into a lease agreement with an unrelated third-party to sublease the legacy Radisson corporate office space in Minneapolis, Minnesota. The sublease term is approximately eight years and is expected to commence during the first quarter of 2024. The Company re-evaluated the head lease upon the effectiveness of this sublease, which resulted in the Company recognizing a $3.4 million impairment loss on certain long-lived assets associated with the leased office space. Refer to Note 6 for additional information.
Related Party Lease
The Company and the family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company's 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 a reimbursement of the Company’s variable costs associated with operating the aircraft, in compliance with and to the extent authorized by applicable regulatory requirements. The terms of this lease agreement is consistent with the terms of other lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During both of the years ended December 31, 2023 and 2022, the Company received less than $0.1 million pursuant to this related party lease arrangement.