Intangible assets

The components of the Company's intangible assets are as follows:



	As of December 31, 2018						As of December 31, 2017
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value		Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
Unamortized Intangible Assets
Trademarks (1)	$	23,014	$	—	$	23,014	$	1,014	$	—	$	1,014
Amortized Intangible Assets
Franchise Rights (2)	190,663		82,632		108,031		75,728		75,658		70
Franchise Agreement Acquisition Costs (3)	164,174		34,986		129,188		115,031		29,211		85,820
Trademarks (4)	14,055		10,562		3,493		13,328		9,923		3,405
Capitalized SaaS Licenses (5)	5,468		2,903		2,565		5,468		1,529		3,939
Contract Acquisition Costs (6)	5,389		1,763		3,626		5,643		1,306		4,337
Acquired Lease Rights (7)	2,237		966		1,271		2,237		330		1,907
	381,986		133,812		248,174		217,435		117,957		99,478
Total	$	405,000	$	133,812	$	271,188	$	218,449	$	117,957	$	100,492


(1)	Represents the purchase price assigned to the WoodSpring and Suburban trademarks at acquisition. The trademarks are expected to generate future cash flows for an indefinite period of time. Refer to Note 25.


(2)	Represents the purchase price assigned to long-term franchise contracts. The unamortized balance relates primarily to the acquisition of the WoodSpring franchise rights. The franchise rights are being amortized over lives ranging from 12 to 20 years on a straight-line basis. Refer to Note 25.


(3)	Represents certain payments to customers as an incentive to enter in to new franchise agreements amortized over lives ranging from 5 to 30 years on a straight-line basis commencing at hotel opening. Refer to Note 2.


(4)	Represents definite-lived trademarks generally amortized on a straight-line basis over a period of 8 to 40 years.


(5)	Represents software licenses capitalized under a SaaS agreement. Amortized over a period of 3 to 5 years.


(6)	Represents non-franchise customer contracts acquired in a business combination. Amortized on a straight-line basis over a period of 5 to 12 years.


(7)	Represents acquired lease rights recognized in conjunction with the acquisition of an office building. The costs are being amortized over the 39 month term of the lease in place.

Amortization expense for the years ended December 31, 2018, 2017 and 2016 amounted to $19.4 million, $9.9 million, and $8.2 million, respectively.

The estimated annual amortization expense related to the Company’s amortizable intangible assets for each of the years ending December 31, 2019 through 2023 is as follows:



Year:	(in millions)
2019	$	20.1
2020	$	18.5
2021	$	16.8
2022	$	16.2
2023	$	15.6