Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

As of December 31, 2023 and 2022, the Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets:


	Fair Value Measurements at Reporting Date Using
(in thousands)	Total		Level 1		Level 2		Level 3
December 31, 2023
Equity securities	$	116,374	$	116,374	$	—	$	—
Mutual funds(1)	36,810		36,810		—		—
Money market funds(1)	4,767		—		4,767		—
Total	$	157,951	$	153,184	$	4,767	$	—
December 31, 2022
Equity securities	$	—	$	—	$	—	$	—
Mutual funds(1)	29,143		29,143		—		—
Money market funds(1)	3,242		—		3,242		—
Total	$	32,385	$	29,143	$	3,242	$	—

(1)The current assets at fair value noted above are presented in prepaid expenses and other assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.

Schedule of Equity Method Investment Ownership Interests and Financial Information

The Company's ownership interests in its affiliates were as follows:


	Ownership Interest
	December 31, 2023		December 31, 2022
Choice Hotels Canada, Inc.(1)	50	%	50	%
Main Street WP Hotel Associates, LLC	50	%	50	%
CS Hotel West Orange, LLC	50	%	50	%
City Market Hotel Development, LLC	43	%	43	%
CS Woodlands, LLC (2)	—	%	50	%
926 James M. Wood Boulevard, LLC	75	%	75	%
EH Glendale JV LLC	80	%	—	%
CS Lakeside Santa Clara LLC	50	%	50	%
BL 219 Holdco, LP	50	%	50	%
Integrated 32 West Randolph LLC	20	%	20	%
EH Nampa JV LLC	80	%	80	%
Radisson Hotel La Crosse (1)	14	%	14	%
EH Cheyenne JV LLC	80	%	—	%
EH Waco JV LLC	80	%	—	%
EH Amarillo JV LLC	80	%	—	%
EH Yuma JV LLC	80	%	—	%
EH El Paso JV LLC	80	%	—	%
EH Brownsville JV LLC	80	%	—	%

(1) Non-VIE investments.

(2) During the year ended December 31, 2023, the Company received distributions resulting from the sale of the underlying assets of the affiliate.

The following tables present summarized financial information for all of the unconsolidated joint ventures in which the Company holds an investment in affiliate that is accounted for under the equity method of accounting:


	Year Ended December 31,
(in thousands)	2023		2022		2021
Revenues	$	65,634	$	58,821	$	35,514
Operating income	$	12,504	$	7,977	$	2,299
Income (loss) from continuing operations	$	314	$	1,837	$	(5,227)
Net loss	$	(1,255)	$	(1,058)	$	(1,593)


	As of December 31,
(in thousands)	2023		2022
Current assets	$	63,397	$	39,870
Non-current assets	269,693		237,347
Total assets	$	333,090	$	277,217

Current liabilities	$	63,526	$	38,660
Non-current liabilities	177,451		181,894
Total liabilities	$	240,977	$	220,554


The following table is a summary of the unrealized gains and losses of investments in equity securities. There have been no dispositions and therefore no realized gains or losses in equity securities during the year ended December 31, 2023.
	2023								2022
(in thousands)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Equity Securities	$	112,420	$	3,954	$	—	$	116,374	$	—	$	—	$	—	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 12 for additional information on debt. As of December 31, 2023 and 2022, the carrying amounts and the fair values were as follows:


	December 31, 2023				December 31, 2022
(in thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
2020 Senior Notes	$	445,690	$	389,241	$	445,080	$	384,647
2019 Senior Notes	$	396,440	$	355,068	$	395,838	$	349,368