Commitments and Contingencies (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Basic management fees	$	6,695	$	4,391	$	18,310	$	8,767
Incentive management fees		736		687		5,361		687
Total basic and incentive management fees	$	7,431	$	5,078	$	23,671	$	9,454

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Franchise assessments (1)	$	3,877	$	3,241	$	10,564	$	5,961
Franchise royalties (2)		268		940		865		1,507
Total franchise costs	$	4,145	$	4,181	$	11,429	$	7,468

(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 September 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	%	39	%
Florida	3	17	%	14	%
Hawaii	1	7	%	19	%
Massachusetts	2	19	%	16	%