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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Franchise Rights and Other Identifiable Intangible Assets
The components of the Company's intangible assets were the following:
As of December 31, 2023As of December 31, 2022
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet Carrying Value
Franchise Rights(1)
$354,735 $123,845 $230,890 $352,665 $104,836 $247,829 
Franchise Agreement Acquisition Costs(2)
424,695 98,103 326,592 307,169 68,085 239,084 
Trademarks & Other(3)
19,876 13,721 6,155 19,236 12,888 6,348 
Capitalized SaaS Licenses(4)
17,397 16,673 724 17,807 15,592 2,215 
Total amortizing intangible assets816,703 252,342 564,361 696,877 201,401 495,476 
Trademarks (non-amortizing)(5)
246,714 — 246,714 246,714 — 246,714 
Total intangible assets$1,063,417 $252,342 $811,075 $943,591 $201,401 $742,190 
(1)Represents the purchase price assigned to long-term franchise contracts. The unamortized balance relates primarily to the franchise rights established from the Radisson Hotels Americas Transaction, as well as WoodSpring franchise rights active since acquisition. The franchise rights are being amortized over useful lives ranging from 12 to 15 years on a straight-line basis.
(2)Represents certain payments to customers as an incentive to enter into new franchise agreements, which are amortized as a reduction to royalty, licensing and management fees and other revenues from franchised and managed properties in the consolidated statements of income over useful lives generally ranging from 10 to 30 years on a straight-line basis commencing at hotel opening. The gross and accumulated amortization amounts are written off upon full amortization recognition, including the termination of an associated franchise agreement. Refer to Note 2 for a discussion of the impairments recognized.
(3)Represents definite-lived trademarks and other various amortizing assets, including management agreements, which are generally amortized on a straight-line basis over a period of 10 years to 30 years.
(4)Represents software licenses capitalized under a SaaS agreement, which are generally amortized on a straight-line basis over an average period of 3 years.
(5)Represents the purchase price assigned to the Radisson, WoodSpring, and Suburban trademarks established at the time of their respective acquisitions. The trademarks are non-amortizing assets because they are expected to generate future cash flows for an indefinite period of time.
Schedule of Intangible Assets, Estimated Annual Amortization Expense
The estimated annual amortization expense on the amortizing intangible assets for each of the next five years is as follows:
 
(in thousands)
2024$42,560 
2025$41,598 
2026$40,886 
2027$39,808 
2028$37,982