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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $44,400 per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year. The Residence Inn New Rochelle hotel is subject to an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Aggregate rent for 2021 under these leases amounted to approximately $30,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently approximately $47,500 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income. The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties. The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of December 31, 2021. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2021, for each of the next five calendar years and thereafter (in thousands):
Total Future Lease Payments
| Amount
2022 | $ | 2,072 |
2023 | 2,093 |
2024 | 2,115 |
2025 | 2,186 |
2026 | 1,894 |
Thereafter | 64,825 |
Total lease payments | $ | 75,185 |
Less: Imputed interest | (52,489) |
Present value of lease liabilities | $ | 22,696 |
The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2020, for each of the next five calendar years and thereafter (in thousands):
Total Future Lease Payments
| Amount
2021 | $ | 2,051 |
2022 | 2,071 |
2023 | 2,093 |
2024 | 2,115 |
2025 | 2,186 |
Thereafter | 66,720 |
Total lease payments | $ | 77,236 |
Less: Imputed interest | (54,003) |
Present value of lease liabilities | $ | 23,233 |
For the year ended December 31, 2021, the Company made $1.2 million of fixed lease payments and $0.0 million of variable lease payments related to hotel ground leases, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the year ended December 31, 2021, the Company made $0.8 million of fixed lease payments related to its corporate office lease, which are included in general and administrative expense in our consolidated statement of operations. The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2021:
| Right of Use Asset | Lease Liability
Balance as of January 1, 2021 | $ | 20,641 |  | $ | 23,233 |
Amortization | (656) |  | (537) |
Balance as of December 31, 2021 | $ | 19,985 |  | $ | 22,696 |
Lease Term and Discount Rate | December 31, 2021
Weighted-average remaining lease term (years) | 40.55
Weighted-average discount rate | 6.60%

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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