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Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Lease Balances

As of December 31, 2019, our leased assets and liabilities consisted of the following (in thousands):

	December 31, 2019
Assets
Operating lease right-of-use assets	$	82,596
Liabilities
Operating lease liabilities	$	61,118

Lease Cost and Other Information

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

				Year ended
		Classification		December 31, 2019
Operating lease cost (1)		Hotel operating expenses - other		$	5,834

_______________________________________

⁽¹⁾ For the year ended December 31, 2019, operating lease cost includes approximately $1.4 million of variable lease cost associated with the ground leases and $651,000 of amortization costs related to the intangible assets 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, 2019
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$	3,223
Weighted Average Remaining Lease Term
Operating leases (1)	47 years
Weighted Average Discount Rate
Operating leases (1)	4.98		%

_______________________________________

⁽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 December 31, 2019 were as follows (in thousands):

	Operating Leases
2020	$	3,258
2021	3,269
2022	3,224
2023	3,227
2024	3,226
Thereafter	148,440
Total future minimum lease payments	164,644
Less: interest	(103,526		)
Present value of operating lease liabilities	$	61,118

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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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.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
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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.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
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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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