Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies.

Schedule of basic and incentive management fees

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

	2024		2023		2022
Basic management fees	$	24,356	$	27,122	$	24,858
Incentive management fees		2,463		7,534		6,696
Total basic and incentive management fees	$	26,819	$	34,656	$	31,554

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 (in thousands):

	2024		2023		2022
Franchise assessments (1)	$	17,099	$	15,674	$	14,690
Franchise royalties (2)		1,292		1,202		1,149
Total franchise costs	$	18,391	$	16,876	$	15,839

(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 December 31, 2024, our hotels were geographically concentrated as follows:

		Percentage of		Percentage of Total
	Number of Hotels	Total Rooms (unaudited)		Consolidated Revenue
Northern California	3	14	%	21	%
Southern California	2	22	%	22	%
Florida	3	17	%	13	%
Hawaii	1	8	%	15	%
Washington DC	1	11	%	10	%