Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

Note 12. Segment Information

We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments (previously named travel centers), based on their similar operating and economic characteristics.

	For the Three Months Ended September 30, 2019
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	525,290	$	—	$	—		$	525,290
Rental income	5,565		68,054		—			73,619
FF&E reserve income	863		—		—			863
Total revenues	531,718		68,054		—			599,772
Expenses:
Hotel operating expenses	377,895		—		—			377,895
Other operating expenses	369		1,338		—			1,707
Depreciation and amortization	66,929		36,231		—			103,160
General and administrative	—		—		12,464			12,464
Total expenses	445,193		37,569		12,464			495,226
Dividend income	—		—		—			—
Unrealized losses on equity securities	—		—		(3,950		)	(3,950		)
Interest income	177		—		511			688
Interest expense	—		—		(52,375		)	(52,375		)
Loss on early extinguishment of debt	—		—		(8,451		)	(8,451		)
Income (loss) before income taxes and equity in earnings of an investee	86,702		30,485		(76,729		)	40,458
Income tax expense	—		—		(467		)	(467		)
Equity in earnings of an investee	—		—		83			83
Net income (loss)	$	86,702	$	30,485	$	(77,113	)	$	40,074
	For the Nine Months Ended September 30, 2019
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	1,521,368	$	—	$	—		$	1,521,368
Rental income	16,700		193,809		—			210,509
FF&E reserve income	3,365		—		—			3,365
Total revenues	1,541,433		193,809		—			1,735,242
Expenses:
Hotel operating expenses	1,076,011		—		—			1,076,011
Other operating expenses	1,101		3,318		—			4,419
Depreciation and amortization	200,533		101,188		—			301,721
General and administrative	—		—		36,906			36,906
Total expenses	1,277,645		104,506		36,906			1,419,057
Gain on sale of real estate	—		159,535		—			159,535
Dividend income	—		—		1,752			1,752
Unrealized losses on equity securities	—		—		(43,761		)	(43,761		)
Interest income	603		—		1,171			1,774
Interest expense	—		—		(151,742		)	(151,742		)
Loss on early extinguishment of debt	—		—		(8,451		)	(8,451		)
Income (loss) before income taxes and equity in earnings of an investee	264,391		248,838		(237,937		)	275,292
Income tax expense	—		—		(1,266		)	(1,266		)
Equity in earnings of an investee	—		—		617			617
Net income (loss)	$	264,391	$	248,838	$	(238,586	)	$	274,643
	As of September 30, 2019
	Hotels		Net Lease		Corporate			Consolidated
Total assets	$	4,823,114	$	4,642,072	$	50,317		$	9,515,503

	For the Three Months Ended September 30, 2018
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	520,618	$	—	$	—		$	520,618
Rental income	6,404		74,918		—			81,322
FF&E reserve income	1,213		—		—			1,213
Total revenues	528,235		74,918		—			603,153
Expenses:
Hotel operating expenses	365,526		—		—			365,526
Other operating expenses	427		1,041		—			1,468
Depreciation and amortization	64,415		36,592		—			101,007
General and administrative	—		—		13,425			13,425
Total expenses	430,368		37,633		13,425			481,426
Dividend income	—		—		626			626
Unrealized gains and losses on equity securities, net	—		—		43,453			43,453
Interest income	314		—		164			478
Interest expense	—		—		(49,308		)	(49,308		)
Loss on early extinguishment of debt	—		—		—			—
Income (loss) before income taxes and equity in earnings of an investee	98,181		37,285		(18,490		)	116,976
Income tax expense	—		—		(707		)	(707		)
Equity in earnings of an investee	—		—		830			830
Net income (loss)	$	98,181	$	37,285	$	(18,367	)	$	117,099
	For the Nine Months Ended September 30, 2018
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	1,494,283	$	—	$	—		$	1,494,283
Rental income	21,827		223,716		—			245,543
FF&E reserve income	3,911		—		—			3,911
Total revenues	1,520,021		223,716		—			1,743,737
Expenses:
Hotel operating expenses	1,052,121		—		—			1,052,121
Other operating expenses	1,231		2,705		—			3,936
Depreciation and amortization	189,814		110,494		—			300,308
General and administrative	—		—		38,280			38,280
Total expenses	1,243,166		113,199		38,280			1,394,645
Dividend income	—		—		1,878			1,878
Unrealized gains and losses on equity securities, net	—		—		89,348			89,348
Interest income	717		—		376			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	277,572		110,517		(92,427		)	295,662
Income tax expense	—		—		(1,949		)	(1,949		)
Equity in earnings of an investee	—		—		881			881
Net income (loss)	$	277,572	$	110,517	$	(93,495	)	$	294,594
	As of December 31, 2018
	Hotels		Net Lease		Corporate			Consolidated
Total assets	$	4,586,709	$	2,398,118	$	192,252		$	7,177,079