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Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Balances
As of December 31, 2024 and 2023, our leased assets and liabilities consisted of the following (in thousands):
December 31, 2024December 31, 2023
Assets
Operating lease right-of-use assets$34,852 $78,383 
Liabilities
Operating lease liabilities$19,984 $60,379 
Lease Cost and Other Information
We incurred the following lease costs related to our operating leases (in thousands):
Year Ended December 31,
Classification 202420232022
Operating lease cost (1)
Hotel operating expenses - other$4,505 $6,757 $6,653 
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(1) For the years ended December 31, 2024, 2023 and 2022, operating lease cost includes approximately $934,000, $2.3 million and $2.2 million, respectively, of variable lease cost associated with the ground leases. Additionally, we recorded $451,000, $474,000 and $474,000, 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,
202420232022
Supplemental Cash Flows Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases (in thousands)
$3,288 $3,310 $3,307 
Weighted Average Remaining Lease Term
Operating leases (1)
41 years43 years44 years
Weighted Average Discount Rate
Operating leases (1)
5.25 %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, 2024 were as follows (in thousands):
Operating Leases
2025$1,216 
20261,124 
20271,132 
20281,136 
20291,129 
Thereafter52,152 
Total future minimum lease payments (1)
57,889 
Less: interest(37,905)
Present value of operating lease liabilities$19,984 
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(1)     Based on payment amounts as of December 31, 2024.