Real Estate Properties

At June 30, 2017, we owned 310 hotels and 199 travel centers.

During the six months ended June 30, 2017, we funded $65,361 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 $4,936. See Notes 8 and 10 for further information about our management and lease agreements and our fundings of improvements to certain of our properties.

Acquisitions

During the six months ended June 30, 2017, we acquired four hotels and one travel center. We accounted for these transactions as acquisitions of assets. Our allocation of the purchase price of each of these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities is presented in the table below.



Acquisition Date	Location	Purchase Price		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Intangible Assets
2/1/2017	Chicago, IL ⁽¹⁾	$	86,201	$	13,609	$	40	$	58,929	$	11,926	$	1,697
3/31/2017	Seattle, WA ⁽²⁾	71,794		24,143		30		46,336		844		441
5/3/2017	Columbia, SC ⁽³⁾	27,604		4,040		7,172		16,392		—		—
6/2/2017	St. Louis, MO ⁽⁴⁾	88,055		4,249		161		79,714		3,393		538
6/29/2017	Atlanta, GA ⁽⁵⁾	88,740		16,610		483		68,858		2,789		—
		$	362,394	$	62,651	$	7,886	$	270,229	$	18,952	$	2,676


(1)	On February 1, 2017, we acquired the 483 room Hotel Allegro in Chicago, IL for a purchase price of $86,201, including capitalized acquisition costs of $707. We added this Kimpton^® branded hotel to our management agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 8 for further information regarding our InterContinental agreement.


(2)	On March 31, 2017, we acquired the 121 room Hotel Alexis in Seattle, WA for a purchase price of $71,794, including capitalized acquisition costs of $169. We added this Kimpton^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.

(3)

On May 3, 2017, pursuant to the terms of our June 2015 transaction agreement with TA, as amended, we purchased from, and leased back to, TA a newly developed travel center located in Columbia, SC for a purchase price of $27,604, including capitalized acquisition costs of $2. This property was added to our TA No. 4 lease and our minimum annual rent under the lease increased by $2,346 as a result. See Notes 8 and 10 for further information regarding our TA leases.


(4)	On June 2, 2017, we acquired the 389 room Chase Park Plaza Hotel in St. Louis, MO for a purchase price of $88,055, including capitalized acquisition costs of $441. We converted this hotel to the Royal Sonesta^® hotel brand and added it to our management agreement with Sonesta International Hotels Corporation, or Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement.


(5)	On June 29, 2017, we acquired the 495 room Crowne Plaza Ravinia hotel located in Atlanta, GA for a purchase price of $88,740, including capitalized acquisition costs of $136. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.

On August 1, 2017, we acquired the 419 room Crowne Plaza & Lofts hotel in Columbus, OH for a purchase price of $48,990, excluding acquisition related costs. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.

On July 24, 2017, we entered into an agreement to acquire 14 extended stay hotels with 1,653 suites located in 12 states for a purchase price of $138,000, excluding acquisition related costs. We currently expect to fund $54,000 for renovations and other capital improvements at these hotels. We currently expect to complete this acquisition during the third quarter of 2017. We plan to convert these hotels to the Sonesta ES Suites^® brand and add them to our management agreement with Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement.

On July 26, 2017, we entered into an agreement to acquire the 300 room Crowne Plaza hotel in Charlotte, NC for a purchase price of $44,000, excluding acquisition related costs. We currently expect to complete this acquisition during the third quarter of 2017 and to add this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.

Dispositions

On August 1, 2017, we sold our 159 room Radisson hotel located in Chandler, AZ for a sale price of $9,500, excluding closing costs. On July 11, 2017, we entered an agreement to sell our 143 room Country Inn & Suites hotel located in Naperville, IL for $6,600, excluding closing costs. We currently expect to complete this sale during the third quarter of 2017. In June 2017, we began marketing for sale our Park Plaza hotel located in Bloomington, MN. As of June 30, 2017, these three Carlson Hotels Worldwide, or Carlson, branded hotels with an aggregate carrying value of $14,090 were classified as held for sale and this amount is included in other assets, net, in our condensed consolidated balance sheets. See Note 8 for further information regarding our Carlson agreement.

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