Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

The Company’s intangible assets and goodwill as of June 30, 2017 and December 31, 2016, consist of the following (dollars in thousands):



	June 30, 2017
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Definite-lived intangible assets—customer relationships	20 years	$	26,800	$	(9,020	)	$	17,780
Indefinite-lived intangible assets—trademarks		9,933		—			9,933
Total intangible assets		36,733		(9,020		)	27,713
Goodwill		48,910		—			48,910
Total intangible assets and goodwill		$	85,643	$	(9,020	)	$	76,623

	December 31, 2016
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization			Net Book Value
Definite-lived intangible assets—customer relationships	20 years	$	26,800	$	(8,350	)	$	18,450
Indefinite-lived intangible assets—trademarks		9,933		—			9,933
Total intangible assets		36,733		(8,350		)	28,383
Goodwill		53,531		—			53,531
Total intangible assets and goodwill		$	90,264	$	(8,350	)	$	81,914

In conjunction with the sale of the four hotels in May 2017, the Company wrote off approximately $4.6 million of goodwill, which is included in loss on sale of hotel properties in the accompanying unaudited consolidated statement of operations.

The remaining weighted-average amortization period for definite-lived intangible assets is approximately 13.3 years as of June 30, 2017. Estimated future amortization expense for definite-lived intangible assets is as follows (in thousands):



Years Ending December 31,
Remainder of 2017	$	670
2018	1,340
2019	1,340
2020	1,340
2021	1,340
Thereafter	11,750
Total	$	17,780

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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