Segment Information

12 Months Ended

Dec. 31, 2021

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 Year Ended December 31, 2021
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	1,104,678	$	—	$	—	$	1,104,678
Rental income	1,808		389,094		—		390,902
Total revenues	1,106,486		389,094		—		1,495,580
Expenses:
Hotel operating expenses	1,010,737		—		—		1,010,737
Other operating expenses	—		15,658				15,658
Depreciation and amortization	266,641		219,324		—		485,965
General and administrative	—		—		53,439		53,439
Transaction related costs	64,764		—		—		64,764
Loss on asset impairment	60,980		17,640		—		78,620
Total expenses	1,403,122		252,622		53,439		1,709,183
Gain on sale of real estate, net	9,558		1,964		—		11,522
Unrealized gains on equity securities	—		—		22,535		22,535
Interest income	1		—		663		664
Interest expense	—		—		(365,721)		(365,721)
Income (loss) before income taxes and equity in losses of an investee	(287,077)		138,436		(395,962)		(544,603)
Income tax benefit	—		—		941		941
Equity in losses of an investee	—		—		(941)		(941)
Net income (loss)	$	(287,077)	$	138,436	$	(395,962)	$	(544,603)

	As of December 31, 2021
	Hotels	Net Lease	Corporate	Consolidated
Total assets	4,487,101	3,580,095	1,086,119	9,153,315

	For the Year Ended December 31, 2020
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	875,098	$	—	$	—	$	875,098
Rental income	2,472		387,684		—		390,156
Total revenues	877,570		387,684		—		1,265,254
Expenses:
Hotel operating expenses	682,804		—		—		682,804
Other operating expenses	—		15,208		—		15,208
Depreciation and amortization	263,673		235,235		—		498,908
General and administrative	—		—		50,668		50,668
Transaction related costs	15,100		—		—		15,100
Loss on asset impairment	17,131		38,625		—		55,756
Total expenses	978,708		289,068		50,668		1,318,444
Gain on sale of real estate, net	14,927		(12,666)		—		2,261
Gain on insurance settlement	62,386		—		—		62,386
Unrealized losses on equity securities, net	—		—		19,882		19,882
Interest income	6		—		278		284
Interest expense	—		—		(306,490)		(306,490)
Loss on early extinguishment of debt	—		—		(9,394)		(9,394)
Income (loss) before income taxes and equity in earnings of an investee	(23,819)		85,950		(346,392)		(284,261)
Income tax expense	—		—		(17,211)		(17,211)
Equity in earnings of an investee	—		—		(9,910)		(9,910)
Net income (loss)	$	(23,819)	$	85,950	$	(373,513)	$	(311,382)

	As of December 31, 2020
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,846,410	$	3,721,418	$	119,491	$	8,687,319

	For the Year Ended December 31, 2019
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	1,989,173	$	—	$	—	$	1,989,173
Rental income	25,724		301,251		—		326,975
Total revenues	2,014,897		301,251		—		2,316,148
Expenses:
Hotel operating expenses	1,410,927		—		—		1,410,927
Other operating expenses	—		8,357		—		8,357
Depreciation and amortization	268,088		160,360		—		428,448
General and administrative	—		—		54,639		54,639
Transaction related costs	—		—		1,795		1,795
Loss on asset impairment	28,371		10,925		—		39,296
Total expenses	1,707,386		179,642		56,434		1,943,462
Gain on sale of real estate	—		159,535		—		159,535
Dividend income	—		—		1,752		1,752
Unrealized losses on equity securities, net	—		—		(40,461)		(40,461)
Interest income	795		—		1,420		2,215
Interest expense	—		—		(225,126)		(225,126)
Loss on early extinguishment of debt	—		—		(8,451)		(8,451)
Income (loss) before income taxes and equity in earnings of an investee	308,306		281,144		(327,300)		262,150
Income tax expense	—		—		(2,793)		(2,793)
Equity in earnings of an investee	—		—		393		393
Net income (loss)	$	308,306	$	281,144	$	(329,700)	$	259,750

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