Segment Information

3 Months Ended

Mar. 31, 2018

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 March 31, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	445,276	$	—	$	—		$	445,276
Rental income	7,800		74,193		—			81,993
FF&E reserve income	1,364		—		—			1,364
Total revenues	454,440		74,193		—			528,633

Expenses:
Hotel operating expenses	314,982		—		—			314,982
Depreciation and amortization	62,446		37,171		—			99,617
General and administrative	—		—		11,734			11,734
Total expenses	377,428		37,171		11,734			426,333

Operating income (loss)	77,012		37,022		(11,734		)	102,300

Dividend income	—		—		626			626
Unrealized gains and losses on equity securities, net	—		—		24,955			24,955
Interest income	—		—		292			292
Interest expense	—		—		(47,540		)	(47,540		)
Income (loss) before income taxes and equity in earnings of an investee	77,012		37,022		(33,401		)	80,633
Income tax expense	—		—		(471		)	(471		)
Equity in earnings of an investee	—		—		44			44
Net income (loss)	$	77,012	$	37,022	$	(33,828	)	$	80,206

	As of March 31, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,452,175	$	2,454,805	$	213,894		$	7,120,874



	For the Three Months Ended March 31, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	408,236	$	—	$	—		$	408,236
Rental income	7,613		71,526		—			79,139
FF&E reserve income	1,227		—		—			1,227
Total revenues	417,076		71,526		—			488,602

Expenses:
Hotel operating expenses	282,723		—		—			282,723
Depreciation and amortization	58,104		35,347		—			93,451
General and administrative	—		—		32,346			32,346
Total expenses	340,827		35,347		32,346			408,520

Operating income (loss)	76,249		36,179		(32,346		)	80,082

Dividend income	—		—		626			626
Interest income	—		—		257			257
Interest expense	—		—		(43,566		)	(43,566		)
Income (loss) before income taxes and equity in earnings of an investee	76,249		36,179		(75,029		)	37,399
Income tax expense	—		—		(356		)	(356		)
Equity in earnings of an investee	—		—		128			128
Net income (loss)	$	76,249	$	36,179	$	(75,257	)	$	37,171

	As of December 31, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,477,512	$	2,476,073	$	196,800		$	7,150,385