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Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024As of December 31, 2023
(in thousands)Gross Carrying AmountAccumulated AmortizationNet Carrying ValueGross Carrying AmountAccumulated AmortizationNet 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 assets846,336 209,037 637,299 816,703 252,342 564,361 
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.
Schedule of Intangible Assets, Estimated Annual Amortization Expense
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