Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of basic and incentive management fees

Total basic and incentive management fees were included in other property-level expenses on the Company’s consolidated statements of operations as follows (unaudited and in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Basic management fees	$	6,946	$	3,073	$	11,615	$	4,376
Incentive management fees		3,067		—		4,625		—
Total basic and incentive management fees	$	10,013	$	3,073	$	16,240	$	4,376

Schedule of license and franchise costs

Total license and franchise fees were included in franchise costs on the Company’s consolidated statements of operations as follows (unaudited and in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Franchise assessments (1)	$	3,969	$	1,852	$	6,687	$	2,720
Franchise royalties (2)		311		444		597		567
Total franchise costs	$	4,280	$	2,296	$	7,284	$	3,287

(1)

Includes advertising, reservation and frequent guest program assessments.

(2)

Prior to the sale of the Hyatt Centric Chicago Magnificent Mile in February 2022 (see Note 4), franchise royalties included key money received from the hotel’s franchisor, which the Company was amortizing over the term of the hotel’s franchise agreement.

Schedule of hotel geographic concentration of risk

As of June 30, 2022, 11 of the 15 Hotels were geographically concentrated as follows (unaudited):


				Trailing 12-Month
		Percentage of		Total Consolidated
	Number of Hotels	Total Rooms		Revenue
California	5	34	%	38	%
Florida	3	17	%	14	%
Hawaii	1	7	%	21	%
Massachusetts	2	19	%	15	%