Segment Information

6 Months Ended

Jun. 30, 2022

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 June 30, 2022
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	418,984	$	—	$	—	$	418,984
Rental income	—		96,793		—		96,793
Total revenues	418,984		96,793		—		515,777
Expenses:
Hotel operating expenses	325,194		—		—		325,194
Other operating expenses	—		3,179		—		3,179
Depreciation and amortization	55,878		44,642		—		100,520
General and administrative	—		—		12,665		12,665
Transaction related costs	—		—		743		743
Loss on asset impairment, net	3,047		1		—		3,048
Total expenses	384,119		47,822		13,408		445,349
Gain (loss) on sale of real estate, net	39,878		(1,027)		—		38,851
Unrealized losses on equity securities, net	—		—		(10,059)		(10,059)
Interest income	—		—		1,021		1,021
Interest expense	—		—		(89,820)		(89,820)
Loss on early extinguishment of debt	—		—		(791)		(791)
Income (loss) before income taxes and equity in earnings of an investee	74,743		47,944		(113,057)		9,630
Income tax expense	—		—		(473)		(473)
Equity in earnings of an investee	—		—		2,193		2,193
Net income (loss)	$	74,743	$	47,944	$	(111,337)	$	11,350
	For the Six Months Ended June 30, 2022
	Hotels		Net Lease		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	716,390	$	—	$	—	$	716,390
Rental income	—		193,151		—		193,151
Total revenues	716,390		193,151		—		909,541
Expenses:
Hotel operating expenses	615,537		—		—		615,537
Other operating expenses	—		5,650		—		5,650
Depreciation and amortization	112,040		92,593		—		204,633
General and administrative	—		—		24,452		24,452
Transaction related costs	—		—		1,920		1,920
Loss on asset impairment, net	8,615		(67)		—		8,548
Total expenses	736,192		98,176		26,372		860,740
Gain (loss) on sale of real estate, net	44,868		(469)		—		44,399
Unrealized losses on equity securities, net	—		—		(20,319)		(20,319)
Interest income	—		—		1,294		1,294
Interest expense	—		—		(182,164)		(182,164)
Loss on early extinguishment of debt	—		—		(791)		(791)
Income (loss) before income taxes and equity in losses of an investee	25,066		94,506		(228,352)		(108,780)
Income tax expense	—		—		(1,168)		(1,168)
Equity in earnings of an investee	—		—		1,476		1,476
Net income (loss)	$	25,066	$	94,506	$	(228,044)	$	(108,472)
	As of June 30, 2022
	Hotels		Net Lease		Corporate		Consolidated
Total assets	$	4,100,503	$	3,471,848	$	759,208	$	8,331,559

	For the Three Months Ended June 30, 2021
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	280,135	$	—	$	—		$	280,135
Rental income	245		95,556		—			95,801
Total revenues	280,380		95,556		—			375,936
Expenses:
Hotel operating expenses	243,183		—		—			243,183
Other operating expenses	—		4,376		—			4,376
Depreciation and amortization	66,582		55,095		—			121,677
General and administrative	—		—		13,480			13,480
Transition related costs	6,151		—		—			6,151
Loss on asset impairment	—		899		—			899
Total expenses	315,916		60,370		13,480			389,766
Gain on sale of real estate, net	10,813		36		—			10,849
Unrealized gain on equity securities, net	—		—		2,500			2,500
Interest income	—		—		225			225
Interest expense	—		—		(91,378)			(91,378)
Income (loss) before income taxes and equity in losses of an investee	(24,723)		35,222		(102,133)			(91,634)
Income tax expense	—		—		(211)			(211)
Equity in earnings of an investee	—		—		735			735
Net income (loss)	$	(24,723)	$	35,222	$	(101,609)		$	(91,110)
	For the Six Months Ended June 30, 2021
	Hotels		Net Lease		Corporate			Consolidated
Revenues:
Hotel operating revenues	$	449,088	$	—	$	—		$	449,088
Rental income	701		187,317		—			188,018
Total revenues	449,789		187,317		—			637,106
Expenses:
Hotel operating expenses	438,536		—		—			438,536
Other operating expenses	—		8,109		—			8,109
Depreciation and amortization	134,707		111,338		—			246,045
General and administrative	—		—		25,821			25,821
Acquisition related costs	—		—		—			—
Transition costs	25,785		—		—			25,785
Loss on asset impairment	—		2,110		—			2,110
Total expenses	599,028		121,556		25,822			746,406
Gain on sale of real estate, net	10,813		27		—			10,840
Unrealized gain on equity securities, net	—		—		(3,981)			(3,981)
Interest income	—		—		282			282
Interest expense	—		—		(180,769)			(180,769)
Income (loss) before income taxes and equity in losses of an investee	(138,426)		65,788		(210,290)			(282,928)
Income tax expense	—		—		(1,064)			(1,064)
Equity in losses of an investee	—		—		(2,108)			(2,108)
Net income (loss)	$	(138,426)	$	65,788	$	(213,462)		$	(286,100)
	As of December 31, 2021
	Hotels		Net Lease		Corporate			Consolidated
Total assets	$	4,487,101	$	3,580,095	$	1,086,119	`	$	9,153,315