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Leases (Tables)
 12 Months Ended
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, 2020December 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 20202019
Operating lease cost (1)
Hotel operating expenses - other$4,373 $5,834 
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(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,
20202019
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 years47 years
Weighted Average Discount Rate
Operating leases (1)
4.98 %4.98 %
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(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
20213,283 
20223,241 
20233,243 
20243,244 
20253,258 
Thereafter146,008 
Total future minimum lease payments (1)
162,277 
Less: interest(101,360)
Present value of operating lease liabilities$60,917 
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(1) Based on payment amounts as of December 31, 2020.