Concentration

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Concentration

Note 11. Concentration

Geographic Concentration

At December 31, 2021, our 1,091 properties were located in 47 states in the United States, plus Washington, DC, Ontario, Canada and Puerto Rico. Between 6% and 11% of our properties, by investment, were located in each of California, Texas, Georgia and Illinois. Our two hotels in Ontario, Canada and our hotel in Puerto Rico represent 1.6% of our hotels, by investment, in the aggregate at December 31, 2021.

Credit Concentration

As of December 31, 2021, Sonesta operated 261 of our hotels and TA leased 179 of our net lease properties, representing 50.9% and 27.5%, respectively, of our gross real estate assets at cost. See Notes 5 and 9 for a discussion of our Sonesta and TA agreements.