Real Estate Properties

At September 30, 2016, we owned 305 hotels and 198 travel centers, which are operated under 14 agreements.

During the nine months ended September 30, 2016, we funded $124,504 for improvements to certain of our properties which, pursuant to the terms of our management and lease agreements with our hotel managers and tenants, resulted in increases in our contractual annual minimum returns and rents of $9,489. See Notes 10 and 11 for further information about our management and lease agreements and our fundings of improvements to certain of our properties.

During the nine months ended September 30, 2016, we acquired three hotels, five travel centers and a land parcel adjacent to a travel center that we own. Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets is presented in the table below. The allocations of purchase prices are based on preliminary estimates and may change upon completion of third party appraisals.



Acquisition Date	Location	Purchase Price ⁽¹⁾		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment
2/1/2016	Various ^{(2) (3)}	$	12,000	$	1,953	$	654	$	8,153	$	1,240
3/16/2016	Portland, OR ^{(2) (4)}	114,000		5,657		3		100,535		7,805
3/31/2016	Hillsboro, TX ⁽⁵⁾	19,683		4,834		4,196		10,653		—
6/22/2016	Various ⁽⁶⁾	23,876		3,170		9,280		11,426		—
6/30/2016	Wilmington, IL ⁽⁷⁾	22,297		6,523		3,364		12,410		—
9/14/2016	Holbrook, AZ ⁽⁸⁾	325		325		—		—		—
9/30/2016	Caryville, TN ⁽⁹⁾	16,557		2,068		6,082		8,407		—
		$	208,738	$	24,530	$	23,579	$	151,584	$	9,045


(1)	Excludes acquisition related costs.


(2)	We accounted for these transactions as business combinations. The pro forma impact of including the results of operations of these acquisitions from the beginning of the year is not material to our condensed consolidated financial statements.

(3)

On February 1, 2016, we acquired two extended stay hotels with 262 suites located in Cleveland and Westlake, OH for an aggregate purchase price of $12,000. We converted these hotels to the Sonesta ES Suites^® brand and entered management agreements for these hotels with Sonesta International Hotels Corporation, or Sonesta. See Notes 10 and 11 for further information regarding our Sonesta agreements.


(4)	On March 16, 2016, we acquired the Kimpton Hotel Monaco, a full service lifestyle hotel with 221 rooms located in Portland, OR, for a purchase price of $114,000. We added this hotel to our agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 11 for further information regarding our InterContinental agreement.


(5)	On March 31, 2016, we acquired a newly developed travel center located in Hillsboro, TX for $19,683. We added this TA^® branded travel center to our TA No. 4 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition.


(6)	On June 22, 2016, we acquired two travel centers located in Remington and Brazil, IN for an aggregate purchase price of $23,876. We added these Petro Stopping Centers^® branded travel centers to our TA No. 1 and No. 3 leases, respectively. See Notes 10 and 11 for further information regarding these transactions and our TA leases. We accounted for these transactions as asset acquisitions.


(7)	On June 30, 2016, we acquired a newly developed travel center located in Wilmington, IL for $22,297. We added this Petro Stopping Centers^® branded travel center to our TA No. 2 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition.


(8)	On September 14, 2016, we acquired land adjacent to a travel center that we own in Holbrook, AZ for $325. We added this property to our TA No. 4 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition. We capitalized acquisition related costs of $7 related to this transaction.


(9)	On September 30, 2016, we acquired a newly developed travel center located in Caryville, TN for $16,557. We added this TA^® branded travel center to our TA No. 2 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition.

In July 2016, we entered into an agreement to acquire a full service hotel with 236 rooms located in Milpitas, CA for $52,000. We subsequently terminated that agreement and in October 2016 we entered into a new agreement to acquire this hotel for $46,000, excluding acquisition related costs. We currently expect to complete this acquisition during the fourth quarter of 2016. We plan to add this hotel to our management agreement with Sonesta.

In October 2016, we entered into an agreement to acquire a full service hotel with 101 rooms located in Addison, TX for a purchase price of $9,000, excluding acquisition related costs. We currently expect to complete this acquisition in the first quarter of 2017. We plan to add this Radisson branded hotel to our management agreement with Carlson Hotels Worldwide, or Carlson.

In November 2016, we entered into an agreement to acquire a full service hotel with 483 rooms located in Chicago, IL for a purchase price of $86,700, excluding acquisition related costs. We currently expect to complete this acquisition in the first quarter of 2017. We plan to add this Kimpton branded hotel to our management agreement with InterContinental.

See Note 10 for information regarding our commitment to purchase a newly developed travel center from TA.

Our pending acquisitions are subject to conditions; accordingly, we cannot be sure that we will complete these acquisitions or that these acquisitions will not be delayed or the terms of these acquisitions will not change.