The Company manages 39 of the 48 hotels leased from Winston and Marsh Landing and has separate management agreements with third parties to manage the remaining nine hotels. The terms of these third-party management agreements provide for management fees to be paid on a monthly basis based on budgeted gross operating profit, as defined in the agreements, with year-end adjustments, for actual operating results. The terms of nine management agreements extend to 2012. The agreements are cancelable before expiration under certain circumstances. Management fees incurred during 2000, 1999 and 1998 were $745, $886 and $1,001, respectively, and are included in other expenses.