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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)20242023
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)20242023
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 term31.7 years33.1 years
Weighted-average discount rate5.07 %5.04 %

As of December 31, 2024, the future minimum lease payments were as follows:
(in thousands)
2025$8,500 
202612,863 
202713,545 
202813,572 
202913,577 
Thereafter311,586 
Total minimum lease payments$373,643 
Less: imputed interest255,021 
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)20242023
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)20242023
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 term31.7 years33.1 years
Weighted-average discount rate5.07 %5.04 %

As of December 31, 2024, the future minimum lease payments were as follows:
(in thousands)
2025$8,500 
202612,863 
202713,545 
202813,572 
202913,577 
Thereafter311,586 
Total minimum lease payments$373,643 
Less: imputed interest255,021 
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.