Leases

12 Months Ended

Dec. 31, 2019

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under nine of our hotels and one parking garage. The lease liabilities for our operating leases assume the exercise of all available extension options, as we believe they are reasonably certain to be exercised. Additional information regarding the terms of our ground leases can be found in Note 12. As of December 31, 2019, our operating leases have a weighted-average remaining lease term of 66 years and a weighted-average discount rate of 5.77%.

The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of

operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):



	Year Ended
	December 31, 2019
Operating lease cost	$	11,248
Variable lease payments	$	1,466
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,239

Maturities of lease liabilities are as follows (in thousands):



Year Ending December 31,	As of December 31, 2019
2020	$	3,315
2021	4,805
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	779,157
Less imputed interest	(675,532		)
Total lease liabilities	$	103,625

The future minimum annual rental commitments under all non-cancelable operating leases in effect as of December 31, 2018 as determined prior to the adoption of ASC 842 and its related practical expedients, are as follows (in thousands):



Year Ending December 31,	As of December 31, 2018
2019	$	5,232
2020	4,866
2021	6,132
2022	5,122
2023	5,096
Thereafter	636,770
	$	663,218