We lease hotel properties, land, corporate office space and equipment used at hotels and corporate offices, with our most significant lease liabilities related to hotel properties. As of December 31, 2022, we leased 42 hotels under operating leases and five hotels under finance leases, two of which were the liabilities of consolidated VIEs, which are non-recourse to us. Our hotel leases expire at various dates, with varying renewal and termination options.

During the year ended December 31, 2020, we recognized $65 million and $4 million of impairment losses related to certain operating lease and finance lease ROU assets, respectively; see Note 10: "Fair Value Measurements" for additional information.


	December 31,
	2022			2021
	(dollars in millions)
Operating leases:
Operating lease right-of-use assets(1)	$	662		$	694
Accounts payable, accrued expenses and other	112			140
Operating lease liabilities	832			870

Finance leases:
Property and equipment, net	$	33		$	33
Current maturities of long-term debt	38			50
Long-term debt	126			158

Weighted average remaining lease term:
Operating leases	11.3 years			11.0 years
Finance leases	6.1 years			7.0 years

Weighted average discount rate:
Operating leases	4.22		%	3.87		%
Finance leases	5.90		%	5.88		%

(1)Operating lease ROU assets attributed to U.S. operations was $78 million and $37 million as of December 31, 2022 and 2021, respectively, and to operations outside the U.S. was $584 million and $657 million, respectively, most significantly in the U.K. and Germany.


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Operating lease expense for fixed payments	$	113	$	125	$	129
Finance lease expense:
Amortization of ROU assets	21		23		26
Fixed interest on lease liabilities	10		13		14
Variable lease expense(1)	139		35		17

(1)Includes amounts related to variable rent expense for operating leases and variable interest expense for finance leases.


	Year Ended December 31,
	2022		2021		2020
	(in millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	157	$	187	$	149
Financing cash flows from finance leases	42		40		26
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating leases	135		45		33
Finance leases	21		17		20


	Operating Leases		Finance Leases
Year	(in millions)
2023	$	147	$	47
2024	127		34
2025	121		27
2026	112		25
2027	104		17
Thereafter	604		47
Total minimum lease payments	1,215		197
Less: imputed interest	(271)		(33)
Total lease liabilities	$	944	$	164