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Intangible Assets, net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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



	December 31,
	2023		2022
Cost	$	5,682	$	5,682
Accumulated amortization	(2,178)		(1,799)
	$	3,504	$	3,883

Intangible assets include the customer relationships associated with The Ritz-Carlton Sarasota acquisition on April 4, 2018. The customer relationships are being amortized over the 15 year expected life.

For the years ended December 31, 2023, 2022 and 2021, amortization expense related to intangible assets was $379,000, $378,000 and $379,000, respectively.

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


	Intangible Assets, net

2024	$	379
2025	379
2026	379
2027	379
2028	379
Thereafter	1,609
Total	$	3,504