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Leases | 9 Months Ended
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Sep. 30, 2023
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 area as of September 30, 2023. 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 September 30, 2023, our operating leases have a weighted-average remaining lease term of 64 years and a weighted-average discount rate of 5.78%. The components of operating lease expense, which is included in other hotel expenses in our consolidated statements of operations and comprehensive income, and cash paid for amounts included in the measurement of lease liabilities, are as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |  |  |  |
Operating lease cost |  | $ | 2,754 |  |  | $ | 2,797 |  |  | $ | 8,278 |  |  | $ | 8,370 |  |  |  |  |
Variable lease payments |  | $ | 399 |  |  | $ | 447 |  |  | $ | 1,156 |  |  | $ | 1,210 |  |  |  |  |
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 981 |  |  | $ | 1,011 |  |  | $ | 2,942 |  |  | $ | 2,990 |  |  |  |  |
Maturities of lease liabilities as of September 30, 2023 are as follows (in thousands):
Year Ending December 31, |  |  |  |
2023 (excluding the nine months ended September 30, 2023) |  | $ | 982 |  |  |  |  |
2024 |  | 3,966 |  |  |  |  |
2025 |  | 4,026 |  |  |  |  |
2026 |  | 4,594 |  |  |  |  |
2027 |  | 4,737 |  |  |  |  |
Thereafter |  | 752,819 |  |  |  |  |
Total lease payments |  | 771,124 |  |  |  |  |
Less imputed interest |  | (659,292) |  |  |  |  |
Total lease liabilities |  | $ | 111,832 |  |  |  |  |
On April 20, 2023, we acquired the fee simple interest in a land parcel underlying the parking structure at the Worthington Renaissance Fort Worth Hotel, which had been subject to a ground lease, for $1.8 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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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