Other Assets

Other assets consist of the following at:



	December 31,
	2018		2017
	(in thousands)
Land and buildings	$	29,643	$	19,284
Capitalized franchise sales commissions (refer to Note 2)	51,929		46,050
Other assets	2,828		2,381
Total	$	84,400	$	67,715

Land and buildings

Land and buildings represents the Company's purchase of real estate as part of its program to incent franchise development in strategic markets for the Company's Cambria Hotel brand. The Company has acquired this real estate with the intent to develop the properties for the eventual construction of a Cambria Hotel or contribute the land into joint ventures for the same purpose.

During the third quarter of 2018, a partner in a VIE previously accounted for under the equity method of accounting exercised a put option to the Company for its membership interest. As a result, the Company paid $3.2 million for the remaining interest and the purchase was accounted for as an asset acquisition. The financial results of the 100% owned entity have been consolidated in the Company's financial statements since August 9, 2018. On the consolidated balance sheet, the assets are reflected in Other Assets.