Leases

3 Months Ended

Mar. 31, 2022

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 two parking garages as of March 31, 2022. 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, 2022, our operating leases have a weighted-average remaining lease term of 65 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,
	2022		2021
Operating lease cost	$	2,786	$	2,760
Variable lease payments	$	230	$	41
Cash paid for amounts included in the measurement of operating lease liabilities	$	985	$	866

Maturities of lease liabilities as of March 31, 2022 are as follows (in thousands):


Year Ending December 31,
2022 (excluding the three months ended March 31, 2022)	$	2,991
2023	4,033
2024	4,012
2025	4,072
2026	4,640
Thereafter	759,838
Total lease payments	779,586
Less imputed interest	(670,437)
Total lease liabilities	$	109,149