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Leases (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Lease Balances | As of December 31, 2020 and 2019, our leased assets and liabilities consisted of the following (in thousands):
|  |  |  |  | December 31, 2020 |  | December 31, 2019 |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  |  |  |  | $ | 81,260 |  |  | $ | 82,596 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  |  |  |  | $ | 60,917 |  |  | $ | 61,118 |  |  |  |  |  |  |
Lease Cost and Other Information | We incurred the following lease costs related to our operating leases (in thousands):
|  |  |  | Year Ended December 31, |  |
|  | Classification |  | 2020 |  | 2019 |  |  |  |
Operating lease cost (1) |  | Hotel operating expenses - other |  | $ | 4,373 |  |  | $ | 5,834 |  |  |  |  |
_______________________________________ (1) For the years ended December 31, 2020 and 2019, operating lease cost includes approximately $(305,000) and $1.4 million, respectively, of variable lease cost associated with the ground leases, with the credit in 2020 primarily caused by the ground lease percentage rent true-up for fiscal year 2019-2020 at Hilton La Jolla Torrey Pines. Additionally, we recorded $834,000 and $651,000, respectively, 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,
|  | 2020 |  | 2019 |  |
Supplemental Cash Flows Information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows from operating leases (in thousands) |  | $ | 3,261 |  |  | $ | 3,223 |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |  |
Operating leases (1) |  | 47 years |  | 47 years |  |
Weighted Average Discount Rate |  |  |  |  |  |
Operating leases (1) |  | 4.98 | % |  | 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, 2020 were as follows (in thousands):
|  | Operating Leases |  |
2021 |  | 3,283 |  |  |
2022 |  | 3,241 |  |  |
2023 |  | 3,243 |  |  |
2024 |  | 3,244 |  |  |
2025 |  | 3,258 |  |  |
Thereafter |  | 146,008 |  |  |
Total future minimum lease payments (1) |  | 162,277 |  |  |
Less: interest |  | (101,360) |  |  |
Present value of operating lease liabilities |  | $ | 60,917 |  |  |
_______________________________________ (1) Based on payment amounts as of December 31, 2020.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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