Segment Information

We aggregate our hotels and travel centers into two reportable segments, hotel investments and travel center investments, based on their similar operating and economic characteristics.



	For the Three Months Ended September 30, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	495,550	$	—	$	—		$	495,550
Rental income	7,617		73,279		—			80,896
FF&E reserve income	1,142		—		—			1,142
Total revenues	504,309		73,279		—			577,588

Expenses:
Hotel operating expenses	343,274		—		—			343,274
Depreciation and amortization	61,996		36,209		—			98,205
General and administrative	—		—		13,404			13,404
Total expenses	405,270		36,209		13,404			454,883

Operating income (loss)	99,039		37,070		(13,404		)	122,705

Dividend income	—		—		626			626
Interest income	—		—		211			211
Interest expense	—		—		(46,574		)	(46,574		)
Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate	99,039		37,070		(59,141		)	76,968
Income tax expense	—		—		(619		)	(619		)
Equity in earnings of an investee	—		—		31			31
Income (loss) before gain on sale of real estate	99,039		37,070		(59,729		)	76,380
Gain on sale of real estate	9,348		—		—			9,348
Net income (loss)	$	108,387	$	37,070	$	(59,729	)	$	85,728

	For the Nine Months Ended September 30, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	1,392,995	$	—	$	—		$	1,392,995
Rental income	22,854		217,420		—			240,274
FF&E reserve income	3,524		—		—			3,524
Total revenues	1,419,373		217,420		—			1,636,793

Expenses:
Hotel operating expenses	965,546		—		—			965,546
Depreciation and amortization	179,503		107,308		—			286,811
General and administrative	—		—		76,097			76,097
Total expenses	1,145,049		107,308		76,097			1,328,454

Operating income (loss)	274,324		110,112		(76,097		)	308,339

Dividend income	—		—		1,878			1,878
Interest income	—		—		590			590
Interest expense	—		—		(135,329		)	(135,329		)
Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate	274,324		110,112		(208,958		)	175,478
Income tax expense	—		—		(1,761		)	(1,761		)
Equity in earnings of an investee	—		—		533			533
Income (loss) before gain on sale of real estate	274,324		110,112		(210,186		)	174,250
Gain on sale of real estate	9,348		—		—			9,348
Net income (loss)	$	283,672	$	110,112	$	(210,186	)	$	183,598

	As of September 30, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,490,298	$	2,486,179	$	167,990		$	7,144,467



	For the Three Months Ended September 30, 2016
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	464,981	$	—	$	—		$	464,981
Rental income	7,604		69,866		—			77,470
FF&E reserve income	1,065		—		—			1,065
Total revenues	473,650		69,866		—			543,516

Expenses:
Hotel operating expenses	322,012		—		—			322,012
Depreciation and amortization	56,397		33,742		—			90,139
General and administrative	—		—		37,739			37,739
Acquisition related costs	156		—		—			156
Total expenses	378,565		33,742		37,739			450,046

Operating income (loss)	95,085		36,124		(37,739		)	93,470

Dividend income					626			626
Interest income	—		—		89			89
Interest expense	—		—		(41,280		)	(41,280		)
Loss on early extinguishment of debt					(158		)	(158		)
Income (loss) before income taxes and equity in earnings of an investee	95,085		36,124		(78,462		)	52,747
Income tax expense	—		—		(948		)	(948		)
Equity in earnings of an investee	—		—		13			13
Net income (loss)	$	95,085	$	36,124	$	(79,397	)	$	51,812

	For the Nine Months Ended September 30, 2016
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	1,334,656	$	—	$	—		$	1,334,656
Rental income	22,810		206,950		—			229,760
FF&E reserve income	3,517		—		—			3,517
Total revenues	1,360,983		206,950		—			1,567,933

Expenses:
Hotel operating expenses	923,239		—		—			923,239
Depreciation and amortization	167,485		98,707		—			266,192
General and administrative	—		—		91,127			91,127
Acquisition related costs	885		—		—			885
Total expenses	1,091,609		98,707		91,127			1,281,443

Operating income (loss)	269,374		108,243		(91,127		)	286,490

Dividend income					1,375			1,375
Interest income	—		—		227			227
Interest expense	—		—		(124,564		)	(124,564		)
Loss on early extinguishment of debt					(228		)	(228		)
Income (loss) before income taxes and equity in earnings of an investee	269,374		108,243		(214,317		)	163,300
Income tax expense	—		—		(3,483		)	(3,483		)
Equity in earnings of an investee	—		—		107			107
Net income (loss)	$	269,374	$	108,243	$	(217,693	)	$	159,924

	As of December 31, 2016
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,005,481	$	2,483,718	$	145,029		$	6,634,228