Leases

6 Months Ended

Jun. 30, 2019

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

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



Year Ending December 31,	As of June 30, 2019
2019 (excluding the six months ended June 30, 2019)	$	1,653
2020	3,315
2021	4,805
2022	3,940
2023	3,997
Thereafter	763,083
Total lease payments	780,793
Less imputed interest	(678,469		)
Total lease liabilities	$	102,324

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