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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
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 four months to ten 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 87.3 years. The Company's lease costs were as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Operating lease cost | $ | 11,979 |  |  | $ | 13,786 |
Sublease income | (789) |  |  | (234) |
Total lease cost | $ | 11,190 |  |  | $ | 13,552 |
Other information related to the Company's lease arrangements were as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 6,637 |  |  | $ | 12,714 |
ROU assets obtained in exchange for lease liabilities in non-cash transactions: |  |  |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 4,585 |  |  | $ | 28,605 |
Weighted-average remaining lease term | 31.7 years |  | 33.1 years
Weighted-average discount rate | 5.07 | % |  | 5.04 | %
As of December 31, 2024, the future minimum lease payments were as follows:
(in thousands) |  |  |  |
2025 | $ | 8,500 |  |  |  |
2026 | 12,863 |  |  |  |
2027 | 13,545 |  |  |  |
2028 | 13,572 |  |  |  |
2029 | 13,577 |  |  |  |
Thereafter | 311,586 |  |  |  |
Total minimum lease payments | $ | 373,643 |  |  |  |
Less: imputed interest | 255,021 |  |  |  |
Present value of the minimum lease payments | $ | 118,622 |  |  |  |
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 commenced 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 in 2023. 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 are 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, 2024 and 2023, 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 four months to ten 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 87.3 years. The Company's lease costs were as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Operating lease cost | $ | 11,979 |  |  | $ | 13,786 |
Sublease income | (789) |  |  | (234) |
Total lease cost | $ | 11,190 |  |  | $ | 13,552 |
Other information related to the Company's lease arrangements were as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 6,637 |  |  | $ | 12,714 |
ROU assets obtained in exchange for lease liabilities in non-cash transactions: |  |  |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 4,585 |  |  | $ | 28,605 |
Weighted-average remaining lease term | 31.7 years |  | 33.1 years
Weighted-average discount rate | 5.07 | % |  | 5.04 | %
As of December 31, 2024, the future minimum lease payments were as follows:
(in thousands) |  |  |  |
2025 | $ | 8,500 |  |  |  |
2026 | 12,863 |  |  |  |
2027 | 13,545 |  |  |  |
2028 | 13,572 |  |  |  |
2029 | 13,577 |  |  |  |
Thereafter | 311,586 |  |  |  |
Total minimum lease payments | $ | 373,643 |  |  |  |
Less: imputed interest | 255,021 |  |  |  |
Present value of the minimum lease payments | $ | 118,622 |  |  |  |
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 commenced 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 in 2023. 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 are 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, 2024 and 2023, the Company received less than $0.1 million pursuant to this related party lease arrangement.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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