Segment Information

9 Months Ended

Sep. 30, 2020

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, based on their similar operating and economic characteristics.

	For the Three Months Ended September 30, 2020
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	199,719	$	—	$	—	$	199,719
Rental income	674		96,102		—		96,776
Total revenues	200,393		96,102		—		296,495
Expenses:
Hotel operating expenses	174,801		—		—		174,801
Other operating expenses	—		3,705		—		3,705
Depreciation and amortization	64,517		57,687		—		122,204
General and administrative	—		—		12,295		12,295
Loss on asset impairment	262		9,986		—		10,248
Total expenses	239,580		71,378		12,295		323,253
Gain on sale of real estate	—		109		—		109
Gain on insurance settlement	—		—		—		—
Unrealized gain on equity securities	—		—		5,606		5,606
Interest income	6		—		—		6
Interest expense	—		—		(80,532)		(80,532)
Income (loss) before income taxes and equity in earnings of an investee	(39,181)		24,833		(87,221)		(101,569)
Income tax benefit	—		—		296		296
Equity in losses of an investee	—		—		(1,369)		(1,369)
Net income (loss)	$	(39,181)	$	24,833	$	(88,294)	$	(102,642)
	For the Nine Months Ended September 30, 2020
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	700,578	$	—	$	—	$	700,578
Rental income	3,045		291,387		—		294,432
FF&E reserve income	201		—		—		201
Total revenues	703,824		291,387		—		995,211
Expenses:
Hotel operating expenses	492,906		—		—		492,906
Other operating expenses	—		11,029		—		11,029
Depreciation and amortization	199,955		177,602		—		377,557
General and administrative	—		—		37,621		37,621
Loss on asset impairment	22,622		32,880		—		55,502
Total expenses	715,483		221,511		37,621		974,615
Loss on sale of real estate	—		(9,655)		—		(9,655)
Gain on insurance settlement	62,386		—		—		62,386
Unrealized losses on equity securities	—		—		4,409		4,409
Interest income	168		—		115		283
Interest expense	—		—		(223,679)		(223,679)
Loss on early extinguishment of debt	—		—		(6,970)		(6,970)
Income (loss) before income taxes and equity in earnings of an investee	50,895		60,221		(263,746)		(152,630)
Income tax expense	—		—		(16,706)		(16,706)
Equity in losses of an investee	—		—		(4,305)		(4,305)
Net income (loss)	$	50,895	$	60,221	$	(284,757)	$	(173,641)
	As of September 30, 2020
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,900,990	$	3,804,679	$	91,004	$	8,796,673

	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
Unrealized loss 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 loss 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 December 31, 2019
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,866,549	$	4,042,831	$	124,587	$	9,033,967