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Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease Balances
As of December 31, 2022 and 2021, our leased assets and liabilities consisted of the following (in thousands):
Lease ClassificationDecember 31, 2022December 31, 2021
Assets
Operating lease right-of-use assetsOperating lease right-of-use assets$43,921 $44,575 
Finance lease assetsInvestments in hotel properties, net18,972 — 
Total leased assets$62,893 $44,575 
Liabilities
Operating lease liabilitiesOperating lease liabilities$44,661 $45,106 
Finance lease liabilitiesFinance lease liabilities18,847 — 
Total leased liabilities$63,508 $45,106 
Lease Cost and Other Information
We incurred the following lease costs related to our leases (in thousands):
Year Ended December 31,
Lease costClassification202220212020
Operating lease cost
Rent expense
Hotel operating expenses - other (1)
$4,714 $4,665 $4,453 
Finance lease cost
Amortization of lease assetsDepreciation and amortization$26 $— $— 
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(1)    For the years ended December 31, 2022, 2021, and 2020, operating lease cost includes approximately $1.2 million, $1.1 million and $495,000, respectively, of variable lease cost associated with the ground leases and $181,000, $211,000 and $227,000, 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)$2,713 $2,824 $3,028 
Weighted Average Remaining Lease Term
Operating leases (1)
67 years68 years69 years
Finance lease (2)
32 years— — 
Weighted Average Discount Rate
Operating leases (1)
5.14 %5.14 %5.14 %
Finance lease10.68 %— %— %
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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.
(2)     The weighted-average remaining lease term includes the lease term of our finance lease with the City of Marietta which terminates December 31, 2054.
Maturities of Operating Lease Liabilities
Future minimum lease payments due under non-cancellable leases as of December 31, 2022 were as follows (in thousands):
Operating LeasesFinance Lease
2023$3,017 $2,411 
20242,976 2,411 
20252,972 2,411 
20262,957 2,284 
20272,924 1,904 
Thereafter178,169 53,821 
Total future minimum lease payments (1)
193,015 65,242 
Less: interest148,354 46,395 
Present value of lease liabilities$44,661 $18,847 
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(1)     Based on payment amounts as of December 31, 2022.