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Segment Information
3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Segment Information
Note 12. Segment Information
We aggregate our hotels and travel centers into two reportable segments, hotel investments and travel center investments, based on their similar operating and economic characteristics.
 
 
For the Three Months Ended March 31, 2019
 
 
Hotels
 
Travel Centers
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues 
 
$
455,385

 
$
—

 
$
—

 
$
455,385

Rental income
 
5,076

 
63,075

 
—

 
68,151

FF&E reserve income 
 
1,372

 
—

 
—

 
1,372

Total revenues
 
461,833

 
63,075

 
—

 
524,908

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
319,125

 
—

 
—

 
319,125

Depreciation and amortization 
 
66,583

 
32,782

 
—

 
99,365

General and administrative 
 
—

 
—

 
12,235

 
12,235

Total expenses 
 
385,708

 
32,782

 
12,235

 
430,725

 
 
 
 
 
 
 
 
 
Gain on sale of real estate
 
—

 
159,535

 
—

 
159,535

Dividend income
 
—

 
—

 
876

 
876

Unrealized gains on equity securities
 
—

 
—

 
20,977

 
20,977

Interest income 
 
434

 
—

 
203

 
637

Interest expense 
 
—

 
—

 
(49,766
)
 
(49,766
)
Income before income taxes and equity in earnings of an investee
 
76,559

 
189,828

 
(39,945
)
 
226,442

Income tax expense
 
—

 
—

 
(1,059
)
 
(1,059
)
Equity in earnings of an investee 
 
—

 
—

 
404

 
404

Net income
 
$
76,559

 
$
189,828

 
$
(40,600
)
 
$
225,787

 
 
 
 
 
 
 
 
 
 
 
As of March 31, 2019
 
 
Hotels
 
Travel Centers
 
Corporate
 
Consolidated
Total assets 
 
$
4,815,816

 
$
2,229,038

 
$
210,950

 
$
7,255,804

 
 
For the Three Months Ended March 31, 2018
 
 
Hotels
 
Travel Centers
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Hotel operating revenues 
 
$
445,276

 
$
—

 
$
—

 
$
445,276

Rental income
 
7,800

 
74,193

 
—

 
81,993

FF&E reserve income 
 
1,364

 
—

 
—

 
1,364

Total revenues 
 
454,440

 
74,193

 
—

 
528,633

 
 
 
 
 
 
 
 
 
Expenses:
 
 

 
 

 
 

 
 

Hotel operating expenses 
 
314,982

 
—

 
—

 
314,982

Depreciation and amortization 
 
62,446

 
37,171

 
—

 
99,617

General and administrative 
 
—

 
—

 
11,734

 
11,734

Total expenses 
 
377,428

 
37,171

 
11,734

 
426,333

 
 
 
 
 
 
 
 
 
Dividend income
 
—

 
—

 
626

 
626

Unrealized gains and losses on equity securities, net
 
—

 
—

 
24,955

 
24,955

Interest income 
 
—

 
—

 
292

 
292

Interest expense 
 
—

 
—

 
(47,540
)
 
(47,540
)
Income (loss) before income taxes and equity in earnings of an investee
 
77,012

 
37,022

 
(33,401
)
 
80,633

Income tax expense
 
—

 
—

 
(471
)
 
(471
)
Equity in earnings of an investee 
 
—

 
—

 
44

 
44

Net income (loss) 
 
$
77,012

 
$
37,022

 
$
(33,828
)
 
$
80,206

 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018
 
 
Hotels
 
Travel Centers
 
Corporate
 
Consolidated
Total assets 
 
$
4,586,709

 
$
2,398,118

 
$
192,252

 
$
7,177,079