Segment Information

6 Months Ended

Jun. 30, 2016

Segment Information

Segment Information

Note 9.  Segment Information

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

	For the Three Months Ended June 30, 2016
	Hotels		Travel Centers		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	471,910	$	-	$	-	$	471,910
Rental income		8,326		68,967		-		77,293
FF&E reserve income		1,096		-		-		1,096
Total revenues		481,332		68,967		-		550,299
Expenses:
Hotel operating expenses		324,922		-		-		324,922
Depreciation and amortization		56,004		32,778		-		88,782
General and administrative		-		-		37,365		37,365
Acquisition related costs		117		-		-		117
Total expenses		381,043		32,778		37,365		451,186
Operating income (loss)		100,289		36,189		(37,365)		99,113
Dividend income		-		-		749		749
Interest income		-		-		40		40
Interest expense		-		-		(41,698)		(41,698)
Income (loss) before income taxes and equity in earnings of an investee		100,289		36,189		(78,274)		58,204
Income tax expense		-		-		(2,160)		(2,160)
Equity in earnings of an investee		-		-		17		17
Net income (loss)	$	100,289	$	36,189	$	(80,417)	$	56,061
	For the Six Months Ended June 30, 2016
	Hotels		Travel Centers		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	868,413	$	-	$	-	$	868,413
Rental income		16,468		137,084		-		153,552
FF&E reserve income		2,452		-		-		2,452
Total revenues		887,333		137,084		-		1,024,417
Expenses:
Hotel operating expenses		601,227		-		-		601,227
Depreciation and amortization		111,088		64,965		-		176,053
General and administrative		-		-		53,388		53,388
Acquisition related costs		613		-		116		729
Total expenses		712,928		64,965		53,504		831,397
Operating income (loss)		174,405		72,119		(53,504)		193,020
Dividend income		-		-		749		749
Interest income		-		-		138		138
Interest expense		-		-		(83,284)		(83,284)
Loss on early extinguishment of debt		-		-		(70)		(70)
Income (loss) before income taxes and equity in earnings of an investee		174,405		72,119		(135,971)		110,553
Income tax expense		-		-		(2,535)		(2,535)
Equity in earnings of an investee		-		-		94		94
Net income (loss)	$	174,405	$	72,119	$	(138,412)	$	108,112
	As of June 30, 2016
	Hotels		Travel Centers		Corporate		Consolidated
Total assets	$	3,999,281	$	2,500,414	$	109,640	$	6,609,335

	For the Three Months Ended June 30, 2015
	Hotels		Travel Centers		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	436,977	$	-	$	-	$	436,977
Rental income		8,179		60,884		-		69,063
FF&E reserve income		1,026		-		-		1,026
Total revenues		446,182		60,884		-		507,066
Expenses:
Hotel operating expenses		304,428		-		-		304,428
Depreciation and amortization		52,924		27,658		-		80,582
General and administrative		-		-		12,685		12,685
Acquisition related costs		797		-		-		797
Total expenses		358,149		27,658		12,685		398,492
Operating income (loss)		88,033		33,226		(12,685)		108,574
Interest income		-		-		10		10
Interest expense		-		-		(35,836)		(35,836)
Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate		88,033		33,226		(48,511)		72,748
Income tax expense		-		-		(640)		(640)
Equity in earnings of an investee		-		-		23		23
Income (loss) before gain on sale of real estate		88,033		33,226		(49,128)		72,131
Gain on sale of real estate		-		11,015		-		11,015
Net income (loss)	$	88,033	$	44,241	$	(49,128)	$	83,146
	For the Six Months Ended June 30, 2015
	Hotels		Travel Centers		Corporate		Consolidated
Revenues:
Hotel operating revenues	$	806,573	$	-	$	-	$	806,573
Rental income		16,140		117,674		-		133,814
FF&E reserve income		2,191		-		-		2,191
Total revenues		824,904		117,674		-		942,578
Expenses:
Hotel operating expenses		562,086		-		-		562,086
Depreciation and amortization		105,321		54,230		-		159,551
General and administrative		-		-		33,989		33,989
Acquisition related costs		1,135		-		-		1,135
Total expenses		668,542		54,230		33,989		756,761
Operating income (loss)		156,362		63,444		(33,989)		185,817
Interest income		-		-		21		21
Interest expense		-		-		(71,290)		(71,290)
Income (loss) before income taxes, equity in earnings of an investee and gain on sale of real estate		156,362		63,444		(105,258)		114,548
Income tax expense		-		-		(931)		(931)
Equity in earnings of an investee		-		-		95		95
Income (loss) before gain on sale of real estate		156,362		63,444		(106,094)		113,712
Gain on sale of real estate		-		11,015		-		11,015
Net income (loss)	$	156,362	$	74,459	$	(106,094)	$	124,727
	As of December 31, 2015
	Hotels		Travel Centers		Corporate		Consolidated
Total assets	$	3,892,316	$	2,440,393	$	62,088	$	6,394,797