

	For the Three Months Ended June 30, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	529,599	$	—	$	—		$	529,599
Rental income	6,550		74,468		—			81,018
FF&E reserve income	1,334		—		—			1,334
Total revenues	537,483		74,468		—			611,951

Expenses:
Hotel operating expenses	374,081		—		—			374,081
Depreciation and amortization	62,953		36,731		—			99,684
General and administrative	—		—		13,121			13,121
Total expenses	437,034		36,731		13,121			486,886

Operating income (loss)	100,449		37,737		(13,121		)	125,065

Dividend income	—		—		626			626
Unrealized gains and losses on equity securities, net	—		—		20,940			20,940
Interest income	—		—		323			323
Interest expense	—		—		(48,741		)	(48,741		)
Loss on early extinguishment of debt	—		—		(160		)	(160		)
Income (loss) before income taxes and equity in earnings of an investee	100,449		37,737		(40,133		)	98,053
Income tax expense	—		—		(771		)	(771		)
Equity in earnings of an investee	—		—		7			7
Net income (loss)	$	100,449	$	37,737	$	(40,897	)	$	97,289

	For the Six Months Ended June 30, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	974,875	$	—	$	—		$	974,875
Rental income	14,350		148,661		—			163,011
FF&E reserve income	2,698		—		—			2,698
Total revenues	991,923		148,661		—			1,140,584

Expenses:
Hotel operating expenses	689,063		—		—			689,063
Depreciation and amortization	125,399		73,902		—			199,301
General and administrative	—		—		24,855			24,855
Total expenses	814,462		73,902		24,855			913,219

Operating income (loss)	177,461		74,759		(24,855		)	227,365

Dividend income	—		—		1,252			1,252
Unrealized gains and losses on equity securities, net	—		—		45,895			45,895
Interest income	—		—		615			615
Interest expense	—		—		(96,281		)	(96,281		)
Loss on early extinguishment of debt	—		—		(160		)	(160		)
Income (loss) before income taxes and equity in earnings of an investee	177,461		74,759		(73,534		)	178,686
Income tax expense	—		—		(1,242		)	(1,242		)
Equity in earnings of an investee	—		—		51			51
Net income (loss)	$	177,461	$	74,759	$	(74,725	)	$	177,495

	As of June 30, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,542,777	$	2,436,855	$	245,730		$	7,225,362



	For the Three Months Ended June 30, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	489,209	$	—	$	—		$	489,209
Rental income	7,623		72,616		—			80,239
FF&E reserve income	1,155		—		—			1,155
Total revenues	497,987		72,616		—			570,603

Expenses:
Hotel operating expenses	339,549		—		—			339,549
Depreciation and amortization	59,403		35,752		—			95,155
General and administrative	—		—		30,347			30,347
Total expenses	398,952		35,752		30,347			465,051

Operating income (loss)	99,035		36,864		(30,347		)	105,552

Dividend income	—		—		626			626
Interest income	—		—		122			122
Interest expense	—		—		(45,189		)	(45,189		)
Income (loss) before income taxes and equity in earnings of an investee	99,035		36,864		(74,788		)	61,111
Income tax expense	—		—		(786		)	(786		)
Equity in earnings of an investee	—		—		374			374
Net income (loss)	$	99,035	$	36,864	$	(75,200	)	$	60,699

	For the Six Months Ended June 30, 2017
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	897,445	$	—	$	—		$	897,445
Rental income	15,237		144,141		—			159,378
FF&E reserve income	2,382		—		—			2,382
Total revenues	915,064		144,141		—			1,059,205

Expenses:
Hotel operating expenses	622,272		—		—			622,272
Depreciation and amortization	117,506		71,100		—			188,606
General and administrative	—		—		62,693			62,693
Total expenses	739,778		71,100		62,693			873,571

Operating income (loss)	175,286		73,041		(62,693		)	185,634

Dividend income	—		—		1,252			1,252
Interest income	—		—		379			379
Interest expense	—		—		(88,755		)	(88,755		)
Income (loss) before income taxes and equity in earnings of an investee	175,286		73,041		(149,817		)	98,510
Income tax expense	—		—		(1,142		)	(1,142		)
Equity in earnings of an investee	—		—		502			502
Net income (loss)	$	175,286	$	73,041	$	(150,457	)	$	97,870

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