Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.23.2
Intangible Assets
6 Months Ended
Jun. 30, 2023
Long-Lived Assets [Abstract]  
Intangible Assets
6. INTANGIBLE ASSETS
Intangible assets consisted of the following:
June 30, 2023 December 31, 2022
Gross
Carrying
Amount
Gross
Carrying
Amount
Goodwill
$ 1,525  $ 1,525 
June 30, 2023 December 31, 2022
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Unamortized intangible assets:
Trademarks $ 1,232  $ 1,231 
Amortized intangible assets:
Franchise agreements $ 913  $ 554  $ 359  $ 913  $ 541  $ 372 
Management agreements 15  14 
Trademarks —  — 
Other
—  — 
$ 917  $ 556  $ 361  $ 930  $ 555  $ 375 
In March 2022, the Company completed the exit of its select-service hotel management business and received an $84 million termination fee, which under the terms of the agreement with CorePoint Lodging effectively resulted in the sale of the rights to the management contracts that were acquired as part of the La Quinta Holdings purchase in 2018. The termination fee proceeds were completely offset by the write-off of the remaining balance of the related hotel management contract intangible asset and thus resulted in a full recovery of such asset. The proceeds were reported in proceeds from asset sales, net on the Condensed Consolidated Statement of Cash Flows. The franchise agreements for these hotels remained in place at their stated fee structure.