Leases

3 Months Ended

Mar. 31, 2021

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.