Service Properties Trust (SVC) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	1-11527
Entity Registrant Name	SERVICE PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	04-3262075
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	964-8389
Title of Each Class	Common Shares of Beneficial Interest
Trading Symbol	SVC
Name of each Exchange on which Registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		165,453,327
Entity Central Index Key	0000945394
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real estate properties:
Land	$ 1,903,619	$ 1,918,385
Buildings, improvements and equipment	7,669,058	8,307,248
Total real estate properties, gross	9,572,677	10,225,633
Accumulated depreciation	(2,929,193)	(3,281,659)
Total real estate properties, net	6,643,484	6,943,974
Acquired real estate leases and other intangibles, net	259,503	283,241
Assets held for sale	142,972	515,518
Cash and cash equivalents	67,246	944,043
Restricted cash	10,891	3,375
Equity method investments	113,168	62,687
Investment in equity securities	63,896	61,159
Due from related persons	58,292	48,168
Other assets, net	273,261	291,150
Total assets	7,632,713	9,153,315
LIABILITIES AND SHAREHOLDERS’ EQUITY
Revolving credit facility	95,000	1,000,000
Senior unsecured notes, net	5,652,590	6,143,022
Accounts payable and other liabilities	414,870	433,448
Due to related persons	18,335	21,539
Total liabilities	6,180,795	7,598,009
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,453,584 and 165,092,333, shares issued and outstanding, respectively	1,654	1,651
Additional paid in capital	4,554,358	4,552,558
Cumulative other comprehensive income	1,513	779
Cumulative net income available for common shareholders	2,534,688	2,635,660
Cumulative common distributions	(5,640,295)	(5,635,342)
Total shareholders’ equity	1,451,918	1,555,306
Total liabilities and shareholders’ equity	$ 7,632,713	$ 9,153,315

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Shareholders’ equity:
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	200,000,000	200,000,000
Common shares, shares issued (in shares)	165,453,584	165,092,333
Common shares, shares outstanding (in shares)	165,453,584	165,092,333

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Hotel operating revenues	$ 400,453	$ 338,375	$ 1,116,843	$ 787,463
Rental income	97,798	98,724	290,949	286,742
Total revenues	498,251	437,099	1,407,792	1,074,205
Expenses:
Hotel operating expenses	318,266	285,233	933,803	723,769
Other operating expenses	3,511	4,437	9,162	11,758
Depreciation and amortization	101,514	124,163	306,147	370,208
General and administrative	11,293	14,231	35,743	40,840
Transaction related costs	0	3,149	1,920	28,934
Loss on asset impairment, net	1,172	0	9,720	2,110
Total expenses	435,756	431,213	1,296,495	1,177,619
Other operating income:
(Loss) gain on sale of real estate, net	(164)	94	44,235	10,934
Unrealized gains on equity securities, net	23,056	24,348	2,737	20,367
Interest income	1,442	203	2,735	485
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $4,595, $5,877, $15,529 and $15,123, respectively)	(81,740)	(92,458)	(263,904)	(273,227)
Loss on early extinguishment of debt	0	0	(791)	0
Income (loss) before income taxes and equity in earnings of an investee	5,089	(61,927)	(103,691)	(344,855)
Income tax (expense) benefit	(390)	55	(1,558)	(1,009)
Equity in earnings of an investee	2,801	2,158	4,277	50
Net income (loss)	7,500	(59,714)	(100,972)	(345,814)
Other comprehensive income:
Equity interest in investee’s unrealized gains	684	5	734	5
Other comprehensive income	684	5	734	5
Comprehensive income (loss)	$ 8,184	$ (59,709)	$ (100,238)	$ (345,809)
Weighted average common shares outstanding (basic) (in shares)	164,745	164,590	164,697	164,532
Weighted average common shares outstanding (diluted) (in shares)	164,745	164,590	164,697	164,532
Net income (loss) per common share (basic) (in dollars per share)	$ 0.05	$ (0.36)	$ (0.61)	$ (2.10)
Net income (loss) per common share (diluted) (in dollars per share)	$ 0.05	$ (0.36)	$ (0.61)	$ (2.10)
Revenue from contract with customer, product and service, extensible enumeration	Hotels	Hotels	Hotels	Hotels
Cost, product and service, extensible enumeration	Hotels	Hotels	Hotels	Hotels

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 4,595	$ 5,877	$ 15,529	$ 15,123

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Cumulative Common Distributions	Additional Paid in Capital	Cumulative Net Income Available for Common Shareholders	Cumulative Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2020		164,823,833
Beginning balance at Dec. 31, 2020	$ 2,102,790	$ 1,648	$ (5,628,746)	$ 4,550,385	$ 3,180,263	$ (760)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(194,990)				(194,990)
Common share grants	380			380
Distributions	(1,648)		(1,648)
Ending balance (in shares) at Mar. 31, 2021		164,823,833
Ending balance at Mar. 31, 2021	1,906,532	$ 1,648	(5,630,394)	4,550,765	2,985,273	(760)
Beginning balance (in shares) at Dec. 31, 2020		164,823,833
Beginning balance at Dec. 31, 2020	2,102,790	$ 1,648	(5,628,746)	4,550,385	3,180,263	(760)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(345,814)
Equity in unrealized gains of investees	5
Ending balance (in shares) at Sep. 30, 2021		165,092,638
Ending balance at Sep. 30, 2021	1,753,742	$ 1,651	(5,633,690)	4,552,087	2,834,449	(755)
Beginning balance (in shares) at Mar. 31, 2021		164,823,833
Beginning balance at Mar. 31, 2021	1,906,532	$ 1,648	(5,630,394)	4,550,765	2,985,273	(760)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(91,110)				(91,110)
Common share grants (in shares)		49,000
Common share grants	1,067	$ 1		1,066
Common share repurchases and forfeitures (in shares)		(15,079)
Common share repurchases and forfeitures	(190)			(190)
Distributions	(1,648)		(1,648)
Ending balance (in shares) at Jun. 30, 2021		164,857,754
Ending balance at Jun. 30, 2021	1,814,651	$ 1,649	(5,632,042)	4,551,641	2,894,163	(760)
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(59,714)				(59,714)
Equity in unrealized gains of investees	5					5
Common share grants (in shares)		291,700
Common share grants	1,048	$ 2		1,046
Common share repurchases and forfeitures (in shares)		(56,816)
Common share repurchases and forfeitures	(600)			(600)
Distributions	(1,648)		(1,648)
Ending balance (in shares) at Sep. 30, 2021		165,092,638
Ending balance at Sep. 30, 2021	1,753,742	$ 1,651	(5,633,690)	4,552,087	2,834,449	(755)
Beginning balance (in shares) at Dec. 31, 2021		165,092,333
Beginning balance at Dec. 31, 2021	1,555,306	$ 1,651	(5,635,342)	4,552,558	2,635,660	779
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(119,822)				(119,822)
Equity in unrealized gains of investees	4					4
Common share grants	462			462
Common share forfeitures (in shares)		(800)
Distributions	(1,651)		(1,651)
Ending balance (in shares) at Mar. 31, 2022		165,091,533
Ending balance at Mar. 31, 2022	1,434,299	$ 1,651	(5,636,993)	4,553,020	2,515,838	783
Beginning balance (in shares) at Dec. 31, 2021		165,092,333
Beginning balance at Dec. 31, 2021	1,555,306	$ 1,651	(5,635,342)	4,552,558	2,635,660	779
Increase (Decrease) in Shareholders' Equity
Net (loss) income	(100,972)
Equity in unrealized gains of investees	734
Ending balance (in shares) at Sep. 30, 2022		165,453,584
Ending balance at Sep. 30, 2022	1,451,918	$ 1,654	(5,640,295)	4,554,358	2,534,688	1,513
Beginning balance (in shares) at Mar. 31, 2022		165,091,533
Beginning balance at Mar. 31, 2022	1,434,299	$ 1,651	(5,636,993)	4,553,020	2,515,838	783
Increase (Decrease) in Shareholders' Equity
Net (loss) income	11,350				11,350
Equity in unrealized gains of investees	46					46
Common share grants (in shares)		49,000
Common share grants	836			836
Common share repurchases and forfeitures (in shares)		(2,078)
Common share repurchases and forfeitures	(8)			(8)
Distributions	(1,651)		(1,651)
Ending balance (in shares) at Jun. 30, 2022		165,138,455
Ending balance at Jun. 30, 2022	1,444,872	$ 1,651	(5,638,644)	4,553,848	2,527,188	829
Increase (Decrease) in Shareholders' Equity
Net (loss) income	7,500				7,500
Equity in unrealized gains of investees	684					684
Common share grants (in shares)		384,500
Common share grants	976	$ 4		972
Common share repurchases and forfeitures (in shares)		(69,371)
Common share repurchases and forfeitures	(463)	$ (1)		(462)
Distributions	(1,651)		(1,651)
Ending balance (in shares) at Sep. 30, 2022		165,453,584
Ending balance at Sep. 30, 2022	$ 1,451,918	$ 1,654	$ (5,640,295)	$ 4,554,358	$ 2,534,688	$ 1,513

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (100,972)	$ (345,814)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	306,147	370,208
Net amortization of debt issuance costs, discounts and premiums as interest	15,529	15,123
Straight-line rental income	5,530	3,087
Loss on early extinguishment of debt	791	0
Loss on asset impairment, net	9,720	2,110
Unrealized gains on equity securities, net	(2,737)	(20,367)
Equity in earnings of an investee	(4,277)	(50)
Gain on sale of real estate	(44,235)	(10,934)
Other non-cash income, net	(1,635)	(1,720)
Changes in assets and liabilities:
Due from related persons	(19,949)	(919)
Other assets	4,990	16,396
Accounts payable and other liabilities	(13,096)	(9,635)
Due to related persons	(8,692)	(16,483)
Net cash provided by operating activities	147,114	1,002
Cash flows from investing activities:
Real estate acquisitions and deposits	(2,765)	(7,649)
Real estate improvements	(68,790)	(64,340)
Hotel managers’ purchases with restricted cash	(3,951)	(23,692)
Net proceeds from sale of real estate	517,956	33,772
Investment in Sonesta	(45,470)	(25,443)
Net cash provided by (used in) investing activities	396,980	(87,352)
Cash flows from financing activities:
Repayment of senior unsecured notes	(500,000)	0
Borrowings under revolving credit facility	20,000	984,027
Repayments of revolving credit facility	(925,000)	(62,451)
Deferred financing costs	(2,959)	(6,762)
Repurchase of common shares	(463)	(787)
Distributions to common shareholders	(4,953)	(4,944)
Net cash (used in) provided by financing activities	(1,413,375)	909,083
(Decrease) increase in cash and cash equivalents and restricted cash	(869,281)	822,733
Cash and cash equivalents and restricted cash at beginning of period	947,418	91,456
Cash and cash equivalents and restricted cash at end of period	$ 78,137	$ 914,189

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents	$ 67,246	$ 912,532
Restricted cash	10,891	1,657
Total cash and cash equivalents and restricted cash	78,137	914,189
Supplemental cash flow information:
Cash paid for interest	269,461	273,221
Cash paid for income taxes	1,647	2,577
Non-cash investing activities:
Real estate improvements accrued, not paid	$ 16,625	$ 7,341

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Service Properties Trust, or we, us or our, is a real estate investment trust, or REIT, organized on February 7, At September 30, 2022, all 242 of our hotels were operated by subsidiaries of the following companies: Sonesta Holdco Corporation, or Sonesta (200 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), Marriott International, Inc., or Marriott (16 hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). At September 30, 2022, we owned 769 net lease properties with 178 tenants, including 179 travel centers leased to TravelCenters of America Inc., or TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. Basis of Presentation The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period, have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles. We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ . We have concluded that we must consolidate each of our wholly owned TRSs because we are the entity with the power to direct the activities that most significantly impact such VIEs’ performance and we have the obligation to absorb losses or the right to receive benefits from each VIE that could be significant to the VIE and are, therefore, the primary beneficiary of each VIE. The assets of our TRSs were $166,075 and $113,705 as of September 30, 2022 and December 31, 2021, respectively, and consist primarily of our TRSs’ investment in Sonesta’s common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $35,968 and $42,432 as of September 30, 2022 and December 31, 2021, respectively, and consist primarily of amounts payable to certain of our hotel managers. The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2. Revenue Recognition We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided. We report rental income for leased properties in our condensed consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the term of the lease agreements. We reduced rental income by $1,845 and $905 for the three months ended September 30, 2022 and 2021, respectively, and reduced rental income by $5,530 and $3,087 for the nine months ended September 30, 2022 and 2021, respectively, to record scheduled rent changes under certain of our leases, the deferred rent obligations payable to us under our leases with TA and the estimated future payments to us under our TA leases for the cost of removing underground storage tanks at our travel centers on a straight line basis. See Notes 5 and 10 for further information regarding our TA leases. Due from related persons includes $10,840 and $20,655 and other assets, net, includes $31,176 and $26,881 of straight line rent receivables at September 30, 2022 and December 31, 2021, respectively. Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned. We recorded percentage rent of $2,279 and $555 for the three months ended September 30, 2022 and 2021, respectively, and $3,421 and $944 for the nine months ended September 30, 2022 and 2021, respectively. We had deferred estimated percentage rent of $830 and $1,849 for the three months ended September 30, 2022 and 2021, respectively, and $6,168 and $4,827 for the nine months ended September 30, 2022 and 2021, respectively. See Note 5 for further information on this deferred estimated percentage rent.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Weighted Average Common Shares	Note 3. Weighted Average Common SharesWe calculate basic earnings per common share under the two class method. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards, and the related impact on earnings, are considered when calculating diluted earnings per share. For the three and nine months ended September 30, 2022 and 2021, there were no dilutive common shares and certain unvested common shares were not included in the calculation of diluted earnings per share because to do so would have been antidilutive.

Real Estate Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties At September 30, 2022, we owned 242 hotels with an aggregate of 40,563 rooms or suites and 769 service-oriented retail properties with an aggregate of 13,412,371 square feet that are primarily subject to “triple net” leases, or net leases where the tenant is generally responsible for payment of operating expenses and capital expenditures of the property during the lease term. Our properties had an aggregate undepreciated carrying value of $9,715,649, including $142,972 related to properties classified as held for sale as of September 30, 2022. We made capital expenditures at certain of our properties of $73,952 during the nine months ended September 30, 2022. Acquisitions During the three months ended September 30, 2022, we acquired the previously leased land at one of our hotels for a purchase price of $2,765, including acquisition related costs of $51. This acquisition was accounted for as an asset acquisition and the entire purchase price was allocated to land. Dispositions During the nine months ended September 30, 2022, we sold 80 properties for an aggregate sales price of $531,737, excluding closing costs, as presented in the table below. The sales of these properties do not represent significant dispositions nor do they represent a strategic shift. As a result, the results of the operations of these properties are included in continuing operations through the date of sale in our condensed consolidated statements of comprehensive income (loss). Quarter Sold Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the nine months ended September 30, 2022 Q1 2022 Hotels 5 1,060 $ 60,174 $ 4,990 Q1 2022 Net Lease 2 6,960 5,350 558 Q2 2022 Hotels 51 6,119 427,694 39,878 Q2 2022 Net Lease 11 108,532 7,714 (1,027) Q3 2022 Hotels 5 603 29,700 (186) Q3 2022 Net Lease 6 14,056 1,105 22 80 7,782 / 129,548 $ 531,737 $ 44,235 As of September 30, 2022, we had 22 hotels with 3,040 rooms and an aggregate carrying value of $133,239 classified as held for sale and three net lease properties with 8,575 square feet and an aggregate carrying value of $1,038 classified as held for sale. From October 1, 2022 through November 1, 2022, we sold one hotel with 120 rooms and a carrying value of $4,514 for a sales price of $6,025. See Notes 5 and 13 for further information on these properties.

Management Agreements and Lease

Management Agreements and Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of September 30, 2022, we owned 242 hotels which were included in six operating agreements and 769 service oriented retail properties net leased to 178 tenants. We do not operate any of our properties. Hotel agreements Sonesta agreement. As of September 30, 2022, Sonesta managed 40 of our full-service hotels, 111 of our extended stay hotels, and 49 of our select service hotels pursuant to management agreements for all of the hotels. The hotels Sonesta managed for us comprised approximately 47.7% of our total historical real estate investments. On January 7, 2022, we and Sonesta amended and restated our management agreements effective January 1, 2022. We refer to our management agreements with Sonesta collectively as our Sonesta agreement. As of that date, we owned 261 hotels managed by Sonesta and we expected to sell 67 of those hotels, or the Sale Hotels. Among other things, the amendments to the agreements between us and Sonesta for 194 hotels we did not then expect to sell, or the Retained Hotels, are as follows: • The term for the Retained Hotels expires on January 31, 2037 and includes two 15-year renewal options. • All Retained Hotels are subject to a pooling agreement that combines the management agreements for the Retained Hotels for purposes of calculating gross revenues, hotel operating expenses, fees and distributions and the owner’s priority return due to us. • The owner’s priority return for the Retained Hotels was initially set at $325,200 annually. We have the right to terminate Sonesta’s management of specific hotels that we own if minimum performance thresholds are not met starting in 2023. • We will renovate the Retained Hotels to comply with agreed upon brand standards. As we advance such funding or fund other capital expenditures, the aggregate annual owner’s priority return due to us will increase by 6% of the amounts funded. • Trade area restrictions by hotel brand were added to define boundaries to protect our owned hotels in response to Sonesta increasing its franchising and third-party management activities. For the Sale Hotels, the term was extended to December 31, 2022 (or, if earlier, until the applicable hotel has been sold) and the reserve established for the regular refurbishment of our hotels, or FF&E, reserve funding requirement was removed. The Sale Hotels are subject to a pooling agreement that combines the management agreements for the Sale Hotels for purposes of calculating gross revenues, hotel operating expenses, management and related fees and the owner’s priority return due to us. Our owner’s priority return will be reduced by the current owner’s priority return for a Sale Hotel once sold. We sold 61 of the Sale Hotels as of September 30, 2022 for an aggregate sales price of $517,568, excluding closing costs . We recognized a net gain of $44,682 and the total annual owner’s priority return was reduced by $73,851 in connection with these sales. As of September 30, 2022, the total annual owner’s priority return for the remaining six Sale Hotels we then owned was $11,819 as of that date. Subsequent to September 30, 2022, we sold an additional one Sale Hotel for an aggregate sales price of $6,025, excluding closing costs, and the total annual owner’s priority return was reduced by $902 in connection with this sale. As of November 1, 2022, we had agreements to sell an additional four Sale Hotels for an aggregate sales price of $25,170 and having a net book value of $22,996 and a total annual owner’s priority return of $5,408 as of September 30, 2022. These pending sales are subject to conditions; as a result, those sales may not occur, may be delayed or their terms may change. See Notes 6 and 10 for further information regarding our sales of hotels managed by Sonesta. Our Sonesta agreement provides that we are paid an annual owner’s priority return if gross revenues of the hotels, after payment of hotel operating expenses and management and related fees (other than Sonesta’s incentive fee, if applicable), are sufficient to do so. The Sonesta agreement further provides that we are paid an additional return equal to 80% of the operating profits, as defined therein, after reimbursement of owner or manager advances and with respect to the Retained Hotels, FF&E reserve escrows and Sonesta’s incentive fee, if applicable. Our Sonesta hotels generated net operating cash flow of $67,765 and $40,728 for the three months ended September 30, 2022 and 2021, respectively, and net operating cash flow of $148,217 and $28,531 for the nine months ended September 30, 2022 and 2021, respectively. Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing program and third-party reservation transmission fees of $31,136 and $26,640 for the three months ended September 30, 2022 and 2021, respectively, and $87,615 and $59,962 for the nine months ended September 30, 2022 and 2021, respectively. These fees and costs are included in hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). In addition, we incurred procurement and construction supervision fees payable to Sonesta of $284 and $184 for the three months ended September 30, 2022 and 2021, respectively, and $840 and $1,571 for the nine months ended September 30, 2022 and 2021, respectively, which amounts have been capitalized in our condensed consolidated balance sheets and are depreciated over the estimated useful lives of the related capital assets. Our Sonesta agreement requires us to fund capital expenditures that we approve at the hotels. We incurred capital expenditures for hotels included in our Sonesta agreement in an aggregate amount of $56,297 and $76,035 during the nine months ended September 30, 2022 and 2021, respectively, which resulted in increases in our contractual annual owner’s priority returns of $3,378 and $6,083, respectively. We owed Sonesta $7,252 and $5,016 for capital expenditures and other reimbursements at September 30, 2022 and December 31, 2021, respectively. Sonesta owed us $21,213 and $4,592 in owner’s priority returns as of September 30, 2022 and December 31, 2021, respectively. Amounts due from Sonesta are included in due from related persons and amounts owed to Sonesta are included in due to related persons in our condensed consolidated balance sheets. All of the hotels operated under the Retained Hotels management agreements require that 5% of the hotel gross revenues be escrowed for future capital expenditures as FF&E reserves, subject to available cash flows after payment of the owner’s priority returns due to us. No FF&E escrow deposits were required during either of the three or nine months ended September 30, 2022 or 2021. We are required to maintain working capital for each of our hotels managed by Sonesta and have advanced a fixed amount based on the number of rooms in each hotel to meet the cash needs for hotel operations. The sales of the hotels managed by Sonesta referenced above resulted in a return to us of working capital amounts we had previously advanced with respect to those hotels. As of September 30, 2022 and December 31, 2021, we had advanced $49,218 and $56,697, respectively, of initial working capital to Sonesta net of any working capital returned to us on termination of the applicable management agreements in connection with such sales. These amounts are included in other assets in our condensed consolidated balance sheets. Any remaining working capital would be returned to us upon termination in accordance with the terms of our Sonesta agreement. See Notes 6 and 10 for further information regarding our relationship, agreements and transactions with Sonesta. Hyatt agreement. As of September 30, 2022, Hyatt managed 17 of our select service hotels pursuant to a portfolio management agreement that expires on March 31, 2031, or our Hyatt agreement, and provides that, as of September 30, 2022, we are to be paid an annual owner’s priority return of $12,776. Any returns we receive from Hyatt are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Hyatt has provided us with a $30,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us that will become effective upon substantial completion of planned renovations of the hotels we currently expect to occur in 2023. We realized returns of $3,116 and $2,768 during the three months ended September 30, 2022 and 2021, respectively, and $9,504 and $6,634 for the nine months ended September 30, 2022 and 2021, respectively, under our Hyatt agreement. We incurred capital expenditures for certain hotels included in our Hyatt agreement of $12,611 during the nine months ended September 30, 2022, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $757. We did not incur capital expenditures for any of the hotels included in our Hyatt agreement during the nine months ended September 30, 2021. Radisson agreement . As of September 30, 2022, Radisson managed eight of our full service hotels pursuant to a portfolio management agreement that expires on July 31, 2031, or our Radisson agreement, and provides that we are to be paid an annual owner’s priority return of $10,200. Any returns we receive from Radisson are currently limited to the hotels’ available cash flows, if any, after payment of operating expenses. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us that will become effective upon substantial completion of planned renovations of certain of the hotels we currently expect to occur in 2023. We realized returns of $2,873 and $1,822 during the three months ended September 30, 2022 and 2021, respectively, and $6,347 and $11,878 for the nine months ended September 30, 2022 and 2021, respectively, under our Radisson agreement. We incurred capital expenditures of $2,135 and $2,433 for the hotels included in our Radisson agreement for the three and nine months ended September 30, 2022, respectively. We did not incur capital expenditures for any of the hotels included in our Radisson agreement during the three or nine months ended September 30, 2021. Marriott agreement . As of September 30, 2022, Marriott managed 16 of our hotels. We were previously in arbitration proceedings with Marriott regarding, among other things, the validity of the timing of the termination of the Marriott agreements in 2020, including an exit hotel agreement which, if not terminated, would have required us to sell the 16 hotels encumbered with a Marriott brand. We entered an agreement with Marriott regarding the 16 hotels currently managed by Marriott, pursuant to which we agreed to have these hotels remain Marriott branded until the arbitration was resolved. On January 18, 2022, the arbitration concluded. As of November 1, 2022, we have entered agreements to sell these 16 hotels for an aggregate sales price of $137,300, excluding closing costs. These pending sales are subject to conditions; as a result, these sales may not occur, may be delayed or their terms may change. Our Marriott hotels generated net operating cash flow of $3,818 and $4,685 during the three months ended September 30, 2022 and 2021, respectively, and net operating cash flow of $7,411 and a net operating cash flow deficit of $7,895 during the nine months ended September 30, 2022 and 2021, respectively. Any returns we receive from Marriott are limited to the hotels’ available cash flows, if any, after payment of operating expenses. We did not incur capital expenditures for any of the hotels included in our Marriott agreement during the nine months ended September 30, 2022. We incurred capital expenditures of $7,319 for the hotels included in our Marriott agreement during the nine months ended September 30, 2021. Other. Our management agreement with IHG for one hotel expires on January 31, 2026. Our IHG hotel generated net operating cash flow of $1,273 and $962 during the three months ended September 30, 2022 and 2021, respectively, and net operating cash flow of $2,610 and a cash flow deficit of $384 for the nine months ended September 30, 2022 and 2021, respectively. Any returns we receive from IHG are limited to the hotel’s available cash flows, if any, after payment of operating expenses. Net lease portfolio As of September 30, 2022, we owned 769 service-focused retail net lease properties with 13,412,371 square feet with leases requiring annual minimum rents of $372,601 with a weighted (by annual minimum rents) average remaining lease term of 8.8 years. The portfolio was 98.1% leased by 178 tenants operating under 136 brands in 21 distinct industries. TA leases. TA is our largest tenant, leasing 29.2% of our total historical real estate investments as of September 30, 2022. We lease to TA a total of 179 travel centers under five leases that expire between 2029 and 2035, subject to TA’s right to extend those leases, and require annual minimum rents of $246,110 as of September 30, 2022. In addition, TA is required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid $4,404 and $13,212 of deferred rent to us for each of the three and nine months ended September 30, 2022 and 2021, respectively. The remaining balance of previously deferred rents was $8,807 and $22,018 as of September 30, 2022 and December 31, 2021, respectively. We recognized rental income from our TA leases of $64,011 and $62,116 for the three months ended September 30, 2022 and 2021, respectively, and $188,280 and $186,357 for the nine months ended September 30, 2022 and 2021, respectively. Rental income was reduced by $3,240 and $3,267 for the three months ended September 30, 2022 and 2021, respectively, and $9,825 and $9,789 for the nine months ended September 30, 2022 and 2021, respectively, to record the deferred rent obligations under our TA leases and the estimated future payments to us by TA for the cost of removing underground storage tanks on a straight-line basis. As of September 30, 2022 and December 31, 2021, we had receivables for current rent amounts owed to us by TA and straight-line rent adjustments of $33,874 and $48,168, respectively. These amounts are included in due from related persons in our condensed consolidated balance sheets. Our TA leases require TA to pay us percentage rent based upon increases in certain sales. We recognize percentage rent due under our TA leases as rental income when all contingencies are met. We recognized percentage rent of $1,861 during the three and nine months ended September 30, 2022 under our TA leases. In addition, we had aggregate deferred percentage rent under our TA leases of $831 and $1,849 for the three months ended September 30, 2022 and 2021, respectively, and $6,168 and $4,827 for the nine months ended September 30, 2022 and 2021, respectively. Our TA leases do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non-structural components. Under our TA leases, TA may request that we fund capital improvements in return for increases in TA’s annual minimum rent equal to 8.5% of the amounts funded. We did not fund any capital improvements to our properties that we leased to TA during the three and nine months ended September 30, 2022 or 2021. See Notes 6 and 10 for further information regarding our relationship with TA. Our other net lease agreements generally provide for minimum rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight-line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We recognized rental income from our net lease properties (excluding TA) of $33,787 and $36,608 for the three months ended September 30, 2022 and 2021, respectively, which included $1,395 and $2,361, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight-line basis, and $102,669 and $99,594 for the nine months ended September 30, 2022 and 2021, respectively, which included $4,296 and $6,702, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight-line basis. We continually review receivables related to rent, straight-line rent and property operating expense reimbursements and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. The review includes an assessment of whether substantially all of the amounts due under a tenant’s lease are probable of collection. For leases that are deemed probable of collection, revenue continues to be recorded on a straight-line basis over the lease term. For leases that are deemed not probable of collection, revenue is recorded as cash is received. We recognize all changes in the collectability assessment for an operating lease as an adjustment to rental income. We recorded reserves for uncollectable amounts of $352 for the three months ended September 30, 2022 and reduced our reserves for uncollectable amounts by $315 for the nine months ended September 30, 2022 based on our assessment of collectability and cash received from certain tenants. We reduced our reserves for uncollectable amounts by $5,373 for the three months ended September 30, 2021 and recorded reserves for uncollectable amounts of $588 for the nine months ended September 30, 2021 based on our assessment of collectability and cash received from certain tenants. We had reserves for uncollectable rents of $7,755 and $15,519 as of September 30, 2022 and December 31, 2021, respectively, included in other assets in our condensed consolidated balance sheets.

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 6. Other Investments Equity method investment As of September 30, 2022, we owned approximately 34% of Sonesta’s outstanding common stock. We account for our 34% non-controlling interest in Sonesta under the equity method of accounting. As of September 30, 2022 and December 31, 2021, our investment in Sonesta had a carrying value of $113,168 and $62,687, respectively. The cost basis of our investment in Sonesta exceeded our proportionate share of Sonesta’s total stockholders’ equity book value on the date of acquisition of our initial equity interest in Sonesta, February 27, 2020, by an aggregate of $8,000. As required under GAAP, we are amortizing this difference to equity in earnings of an investee over 31 years, the weighted average remaining useful life of the real estate assets and intangible assets and liabilities owned by Sonesta as of the date of our acquisition. We recorded amortization of the basis difference of $65 in each of the three months ended September 30, 2022 and 2021 and $195 in each of the nine months ended September 30, 2022 and 2021. We recognized income of $2,866 and $2,158 related to our investment in Sonesta for the three months ended September 30, 2022 and 2021, respectively, and income of $4,472 and $50 for the nine months ended September 30, 2022 and 2021, respectively. These amounts are included in equity in earnings of an investee in our condensed consolidated statements of comprehensive income (loss). We recorded a liability for the fair value of our initial investment in Sonesta, as no cash consideration was exchanged related to the modification of our management agreement with, and investment in, Sonesta. This liability for our investment in Sonesta is included in accounts payable and other liabilities in our condensed consolidated balance sheet and is being amortized on a straight-line basis through January 31, 2037, as a reduction to hotel operating expenses in our condensed consolidated statements of comprehensive income (loss). We reduced hotel operating expenses by $621 for each of the three months ended September 30, 2022 and 2021, respectively, and $1,863 for each of the nine months ended September 30, 2022 and 2021, respectively, for amortization of this liability. As of September 30, 2022 and December 31, 2021, the unamortized balance of this liability was $35,584 and $37,447 , respectively. In March 2021, we funded a $25,443 capital contribution to Sonesta related to its acquisition of Red Lion Hotels Corporation. During the nine months ended September 30, 2022, we funded an aggregate of $45,470 of capital contributions to Sonesta related to Sonesta’s acquisition of a portfolio of four hotels located in New York, NY using cash on hand. We continue to maintain our 34% ownership in Sonesta after giving effect to these fundings. Investment in equity securities As of both September 30, 2022 and December 31, 2021, we owned approximately 8.0% of TA’s outstanding shares of common stock, and reported this investment at fair value based on quoted market prices (Level 1 inputs). Our TA shares had a carrying value of $63,896 and $61,159 as of September 30, 2022 and December 31, 2021, respectively. Our historical cost basis for these shares was $24,418 as of both September 30, 2022 and December 31, 2021. We recorded unrealized gains of $23,056 and $24,348 for the three months ended September 30, 2022 and 2021, respectively, and unrealized gains of $2,737 and $20,367 for the nine months ended September 30, 2022 and 2021, respectively, to adjust the carrying value of our investment in shares of TA common stock to its fair value. See Notes 4, 5 and 10 for further information regarding our relationships, agreements and transactions with TA and Note 13 for further information regarding our investment in TA.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Indebtedness	Note 7. Indebtedness Our principal debt obligations at September 30, 2022 were: (1) $95,000 of outstanding borrowings under our $800,000 revolving credit facility; and (2) $5,700,000 aggregate outstanding principal amount of senior unsecured notes. Our revolving credit facility is governed by a credit agreement with a syndicate of institutional lenders. As of September 30, 2022 , t he maturity date of our revolving credit facility was January 15, 2023, and, subject to the payment of an extension fee and meeting certain other conditions, we had the option to extend the maturity date of the facility for one six-month period. We can borrow, repay and reborrow funds available under our revolving credit facility until maturity, and no principal repayment is due until maturity. We are required to pay interest on borrowings under our revolving credit facility at the rate of LIBOR plus a premium, which was 250 basis points per annum, subject to a LIBOR floor of 0.50%, as of September 30, 2022. We also pay a facility fee, which was 30 basis points per annum at September 30, 2022, on the total amount of lending commitments under our revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon, among other things, changes to our credit ratings. As of September 30, 2022, the annual interest rate payable on borrowings under our revolving credit facility was 5.26%. The weighted average annual interest rate for borrowings under our revolving credit facility was 4.37% for the three months ended September 30, 2022, 3.36% for the nine months ended September 30, 2022 and 2.85% for both the three and nine months ended September 30, 2021. We and our lenders amended the credit agreement governing our revolving credit facility, or our credit agreement, in 2020. Among other things, the amendment waived all of the then existing financial covenants through the end of the then existing agreement term, or July 15, 2022. As a result of the amendment, among other things: • we pledged certain equity interests of subsidiaries owning properties and provided first mortgage liens on 74 properties owned by the pledged subsidiaries; • we had the ability to fund up to $250,000 of capital expenditures per year and up to $50,000 of certain other investments per year as defined in the credit agreement; • we agreed to certain covenants and restrictions on distributions to common shareholders, share repurchases, incurring indebtedness, and acquiring real property (in each case subject to various exceptions); • we agreed to maintain minimum liquidity of $125,000; • we were generally required to apply the net cash proceeds from the disposition of assets, capital markets transactions and debt refinancings to repay outstanding amounts under the credit agreement, and then to other debt maturities; • in order to exercise the first six month extension option under the credit agreement, we would have needed to be in compliance with the financial covenants under the credit agreement calculated using pro forma projections as defined in the credit agreement for the quarter ending June 30, 2022, annualized, and have repaid or refinanced our $500,000 of 5.00% senior notes due in August 2022; and • we were not able to utilize the feature in our credit agreement pursuant to which maximum aggregate borrowings may be increased to up to $2,300,000 on a combined basis in certain circumstances until we demonstrated compliance with certain covenants. On April 14, 2022, we further amended our credit agreement and exercised our option to extend the maturity date of our revolving credit facility by six months to January 15, 2023. Pursuant to the amendment: • we repaid $200,000 of the outstanding balance and reduced the size of the revolving credit facility from $1,000,000 to $800,000; • we are permitted to acquire up to an aggregate of $300,000 of real property through the waiver period, which was extended pursuant to the amendment to December 31, 2022; • certain of the financial covenants in our credit agreement will be tested and in full force and effect beginning with the quarter ending September 30, 2022 and were modified to lower the required fixed charge coverage ratio from 1.5x to 1.0x through December 31, 2022, increase the required leverage ratio limit from 60% to 70% and increase the minimum liquidity requirement from $125,000 to $150,000 (which amount is subject to an additional increase as noted below); • we can fund through the waiver period an aggregate of $100,000 of capital contributions requested by Sonesta for business activities and to acquire additional shares of common stock of TA to retain our pro rata ownership of TA, an increase from the previous aggregate limit of $50,000; • the interest rate premium payable on borrowings under our revolving credit facility was increased from 235 basis points per annum to 250 basis points per annum, with the facility fee remaining unchanged at 30 basis points per annum on the total amount of lending commitments under the facility. The interest rate premiums and the facility fee continue to be subject to adjustment based upon changes to our credit ratings and, pursuant to the amendment, the interest rate premium will increase by an additional 25 basis points if we do not satisfy certain financial covenants; and • we are required to maintain minimum liquidity of at least $150,000. As a result of the decrease in the size of the revolving credit facility, we recognized a loss on early extinguishment of debt of $590 during the nine months ended September 30, 2022, which represented the write off of a portion of deferred financing fees. On October 4, 2022, we further amended our credit agreement and exercised our remaining option to extend the maturity date of our revolving credit facility by six months to July 15, 2023. Pursuant to the amendment: • we agreed to maintain minimum liquidity of $600,000 until we repay or refinance our $500,000 of 4.5% senior notes due in June 2023 and maintain at least $150,000 of liquidity thereafter; and • restrictions on paying common dividends and issuing secured debt previously agreed to during the existing waiver period were removed, subject to certain conditions. Our revolving credit facility continues to be secured by 73 properties with an undepreciated book value of $1,573,608 as of September 30, 2022 to secure our obligations under the credit agreement. On June 15, 2022, we redeemed at par all of our outstanding 5.00% senior notes due 2022 for a redemption price equal to the principal amount of $500,000, plus accrued and unpaid interest. As a result of the redemption, we recorded a loss on early extinguishment of debt of $201 during the nine months ended September 30, 2022, which represented the unamortized discounts and issuance costs related to these notes. Our credit agreement and our unsecured senior notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes The RMR Group LLC, or RMR, ceasing to act as our business manager. Our credit agreement and our unsecured senior notes indentures and their supplements also contain covenants, including those that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our credit agreement and our unsecured senior notes indentures and their supplements as of September 30, 2022.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 8. Shareholders' Equity Distributions During the nine months ended September 30, 2022, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 1,651 April 14, 2022 April 25, 2022 May 19, 2022 0.01 1,651 July 14, 2022 July 25, 2022 August 18, 2022 0.01 1,651 $ 0.03 $ 4,953 On October 13, 2022, we declared a regular quarterly distribution to common shareholders of record as of October 24, 2022 of $0.20 per share, or $33,091. We expect to pay this amount on or about November 17, 2022. Share Awards On June 15, 2022, in accordance with our Trustee compensation arrangements, we awarded 7,000 of our common shares, valued at $5.70 per common share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day, to each of our seven Trustees as part of their annual compensation. On September 14, 2022, we awarded under our equity compensation plan an aggregate of 384,500 of our common shares, valued at $6.75 per common share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other officers and employees of RMR. Share Purchases During the three and nine months ended September 30, 2022, we purchased an aggregate of 68,371 and 68,849 of our common shares, respectively, valued at weighted average share prices of $6.71 and $6.72 per share, respectively. These common share withholdings and purchases were made to satisfy the tax withholding and payment obligations of officers and certain other current and former employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these shares at their fair market values based upon the trading price of our common shares at the close of trading on Nasdaq on the purchase dates.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Business and Property Management Agreements with RMR	Note 9. Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally, and (2) a property management agreement, which relates to our property level operations of our net lease portfolio, excluding properties leased to TA, the office building component of one of our hotels and major renovation or repositioning activities at our hotels that we may request RMR to manage from time to time. We recognized net business management fees payable to RMR of $8,272 and $10,794 for the three months ended September 30, 2022 and 2021, respectively, and $27,455 and $31,836 for the nine months ended September 30, 2022 and 2021, respectively. Based on our common share total return, as defined in our business management agreement, as of each of September 30, 2022 and 2021, no incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2022 or 2021. The actual amount of annual incentive fees for 2022, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2022, and will be payable in January 2023. We did not incur an incentive fee payable to RMR for the year ended December 31, 2021. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). We and RMR amended our business management agreement effective August 1, 2021 to provide that (i) for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Hotel & Resort REIT Index will be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR, and (ii) for periods prior to August 1, 2021, the SNL U.S. REIT Hotel Index will continue to be used. This change of index was due to S&P Global, Inc. ceasing to publish the SNL U.S. REIT Hotel Index. We recognized property management and construction supervision fees payable to RMR of $1,628 and $1,384 for the three months ended September 30, 2022 and 2021, respectively, and $4,526 and $3,267 for the nine months ended September 30, 2022 and 2021, respectively. Of those amounts, for the three months ended September 30, 2022 and 2021, $975 and $1,002, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $653 and $382, respectively, of construction and supervision fees were capitalized for the three months ended September 30, 2022 and 2021. The amounts capitalized are included in building, improvements and equipment in our condensed consolidated balance sheets. For the nine months ended September 30, 2022 and 2021, $3,007 and $2,683, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,520 and $584, respectively, of construction and supervision fees were capitalized and included in building, improvements and equipment in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR employees assigned to work exclusively or partly at our net lease properties, our share of the wages, benefits and other related costs of RMR's centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, and as otherwise agreed. We reimbursed RMR $892 and $679 for these expenses and costs for the three months ended September 30, 2022 and 2021, respectively, and $2,331 and $2,016 for the nine months ended September 30, 2022 and 2021, respectively. We included these amounts in other operating expenses and selling, general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss). On June 22, 2021, we and RMR amended our property management agreement to, among other things, provide for RMR's oversight of any major capital projects and repositioning activities at our hotels, including our hotels that are managed by Sonesta, as we may request from time to time. RMR will receive the same fee previously paid to Sonesta for these services, which is equal to 3% of the cost of any such major capital project or repositioning activity.

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Person Transactions	Note 10. Related Person Transactions We have relationships and historical and continuing transactions with TA, Sonesta, RMR, The RMR Group, Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned operating subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. John G. Murray, our other Managing Trustee and our President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our other officers serves as an officer of RMR. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing trustee or managing director of those companies. Other officers of RMR, including Mr. Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. See Note 8 for information relating to the annual share awards we made in September 2022 to our officers and certain other officers and employees of RMR and common shares we purchased from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares to them. We include amounts recognized as expense for share awards to RMR employees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). TA . We lease 179 of our travel centers to TA under our TA leases. As of September 30, 2022, we owned approximately 8.0% of TA’s outstanding shares of common stock. RMR provides management services to both us and TA, and Adam D. Portnoy also serves as the chair of the board of directors and as a managing director of TA and, as of September 30, 2022, beneficially owned (including through RMR) approximately 4.5% of TA’s outstanding shares of common stock. See Notes 5, 6 and 13 for further information regarding our relationships, agreements and transactions with, and investments in, TA. Sonesta. Sonesta is a private company and is controlled by one of our Managing Trustees, Adam D. Portnoy. Mr. Portnoy is the largest owner and controlling shareholder and a director of Sonesta. One of Sonesta’s other directors is our other Managing Trustee and former President and Chief Executive Officer and is Sonesta’s president and chief executive officer. Sonesta’s other director serves as RMR’s and RMR Inc.’s executive vice president, general counsel and secretary, as a managing director of RMR Inc. and as our Secretary. Certain other officers of Sonesta are officers of RMR and certain other officers and employees of Sonesta are former employees of RMR. RMR also provides certain services to Sonesta. As of September 30, 2022, we owned approximately 34% of Sonesta which managed 200 of our hotels. See Notes 4, 5 and 6 for further information regarding our relationships, agreements and transactions with, and investment in, Sonesta. Our Manager, RMR. We have two agreements with RMR to provide management services to us. See Note 9 for further information regarding our management agreements with RMR. For further information about these and certain other such relationships and certain other related person transactions, refer to our 2021 Annual Report.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 11. Income Taxes We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, or the IRC, and, as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We are subject to income tax in Canada, Puerto Rico and certain states despite our qualification for taxation as a REIT. Further, we lease our managed hotels to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated tax return and are subject to federal, state and foreign income taxes. Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT. During the three months ended September 30, 2022, we recognized an income tax expense of $390, which includes $318 of state tax expense and $72 of foreign tax expense. During the three months ended September 30, 2021, we recognized an income tax benefit of $55, which includes $194 of state tax benefit and $139 of foreign tax expense. During the nine months ended September 30, 2022, we recognized an income tax expense of $1,558, which includes $1,153 of state tax expense and $405 of foreign tax expense. During the nine months ended September 30, 2021, we recognized an income tax expense of $1,009, which includes $698 of state tax expense and $309 of foreign tax expense.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Note 12. Segment Information We aggregate our hotels and net lease portfolio into two reportable segments, hotel investments and net lease investments, based on their similar operating and economic characteristics. For the Three Months Ended September 30, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 400,453 $ — $ — $ 400,453 Rental income — 97,798 — 97,798 Total revenues 400,453 97,798 — 498,251 Expenses: Hotel operating expenses 318,266 — — 318,266 Other operating expenses — 3,511 — 3,511 Depreciation and amortization 55,780 45,734 — 101,514 General and administrative — — 11,293 11,293 Loss on asset impairment, net 867 305 — 1,172 Total expenses 374,913 49,550 11,293 435,756 (Loss) gain on sale of real estate, net (188) 24 — (164) Unrealized gains on equity securities, net — — 23,056 23,056 Interest income 6 28 1,408 1,442 Interest expense — — (81,740) (81,740) Income (loss) before income taxes and equity in earnings of an investee 25,358 48,300 (68,569) 5,089 Income tax expense — — (390) (390) Equity in earnings of an investee — — 2,801 2,801 Net income (loss) $ 25,358 $ 48,300 $ (66,158) $ 7,500 For the Nine Months Ended September 30, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,116,843 $ — $ — $ 1,116,843 Rental income — 290,949 — 290,949 Total revenues 1,116,843 290,949 — 1,407,792 Expenses: Hotel operating expenses 933,803 — — 933,803 Other operating expenses — 9,162 — 9,162 Depreciation and amortization 167,821 138,326 — 306,147 General and administrative — — 35,743 35,743 Transaction related costs — — 1,920 1,920 Loss on asset impairment, net 9,483 237 — 9,720 Total expenses 1,111,107 147,725 37,663 1,296,495 Gain (loss) on sale of real estate, net 44,682 (447) — 44,235 Unrealized gains on equity securities, net — — 2,737 2,737 Interest income 7 28 2,700 2,735 Interest expense — — (263,904) (263,904) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income taxes and equity in earnings of an investee 50,425 142,805 (296,921) (103,691) Income tax expense — — (1,558) (1,558) Equity in earnings of an investee — — 4,277 4,277 Net income (loss) $ 50,425 $ 142,805 $ (294,202) $ (100,972) As of September 30, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,309,768 $ 3,473,119 $ 849,826 $ 7,632,713 For the Three Months Ended September 30, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 338,375 $ — $ — $ 338,375 Rental income — 98,724 — 98,724 Total revenues 338,375 98,724 — 437,099 Expenses: Hotel operating expenses 285,233 — — 285,233 Other operating expenses — 4,437 — 4,437 Depreciation and amortization 66,065 58,098 — 124,163 General and administrative — — 14,231 14,231 Transition related costs — — 3,149 3,149 Total expenses 351,298 62,535 17,380 431,213 Gain on sale of real estate, net — 94 — 94 Unrealized gain on equity securities, net — — 24,348 24,348 Interest income — — 203 203 Interest expense — — (92,458) (92,458) Income (loss) before income taxes and equity in earnings of an investee (12,923) 36,283 (85,287) (61,927) Income tax benefit — — 55 55 Equity in earnings of an investee — — 2,158 2,158 Net income (loss) $ (12,923) $ 36,283 $ (83,074) $ (59,714) For the Nine Months Ended September 30, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 787,463 $ — $ — $ 787,463 Rental income 700 286,042 — 286,742 Total revenues 788,163 286,042 — 1,074,205 Expenses: Hotel operating expenses 723,769 — — 723,769 Other operating expenses — 11,758 — 11,758 Depreciation and amortization 200,772 169,436 — 370,208 General and administrative — — 40,840 40,840 Transition costs 23,159 — 5,775 28,934 Loss on asset impairment — 2,110 — 2,110 Total expenses 947,700 183,304 46,615 1,177,619 Gain on sale of real estate, net 10,813 121 — 10,934 Unrealized gain on equity securities, net — — 20,367 20,367 Interest income — — 485 485 Interest expense — — (273,227) (273,227) Income (loss) before income taxes and equity in earnings of an investee (148,724) 102,859 (298,990) (344,855) Income tax expense — — (1,009) (1,009) Equity in earnings of an investee — — 50 50 Net income (loss) $ (148,724) $ 102,859 $ (299,949) $ (345,814) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 ` $ 9,153,315

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Note 13. Fair Value of Assets and Liabilities The table below presents certain of our assets carried at fair value at September 30, 2022, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Fair Value Measurement Assets: Investment in TA (1) $ 63,896 $ 63,896 $ — $ — Non-Recurring Fair Value Measurement Assets: Assets of properties held for sale (2) $ 20,553 $ — $ 20,553 $ — (1) See Note 6 for further information regarding our investment in TA. (2) We recorded a loss on impairment of $7,305 during the nine months ended September 30, 2022 and $17,741 during the twelve months ended December 31, 2021 to reduce the carrying values of three of the 22 hotels classified as held for sale as of September 30, 2022 and three net lease properties classified as held for sale as of September 30, 2022, with an aggregate carrying value of $20,553, to their estimated fair value less costs to sell based on offers received from third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP). In addition to the assets included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility and senior notes. At September 30, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: September 30, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2022 at 5.00% $ — $ — $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,884 488,125 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,409 323,750 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 822,120 725,555 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 348,321 292,499 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 793,089 748,000 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 346,189 278,702 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 447,584 339,611 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 396,727 296,516 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 444,222 365,544 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 393,919 271,756 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 419,486 291,078 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 391,637 262,484 390,786 370,836 Total financial liabilities $ 5,652,587 $ 4,683,620 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and issuance costs. At September 30, 2022 and December 31, 2021, we estimated the fair values of our senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 2 inputs).

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements of us are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair statement of results for the interim period, have been included. These condensed consolidated financial statements include our accounts and the accounts of our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods and those of our managers and tenants are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in our condensed consolidated financial statements include the allowance for credit losses, purchase price allocations, useful lives of fixed assets, impairment of real estate and related intangibles.
Variable Interest Entity	We have determined that each of our wholly owned taxable REIT subsidiaries, or TRSs, is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification ™ .
Revenue Recognition	We report hotel operating revenues for managed hotels in our condensed consolidated statements of comprehensive income (loss). We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when goods and services are provided.Certain of our lease agreements require additional percentage rent if gross revenues of our properties exceed certain thresholds defined in our lease agreements. We may determine percentage rent due to us under our leases monthly, quarterly or annually, depending on the specific lease terms, and recognize it when all contingencies are met and the rent is earned.
Revenue Recognition	We report rental income for leased properties in our condensed consolidated statements of comprehensive income (loss). We recognize rental income from operating leases on a straight line basis over the term of the lease agreements.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
Schedule of sale of properties	Quarter Sold Property Type Number of Properties Rooms or Suites/Square Feet Gross Sales Price Gain/ (Loss) on Sale Properties sold during the nine months ended September 30, 2022 Q1 2022 Hotels 5 1,060 $ 60,174 $ 4,990 Q1 2022 Net Lease 2 6,960 5,350 558 Q2 2022 Hotels 51 6,119 427,694 39,878 Q2 2022 Net Lease 11 108,532 7,714 (1,027) Q3 2022 Hotels 5 603 29,700 (186) Q3 2022 Net Lease 6 14,056 1,105 22 80 7,782 / 129,548 $ 531,737 $ 44,235

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Dividends declared	During the nine months ended September 30, 2022, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Paid Date Dividend Per Common Share Total Distributions January 13, 2022 January 24, 2022 February 17, 2022 $ 0.01 $ 1,651 April 14, 2022 April 25, 2022 May 19, 2022 0.01 1,651 July 14, 2022 July 25, 2022 August 18, 2022 0.01 1,651 $ 0.03 $ 4,953

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of segment information	For the Three Months Ended September 30, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 400,453 $ — $ — $ 400,453 Rental income — 97,798 — 97,798 Total revenues 400,453 97,798 — 498,251 Expenses: Hotel operating expenses 318,266 — — 318,266 Other operating expenses — 3,511 — 3,511 Depreciation and amortization 55,780 45,734 — 101,514 General and administrative — — 11,293 11,293 Loss on asset impairment, net 867 305 — 1,172 Total expenses 374,913 49,550 11,293 435,756 (Loss) gain on sale of real estate, net (188) 24 — (164) Unrealized gains on equity securities, net — — 23,056 23,056 Interest income 6 28 1,408 1,442 Interest expense — — (81,740) (81,740) Income (loss) before income taxes and equity in earnings of an investee 25,358 48,300 (68,569) 5,089 Income tax expense — — (390) (390) Equity in earnings of an investee — — 2,801 2,801 Net income (loss) $ 25,358 $ 48,300 $ (66,158) $ 7,500 For the Nine Months Ended September 30, 2022 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,116,843 $ — $ — $ 1,116,843 Rental income — 290,949 — 290,949 Total revenues 1,116,843 290,949 — 1,407,792 Expenses: Hotel operating expenses 933,803 — — 933,803 Other operating expenses — 9,162 — 9,162 Depreciation and amortization 167,821 138,326 — 306,147 General and administrative — — 35,743 35,743 Transaction related costs — — 1,920 1,920 Loss on asset impairment, net 9,483 237 — 9,720 Total expenses 1,111,107 147,725 37,663 1,296,495 Gain (loss) on sale of real estate, net 44,682 (447) — 44,235 Unrealized gains on equity securities, net — — 2,737 2,737 Interest income 7 28 2,700 2,735 Interest expense — — (263,904) (263,904) Loss on early extinguishment of debt — — (791) (791) Income (loss) before income taxes and equity in earnings of an investee 50,425 142,805 (296,921) (103,691) Income tax expense — — (1,558) (1,558) Equity in earnings of an investee — — 4,277 4,277 Net income (loss) $ 50,425 $ 142,805 $ (294,202) $ (100,972) As of September 30, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,309,768 $ 3,473,119 $ 849,826 $ 7,632,713 For the Three Months Ended September 30, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 338,375 $ — $ — $ 338,375 Rental income — 98,724 — 98,724 Total revenues 338,375 98,724 — 437,099 Expenses: Hotel operating expenses 285,233 — — 285,233 Other operating expenses — 4,437 — 4,437 Depreciation and amortization 66,065 58,098 — 124,163 General and administrative — — 14,231 14,231 Transition related costs — — 3,149 3,149 Total expenses 351,298 62,535 17,380 431,213 Gain on sale of real estate, net — 94 — 94 Unrealized gain on equity securities, net — — 24,348 24,348 Interest income — — 203 203 Interest expense — — (92,458) (92,458) Income (loss) before income taxes and equity in earnings of an investee (12,923) 36,283 (85,287) (61,927) Income tax benefit — — 55 55 Equity in earnings of an investee — — 2,158 2,158 Net income (loss) $ (12,923) $ 36,283 $ (83,074) $ (59,714) For the Nine Months Ended September 30, 2021 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 787,463 $ — $ — $ 787,463 Rental income 700 286,042 — 286,742 Total revenues 788,163 286,042 — 1,074,205 Expenses: Hotel operating expenses 723,769 — — 723,769 Other operating expenses — 11,758 — 11,758 Depreciation and amortization 200,772 169,436 — 370,208 General and administrative — — 40,840 40,840 Transition costs 23,159 — 5,775 28,934 Loss on asset impairment — 2,110 — 2,110 Total expenses 947,700 183,304 46,615 1,177,619 Gain on sale of real estate, net 10,813 121 — 10,934 Unrealized gain on equity securities, net — — 20,367 20,367 Interest income — — 485 485 Interest expense — — (273,227) (273,227) Income (loss) before income taxes and equity in earnings of an investee (148,724) 102,859 (298,990) (344,855) Income tax expense — — (1,009) (1,009) Equity in earnings of an investee — — 50 50 Net income (loss) $ (148,724) $ 102,859 $ (299,949) $ (345,814) As of December 31, 2021 Hotels Net Lease Corporate Consolidated Total assets $ 4,487,101 $ 3,580,095 $ 1,086,119 ` $ 9,153,315

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Schedule of certain of the entity's assets carried at fair value, categorized by the level of inputs used in the valuation of each asset	The table below presents certain of our assets carried at fair value at September 30, 2022, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset. Fair Value at Reporting Date Using Description Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Fair Value Measurement Assets: Investment in TA (1) $ 63,896 $ 63,896 $ — $ — Non-Recurring Fair Value Measurement Assets: Assets of properties held for sale (2) $ 20,553 $ — $ 20,553 $ — (1) See Note 6 for further information regarding our investment in TA.
Schedule of fair value of additional financial instruments	At September 30, 2022 and December 31, 2021, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short-term nature or floating interest rates, except as follows: September 30, 2022 December 31, 2021 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2022 at 5.00% $ — $ — $ 499,244 $ 501,033 Senior Unsecured Notes, due 2023 at 4.50% 499,884 488,125 499,761 505,378 Senior Unsecured Notes, due 2024 at 4.65% 349,409 323,750 349,105 347,039 Senior Unsecured Notes, due 2024 at 4.35% 822,120 725,555 821,017 821,184 Senior Unsecured Notes, due 2025 at 4.50% 348,321 292,499 347,806 342,493 Senior Unsecured Notes, due 2025 at 7.50% 793,089 748,000 791,340 867,712 Senior Unsecured Notes, due 2026 at 5.25% 346,189 278,702 345,342 348,537 Senior Unsecured Notes, due 2026 at 4.75% 447,584 339,611 447,126 439,889 Senior Unsecured Notes, due 2027 at 4.95% 396,727 296,516 396,160 395,862 Senior Unsecured Notes, due 2027 at 5.50% 444,222 365,544 443,383 461,522 Senior Unsecured Notes, due 2028 at 3.95% 393,919 271,756 393,057 370,562 Senior Unsecured Notes, due 2029 at 4.95% 419,486 291,078 418,895 407,448 Senior Unsecured Notes, due 2030 at 4.375% 391,637 262,484 390,786 370,836 Total financial liabilities $ 5,652,587 $ 4,683,620 $ 6,143,022 $ 6,179,495 (1) Carrying value includes unamortized discounts and premiums and issuance costs.

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details) $ in Thousands	Sep. 30, 2022 USD ($) hotel travelCenter property tenant	Jan. 01, 2022 hotel	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Ownership interest in subsidiaries	100%
Assets of TRSs | $	$ 7,632,713		$ 9,153,315
Liabilities of TRSs | $	6,180,795		7,598,009
Consolidated
Variable Interest Entity [Line Items]
Assets of TRSs | $	166,075		113,705
Liabilities of TRSs | $	$ 35,968		$ 42,432
Hotels
Variable Interest Entity [Line Items]
Number of properties owned	242
Net Lease
Variable Interest Entity [Line Items]
Number of properties owned | property	769
Number of tenants | tenant	178
Net Lease | TravelCenters of America Inc.
Variable Interest Entity [Line Items]
Number of properties owned | travelCenter	179
Sonesta Int'l Hotels Corp | Hotels
Variable Interest Entity [Line Items]
Number of properties owned	200	261
Hyatt Hotels Corporation | Hotels
Variable Interest Entity [Line Items]
Number of properties owned	17
Radisson Agreement | Hotels
Variable Interest Entity [Line Items]
Number of properties owned	8
Marriott Contracts | Hotels | Marriott International, Inc.
Variable Interest Entity [Line Items]
Number of properties owned	16
IHG Agreement | Hotels | Ravinia, GA
Variable Interest Entity [Line Items]
Number of properties owned	1

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Adjustments necessary to record rent on straight line basis	$ 1,845	$ 905	$ 5,530	$ 3,087
Straight line rent receivables	31,176		31,176		$ 26,881
TA
Related Party Transaction [Line Items]
Straight line rent receivable, due from related persons	10,840		10,840		$ 20,655
Percentage rent	(2,279)	(555)	(3,421)	(944)
Deferred percentage rental income	$ 830	$ 1,849	$ 6,168	$ 4,827

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended
	Nov. 01, 2022 USD ($) hotel room	Nov. 01, 2022 USD ($) hotel room	Sep. 30, 2022 USD ($) ft² hotel property room unit	Jun. 30, 2022 USD ($) ft² property room	Mar. 31, 2022 USD ($) ft² property room	Sep. 30, 2022 USD ($) ft² hotel property room unit	Sep. 30, 2021 USD ($)	Jan. 01, 2022 hotel	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Aggregate undepreciated carrying value of real estate			$ 9,715,649			$ 9,715,649
Assets held for sale			142,972			142,972			$ 515,518
Improvements to certain properties						68,790	$ 64,340
Carrying value			$ 9,572,677			9,572,677			$ 10,225,633
Net proceeds from sale of real estate						$ 517,956	$ 33,772
Hotels
Real Estate Properties [Line Items]
Number of properties owned | hotel			242			242
Net Lease
Real Estate Properties [Line Items]
Number of properties owned | property			769			769
Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room			7,782			7,782
Square feet | ft²			129,548			129,548
Number of properties sold | property						80
Aggregate sales price, excluding closing costs						$ 531,737
Held-for-sale
Real Estate Properties [Line Items]
Square feet | ft²			8,575			8,575
Held-for-sale | Net Lease
Real Estate Properties [Line Items]
Carrying value of properties held for sale			$ 11,819			$ 11,819
Hotels and net lease properties
Real Estate Properties [Line Items]
Square feet | ft²			13,412,371			13,412,371
Improvements to certain properties						$ 73,952
Hotels and net lease properties | Held-for-sale
Real Estate Properties [Line Items]
Aggregate undepreciated carrying value of real estate			$ 20,553			$ 20,553
Hotels
Real Estate Properties [Line Items]
Number of rooms/suites | unit			40,563			40,563
Number of properties to be sold or rebranded | hotel			22			22
Number of units to be sold or rebranded | room			3,040			3,040
Carrying value of properties held for sale			$ 133,239			$ 133,239
Hotels | Sonesta Int'l Hotels Corp
Real Estate Properties [Line Items]
Number of properties owned | hotel			200			200		261
Number of properties to be sold or rebranded | hotel								67
Hotels | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room			603	6,119	1,060	603
Number of properties sold			5	51	5	61
Aggregate sales price, excluding closing costs			$ 29,700	$ 427,694	$ 60,174	$ 517,568
Hotels | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Number of rooms/suites | room	120	120
Number of properties sold | hotel		1
Aggregate sales price		$ 6,025
Carrying value	$ 4,514	$ 4,514
Net proceeds from sale of real estate	$ 25,170
Hotels | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | hotel			1			1
Number of rooms/suites | room			219			219
Square feet | ft²			8,575			8,575
Aggregate undepreciated carrying value of real estate			$ 1,038			$ 1,038
Number of properties to be sold or rebranded | hotel			6			6
Hotels | Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Number of rooms/suites | hotel	2,701	2,701
Net proceeds from sale of real estate	$ 162,470
Hotels | Held-for-sale | Subsequent event | Sonesta Int'l Hotels Corp
Real Estate Properties [Line Items]
Number of properties owned | hotel	4	4
Hotels | Held-for-sale | Subsequent event | Marriott International, Inc.
Real Estate Properties [Line Items]
Number of properties owned | hotel	16	16
Net Lease
Real Estate Properties [Line Items]
Purchase price			$ 2,765
Acquisition related cost			$ 51
Number of properties to be sold or rebranded | property			3			3
Net Lease | Disposed of by sale
Real Estate Properties [Line Items]
Square feet | ft²			14,056	108,532	6,960	14,056
Number of properties sold | property			6	11	2
Aggregate sales price, excluding closing costs			$ 1,105	$ 7,714	$ 5,350
Net Lease | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | hotel			3			3

Real Estate Properties - Sale o

Real Estate Properties - Sale of Properties (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2022 USD ($) ft² unit room property	Jun. 30, 2022 USD ($) ft² property room	Mar. 31, 2022 USD ($) ft² property room	Sep. 30, 2022 USD ($) ft² unit property room hotel
Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms | unit	40,563			40,563
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property				80
Rooms | room	7,782			7,782
Square Feet | ft²	129,548			129,548
Gross Sales Price				$ 531,737
Gain/ (Loss) on Sale				$ 44,235
Disposed of by sale | Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties	5	51	5	61
Rooms | room	603	6,119	1,060	603
Gross Sales Price	$ 29,700	$ 427,694	$ 60,174	$ 517,568
Gain/ (Loss) on Sale	$ (186)	$ 39,878	$ 4,990	$ 44,682
Disposed of by sale | Net Lease
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	6	11	2
Square Feet | ft²	14,056	108,532	6,960	14,056
Gross Sales Price	$ 1,105	$ 7,714	$ 5,350
Gain/ (Loss) on Sale	$ 22	$ (1,027)	$ 558

Management Agreements and Lea_2

Management Agreements and Leases - Narrative (Details)	Sep. 30, 2022 tenant property hotel agreement
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	6
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	242
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	769
Number of tenants | tenant	178

Management Agreements and Lea_3

Management Agreements and Leases - Sonesta (Details) $ in Thousands			1 Months Ended	3 Months Ended				9 Months Ended
	Nov. 01, 2022 USD ($) hotel	Jan. 01, 2022 USD ($) hotel renewalOption	Nov. 01, 2022 USD ($) hotel	Sep. 30, 2022 USD ($) hotel property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel property	Sep. 30, 2021 USD ($)	Nov. 02, 2022 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Net proceeds from sale of real estate								$ 517,956	$ 33,772
Book value				$ 6,643,484				6,643,484			$ 6,943,974
Capital improvements from leased facilities, funded								68,790	64,340
Due from related persons				$ 58,292				$ 58,292			48,168
Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold | property								80
Aggregate sales price, excluding closing costs								$ 531,737
Gain (loss) on disposition of assets								$ 44,235
Sonesta agreements
Management Agreements and Leases [Line Items]
Percentage of historical real estate investments				47.70%				47.70%
Percent of gross revenues from hotel operations placed in FF&E reserve								5%
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property				769				769
Net Lease | Held-for-sale
Management Agreements and Leases [Line Items]
Carrying value of properties held for sale				$ 11,819				$ 11,819
Hotels
Management Agreements and Leases [Line Items]
Number of properties to be sold or rebranded | hotel				22				22
Carrying value of properties held for sale				$ 133,239				$ 133,239
Hotels | Disposed of by sale
Management Agreements and Leases [Line Items]
Annual priority return amount								$ 73,851
Number of properties sold				5	51	5		61
Aggregate sales price, excluding closing costs				$ 29,700	$ 427,694	$ 60,174		$ 517,568
Gain (loss) on disposition of assets				(186)	$ 39,878	$ 4,990		44,682
Owner's priority amount				$ 5,408				$ 5,408
Hotels | Disposed of by sale | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties sold | hotel			1
Aggregate sales price			$ 6,025
Owner's priority amount										$ 902
Net proceeds from sale of real estate	$ 25,170
Book value	22,996		$ 22,996
Hotels | Held-for-sale
Management Agreements and Leases [Line Items]
Number of properties owned | hotel				1				1
Number of properties to be sold or rebranded | hotel				6				6
Hotels | Held-for-sale | Subsequent event
Management Agreements and Leases [Line Items]
Net proceeds from sale of real estate	$ 162,470
Hotels | Sonesta agreements
Management Agreements and Leases [Line Items]
Percent payment of hotel cash flows				80%				80%
Hotel net income (loss)				$ 67,765			$ 40,728	$ 148,217	28,531
Related party transaction, management marketing and reservation system fees				31,136			26,640	87,615	59,962
Procurement and construction supervision fees				284			184	840	1,571
Capital improvements from leased facilities, funded								56,297	76,035
Advanced working capital				$ 49,218				$ 49,218			56,697
Hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		261		200				200
Number of properties to be sold or rebranded | hotel		67
Number of real estate properties to be retained | hotel		194
Number of renewal options | renewalOption		2
Term of renewal options		15 years
Annual priority return amount		$ 325,200
Annual priority return percentage		6%
Due to related party, reimbursement of capital expenditures and other				$ 7,252				$ 7,252			5,016
Hotels | Sonesta Int'l Hotels Corp | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons				21,213				21,213			$ 4,592
Hotels | Sonesta Int'l Hotels Corp | Held-for-sale | Subsequent event
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	4		4
Hotels | Sonesta Int'l Hotels Corp | Sonesta agreements | Return Of Capital
Management Agreements and Leases [Line Items]
Due from related persons				$ 3,378			$ 6,083	$ 3,378	$ 6,083
Hotels | Sonesta Int'l Hotels Corp | Full service hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel				40				40
Hotels | Sonesta Int'l Hotels Corp | Limited services hotel
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel				111				111
Hotels | Sonesta Int'l Hotels Corp | Select service hotels
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel				49				49

Management Agreements and Lea_4

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 68,790	$ 64,340
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	242		242
Hyatt Hotels Corporation | Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	17		17
Hotels | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 12,776
Limited guarantee amount			$ 30,000
Limited guarantee, percentage of annual minimum returns	75%		75%
Realized returns and rents	$ 3,116	$ 2,768	$ 9,504	$ 6,634
Capital improvements from leased facilities, funded	12,611
Increase in annual owner's priority returns	$ 757

Management Agreements and Lea_5

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 68,790	$ 64,340
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded	$ 2,135	$ 0	$ 2,433	0
Hotels | Radisson Agreement
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	8		8
Operating agreement annual rent and return			$ 10,200
Limited guarantee amount			$ 22,000
Limited guarantee, percentage of annual minimum returns	75%		75%
Realized returns and rents	$ 2,873	$ 1,822	$ 6,347	$ 11,878

Management Agreements and Lea_6

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)
Management Agreements and Leases [Line Items]
Operating cash flow (deficit)				$ 147,114	$ 1,002
Capital improvements from leased facilities, funded				68,790	64,340
Marriott Contracts | Hotels
Management Agreements and Leases [Line Items]
Operating cash flow (deficit)		$ 3,818	$ 4,685	7,411	(7,895)
Capital improvements from leased facilities, funded				$ 0	$ 7,319
Marriott Contracts | Hotels | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		16		16
Marriott Contracts | Hotels | Marriott International, Inc. | Subsequent event
Management Agreements and Leases [Line Items]
Aggregate sales price	$ 137,300

Management Agreements and Lea_7

Management Agreements and Leases - Other, Net Lease Portfolio and TA Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) ft² industry brand travelCenter property agreement tenant hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft² industry brand travelCenter property agreement tenant hotel	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities			$ 147,114	$ 1,002
Number of operating agreements | agreement	6		6
Rental income	$ 97,798	$ 98,724	$ 290,949	286,742
Adjustments necessary to record rent on straight line basis	(1,845)	(905)	(5,530)	(3,087)
Reserves recorded (reduced) for uncollectible amounts against rental income		(5,373)		588
COVID-19
Management Agreements and Leases [Line Items]
Reserves recorded (reduced) for uncollectible amounts against rental income	352		(315)
Reserves for uncollectible rents	7,755		7,755		$ 15,519
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income	33,787	36,608	102,669	99,594
Adjustments necessary to record rent on straight line basis	$ 1,395	2,361	$ 4,296	6,702
Net Lease
Management Agreements and Leases [Line Items]
Number of properties owned | property	769		769
Number of tenants | tenant	178		178
Net Lease | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | travelCenter	179		179
Travel Centers of America
Management Agreements and Leases [Line Items]
Deferred percentage rental income recognized	$ 1,861		$ 1,861
Deferred percentage rental income	$ 831	1,849	$ 6,168	4,827
Hotels and net lease properties
Management Agreements and Leases [Line Items]
Square feet | ft²	13,412,371		13,412,371
Hotels | IHG Agreement
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities	$ 1,273	962	$ 2,610	(384)
Hotels | IHG Agreement | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	1		1
Net Lease
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 372,601
Weighted average remaining lease term	8 years 9 months 18 days		8 years 9 months 18 days
Percentage of portfolio leased by tenants	98.10%		98.10%
Number of brands | brand	136		136
Number of industries | industry	21		21
Net Lease | Real Estate Investment Property At Cost | Credit Concentration Risk | Travel Centers of America
Management Agreements and Leases [Line Items]
Percentage of total annual minimum rents			29.20%
Travel centers | Travel Centers of America
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 246,110
Quarterly payments to deferred rent receivable	$ 4,404	13,212	4,404	13,212
Remaining balance of previously deferred rents	8,807		8,807		22,018
Rental income	64,011	62,116	188,280	186,357
Adjustments necessary to record rent on straight line basis	3,240	$ 3,267	9,825	$ 9,789
Accruals for unpaid rent, including deferred rent	$ 33,874		$ 33,874		$ 48,168
Increase in annual rent fixed interest rate			8.50%
Travel centers | Travel Centers of America | TA agreements
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	5		5

Other Investments (Details)

Other Investments (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 27, 2020 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Apr. 30, 2022 hotel	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 113,168		$ 113,168			$ 62,687
Equity in earnings of an investee			$ 2,801	$ 2,158	4,277	$ 50
Capital contribution funded					$ 45,470	25,443
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Percentage of total shares outstanding			8%		8%			8%
Sonesta agreements
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 113,168		$ 113,168			$ 62,687
Amount of cost basis exceeding book value	$ 8,000
Amortization period	31 years
Amortization of basis difference			65	65	195	195
Decrease in hotel operating expense			621	621	1,863	1,863
Unamortized balance			35,584		35,584			37,447
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Equity in earnings of an investee			$ 2,866	2,158	4,472	50
Capital contribution funded		$ 25,443			$ 45,470
Number of properties owned | hotel			4		4		4
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Carrying value of investment			$ 63,896		$ 63,896			61,159
Unrealized gain on equity securities			23,056	$ 24,348	2,737	$ 20,367
Travel Centers of America | Quoted Prices in Active Markets for Identical Assets (Level 1)
Schedule of Equity Method Investments [Line Items]
Carrying value of investment			63,896		63,896
Historical cost of securities			$ 24,418		$ 24,418			$ 24,418
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage			34%		34%

Indebtedness (Details)

Indebtedness (Details) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 04, 2022 USD ($)	Apr. 14, 2022 USD ($)	Sep. 30, 2022 USD ($) hotel	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel extension	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($) hotel	Jun. 15, 2022	Apr. 13, 2022 USD ($)	Dec. 31, 2021 USD ($)
Indebtedness
Revolving credit facility, outstanding borrowings			$ 95,000		$ 95,000					$ 1,000,000
Senior unsecured notes, net			5,652,590		5,652,590					$ 6,143,022
Repayments of credit facility					925,000	$ 62,451
Loss on early extinguishment of debt			$ 0	$ 0	$ (791)	$ 0
Senior Unsecured Notes, due 2022 at 5.00%
Indebtedness
Interest rate, stated percentage			5%		5%		5%	5%
Loss on early extinguishment of debt			$ 201		$ 201
Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Minimum restricted liability			$ 150,000		$ 150,000
Interest rate, stated percentage			4.50%		4.50%
Subsequent event | Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Minimum restricted liability	$ 600,000
Senior notes	$ 500,000
Interest rate, stated percentage	4.50%
COVID-19 | Senior Unsecured Notes, due 2022 at 5.00%
Indebtedness
Senior notes		$ 500,000
Revolving credit facility
Indebtedness
Revolving credit facility, maximum borrowing capacity		$ 800,000	$ 800,000		$ 800,000				$ 1,000,000
Debt extension option, number | extension					1
Extension term		6 months			6 months		6 months
Credit facility fee percentage					0.30%
Annual interest rate			5.26%		5.26%
Weighted average annual interest rate			4.37%	2.85%	3.36%	2.85%
Minimum restricted liability			$ 150,000		$ 150,000		$ 125,000
Repayments of credit facility		$ 200,000
Maximum purchase price of real property		$ 300,000
Fixed charge coverage ratio		1							1.5
Leverage ratio limit		70%							60%
Capital contributions		$ 100,000
Increase in aggregate limit of capital contributions		$ 50,000
Premium increase		0.25%
Loss on early extinguishment of debt					$ 590
Revolving credit facility | Subsequent event
Indebtedness
Extension term	6 months
Revolving credit facility | COVID-19
Indebtedness
Revolving credit facility, maximum borrowing capacity							$ 2,300,000
Revolving credit facility | LIBOR
Indebtedness
Basis spread on variable rate		2.50%			2.35%
LIBOR floor					0.50%
Senior unsecured notes
Indebtedness
Senior unsecured notes, net			$ 5,700,000		$ 5,700,000
Revolving Credit Facility And Term Loan
Indebtedness
Collateral properties with first mortgage liens | hotel			73		73		74
Collateral to secure debt			$ 1,573,608		$ 1,573,608
Revolving Credit Facility And Term Loan | Maximum
Indebtedness
Funding capital expenditures							$ 250,000
Other investments							$ 50,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule (Details) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Aug. 18, 2022	May 19, 2022	Feb. 17, 2022	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Dividend Per Common Share (in dollars per share)	$ 0.01	$ 0.01	$ 0.01	$ 0.03
Total Distributions	$ 1,651	$ 1,651	$ 1,651	$ 4,953

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands							3 Months Ended	9 Months Ended
	Oct. 13, 2022 USD ($) $ / shares	Sep. 14, 2022 $ / shares shares	Aug. 18, 2022 USD ($)	Jun. 15, 2022 trustee $ / shares shares	May 19, 2022 USD ($)	Feb. 17, 2022 USD ($)	Sep. 30, 2022 $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares
Class of Stock [Line Items]
Common stock dividend | $			$ 1,651		$ 1,651	$ 1,651		$ 4,953
Number of new trustees | trustee				7
Shares repurchased (in shares) | shares							68,371	68,849
Shares repurchased (in dollars per share)							$ 6.71	$ 6.72
Subsequent event
Class of Stock [Line Items]
Quarterly distribution declared (in dollars per share)	$ 0.20
Common stock dividend | $	$ 33,091
Trustee One | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Two | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Three | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Four | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Five | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Six | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Trustee Seven | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares				7,000
Shares granted valued (in dollars per share)				$ 5.70
Officers, Other Current and Former Officers | Common Shares
Class of Stock [Line Items]
Shares granted (in shares) | shares		384,500
Shares granted valued (in dollars per share)		$ 6.75

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 22, 2021	Sep. 30, 2022 USD ($) employee agreement	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) employee agreement	Sep. 30, 2021 USD ($)
Real Estate Properties [Line Items]
Number of employees | employee		0		0
RMR LLC
Real Estate Properties [Line Items]
Incentive fee calculation period				3 years
Related party property management and construction management fee		$ 1,628	$ 1,384	$ 4,526	$ 3,267
RMR LLC | Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Number of management service agreements | agreement		2		2
Business management fees incurred		$ 8,272	10,794	$ 27,455	31,836
Related party reimbursement expenses		892	679	2,331	2,016
RMR LLC | Property Management Fees
Real Estate Properties [Line Items]
Related party expenses		975	1,002	3,007	2,683
Related party, percentage fee	3%
RMR LLC | Construction and Supervision Fees Capitalized
Real Estate Properties [Line Items]
Related party transaction amount		$ 653	$ 382	$ 1,520	$ 584

Related Person Transactions (De

Related Person Transactions (Details)	Sep. 30, 2022 agreement property hotel travelCenter	Jan. 01, 2022 hotel	Dec. 31, 2021
Sonesta Int'l Hotels Corp
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	34%
RMR LLC | Travel Centers of America
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage	4.50%
Net Lease
Related Party Transaction [Line Items]
Number of properties owned | property	769
Net Lease | TravelCenters of America Inc.
Related Party Transaction [Line Items]
Number of properties owned | travelCenter	179
Travel Centers of America
Related Party Transaction [Line Items]
Percentage of total shares outstanding	8%		8%
RMR LLC | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2
Sonesta Int'l Hotels Corp | Hotels
Related Party Transaction [Line Items]
Number of properties owned | hotel	200	261

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of provision for income taxes
Income tax expense (benefit)	$ 390	$ (55)	$ 1,558	$ 1,009
Current state tax expense (benefit)	318	(194)	1,153	698
Current foreign tax expense	$ 72	$ 139	$ 405	$ 309

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment Information
Number of reportable segments | segment							2
Revenues:
Hotel operating revenues	$ 400,453			$ 338,375			$ 1,116,843	$ 787,463
Rental income	97,798			98,724			290,949	286,742
Total revenues	498,251			437,099			1,407,792	1,074,205
Expenses:
Hotel operating expenses	318,266			285,233			933,803	723,769
Other operating expenses	3,511			4,437			9,162	11,758
Depreciation and amortization	101,514			124,163			306,147	370,208
General and administrative	11,293			14,231			35,743	40,840
Transaction related costs	0			3,149			1,920	28,934
Loss on asset impairment, net	1,172			0			9,720	2,110
Total expenses	435,756			431,213			1,296,495	1,177,619
(Loss) gain on sale of real estate, net	(164)			94			44,235	10,934
Unrealized gains on equity securities, net	23,056			24,348			2,737	20,367
Interest income	1,442			203			2,735	485
Interest expense	(81,740)			(92,458)			(263,904)	(273,227)
Loss on early extinguishment of debt	0			0			(791)	0
Income (loss) before income taxes and equity in earnings of an investee	5,089			(61,927)			(103,691)	(344,855)
Income tax (expense) benefit	(390)			55			(1,558)	(1,009)
Equity in earnings of an investee	2,801			2,158			4,277	50
Net income (loss)	7,500	$ 11,350	$ (119,822)	(59,714)	$ (91,110)	$ (194,990)	(100,972)	(345,814)
Total assets	7,632,713						7,632,713		$ 9,153,315
Corporate
Revenues:
Hotel operating revenues	0			0			0	0
Rental income	0			0			0	0
Total revenues	0			0			0	0
Expenses:
Hotel operating expenses	0			0			0	0
Other operating expenses	0			0			0	0
Depreciation and amortization	0			0			0	0
General and administrative	11,293			14,231			35,743	40,840
Transaction related costs				3,149			1,920	5,775
Loss on asset impairment, net	0						0	0
Total expenses	11,293			17,380			37,663	46,615
(Loss) gain on sale of real estate, net	0			0			0	0
Unrealized gains on equity securities, net	23,056			24,348			2,737	20,367
Interest income	1,408			203			2,700	485
Interest expense	(81,740)			(92,458)			(263,904)	(273,227)
Loss on early extinguishment of debt							(791)
Income (loss) before income taxes and equity in earnings of an investee	(68,569)			(85,287)			(296,921)	(298,990)
Income tax (expense) benefit	(390)			55			(1,558)	(1,009)
Equity in earnings of an investee	2,801			2,158			4,277	50
Net income (loss)	(66,158)			(83,074)			(294,202)	(299,949)
Total assets	849,826						849,826		1,086,119
Hotels | Operating segments
Revenues:
Hotel operating revenues	400,453			338,375			1,116,843	787,463
Rental income	0			0			0	700
Total revenues	400,453			338,375			1,116,843	788,163
Expenses:
Hotel operating expenses	318,266			285,233			933,803	723,769
Other operating expenses	0			0			0	0
Depreciation and amortization	55,780			66,065			167,821	200,772
General and administrative	0			0			0	0
Transaction related costs				0			0	23,159
Loss on asset impairment, net	867						9,483	0
Total expenses	374,913			351,298			1,111,107	947,700
(Loss) gain on sale of real estate, net	(188)			0			44,682	10,813
Unrealized gains on equity securities, net	0			0			0	0
Interest income	6			0			7	0
Interest expense	0			0			0	0
Loss on early extinguishment of debt							0
Income (loss) before income taxes and equity in earnings of an investee	25,358			(12,923)			50,425	(148,724)
Income tax (expense) benefit	0			0			0	0
Equity in earnings of an investee	0			0			0	0
Net income (loss)	25,358			(12,923)			50,425	(148,724)
Total assets	3,309,768						3,309,768		4,487,101
Net Lease | Operating segments
Revenues:
Hotel operating revenues	0			0			0	0
Rental income	97,798			98,724			290,949	286,042
Total revenues	97,798			98,724			290,949	286,042
Expenses:
Hotel operating expenses	0			0			0	0
Other operating expenses	3,511			4,437			9,162	11,758
Depreciation and amortization	45,734			58,098			138,326	169,436
General and administrative	0			0			0	0
Transaction related costs				0			0	0
Loss on asset impairment, net	305						237	2,110
Total expenses	49,550			62,535			147,725	183,304
(Loss) gain on sale of real estate, net	24			94			(447)	121
Unrealized gains on equity securities, net	0			0			0	0
Interest income	28			0			28	0
Interest expense	0			0			0	0
Loss on early extinguishment of debt							0
Income (loss) before income taxes and equity in earnings of an investee	48,300			36,283			142,805	102,859
Income tax (expense) benefit	0			0			0	0
Equity in earnings of an investee	0			0			0	0
Net income (loss)	48,300			$ 36,283			142,805	$ 102,859
Total assets	$ 3,473,119						$ 3,473,119		$ 3,580,095

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Recurring and Non-Recurring (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) hotel property	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) hotel property	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value of Assets and Liabilities
Loss on asset impairment, net	$ 1,172	$ 0	$ 9,720	$ 2,110
Aggregate undepreciated carrying value of real estate	9,715,649		9,715,649
Travel Centers of America
Fair Value of Assets and Liabilities
Fair Value	63,896		63,896		$ 61,159
Held-for-sale
Fair Value of Assets and Liabilities
Fair Value	20,553		20,553
Hotels and net lease properties | Held-for-sale
Fair Value of Assets and Liabilities
Loss on asset impairment, net			7,305		$ 17,741
Aggregate undepreciated carrying value of real estate	$ 20,553		$ 20,553
Hotels
Fair Value of Assets and Liabilities
Number of properties to be sold or rebranded | hotel	22		22
Hotels | Held-for-sale
Fair Value of Assets and Liabilities
Number of properties to be sold or rebranded | hotel	6		6
Aggregate undepreciated carrying value of real estate	$ 1,038		$ 1,038
Net Lease
Fair Value of Assets and Liabilities
Number of properties to be sold or rebranded | property	3		3
Quoted Prices in Active Markets for Identical Assets (Level 1) | Travel Centers of America
Fair Value of Assets and Liabilities
Fair Value	$ 63,896		$ 63,896
Quoted Prices in Active Markets for Identical Assets (Level 1) | Held-for-sale
Fair Value of Assets and Liabilities
Fair Value	0		0
Significant Other Observable Inputs (Level 2) | Travel Centers of America
Fair Value of Assets and Liabilities
Fair Value	0		0
Significant Other Observable Inputs (Level 2) | Held-for-sale
Fair Value of Assets and Liabilities
Fair Value	20,553		20,553
Significant Unobservable Inputs (Level 3) | Travel Centers of America
Fair Value of Assets and Liabilities
Fair Value	0		0
Significant Unobservable Inputs (Level 3) | Held-for-sale
Fair Value of Assets and Liabilities
Fair Value	$ 0		$ 0

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Debt Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 15, 2022	Dec. 31, 2021	Dec. 31, 2020
Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	5%	5%		5%
Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.50%
Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.65%
Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.35%
Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.50%
Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	7.50%
Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	5.25%
Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.75%
Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.95%
Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	5.50%
Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	3.95%
Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.95%
Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Interest rate, stated percentage	4.375%
Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,652,587		$ 6,143,022
Carrying Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	0		499,244
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	499,884		499,761
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	349,409		349,105
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	822,120		821,017
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	348,321		347,806
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	793,089		791,340
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	346,189		345,342
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	447,584		447,126
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	396,727		396,160
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	444,222		443,383
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	393,919		393,057
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	419,486		418,895
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	391,637		390,786
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	4,683,620		6,179,495
Fair Value | Senior Unsecured Notes, due 2022 at 5.00%
Fair Value of Assets and Liabilities
Total financial liabilities	0		501,033
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	488,125		505,378
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	323,750		347,039
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	725,555		821,184
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	292,499		342,493
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	748,000		867,712
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	278,702		348,537
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	339,611		439,889
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	296,516		395,862
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	365,544		461,522
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	271,756		370,562
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	291,078		407,448
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 262,484		$ 370,836