Intangible Assets, net and Intangible Liability, net

Intangible assets, net and intangible liability, net consisted of the following (in thousands):



	Intangible Assets, net						Intangible Liability, net
	December 31,						December 31,
	2016			2015			2016			2015
Cost	$	24,050		$	24,050		$	4,179		$	4,179
Accumulated amortization	(1,204		)	(890		)	(554		)	(497		)
	$	22,846		$	23,160		$	3,625		$	3,682

Intangible assets represents favorable market-rate leases which relate to the acquisitions of the Hilton La Jolla Torrey Pines hotel in La Jolla, CA and the Bardessono Hotel in Yountville, CA, which are being amortized over the lease terms with expiration dates of 2043 and 2105, respectively. The intangible liability represents an unfavorable market-rate lease which relates to the acquisition of the Renaissance Tampa International Plaza in Tampa, FL, which is being amortized over the remaining initial lease term that expires in 2080.

For the years ended December 31, 2016, 2015 and 2014, amortization related to intangible assets was $314,000, $199,000 and $89,000, respectively, and amortization related to the intangible liability was $57,000, $57,000 and $56,000, respectively.

Estimated future amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands):



	Intangible Assets		Intangible Liabilities
2017	$	296	$	57
2018	296		57
2019	296		57
2020	296		57
2021	296		57
Thereafter	21,366		3,340
Total	$	22,846	$	3,625