Leases

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2020, 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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Operating lease cost	$	2,763	$	2,832	$	5,571	$	5,582
Variable lease payments	$	2	$	489	$	239	$	826
Cash paid for amounts included in the measurement of operating lease liabilities	$	803	$	798	$	1,610	$	1,586

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

Year Ending December 31,	As of June 30, 2020
2020 (excluding the six months ended June 30, 2020)	$	1,604
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	776,137
Less imputed interest	(672,549		)
Total lease liabilities	$	103,588