Leases

12 Months Ended

Dec. 31, 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. 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. Additional information regarding the terms of our ground leases can be found in Note 11. As of December 31, 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):


	Year Ended December 31,
	2020		2019
Operating lease cost	$	11,091	$	11,248
Variable lease payments	$	295	$	1,466
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,214	$	3,239

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


Year Ending December 31,	As of December 31, 2020
2021	$	3,496
2022	3,940
2023	3,997
2024	3,976
2025	4,035
Thereafter	755,089
Total lease payments	774,533
Less imputed interest	(669,560)
Total lease liabilities	$	104,973