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Intangible Assets (Tables)
12 Months Ended
Dec. 31, 2015
Goodwill And Intangible Assets Disclosure [Abstract]  
Finite Lived and Indefinite Lived Intangible Assets

Intangible assets consist of both finite-lived and indefinite-lived assets. The following is a summary of our intangible assets as of December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

 

 

Weighted

average

remaining

life

 

 

Amount

 

 

Weighted

average

remaining

life

 

 

Amount

 

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

 

(in thousands)

 

Finite-lived assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Favorable leasehold interests—hotels,

   restaurants, offices

 

27 years

 

 

$

9,680

 

 

28 years

 

 

$

9,680

 

Franchise agreements, management

   contracts and other

 

5 years

 

 

 

18,015

 

 

6 years

 

 

 

18,015

 

Returns membership list

 

 

 

(1)

 

3,200

 

 

 

 

(1)

 

3,200

 

Accumulated amortization

 

 

 

 

 

 

(22,234

)

 

 

 

 

 

 

(20,923

)

Total finite–lived assets

 

 

 

 

 

 

8,661

 

 

 

 

 

 

 

9,972

 

Indefinite-lived assets;

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks—La Quinta

 

 

 

 

 

 

169,434

 

 

 

 

 

 

 

169,434

 

Total

 

 

 

 

 

$

178,095

 

 

 

 

 

 

$

179,406

 

 

 

 

(1)

As of December 31, 2015 and 2014, the Returns membership list has been fully amortized.

 

 

 

For the years ended December 31,

 

 

 

2015

 

 

2014

 

 

2013

 

 

 

(in thousands)

 

Amortization expense related to intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization expense

 

$

937

 

 

$

1,075

 

 

$

1,210

 

Direct lodging operations

 

 

374

 

 

 

365

 

 

 

320

 

Total amortization expense

 

$

1,311

 

 

$

1,440

 

 

$

1,530

 

 

Estimated Amortization Expense of Intangible Assets

As of December 31, 2015, estimated amortization expense related to intangible assets for the years ending December 31 is as follows (in thousands):

 

2016

 

$

1,094

 

2017

 

 

1,019

 

2018

 

 

908

 

2019

 

 

897

 

2020

 

 

797

 

Thereafter

 

 

3,946

 

 

 

$

8,661