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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets
The Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets:
Fair Value Measurements at Reporting Date Using
(in thousands)TotalLevel 1Level 2Level 3
As of December 31, 2024
Equity securities$— $— $— $— 
Mutual funds(1)
43,887 43,887 — — 
Money market funds(1)
5,439 — 5,439 — 
Total$49,326 $43,887 $5,439 $— 
As of December 31, 2023
Equity securities$116,374 $116,374 $— $— 
Mutual funds(1)
36,810 36,810 — — 
Money market funds(1)
4,767 — 4,767 — 
Total$157,951 $153,184 $4,767 $— 
(1)The current assets at fair value noted above are presented in prepaid expenses and other current assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Schedule of Equity Method Investment Ownership Interests and Financial Information
The Company's ownership interests in its affiliates were as follows:
Ownership Interest
December 31, 2024December 31, 2023
Choice Hotels Canada, Inc. (1)
50 %50 %
Main Street WP Hotel Associates, LLC50 %50 %
CS Hotel West Orange, LLC50 %50 %
City Market Hotel Development, LLC (2)
— %43 %
926 James M. Wood Boulevard, LLC75 %75 %
EH Glendale JV, LLC80 %80 %
CS Lakeside Santa Clara LLC50 %50 %
BL 219 Holdco, LP50 %50 %
Integrated 32 West Randolph, LLC20 %20 %
EH Nampa JV LLC80 %80 %
Radisson Hotel La Crosse (1)
14 %14 %
EH Cheyenne JV, LLC80 %80 %
EH Waco JV, LLC80 %80 %
EH Amarillo JV, LLC80 %80 %
EH Yuma JV, LLC80 %80 %
EH El Paso JV, LLC80 %80 %
EH Brownsville JV, LLC80 %80 %
EH Wichita JV, LLC80 %— %
CH East Avenue, LLC65 %— %
EH Salem JV, LLC80 %— %
EH Clarksville JV, LLC80 %— %
(1) Non-VIE investments.
(2) During the year ended December 31, 2024, the Company received a liquidating distribution as a result of the affiliate selling its underlying assets.
The following tables present summarized financial information for all of the unconsolidated joint ventures in which the Company holds an investment in affiliate that is accounted for under the equity method of accounting:
Year Ended December 31,
(in thousands)202420232022
Revenues$65,732 $65,634 $58,821 
Operating income$14,199 $12,504 $7,977 
(Loss) income before income taxes$(1,203)$314 $1,837 
Net loss$(3,488)$(1,255)$(1,058)
As of December 31,
(in thousands)20242023
Current assets$71,737 $63,397 
Non-current assets412,269 269,693 
Total assets$484,006 $333,090 
Current liabilities$84,966 $63,526 
Non-current liabilities257,130 177,451 
Total liabilities$342,096 $240,977 
As of December 31, 2024As of December 31, 2023
(in thousands)CostGross Unrealized GainsGross Unrealized LossesEstimated Fair ValueCostGross Unrealized GainsGross Unrealized LossesEstimated Fair Value
Equity Securities$— $— $— $— $112,420 $3,954 $— $116,374 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 12 for additional information on debt. As of December 31, 2024 and 2023, the carrying amounts and the fair values were as follows:
December 31, 2024December 31, 2023
(in thousands)Carrying AmountFair ValueCarrying AmountFair Value
2019 Senior Notes Due 2029$397,042 $371,600 $396,440 $355,068 
2020 Senior Notes Due 2031$446,300 $405,351 $445,690 $389,241 
2024 Senior Notes Due 2034$588,764 $601,836 $— $—