Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

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 March 31, 2019
	Hotels		Travel Centers		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	455,385	$	—	$	—		$	455,385
Rental income	5,076		63,075		—			68,151
FF&E reserve income	1,372		—		—			1,372
Total revenues	461,833		63,075		—			524,908
Expenses:
Hotel operating expenses	319,125		—		—			319,125
Depreciation and amortization	66,583		32,782		—			99,365
General and administrative	—		—		12,235			12,235
Total expenses	385,708		32,782		12,235			430,725
Gain on sale of real estate	—		159,535		—			159,535
Dividend income	—		—		876			876
Unrealized gains on equity securities	—		—		20,977			20,977
Interest income	434		—		203			637
Interest expense	—		—		(49,766		)	(49,766		)
Income before income taxes and equity in earnings of an investee	76,559		189,828		(39,945		)	226,442
Income tax expense	—		—		(1,059		)	(1,059		)
Equity in earnings of an investee	—		—		404			404
Net income	$	76,559	$	189,828	$	(40,600	)	$	225,787
	As of March 31, 2019
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,815,816	$	2,229,038	$	210,950		$	7,255,804

	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
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 December 31, 2018
	Hotels		Travel Centers		Corporate			Consolidated
Total assets	$	4,586,709	$	2,398,118	$	192,252		$	7,177,079