Leases (Tables)

6 Months Ended

Jun. 30, 2019

Lessee, Operating and Financing Leases [Abstract]

Lessee, Lease Related Assets and Liabilities [Table Text Block]

The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of June 30, 2019. All dollar amounts are in thousands.

	Consolidated Balance Sheet Classification	June 30, 2019
Assets
Operating lease assets, net	Other assets, net	$	28,941
Finance ground lease assets, net (1)	Investment in real estate, net		142,661
Total lease assets		$	171,602
Liabilities
Operating lease liabilities	Accounts payable and other liabilities	$	12,470
Finance lease liabilities	Finance lease liabilities		163,508
Total lease liabilities		$	175,978
Weighted-average remaining lease term
Operating leases		36 years
Finance leases		32 years
Weighted-average discount rate
Operating leases			5.43	%
Finance leases			5.28	%

⁽¹⁾ Finance ground lease assets are net of accumulated amortization of approximately $2.1 million as of June 30, 2019.

Lease, Cost [Table Text Block]

The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statements of operations for the three and six months ended June 30, 2019 (in thousands):

	Consolidated Statements of Operations Classification	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease costs (1)	Operating ground lease expense	$	423	$	828
Finance lease costs:
Amortization of lease assets	Depreciation and amortization expense		1,149		2,190
Interest on lease liabilities	Interest and other expense, net		2,133		3,959
Total lease costs		$	3,705	$	6,977

⁽¹⁾ Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company's consolidated statements of operations.

Lessee, Operating and Finance Lease Liability Maturity [Table Text Block]

The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of June 30, 2019 (in thousands):

	Operating leases		Finance leases
2019 (July - December)	$	697	$	4,126
2020		1,231		7,385
2021		1,015		7,552
2022		851		7,702
2023		777		8,051
Thereafter		33,187		363,171
Total minimum lease payments		37,758		397,987
Less: amount of lease payments representing interest		25,288		234,479
Present value of lease liabilities	$	12,470	$	163,508

Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block]

The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the six months ended June 30, 2019 (in thousands):

	Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	727
Operating cash flows for finance leases		2,885