During the year ended December 31, 2016, we acquired four hotels, five travel centers and a land parcel adjacent to a travel center that we own.



					Purchase Price Allocation
Acquisition Date	Location	Type	Purchase Price ⁽¹⁾		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Intangible Assets
2/1/2016	Various ^{(2) (3)}	Hotels	$	12,000	$	1,953	$	654	$	8,153	$	1,240	$	—
3/16/2016	Portland, OR ^{(2) (4)}	Hotel	114,000		5,657		3		100,535		7,805		—
3/31/2016	Hillsboro, TX ⁽⁵⁾	Travel Center	19,683		4,834		4,196		10,653		—		—
6/22/2016	Various ⁽⁵⁾	Travel Centers	23,876		3,170		9,280		11,426		—		—
6/30/2016	Wilmington, IL ⁽⁵⁾	Travel Center	22,297		6,523		3,364		12,410		—		—
9/14/2016	Holbrook, AZ ⁽⁶⁾	Land	325		325		—		—		—		—
9/30/2016	Caryville, TN ⁽⁵⁾	Travel Center	16,557		2,068		6,082		8,407		—		—
12/5/2016	Milpitas, CA ⁽²⁾⁽⁷⁾	Hotel	46,000		$	13,089	$	823	$	29,748	$	2,340	—
			$	254,738	$	37,619	$	24,402	$	181,332	$	11,385	$	—

During the year ended December 31, 2015, we acquired 11 hotels, a land parcel adjacent to one of our hotels, 14 travel centers and certain assets at 11 travel centers we lease to TA, and land and certain improvements at a travel center we leased from a third party and subleased to TA.



Acquisition Date	Location	Type	Purchase Price ⁽¹⁾		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Intangible Assets
3/16/2015	Rosemont, IL ⁽²⁾⁽⁸⁾	Hotel	$	35,500	$	2,375	$	219	$	31,182	$	1,463	$	261
4/28/2015	Ft. Lauderdale, FL ⁽⁹⁾	Land	750		165		—		585		—		—
5/15/2015	Denver, CO ^(2)(10)	Hotel	77,250		8,193		181		61,005		7,871		—
6/1/2015	Various ⁽⁵⁾	Travel Centers	227,877		26,286		67,161		134,388		42		—
7/23/2015	Various ^(2)(11)	Hotels	85,000		13,165		—		64,338		7,497		—
9/23/2015	Various ⁽⁵⁾	Travel Centers	51,506		9,165		21,266		21,075		—		—
10/30/2015	Waterloo, NY ⁽¹²⁾	Land	15,000		1,500		4,500		9,000		—		—
			$	492,883	$	60,849	$	93,327	$	321,573	$	16,873	$	261

During the year ended December 31, 2014, we acquired one hotel.



Acquisition Date	Location	Type	Purchase Price ⁽¹⁾		Land		Land Improvements		Building and Improvements		Furniture, Fixtures and Equipment		Intangible Assets
5/30/2014	Ft. Lauderdale, FL ^(2)(13)	Hotel	$	65,000	$	14,592	$	—	$	40,525	$	9,883	$	—
			$	65,000	$	14,592	$	—	$	40,525	$	9,883	$	—


(1)	Excludes acquisition related costs.


(2)	We accounted for these transactions as business combinations. The pro forma impact of including the results of operations of these acquisitions from the beginning of the year is not material to our consolidated financial statements.


(3)	On February 1, 2016, we acquired two extended stay hotels with 262 suites located in Cleveland and Westlake, OH for an aggregate purchase price of $12,000. We converted these hotels to the Sonesta ES Suites^® brand and entered management agreements for these hotels with Sonesta. See Notes 6 and 10 for further information regarding our Sonesta agreement.


(4)	On March 16, 2016, we acquired the Kimpton Hotel Monaco, a full service hotel with 221 rooms located in Portland, OR for a purchase price of $114,000. We added this hotel to our management agreement with InterContinental. See Note 6 for further information regarding our InterContinental agreement.

(5)

On June 1, 2015, we entered into a transaction agreement with TA pursuant to which, among other things, we agreed to acquire from, and lease back to, TA 14 travel centers owned by TA and certain assets owned by TA at 11 properties we own and lease to TA for $279,383, in aggregate, excluding acquisition related costs. Pursuant to this transaction agreement, during June 2015, we acquired 12 of these travel centers from TA and assets owned by TA at 10 properties we own and lease to TA for $227,887, in aggregate, excluding acquisition related costs; and on September 23, 2015, we acquired from TA the remaining two of these travel centers and assets owned by TA at one property we own and lease to TA for $51,506, in aggregate, excluding acquisition related costs. Simultaneously with these acquisitions, we leased these travel centers and assets back to TA under leases that we and TA entered into pursuant to the transaction agreement, which replaced our previously existing leases with TA.

Also pursuant to the transaction agreement, we agreed to acquire from, and lease back to, TA five travel centers owned by TA and under development for purchase prices equal to TA’s development costs, which were estimated to be not more than $118,000, in aggregate. On March 31, 2016, we acquired one of these development properties from TA for $19,683. On June 22, 2016, we and TA amended the transaction agreement to, among other things, replace one development property with two alternative travel centers owned by TA. Pursuant to the amended transaction agreement: on June 22, 2016, we acquired the two alternative travel centers from TA for $23,876, in aggregate; on June 30, 2016, we acquired from TA one of the development properties for $22,297; and on September 30, 2016, we acquired from TA another of the development properties for $16,557. Simultaneously with these acquisitions, we leased these travel centers and development properties back to TA under our TA leases. We currently expect to acquire the remaining development property from TA before June 30, 2017 at a purchase price equal to its development cost not to exceed $29,000, and to lease it back to TA under one of our TA leases. We accounted for all of our TA transactions as asset acquisitions.


(6)	On September 14, 2016, we acquired land adjacent to a travel center that we own in Holbrook, AZ for $325. We added this property to our TA No. 4 lease. See Notes 6 and 10 for further information regarding this transaction and our TA leases. We capitalized acquisition related costs of $7 related to this transaction.

(7)

On December 5, 2016, we acquired a full service hotel with 236 rooms located in Milpitas, CA for a purchase price of $46,000. We converted this hotel to the Sonesta^® brand and entered a management agreement for this hotel with Sonesta. See Notes 6 and 10 for further information regarding our Sonesta agreement. The allocation of purchase price is based on preliminary estimates and may change upon completion of third party appraisals.


(8)	On March 16, 2015, we acquired a 300 room hotel located in Rosemont, IL for a purchase price of $35,500. We added this Holiday Inn and Suites^® branded hotel to our management agreement with InterContinental. See Note 6 for further information regarding our InterContinental agreement.


(9)	On April 28, 2015, we acquired land and improvements adjacent to the Sonesta hotel in Fort Lauderdale, FL, referenced in footnote 13 to this table, for $750. This land and improvements are included with the Fort Lauderdale hotel under our Sonesta agreement. We capitalized acquisition related costs of $41 related to this transaction.


(10)	On May 15, 2015, we acquired a 364 room full service hotel located in Denver, CO for a purchase price of $77,250. We added this Crowne Plaza^® branded hotel to our management agreement with InterContinental. See Note 6 for further information regarding our InterContinental agreement.


(11)	On July 23, 2015, we acquired a portfolio of nine extended stay hotels with 1,095 suites located in eight states for an aggregate purchase price of $85,000. We converted these hotels to Sonesta ES Suites^® branded hotels and added them to our management agreement with Sonesta. See Notes 6 and 10 for further information regarding this transaction and our Sonesta agreement.


(12)	On October 30, 2015, we acquired the land and certain improvements at a travel center located in Waterloo, NY that we leased from a third party and subleased to TA for an aggregate purchase price of $15,000. These assets were added to one of our leases with TA and TA is now directly leasing these assets from us with rent for these assets now directly paid to us.


(13)	On May 30, 2014, we acquired a 240 room full service hotel located in Fort Lauderdale, FL for a price of $65,000. We converted this hotel to a Sonesta^® branded hotel and added it to our Sonesta agreement. See Notes 6 and 10 for further information regarding this transaction and our Sonesta agreement.