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Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease Balances

As of June 30, 2019, our leased assets and liabilities consisted of the following (in thousands):

	June 30, 2019
Assets
Operating lease right-of-use assets	$	82,353
Liabilities
Operating lease liabilities	$	60,779

Lease Cost and Other Information

We incurred the following lease costs related to our operating leases (in thousands):

				Three Months Ended				Six Months Ended
		Classification		June 30, 2019				June 30, 2019
Operating lease cost (1)		Hotel operating expenses - other		$	1,419			$	2,802

_______________________________________

⁽¹⁾ Includes approximately $371,000 and $694,000 of variable lease cost associated with the ground leases for the three and six months ended June 30, 2019, respectively. This also includes $118,000 and $237,000 of amortization costs related to the intangible assets that was reclassified upon adoption of ASC 842 for the three and six months ended June 30, 2019, respectively. Short-term lease costs in aggregate are immaterial.

Other information related to leases is as follows:

		Six Months Ended June 30,
		2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)		$	1,596
Weighted Average Remaining Lease Term
Operating leases (1)		47 years
Weighted Average Discount Rate
Operating leases (1)		4.96		%

_______________________________________

⁽¹⁾ Calculated using the lease term, excluding extension options, and discount rates of the ground leases.

Maturities of Operating Lease Liabilities

Future minimum lease payments due under non-cancellable leases as of June 30, 2019 were as follows (in thousands):

		Operating Leases
2019		$	1,596
2020		3,208
2021		3,220
2022		3,189
2023		3,191
Thereafter		150,980
Total future minimum lease payments		165,384
Less: interest		(104,605		)
Present value of lease liabilities		$	60,779

Future Minimum Lease Payments

Future minimum lease payments due under non-cancellable leases under ASC 840 as of December 31, 2018 were as follows (in thousands):

2019		$	3,161
2020		3,156
2021		3,152
2022		3,164
2023		3,177
Thereafter		151,244
Total		$	167,054

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Assets And Liabilities, Lessee [Table Text Block]

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980

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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717

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