Leases (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of supplemental balance sheet information related to leases

Operating leases were included on the Company’s consolidated balance sheets as follows (in thousands):


	March 31,			December 31,
	2025			2024
	(unaudited)
Right-of-use assets, net	$	7,782		$	8,464

Lease obligations	$	11,196		$	12,019

Weighted average remaining lease term		19 years
Weighted average discount rate		5.6	%

Lease, Cost [Table Text Block]

The components of lease expense were as follows (unaudited and in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease cost	$	1,367	$	1,352
Variable lease cost (1)		1,986		2,135
Sublease income (2)		(297)		(297)
Total lease cost	$	3,056	$	3,190

(1)

Several of the Company’s hotels pay percentage rent, which is calculated on operating revenues above certain thresholds.

(2)

Sublease income is included in corporate overhead in the accompanying consolidated statements of operations for the three months ended March 31, 2025 and 2024.