Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

Note 11. 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, 2021
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	338,375	$	—	$	—	$	338,375
Rental income	—		98,724		—		98,724
Total revenues	338,375		98,724		—		437,099
Expenses:
Hotel operating expenses	285,233		—		—		285,233
Other operating expenses	—		4,437		—		4,437
Depreciation and amortization	66,065		58,098		—		124,163
General and administrative	—		—		14,231		14,231
Transaction related costs	—		—		3,149		3,149
Loss on asset impairment	—		—		—		—
Total expenses	351,298		62,535		17,380		431,213
Gain on sale of real estate, net	—		94		—		94
Unrealized gain on equity securities, net	—		—		24,348		24,348
Interest income	—		—		203		203
Interest expense	—		—		(92,458)		(92,458)
Income (loss) before income taxes and equity in earnings of an investee	(12,923)		36,283		(85,287)		(61,927)
Income tax benefit	—		—		55		55
Equity in earnings of an investee	2,158		—		—		2,158
Net income (loss)	$	(10,765)	$	36,283	$	(85,232)	$	(59,714)
	For the Nine Months Ended September 30, 2021
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	787,463	$	—	$	—	$	787,463
Rental income	700		286,042		—		286,742
Total revenues	788,163		286,042		—		1,074,205
Expenses:
Hotel operating expenses	723,769		—		—		723,769
Other operating expenses	—		11,758				11,758
Depreciation and amortization	200,772		169,436		—		370,208
General and administrative	(276)		1,008		40,108		40,840
Transaction related costs	23,159		—		5,775		28,934
Loss on asset impairment	—		2,110		—		2,110
Total expenses	947,424		184,312		45,883		1,177,619
Gain on sale of real estate, net	10,813		121		—		10,934
Unrealized gain on equity securities, net	—		—		20,367		20,367
Interest income	—		—		485		485
Interest expense	—		—		(273,227)		(273,227)
Income (loss) before income taxes and equity in losses of an investee	(148,448)		101,851		(298,258)		(344,855)
Income tax expense	—		—		(1,009)		(1,009)
Equity in earnings of an investee	50		—		—		50
Net income (loss)	$	(148,398)	$	101,851	$	(299,267)	$	(345,814)
	As of September 30, 2021
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,609,248	$	3,605,271	$	1,120,312	$	9,334,831

	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
Loss on sale of real estate, net	—		109		—			109
Unrealized gain on equity securities, net	—		—		5,606			5,606
Interest income	6		—		—			6
Interest expense	—		—		(80,532)			(80,532)
Income (loss) before income taxes and equity in losses 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	3,246		291,387		—			294,633
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, net	—		(9,655)		—			(9,655)
Gain on insurance settlement	62,386		—		—			62,386
Unrealized gain on equity securities, net	—		—		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 losses 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 December 31, 2020
	Hotels		Net Lease		Corporate			Consolidated
Total assets	$	4,846,410	$	3,721,418	$	119,491	`	$	8,687,319