Other Liabilities

Other liabilities consist of the following:



	March 31, 2018		December 31, 2017
Accounts payable	$	6,495	$	7,524
Accrued compensation	1,605		2,664
Deferred revenue	17,433		17,864
Membership deposits and initiation fees	9,632		9,704
Advance deposits	3,157		1,468
Other accrued liabilities	4,790		5,185
Accrued interest expense for Senior Notes held by SPE	712		2,850
Total other liabilities	$	43,824	$	47,259

Deferred revenue at March 31, 2018 and December 31, 2017 includes $12.5 million related to a 2006 agreement pursuant to which the Company agreed to sell land to the Florida Department of Transportation. Revenue is recognized when title to a specific parcel is legally transferred.

Membership deposits and initiation fees consist of deposits and fees received for club memberships. Initiation fees are recognized as revenue over the estimated average duration of membership, which is evaluated periodically.

Advance deposits consist of deposits received on hotel rooms and vacation rentals. Advance deposits are recorded as other liabilities in the condensed consolidated balance sheets without regard to whether they are refundable and are recognized as income at the time the service is provided for the related deposit.

Other accrued liabilities include $1.1 million of accrued property taxes as of March 31, 2018, which are generally paid annually in November. As of December 31, 2017 the Company had no accrued property taxes.