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Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets The components of the Company's intangible assets were the following:
|  | As of December 31, 2024 |  | As of December 31, 2023
(in thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Value
Franchise Rights (1) |  | $ | 278,956 |  |  | $ | 67,620 |  |  | $ | 211,336 |  |  | $ | 354,735 |  |  | $ | 123,845 |  |  | $ | 230,890 |
Franchise Agreement Acquisition Costs (2) |  | 548,544 |  |  | 128,932 |  |  | 419,612 |  |  | 424,695 |  |  | 98,103 |  |  | 326,592 |
Trademarks & Other (3) |  | 12,444 |  |  | 6,414 |  |  | 6,030 |  |  | 19,876 |  |  | 13,721 |  |  | 6,155 |
Capitalized SaaS Licenses (4) |  | 6,392 |  |  | 6,071 |  |  | 321 |  |  | 17,397 |  |  | 16,673 |  |  | 724 |
Total amortizing intangible assets |  | 846,336 |  |  | 209,037 |  |  | 637,299 |  |  | 816,703 |  |  | 252,342 |  |  | 564,361 |
Trademarks (non-amortizing) (5) |  | 246,714 |  |  | — |  |  | 246,714 |  |  | 246,714 |  |  | — |  |  | 246,714 |
Total intangible assets |  | $ | 1,093,050 |  |  | $ | 209,037 |  |  | $ | 884,013 |  |  | $ | 1,063,417 |  |  | $ | 252,342 |  |  | $ | 811,075 |
(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 the active WoodSpring franchise rights since the 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. (3)Represents definite-lived trademarks and other 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 that have been 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 that were recognized 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. For the years ended December 31, 2024, 2023, and 2022, amortization on the amortizing intangible assets was $50.9 million, $42.5 million, and $35.1 million, respectively. The estimated annual amortization on the amortizing intangible assets for each of the next five years is as follows:
(in thousands) |
2025 | $ | 48,894 |
2026 | $ | 47,947 |
2027 | $ | 47,012 |
2028 | $ | 45,328 |
2029 | $ | 44,127 |

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