Note 12. 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, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	521,250	$	—	$	—		$	521,250
Rental income	5,893		74,797		—			80,690
FF&E reserve income	1,213		—		—			1,213
Total revenues	528,356		74,797		—			603,153

Expenses:
Hotel operating expenses	366,994		—		—			366,994
Depreciation and amortization	64,415		36,592		—			101,007
General and administrative	—		—		13,425			13,425
Total expenses	431,409		36,592		13,425			481,426

Dividend income	—		—		626			626
Unrealized gains on equity securities	—		—		43,453			43,453
Interest income	—		—		478			478
Interest expense	—		—		(49,308		)	(49,308		)
Income (loss) before income taxes and equity in earnings of an investee	96,947		38,205		(18,176		)	116,976
Income tax expense	—		—		(707		)	(707		)
Equity in earnings of an investee	—		—		830			830
Net income (loss)	$	96,947	$	38,205	$	(18,053	)	$	117,099

	For the Nine Months Ended September 30, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	1,496,125	$	—	$	—		$	1,496,125
Rental income	20,243		223,458		—			243,701
FF&E reserve income	3,911		—		—			3,911
Total revenues	1,520,279		223,458		—			1,743,737

Expenses:
Hotel operating expenses	1,056,057		—		—			1,056,057
Depreciation and amortization	189,814		110,494		—			300,308
General and administrative	—		—		38,280			38,280
Total expenses	1,245,871		110,494		38,280			1,394,645

Dividend income	—		—		1,878			1,878
Unrealized gains on equity securities	—		—		89,348			89,348
Interest income	—		—		1,093			1,093
Interest expense	—		—		(145,589		)	(145,589		)
Loss on early extinguishment of debt	—		—		(160		)	(160		)
Income (loss) before income taxes and equity in earnings of an investee	274,408		112,964		(91,710		)	295,662
Income tax expense	—		—		(1,949		)	(1,949		)
Equity in earnings of an investee	—		—		881			881
Net income (loss)	$	274,408	$	112,964	$	(92,778	)	$	294,594

	As of September 30, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,538,553	$	2,419,794	$	293,206		$	7,251,553



	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

Gain on sale of real estate	9,348		—		—			9,348
Dividend income	—		—		626			626
Interest income	—		—		211			211
Interest expense	—		—		(46,574		)	(46,574		)
Income (loss) before income taxes and equity in earnings of an investee	108,387		37,070		(59,141		)	86,316
Income tax expense	—		—		(619		)	(619		)
Equity in earnings of an investee	—		—		31			31
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

Gain on sale of real estate	9,348		—		—			9,348
Dividend income	—		—		1,878			1,878
Interest income	—		—		590			590
Interest expense	—		—		(135,329		)	(135,329		)
Income (loss) before income taxes and equity in earnings of an investee	283,672		110,112		(208,958		)	184,826
Income tax expense	—		—		(1,761		)	(1,761		)
Equity in earnings of an investee	—		—		533			533
Net income (loss)	$	283,672	$	110,112	$	(210,186	)	$	183,598

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