Schedule of segment information |
|
|
For the Three Months Ended June 30, 2014 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Hotel operating revenues |
|
$ |
387,248 |
|
$ |
— |
|
$ |
— |
|
$ |
387,248 |
|
Rental income |
|
8,341 |
|
55,395 |
|
— |
|
63,736 |
|
FF&E reserve income |
|
916 |
|
— |
|
— |
|
916 |
|
Total revenues |
|
396,505 |
|
55,395 |
|
— |
|
451,900 |
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses |
|
270,778 |
|
— |
|
— |
|
270,778 |
|
Depreciation and amortization |
|
53,362 |
|
25,401 |
|
— |
|
78,763 |
|
General and administrative |
|
— |
|
— |
|
13,166 |
|
13,166 |
|
Acquisition related costs |
|
162 |
|
— |
|
— |
|
162 |
|
Total expenses |
|
324,302 |
|
25,401 |
|
13,166 |
|
362,869 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
72,203 |
|
29,994 |
|
(13,166 |
) |
89,031 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
— |
|
— |
|
25 |
|
25 |
|
Interest expense |
|
— |
|
— |
|
(34,941 |
) |
(34,941 |
) |
Income (loss) before income taxes and equity in earnings of an investee |
|
72,203 |
|
29,994 |
|
(48,082 |
) |
54,115 |
|
Income tax expense |
|
— |
|
— |
|
(455 |
) |
(455 |
) |
Equity in earnings of an investee |
|
— |
|
— |
|
125 |
|
125 |
|
Income before gain on sale of real estate |
|
72,203 |
|
29,994 |
|
(48,412 |
) |
53,785 |
|
Gain on sale of real estate |
|
130 |
|
— |
|
— |
|
130 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
72,333 |
|
$ |
29,994 |
|
$ |
(48,412 |
) |
$ |
53,915 |
|
|
|
For the Six Months Ended June 30, 2014 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Hotel operating revenues |
|
$ |
717,184 |
|
$ |
— |
|
$ |
— |
|
$ |
717,184 |
|
Rental income |
|
16,444 |
|
110,678 |
|
— |
|
127,122 |
|
FF&E reserve income |
|
1,844 |
|
— |
|
— |
|
1,844 |
|
Total revenues |
|
735,472 |
|
110,678 |
|
— |
|
846,150 |
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses |
|
501,395 |
|
— |
|
— |
|
501,395 |
|
Depreciation and amortization |
|
106,378 |
|
50,672 |
|
— |
|
157,050 |
|
General and administrative |
|
— |
|
— |
|
24,631 |
|
24,631 |
|
Acquisition related costs |
|
223 |
|
— |
|
— |
|
223 |
|
Total expenses |
|
607,996 |
|
50,672 |
|
24,631 |
|
683,299 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
127,476 |
|
60,006 |
|
(24,631 |
) |
162,851 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
— |
|
— |
|
50 |
|
50 |
|
Interest expense |
|
— |
|
— |
|
(70,309 |
) |
(70,309 |
) |
Loss on early extinguishment of debt |
|
— |
|
— |
|
(214 |
) |
(214 |
) |
Income (loss) before income taxes and equity in earnings of an investee |
|
127,476 |
|
60,006 |
|
(95,104 |
) |
92,378 |
|
Income tax expense |
|
— |
|
— |
|
(1,071 |
) |
(1,071 |
) |
Equity in earnings of an investee |
|
— |
|
— |
|
28 |
|
28 |
|
Income before gain on sale of real estate |
|
127,476 |
|
60,006 |
|
(96,147 |
) |
91,335 |
|
Gain on sale of real estate |
|
130 |
|
— |
|
— |
|
130 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
127,606 |
|
$ |
60,006 |
|
$ |
(96,147 |
) |
$ |
91,465 |
|
|
|
As of June 30, 2014 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Total assets |
|
$ |
3,758,872 |
|
$ |
2,187,657 |
|
$ |
42,396 |
|
$ |
5,988,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2013 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Hotel operating revenues |
|
$ |
349,877 |
|
$ |
— |
|
$ |
— |
|
$ |
349,877 |
|
Rental income |
|
7,908 |
|
53,948 |
|
— |
|
61,856 |
|
FF&E reserve income |
|
589 |
|
— |
|
— |
|
589 |
|
Total revenues |
|
358,374 |
|
53,948 |
|
— |
|
412,322 |
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses |
|
248,543 |
|
— |
|
— |
|
248,543 |
|
Depreciation and amortization |
|
49,550 |
|
24,048 |
|
— |
|
73,598 |
|
General and administrative |
|
— |
|
— |
|
11,918 |
|
11,918 |
|
Acquisition related costs |
|
1,814 |
|
— |
|
— |
|
1,814 |
|
Loss on asset impairment |
|
2,171 |
|
— |
|
— |
|
2,171 |
|
Total expenses |
|
302,078 |
|
24,048 |
|
11,918 |
|
338,044 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
56,296 |
|
29,900 |
|
(11,918 |
) |
74,278 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
— |
|
— |
|
60 |
|
60 |
|
Interest expense |
|
— |
|
— |
|
(35,014 |
) |
(35,014 |
) |
Income (loss) before income taxes and equity in earnings of an investee |
|
56,296 |
|
29,900 |
|
(46,872 |
) |
39,324 |
|
Income tax benefit |
|
— |
|
— |
|
5,950 |
|
5,950 |
|
Equity in earnings of an investee |
|
— |
|
— |
|
79 |
|
79 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
56,296 |
|
$ |
29,900 |
|
$ |
(40,843 |
) |
$ |
45,353 |
|
|
|
For the Six Months Ended June 30, 2013 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Hotel operating revenues |
|
$ |
641,528 |
|
$ |
— |
|
$ |
— |
|
$ |
641,528 |
|
Rental income |
|
16,630 |
|
107,438 |
|
— |
|
124,068 |
|
FF&E reserve income |
|
1,192 |
|
— |
|
— |
|
1,192 |
|
Total revenues |
|
659,350 |
|
107,438 |
|
— |
|
766,788 |
|
|
|
|
|
|
|
|
|
|
|
Hotel operating expenses |
|
455,192 |
|
— |
|
— |
|
455,192 |
|
Depreciation and amortization |
|
98,227 |
|
47,651 |
|
— |
|
145,878 |
|
General and administrative |
|
— |
|
— |
|
24,062 |
|
24,062 |
|
Acquisition related costs |
|
2,090 |
|
— |
|
— |
|
2,090 |
|
Loss on asset impairment |
|
2,171 |
|
— |
|
— |
|
2,171 |
|
Total expenses |
|
557,680 |
|
47,651 |
|
24,062 |
|
629,393 |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
101,670 |
|
59,787 |
|
(24,062 |
) |
137,395 |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
— |
|
— |
|
79 |
|
79 |
|
Interest expense |
|
— |
|
— |
|
(70,202 |
) |
(70,202 |
) |
Income (loss) before income taxes and equity in earnings of an investee |
|
101,670 |
|
59,787 |
|
(94,185 |
) |
67,272 |
|
Income tax benefit |
|
— |
|
— |
|
5,432 |
|
5,432 |
|
Equity in earnings of an investee |
|
— |
|
— |
|
155 |
|
155 |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
101,670 |
|
$ |
59,787 |
|
$ |
(88,598 |
) |
$ |
72,859 |
|
|
|
As of December 31, 2013 |
|
|
|
Hotels |
|
Travel Centers |
|
Corporate |
|
Consolidated |
|
Total assets |
|
$ |
3,701,850 |
|
$ |
2,223,337 |
|
$ |
42,357 |
|
$ |
5,967,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|