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Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Operating Lease, Lease Income
The Company's ground leases consisted of the following (in thousands):
Ground Lease Expense
For the year ended December 31,
Hotel Property NameInitial Term ExpirationExtension Term(s) Expiration202120202019
Wyndham Boston Beacon Hill2028—$556 $400 $900 
Wyndham San Diego Bayside2029—4,042 4,100 4,800 
DoubleTree Suites by Hilton Orlando Lake Buena Vista20322057666 300 900 
Residence Inn Palo Alto Los Altos2033—86 100 100 
Wyndham Pittsburgh University Center20382083726 700 700 
Marriott Louisville Downtown2053  2153 (1)— — — 
Embassy Suites San Francisco Airport Waterfront2059—1,239 1,200 2,400 
Wyndham New Orleans French Quarter2065—487 500 500 
Courtyard Charleston Historic District2096—1,019 950 1,000 
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center2100—555 449 800 
Courtyard Waikiki Beach2112—3,742 3,700 3,600 
Moxy Denver Cherry Creek (2)2115—5 — — 
$13,123 $12,399 $15,700 

(1) The lease may be extended up to four twenty-five year terms at the Company's option.
(2) In connection with the acquisition of this hotel property in December 2021, the Company recognized a lease liability of $3.1 million and related lease right-of-use asset of $7.4 million on the consolidated balance sheet for the ground lease. In order to determine the present value of the future lease payments over the lease term, the Company used an incremental borrowing rate of 6.9%.
Schedule of future minimum ground lease payments
The future lease payments for the Company's operating leases are as follows (in thousands):
December 31, 2021
2022$11,521 
202311,617 
202411,677 
202511,728 
202611,003 
Thereafter542,537 
Total future lease payments600,083 
Imputed interest(477,052)
Lease liabilities$123,031 
Assets And Liabilities, Lessee
The following table presents certain information related to the Company's operating leases as of December 31, 2021:

Weighted average remaining lease term63 years
Weighted average discount rate 7.03 %
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies
As of December 31, 2021, 97 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one to 25 years, with 14 different management companies as noted in the table below. This number includes 29 consolidated hotel properties that receive the benefits of a franchise agreement pursuant to management agreements with Hilton, Hyatt, or Marriott.
Management CompanyNumber of
Hotel Properties
Aimbridge Hospitality 30
Colwen Management, Inc.1
Crestline Hotels and Resorts1
Davidson Hotels and Resorts2
Hilton Management and affiliates19
HEI Hotels and Resorts1
Highgate Hotels4
Hyatt Corporation and affiliates11
InnVentures3
Marriott International, Inc.3
Sage Hospitality6
Urgo Hotels3
White Lodging Services8
Wyndham5
97