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Leases (Tables) | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
Lease Balances | As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands):
|  | Lease Classification |  |  |  |  | December 31, 2023 |  | December 31, 2022 |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | Operating lease right-of-use assets |  |  |  |  | $ | 44,047 |  |  | $ | 43,921 |  |  |  |  |  |  |
Finance lease assets |  | Investments in hotel properties, net |  |  |  |  | 17,269 |  |  | 18,972 |  |  |  |  |  |  |
Total leased assets |  |  |  |  |  |  | $ | 61,316 |  |  | $ | 62,893 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | Operating lease liabilities |  |  |  |  | $ | 44,765 |  |  | $ | 44,661 |  |  |  |  |  |  |
Finance lease liabilities |  | Finance lease liabilities |  |  |  |  | 18,469 |  |  | 18,847 |  |  |  |  |  |  |
Total leased liabilities |  |  |  |  |  |  | $ | 63,234 |  |  | $ | 63,508 |  |  |  |  |  |  |
Lease Cost and Other Information | We incurred the following lease costs related to our leases (in thousands):
|  |  |  | Year Ended December 31,
Lease cost |  | Classification |  | 2023 |  | 2022 |  | 2021
Operating lease cost |  |  |  |  |  |  |  |
Rent expense |  | Hotel operating expenses - other (1) |  | $ | 4,351 |  |  | $ | 4,714 |  |  | $ | 4,665 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of lease assets |  | Depreciation and amortization |  | $ | 537 |  |  | $ | 26 |  |  | $ | — |
_______________________________________ (1) For the years ended December 31, 2023, 2022, and 2021, operating lease cost includes approximately $1.1 million, $1.2 million and $1.1 million, respectively, of variable lease cost associated primarily with the ground leases and $(15,000), $181,000 and $211,000, 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. The change in net intangible amortization costs from 2022 to 2023 was primarily due to certain leases with intangible balances reaching maturity in 2023. Short-term lease costs in aggregate are immaterial. Other information related to leases is as follows:
|  | Year Ended December 31, |  |  |  |  |  |  |
Supplemental Cash Flows Information |  | 2023 |  | 2022 |  | 2021 |  |  |  |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases (in thousands) |  | $ | 2,647 |  |  | $ | 2,713 |  |  | $ | 2,824 |  |  |  |  |  |  |  |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases (1) |  | 67 years |  | 67 years |  | 68 years |  |  |  |  |  |  |  |  |
Finance lease (2) |  | 31 years |  | 32 years |  | — |  |  |  |  |  |  |  |  |  |
Weighted Average Discount Rate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating leases (1) |  | 5.26 | % |  | 5.14 | % |  | 5.14 | % |  |  |  |  |  |  |  |  |
Finance lease |  | 10.68 | % |  | 10.68 | % |  | — | % |  |  |  |  |  |  |  |  |
_______________________________________ (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, 2023 were as follows (in thousands):
|  | Operating Leases |  | Finance Lease |  |
2024 |  | $ | 3,102 |  |  | $ | 2,411 |  |  |
2025 |  | 3,085 |  |  | 2,411 |  |  |
2026 |  | 3,057 |  |  | 2,284 |  |  |
2027 |  | 3,017 |  |  | 1,904 |  |  |
2028 |  | 3,017 |  |  | 1,904 |  |  |
Thereafter |  | 180,660 |  |  | 51,917 |  |  |
Total future minimum lease payments (1) |  | 195,938 |  |  | 62,831 |  |  |
Less: interest |  | 151,173 |  |  | 44,362 |  |  |
Present value of lease liabilities |  | $ | 44,765 |  |  | $ | 18,469 |  |  |
________ (1) Based on payment amounts as of December 31, 2023.

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6 + Details
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