Leases

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. As of March 31, 2019, 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 statement of operations, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):



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

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



Year Ending December 31,	As of March 31, 2019
2019 (excluding the three months ended March 31, 2019)	$	2,455
2020	3,320
2021	4,805
2022	3,940
2023	3,997
Thereafter	763,074
Total lease payments	781,591
Less imputed interest	(679,790		)
Total lease liabilities	$	101,801

The future minimum annual rental commitments under all noncancelable 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