Real Estate Properties

At September 30, 2017, we owned 323 hotels and 199 travel centers.

During the nine months ended September 30, 2017, we funded $111,966 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 $7,132. 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 nine months ended September 30, 2017, we acquired 20 hotels, one travel center, a land parcel adjacent to one of our hotels and land and certain improvements at a travel center we leased from a third party and subleased to TA. 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⁾	71,795		24,143		30		46,337		844		441
5/3/2017	Columbia, SC ⁽³⁾	27,604		4,040		7,172		16,392		—		—
6/2/2017	St. Louis, MO ⁽⁴⁾	88,076		4,250		161		79,733		3,394		538
6/29/2017	Atlanta, GA ⁽⁵⁾	88,744		16,611		483		68,861		2,789		—
8/1/2017	Columbus, OH ⁽⁶⁾	49,188		6,100		49		40,678		2,361		—
8/23/2017	Charlotte, NC ⁽⁷⁾	43,972		2,682		1,011		35,266		5,013		—
9/8/2017	Atlanta, GA ⁽⁸⁾	940		940		—		—		—		—
9/26/2017	Various ⁽⁹⁾	139,954		30,731		6,393		93,914		8,916		—
9/28/2017	Sayre, OK ⁽¹⁰⁾	8,664		1,030		—		7,634		—		—
		$	605,138	$	104,136	$	15,339	$	447,744	$	35,243	$	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 $71,795, including capitalized acquisition costs of $170. 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 acquired 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 $88,076, including capitalized acquisition costs of $462. 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 $88,744, including capitalized acquisition costs of $140. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.


(6)	On August 1, 2017, we acquired the 419 room Crowne Plaza & Lofts hotel in Columbus, OH for a purchase price of $49,188, including capitalized acquisition costs of $198. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.


(7)	On August 23, 2017, we acquired the 300 room Crowne Plaza hotel in Charlotte, NC for a purchase price of $43,972, including capitalized acquisition costs of $115. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 8 for further information regarding our InterContinental agreement.


(8)	On September 8, 2017, we acquired a land parcel adjacent to our Crowne Plaza hotel located in Atlanta, GA for a purchase price of $940, including capitalized acquisition costs of $40.

(9)

On September 26, 2017, we acquired 14 extended stay hotels with 1,653 suites located in 12 states for a purchase price of $139,954, including capitalized acquisition costs of $1,954. In connection with this acquisition, we converted these hotels to the Sonesta ES Suites^® brand and added them to our management agreement with Sonesta. See Notes 8 and 10 for further information regarding our Sonesta agreement.

(10)

On September 28, 2017, we acquired land and certain improvements at a travel center that we previously leased from a third party and subleased to TA for a purchase price of $8,664, including capitalized acquisition costs of $64. Effective as of that date, rent due to that third party and TA’s sublease rental obligations to pay the third party rent ceased, and we amended our lease with TA to document a direct lease to TA of that land and those improvements and to increase the annual minimum rent payable by TA to us by $731, which was 8.5% of our purchase price.

Dispositions

During the three months ended September 30, 2017, we sold three of our Carlson Hotels Worldwide, or Carlson, branded hotels. On August 1, 2017, we sold our 159 room Radisson hotel located in Chandler, AZ for net proceeds of $9,085; and we recorded a gain on this sale of $4,336 during the three months ended September 30, 2017. On August 31, 2017, we sold our 143 room Country Inn & Suites hotel located in Naperville, IL for net proceeds of $6,313; and we recorded a gain on this sale of $2,303 during the three months ended September 30, 2017. On September 22, 2017, we sold our 209 room Park Plaza hotel located in Bloomington, MN for net proceeds of $8,030; and we recorded a gain on this sale of $2,709 during the three months ended September 30, 2017. See Note 8 for further information regarding our Carlson agreement.