Concentration (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of minimum return payments and minimum rents, for each management or lease agreement

The percentage of our annual minimum returns and rents, for each management or lease agreement is shown below, as of December 31, 2019.



Agreement Reference Name	Number of Properties	Annual Minimum Returns/Rents		% of Total		Investment⁽¹⁾		% of Total
IHG ⁽²⁾	103	$	216,239	21.6	%	$	2,377,821	19.4	%
Marriott (No. 1)	53	71,872		7.2	%	723,663		5.9	%
Marriott (No. 234)	68	110,384		11.1	%	1,046,094		8.5	%
Marriott (No. 5)	1	10,518		1.1	%	90,079		0.7	%
Subtotal Marriott	122	192,774		19.3	%	1,859,836		15.1	%
Sonesta	53	146,800		14.7	%	1,963,497		16.0	%
Hyatt	22	22,037		2.2	%	301,942		2.5	%
Radisson	9	20,442		2.0	%	289,139		2.4	%
Wyndham ⁽³⁾	20	18,866		1.9	%	217,764		1.8	%
Subtotal Hotels	329	617,158		61.7	%	7,009,999		57.2	%
TravelCenters of America Inc. ⁽⁴⁾	179	246,088		24.6	%	3,302,815		26.9	%
Other Net Leases ⁽⁵⁾	637	135,591		13.7	%	1,973,324		15.9	%
Subtotal Net Lease	816	381,679		38.3	%	5,276,139		42.8	%
Total	1,145	$	998,837	100.0	%	$	12,286,138	100.0	%

(1)

Hotel investments represent historical cost of our properties plus capital improvements funded by us less impairment writedowns, if any, and excludes capital improvements made from FF&E reserves funded from hotel operations which do not result in increases to minimum returns or rents. Net lease investments represents historical cost of our properties plus capital improvements funded by us less impairment write-downs, if any.


(2)	The annual minimum return/minimum rent amount presented includes $7,908 of rent related to our lease with IHG for one hotel in Puerto Rico.


(3)	The annual minimum return/minimum rent amount presented includes $1,537 of rent related to our lease with Destinations for 48 vacation units in one hotel.


(4)	The annual minimum rent amount for our TA No. 4 lease includes approximately $2,175 of ground rent paid by TA for a property we lease and sublease to TA.

(5)

Represents 193 individual tenants. No other tenant represents more than 1% of our annual minimum returns or rents.