Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

Leases

We are subject to operating leases, the most significant of which are ground leases. We are the lessee to ground leases under eight of our hotels and one parking garage as of March 31, 2020. 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. As of March 31, 2020, our operating leases have a weighted-average remaining lease term of 67 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):

	Three Months Ended March 31,
	2020		2019
Operating lease cost	$	2,808	$	2,751
Variable lease payments	$	237	$	337
Cash paid for amounts included in the measurement of operating lease liabilities	$	807	$	788

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

Year Ending December 31,	As of March 31, 2020
2020 (excluding the three months ended March 31, 2020)	$	2,402
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	776,935
Less imputed interest	(674,012		)
Total lease liabilities	$	102,923