LEASES

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

LEASES

We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms with extension options that range from May 2062 to October 2103. We also have two additional office space leases with terms ranging from March 2023 to December 2027. Lease costs for our office spaces are included in General and Administrative expense.

The components of lease costs for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	1,050	$	88	$	1,138	$	1,076	$	121	$	1,197
Variable lease costs	40		70		110		24		80		104
Total lease costs	$	1,090	$	158	$	1,248	$	1,100	$	201	$	1,301

Other information related to leases as of and for the three months ended March 31, 2022 and 2021 is as follows:

	March 31, 2022			March 31, 2021
Cash paid from operating cash flow for operating leases	$	1,085		$	1,072
Weighted average remaining lease term (in years)	63.4			64.2
Weighted average discount rate	7.86		%	7.86		%

LEASES

LEASES

We own five hotels within our consolidated portfolio of hotels where we do not own the land on which the hotels reside, rather we lease the land from an unrelated third-party lessor. All of our land leases are classified as operating leases and have initial terms with extension options that range from May 2062 to October 2103. We also have two additional office space leases with terms ranging from March 2023 to December 2027. Lease costs for our office spaces are included in General and Administrative expense.

The components of lease costs for the three months ended March 31, 2022 and 2021 were as follows:

	Three Months Ended March 31, 2022						Three Months Ended March 31, 2021
	Ground Lease		Office Lease		Total		Ground Lease		Office Lease		Total
Operating lease costs	$	1,050	$	88	$	1,138	$	1,076	$	121	$	1,197
Variable lease costs	40		70		110		24		80		104
Total lease costs	$	1,090	$	158	$	1,248	$	1,100	$	201	$	1,301

Other information related to leases as of and for the three months ended March 31, 2022 and 2021 is as follows:

	March 31, 2022			March 31, 2021
Cash paid from operating cash flow for operating leases	$	1,085		$	1,072
Weighted average remaining lease term (in years)	63.4			64.2
Weighted average discount rate	7.86		%	7.86		%