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Leases | 3 Months Ended
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Mar. 31, 2021
Leases [Abstract] |
Leases | Leases 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 March 31, 2021. 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, 2021, 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 March 31, |  |
|  | 2021 |  | 2020 |  |  |  |
Operating lease cost |  | $ | 2,760 |  |  | $ | 2,808 |  |  |  |  |
Variable lease payments |  | $ | 41 |  |  | $ | 237 |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 866 |  |  | $ | 807 |  |  |  |  |
Maturities of lease liabilities are as follows (in thousands):
Year Ending December 31, |  | As of March 31, 2021 |  |
2021 (excluding the three months ended March 31, 2021) |  | $ | 2,630 |  |  |  |  |
2022 |  | 3,940 |  |  |  |  |
2023 |  | 3,997 |  |  |  |  |
2024 |  | 3,976 |  |  |  |  |
2025 |  | 4,036 |  |  |  |  |
Thereafter |  | 755,089 |  |  |  |  |
Total lease payments |  | 773,668 |  |  |  |  |
Less imputed interest |  | (668,085) |  |  |  |  |
Total lease liabilities |  | $ | 105,583 |  |  |  |  |
The Salt Lake City Marriott Downtown at City Creek is subject to a ground lease. On April 1, 2021, we completed a transaction to extend the lease term by 50 years to December 31, 2106. In consideration for the extension, we transferred our 21.25% interest in the land to the majority ground lessors and provided a cash payment of $2.8 million.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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