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Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease Balances
As of December 31, 2021 and 2020, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2021December 31, 2020
Assets
Operating lease right-of-use assets$44,575 $45,008 
Liabilities
Operating lease liabilities$45,106 $45,309 
Lease Cost and Other Information
We incurred the following operating lease costs related to our operating leases (in thousands):
Year Ended December 31,
Classification 202120202019
Hotel operating expenses - other (1)
$4,665 $4,453 $4,323 
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(1) For the years ended December 31, 2021, 2020, and 2019, operating lease cost includes approximately $1.1 million, $495,000 and $501,000, respectively, of variable lease cost associated with the ground leases and $211,000, $227,000 and $176,000, respectively of net amortization costs related to the intangible
assets and liabilities that were reclassified to “operating lease right-of-use assets” upon adoption of ASC 842. Short-term lease costs in aggregate are immaterial.
Other information related to leases is as follows:
Year Ended December 31,
Supplemental Cash Flows Information202120202019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)$2,824 $3,028 $3,511 
Weighted Average Remaining Lease Term
Operating leases (1)
68 years69 years73 years
Weighted Average Discount Rate
Operating leases (1)
5.14 %5.14 %5.17 %
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(1) Calculated using the lease term, excluding extension options, and our calculated discount rates of the ground leases and owner managed leases.
Maturities of Operating Lease Liabilities
Future minimum lease payments due under non-cancellable leases as of December 31, 2021 were as follows (in thousands):
Operating Leases
2022$2,942 
20232,923 
20242,921 
20252,921 
20262,909 
Thereafter178,462 
Total future minimum lease payments (1)
193,078 
Less: interest147,972 
Present value of lease liabilities$45,106 
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(1) Based on payment amounts as of December 31, 2021.