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Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease Balances
As of December 31, 2023 and 2022, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2023December 31, 2022
Assets
Operating lease right-of-use assets$78,383 $79,449 
Liabilities
Operating lease liabilities$60,379 $60,692 
Lease Cost and Other Information
We incurred the following lease costs related to our operating leases (in thousands):
Year Ended December 31,
Classification 202320222021
Operating lease cost (1)
Hotel operating expenses - other$6,757 $6,653 $5,349 
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(1) For the years ended December 31, 2023, 2022 and 2021, operating lease cost includes approximately $2.3 million, $2.2 million and $954,000, respectively, of variable lease cost associated with the ground leases. Additionally, we recorded $474,000, $474,000 and $512,000, 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,
202320222021
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases (in thousands)
$3,310 $3,307 $3,302 
Weighted Average Remaining Lease Term
Operating leases (1)
43 years44 years45 years
Weighted Average Discount Rate
Operating leases (1)
4.98 %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, 2023 were as follows (in thousands):
Operating Leases
2024$3,430 
20253,421 
20263,434 
20273,443 
20283,449 
Thereafter141,693 
Total future minimum lease payments (1)
158,870 
Less: interest(98,491)
Present value of operating lease liabilities$60,379 
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(1)     Based on payment amounts as of December 31, 2023.