Leases

9 Months Ended

Sep. 30, 2020

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 September 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 September 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Operating lease cost	$	2,760	$	2,834	$	8,331	$	8,417
Variable lease payments	$	17	$	311	$	256	$	1,137
Cash paid for amounts included in the measurement of operating lease liabilities	$	802	$	835	$	2,412	$	2,421

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


Year Ending December 31,	As of September 30, 2020
2020 (excluding the nine months ended September 30, 2020)	$	802
2021	3,496
2022	3,940
2023	3,997
2024	3,976
Thereafter	759,124
Total lease payments	775,335
Less imputed interest	(671,060)
Total lease liabilities	$	104,275