Segment Information

12 Months Ended

Dec. 31, 2014

Segment Information

Segment Information

12. Segment Information

We have two reportable business segments: hotel investments and travel center investments.

	For the Year Ended December 31, 2014
	Hotels		Travel Centers		Corporate		Consolidated
Hotel operating revenues	$	1,474,757	$	-	$	-	$	1,474,757
Minimum rent		32,668		222,498		-		255,166
Percentage rent		-		2,896		-		2,896
FF&E reserve income		3,503		-		-		3,503
Total revenues		1,510,928		225,394		-		1,736,322
Hotel operating expenses		1,035,138		-		-		1,035,138
Depreciation and amortization		213,527		102,351		-		315,878
General and administrative		-		-		45,897		45,897
Acquisition related costs		239		-		-		239
Total expenses		1,248,904		102,351		45,897		1,397,152
Operating income (loss)		262,024		123,043		(45,897)		339,170
Interest income		-		-		77		77
Interest expense		-		-		(139,486)		(139,486)
Loss on early extinguishment of debt		-		-		(855)		(855)
Income (loss) before income taxes and equity in earnings of an investee		262,024		123,043		(186,161)		198,906
Income tax expense		-		-		(1,945)		(1,945)
Equity in earnings of an investee		-		-		94		94
Income before gain on sale of real estate		262,024		123,043		(188,012)		197,055
Gain on sale of real estate		130		-		-		130
Net income (loss)	$	262,154	$	123,043	$	(188,012)	$	197,185
	As of December 31, 2014
	Hotels		Travel Centers		Corporate		Consolidated
Total assets	$	3,748,062	$	2,194,682	$	39,818	$	5,982,562

	For the Year Ended December 31, 2013
	Hotels		Travel Centers		Corporate		Consolidated
Hotel operating revenues	$	1,310,969	$	-	$	-	$	1,310,969
Minimum rent		32,816		216,948		-		249,764
Percentage rent		-		2,102		-		2,102
FF&E reserve income		1,020		-		-		1,020
Total revenues		1,344,805		219,050		-		1,563,855
Hotel operating expenses		929,581		-		-		929,581
Depreciation and amortization		202,172		97,151		-		299,323
General and administrative		-		-		50,087		50,087
Acquisition related costs		3,273		-		-		3,273
Loss on asset impairment		2,171		5,837		-		8,008
Total expenses		1,137,197		102,988		50,087		1,290,272
Operating income (loss)		207,608		116,062		(50,087)		273,583
Interest income		-		-		121		121
Interest expense		-		-		(145,954)		(145,954)
Income (loss) before income taxes and equity in earnings of an investee		207,608		116,062		(195,920)		127,750
Income tax benefit		-		-		5,094		5,094
Equity in earnings of an investee		-		-		334		334
Net income (loss)	$	207,608	$	116,062	$	(190,492)	$	133,178
	As of December 31, 2013
	Hotels		Travel Centers		Corporate		Consolidated
Total assets	$	3,701,850	$	2,223,337	$	42,357	$	5,967,544

	For the Year Ended December 31, 2012
	Hotels		Travel Centers		Corporate		Consolidated
Hotel operating revenues	$	980,732	$	-	$	-	$	980,732
Minimum rent		88,921		207,095		-		296,016
Percentage rent		2,873		1,465		-		4,338
FF&E reserve income		15,896		-		-		15,896
Total revenues		1,088,422		208,560		-		1,296,982
Hotel operating expenses		700,939		-		-		700,939
Depreciation and amortization		173,308		87,523		-		260,831
General and administrative		-		-		44,032		44,032
Acquisition related costs		4,173		-		-		4,173
Loss on asset impairment		8,547		-		-		8,547
Total expenses		886,967		87,523		44,032		1,018,522
Operating income (loss)		201,455		121,037		(44,032)		278,460
Interest income		-		-		268		268
Interest expense		-		-		(136,111)		(136,111)
Income (loss) before income taxes and equity in earnings of an investee		201,455		121,037		(179,875)		142,617
Income tax expense		-		-		(1,612)		(1,612)
Equity in earnings of an investee		-		-		316		316
Income before gain on sale of real estate		201,455		121,037		(181,171)		141,321
Gain on sale of real estate		10,602						10,602
Net income (loss)	$	212,057	$	121,037	$	(181,171)	$	151,923
	As of December 31, 2012
	Hotels		Travel Centers		Corporate		Consolidated
Total assets	$	3,384,546	$	2,209,981	$	40,934	$	5,635,461