Service Properties Trust (SVC) 10-Q 6 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		165,770,240
Entity Central Index Key	0000945394
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Real estate properties:
Land	$ 1,972,945		$ 1,902,587
Buildings, improvements and equipment	7,745,858		7,658,282
Total real estate properties, gross	9,718,803		9,560,869
Accumulated depreciation	(3,129,087)		(2,970,133)
Total real estate properties, net	6,589,716		6,590,736
Acquired real estate leases and other intangibles, net	137,366		252,357
Assets held for sale	13,567		121,905
Cash and cash equivalents	418,162		38,369
Restricted cash	17,366	[1]	7,051
Equity method investments	110,533		112,617
Investment in equity securities	0		53,055
Due from related persons	28,497		35,033
Other assets, net	289,104		277,068
Total assets	7,604,311		7,488,191
LIABILITIES AND SHAREHOLDERS’ EQUITY
Senior unsecured notes, net	5,164,302		5,655,530
Mortgage notes payable, net	556,447		0
Total liabilities	6,302,361		6,099,399
Commitments and contingencies
Shareholders’ equity:
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 165,772,040 and 165,452,566, shares issued and outstanding, respectively	1,658		1,655
Additional paid in capital	4,556,991		4,554,861
Cumulative other comprehensive income	2,139		2,383
Cumulative net income available for common shareholders	2,513,823		2,503,279
Cumulative common distributions	(5,772,661)		(5,673,386)
Total shareholders’ equity	1,301,950		1,388,792
Total liabilities and shareholders’ equity	7,604,311		7,488,191
Nonrelated Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities	568,325		425,960
Related Party
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other liabilities	$ 13,287		$ 17,909
[1] (1) Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed at certain of our mortgaged net lease properties.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	165,772,040	165,452,566
Common shares, shares outstanding (in shares)	165,772,040	165,452,566

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Hotel operating revenues	$ 395,526	$ 400,453	$ 1,134,649	$ 1,116,843
Rental income	101,299	97,798	295,164	290,949
Total revenues	496,825	498,251	1,429,813	1,407,792
Expenses:
Hotel operating expenses	317,752	318,266	926,418	933,803
Other operating expenses	4,802	3,511	13,079	9,162
Depreciation and amortization	94,498	101,514	289,108	306,147
General and administrative	10,849	11,293	34,180	35,743
Transaction related costs	115	0	1,933	1,920
Loss on asset impairment, net	512	1,172	9,517	9,720
Total expenses	428,528	435,756	1,274,235	1,296,495
Gain (loss) on sale of real estate	123	(164)	41,959	44,235
Gains on equity securities, net	0	23,056	48,837	2,737
Interest income	5,626	1,442	11,880	2,735
Interest expense (including amortization of debt issuance costs and debt discounts and premiums of $6,608, $4,595, $18,644 and $15,529, respectively)	(82,280)	(81,740)	(246,363)	(263,904)
Loss on early extinguishment of debt	0	0	(282)	(791)
(Loss) income before income taxes and equity in earnings of an investee	(8,234)	5,089	11,609	(103,691)
Income tax benefit (expense)	2,242	(390)	775	(1,558)
Equity in earnings (losses) of an investee	1,864	2,801	(1,840)	4,277
Net (loss) income	(4,128)	7,500	10,544	(100,972)
Other comprehensive income:
Equity interest in investee's unrealized (losses) gains	(245)	684	(244)	734
Other comprehensive (loss) income	(245)	684	(244)	734
Comprehensive (loss) income	$ (4,373)	$ 8,184	$ 10,300	$ (100,238)
Weighted average common shares outstanding (basic) (in shares)	165,027	164,745	164,933	164,697
Weighted average common shares outstanding (diluted) (in shares)	165,027	164,745	164,933	164,697
Net income (loss) per common share (basic) (in dollars per share)	$ (0.03)	$ 0.05	$ 0.06	$ (0.61)
Net income (loss) per common share (diluted) (in dollars per share)	$ (0.03)	$ 0.05	$ 0.06	$ (0.61)
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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Interest expense, amortization of debt issuance costs and debt discounts and premiums	$ 6,608	$ 4,595	$ 18,644	$ 15,529

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, 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 income (loss)	(119,822)				(119,822)
Equity in unrealized (losses) 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 income (loss)	(100,972)
Equity in unrealized (losses) 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 income (loss)	11,350				11,350
Equity in unrealized (losses) gains of investees	46					46
Common share grants (in shares)		49,000
Common share grants	836			836
Common share repurchases (in shares)		(478)
Common share repurchases	(4)			(4)
Common share forfeitures (in shares)		(1,600)
Common share forfeitures	(4)			(4)
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 income (loss)	7,500				7,500
Equity in unrealized (losses) gains of investees	684					684
Common share grants (in shares)		384,500
Common share grants	976	$ 4		972
Common share repurchases (in shares)		(68,371)
Common share repurchases	(459)	$ (1)		(458)
Common share forfeitures (in shares)		(1,000)
Common share forfeitures	(4)			(4)
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
Beginning balance (in shares) at Dec. 31, 2022		165,452,566
Beginning balance at Dec. 31, 2022	1,388,792	$ 1,655	(5,673,386)	4,554,861	2,503,279	2,383
Increase (Decrease) in Shareholders' Equity
Net income (loss)	25,950				25,950
Equity in unrealized (losses) gains of investees	(214)					(214)
Common share grants	514			514
Common share repurchases (in shares)		(4,971)
Common share repurchases	(46)			(46)
Common share forfeitures (in shares)		(1,600)
Common share forfeitures	(1)			(1)
Distributions	(33,090)		(33,090)
Ending balance (in shares) at Mar. 31, 2023		165,445,995
Ending balance at Mar. 31, 2023	1,381,905	$ 1,655	(5,706,476)	4,555,328	2,529,229	2,169
Beginning balance (in shares) at Dec. 31, 2022		165,452,566
Beginning balance at Dec. 31, 2022	1,388,792	$ 1,655	(5,673,386)	4,554,861	2,503,279	2,383
Increase (Decrease) in Shareholders' Equity
Net income (loss)	10,544
Equity in unrealized (losses) gains of investees	$ (244)
Common share repurchases (in shares)	(97,926,000)
Ending balance (in shares) at Sep. 30, 2023		165,772,040
Ending balance at Sep. 30, 2023	$ 1,301,950	$ 1,658	(5,772,661)	4,556,991	2,513,823	2,139
Beginning balance (in shares) at Mar. 31, 2023		165,445,995
Beginning balance at Mar. 31, 2023	1,381,905	$ 1,655	(5,706,476)	4,555,328	2,529,229	2,169
Increase (Decrease) in Shareholders' Equity
Net income (loss)	(11,278)				(11,278)
Equity in unrealized (losses) gains of investees	215					215
Common share grants (in shares)		56,000
Common share grants	1,474			1,474
Common share repurchases (in shares)		(16,761)
Common share repurchases	(150)			(150)
Common share forfeitures (in shares)		(1,400)
Common share forfeitures	(2)			(2)
Distributions	(33,089)		(33,089)
Ending balance (in shares) at Jun. 30, 2023		165,483,834
Ending balance at Jun. 30, 2023	1,339,075	$ 1,655	(5,739,565)	4,556,650	2,517,951	2,384
Increase (Decrease) in Shareholders' Equity
Net income (loss)	(4,128)				(4,128)
Equity in unrealized (losses) gains of investees	(245)					(245)
Common share grants (in shares)		382,000
Common share grants	1,003	$ 4		999
Common share repurchases (in shares)		(76,194)
Common share repurchases	(601)	$ (1)		(600)
Common share forfeitures (in shares)		(17,600)
Common share forfeitures	(58)			(58)
Distributions	(33,096)		(33,096)
Ending balance (in shares) at Sep. 30, 2023		165,772,040
Ending balance at Sep. 30, 2023	$ 1,301,950	$ 1,658	$ (5,772,661)	$ 4,556,991	$ 2,513,823	$ 2,139

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 10,544	$ (100,972)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Depreciation and amortization	289,108	306,147
Net amortization of debt issuance costs, discounts and premiums as interest	18,644	15,529
Straight line rental income	(6,867)	5,530
Loss on early extinguishment of debt	282	791
Loss on asset impairment, net	9,517	9,720
Gains on equity securities, net	(48,837)	(2,737)
Equity in losses (earnings) of an investee	1,840	(4,277)
Gain on sale of real estate	(41,959)	(44,235)
Other non-cash income, net	(897)	(1,635)
Changes in assets and liabilities:
Due from related persons	(873)	(19,949)
Other assets	11,743	4,990
Accounts payable and other liabilities	163,155	(13,096)
Due to related persons	(3,442)	(8,692)
Net cash provided by operating activities	401,958	147,114
Cash flows from investing activities:
Acquisition of real estate properties	(165,843)	(2,765)
Proceeds from sale of TA common shares	101,892	0
Proceeds from sale of tradenames and trademarks	89,400	0
Real estate improvements	(118,785)	(68,790)
Hotel managers’ purchases with restricted cash	(3,943)	(3,951)
Net proceeds from sale of real estate	148,245	517,956
Investment in Sonesta	0	(45,470)
Net cash provided by investing activities	50,966	396,980
Cash flows from financing activities:
Proceeds from mortgage notes payable, net of discounts	576,946	0
Repayment of mortgage notes payable	(1,142)	0
Repayment of senior unsecured notes	(500,000)	(500,000)
Borrowings under revolving credit facility	0	20,000
Repayments of revolving credit facility	0	(925,000)
Deferred financing costs	(38,548)	(2,959)
Repurchase of common shares	(797)	(463)
Distributions to common shareholders	(99,275)	(4,953)
Net cash used in financing activities	(62,816)	(1,413,375)
Increase (decrease) in cash and cash equivalents and restricted cash	390,108	(869,281)
Cash and cash equivalents and restricted cash at beginning of period	45,420	947,418
Cash and cash equivalents and restricted cash at end of period	$ 435,528	$ 78,137

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Supplemental Information - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of cash and cash equivalents and restricted cash:
Cash and cash equivalents		$ 418,162	$ 67,246
Restricted cash	[1]	17,366	10,891
Total cash and cash equivalents and restricted cash		435,528	78,137
Supplemental cash flow information:
Cash paid for interest		243,204	269,461
Cash paid for income taxes		1,463	1,647
Non-cash investing activities:
Real estate improvements accrued, not paid		$ 25,555	$ 16,625
[1] (1) Restricted cash consists of amounts escrowed pursuant to the terms of our hotel management agreements to fund capital improvements at our hotels and amounts escrowed at certain of our mortgaged net lease properties.

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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, 1995 under the laws of the State of Maryland, which invests in hotels and service-focused retail net lease properties. At September 30, 2023, we owned, directly and through our subsidiaries, 221 hotels and 761 net lease properties. 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 condensed consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 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, and 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 $163,889 and $142,542 as of September 30, 2023 and December 31, 2022, respectively, and consist primarily of our TRSs’ investment in Sonesta Holdco Corporation’s, or Sonesta’s, common stock and amounts due from and working capital advances to certain of our hotel managers. The liabilities of our TRSs were $104,943 and $82,454 as of September 30, 2023 and December 31, 2022, 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, 2023
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 increased rental income by $6,548 and reduced rental income by $1,845 for the three months ended September 30, 2023 and 2022, respectively, and increased rental income by $6,867 and reduced rental income by $5,530 for the nine months ended September 30, 2023 and 2022, respectively, to record scheduled rent changes under certain of our leases on a straight line basis. Due from related persons included $7,522 of straight line rent receivables related to our TravelCenters of America Inc., or TA, leases at December 31, 2022. TA was no longer a related person as of September 30, 2023. Other assets, net, includes $48,986 and $32,247 of straight line rent receivables at September 30, 2023 and December 31, 2022, respectively. See Notes 5 and 10 for further information regarding our TA leases.

Weighted Average Common Shares

Weighted Average Common Shares	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted Average Common Shares	Note 3. Weighted Average Common Shares We 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, 2023 and 2022, 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, 2023
Real Estate [Abstract]
Real Estate Properties	Note 4. Real Estate Properties At September 30, 2023, we owned 221 hotels with an aggregate of 37,777 rooms or suites and 761 service oriented retail properties with an aggregate of 13,430,345 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 $9,733,131, including $14,328 related to properties classified as held for sale as of September 30, 2023. We made capital expenditures at certain of our properties of $129,742 during the nine months ended September 30, 2023. Acquisitions On June 1, 2023, we acquired a 250-room hotel located in Miami Beach, Florida for $165,400, excluding closing costs of $466. We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows: Acquisition Date Location Property Type Purchase Price Land Building and Improvements Furniture, Fixtures and Equipment June 1, 2023 Miami Beach, FL Hotel $ 165,866 $ 83,200 $ 77,987 $ 4,679 Dispositions During the nine months ended September 30, 2023, we sold 22 properties for an aggregate sales price of $161,575, 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 Footage Gross Sales Price Gain / (Loss) on Sale Properties sold during the nine months ended September 30, 2023 Q1 2023 Hotels 18 2,526 $ 157,230 $ 41,898 Q2 2023 Net Lease 2 2,384 620 (62) Q3 2023 Net Lease 2 39,133 3,725 123 22 2,526 / 41,517 $ 161,575 $ 41,959 As of September 30, 2023, we had 18 net lease properties with 246,952 square feet and an aggregate carrying value of $13,408 classified as held for sale. From October 1, 2023 through November 3, 2023, we sold two net lease properties with an aggregate 9,537 square feet and carrying value of $1,594 for an aggregate sales price of $1,190. As of November 3, 2023, we have entered into agreements to sell six net lease properties with an aggregate 82,159 square feet for an aggregate sales price of $6,093. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales, that these sales will not be delayed or that the terms will not change. We continue to market 11 net lease properties with an aggregate 162,676 square feet for sale. We expect the sales of these net lease properties to be completed by the end of the first quarter of 2024. See Notes 5 and 13 for further information on our property sales.

Management Agreements and Lease

Management Agreements and Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Management Agreements and Leases	Note 5. Management Agreements and Leases As of September 30, 2023, we owned 221 hotels which were included in four operating agreements and 761 service oriented retail properties net leased to 174 tenants. We do not operate any of our properties. At September 30, 2023, all 221 of our hotels were operated by subsidiaries of the following companies: Sonesta (195 hotels), Hyatt Hotels Corporation, or Hyatt (17 hotels), Radisson Hospitality, Inc., or Radisson (eight hotels), and InterContinental Hotels Group, plc, or IHG (one hotel). At September 30, 2023, we owned 761 net lease properties with 174 tenants, including 176 travel centers leased to TA, our largest tenant. Hereinafter, these companies are sometimes referred to as our managers and/or tenants, or collectively, operators. Hotel agreements Sonesta agreement. As of September 30, 2023, Sonesta managed 40 of our full-service hotels, 111 of our extended stay hotels, and 44 of our select service hotels pursuant to management agreements for all of the hotels, or our Sonesta agreements. The hotels Sonesta managed for us comprised approximately 49.6% of our total historical real estate investments. We acquired one hotel in June 2023, and we and Sonesta added this hotel to our Sonesta agreement. We sold 65 Sonesta branded hotels during the calendar year ended December 31, 2022, and we sold two Sonesta branded hotels during the nine months ended September 30, 2023. See Note 4 for further information regarding our 2023 acquisition and disposition activities. 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 paying the owner’s priority return, reimbursing owner or manager advances, funding the reserve established for the regular refurbishment of our hotels, or FF&E reserves, and paying Sonesta’s incentive fee, if applicable. We realized returns of $67,868 and $67,765 during the three months ended September 30, 2023 and 2022, respectively, and $183,004 and $148,217 during the nine months ended September 30, 2023 and 2022, respectively, under our Sonesta agreement. 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 $97,745 and $56,297 during the nine months ended September 30, 2023 and 2022, respectively, which resulted in increases in our contractual annual owner’s priority returns of $5,864 and $3,378, respectively. Our annual priority return under our Sonesta agreement as of September 30, 2023 was $349,521. We owed Sonesta $7,710 and $8,889 for capital expenditures and other reimbursements at September 30, 2023 and December 31, 2022, respectively. Sonesta owed us $28,384 and $2,975 in owner’s priority returns and other amounts as of September 30, 2023 and December 31, 2022, 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. Our agreement with Sonesta requires 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, 2023 or 2022. Pursuant to our Sonesta agreement, we incurred management, reservation and system fees and reimbursement costs for certain guest loyalty, marketing programs and third-party reservation transmission fees of $32,055 and $31,136 for the three months ended September 30, 2023 and 2022, respectively, and $90,312 and $87,615 for the nine months ended September 30, 2023 and 2022, 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 $459 and $284 for the three months ended September 30, 2023 and 2022, respectively, and $1,007 and $840 for the nine months ended September 30, 2023 and 2022, 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. 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. As of September 30, 2023 and December 31, 2022, we had advanced $48,490 and $48,580, 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 hotels we have sold. 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, 2023, 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, 2023, we are to be paid an annual owner’s priority return of $13,813. 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 which we currently expect to occur by the end of the first quarter of 2024. We realized returns of $2,974 and $3,116 during the three months ended September 30, 2023 and 2022, respectively, and $9,685 and $9,504 for the nine months ended September 30, 2023 and 2022, respectively, under our Hyatt agreement. During the nine months ended September 30, 2023 and 2022, we incurred capital expenditures for certain hotels included in our Hyatt agreement of $17,652 and $12,611, respectively, which resulted in an aggregate increase in our contractual annual owner’s priority returns of $1,059 and $757, respectively. Radisson agreement . As of September 30, 2023, 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 $10,820. Radisson has provided us with a $22,000 limited guarantee for 75% of the aggregate annual owner's priority returns due to us that became effective on January 1, 2023, subject to adjustment for planned renovations of certain of the hotels we currently expect to occur by the end of 2023. We realized returns of $2,364 and $2,873 during the three months ended September 30, 2023 and 2022, respectively, and $5,728 and $6,347 for the nine months ended September 30, 2023 and 2022, respectively, under our Radisson agreement. During the nine months ended September 30, 2023, the hotels under this agreement generated cash flows that exceeded the guaranteed owner’s priority level due to us for the period. The available balance of the guaranty was $22,000 as of September 30, 2023. During the nine months ended September 30, 2023 and 2022, we incurred capital expenditures of $6,898 and $2,433, respectively, for the hotels included in our Radisson agreement which resulted in an aggregate increase in our contractual owner’s priority returns of $414 and $146, respectively. Marriott agreement . As of September 30, 2023, we sold all 16 hotels previously managed by Marriott International, Inc., or Marriott. We realized net operating losses of $2,762 during the nine months ended September 30, 2023 and realized returns of $3,818 and $7,411 during the three and nine months ended September 30, 2022, respectively, under our management agreement with Marriott. We did not incur capital expenditures for any of the hotels included in our management agreement with Marriott during the nine months ended September 30, 2023 or 2022. IHG agreement. Our management agreement with IHG for one hotel expires on January 31, 2026. We realized returns of $1,482 and $1,273 during the three months ended September 30, 2023 and 2022, respectively, and $3,762 and $2,610 for the nine months ended September 30, 2023 and 2022, respectively, under our management agreement with IHG. 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, 2023, we owned 761 service oriented retail net lease properties with 13,430,345 square feet with leases requiring annual minimum rents of $374,445 with a weighted (by annual minimum rents) average remaining lease term of 9.1 years. Our net lease properties were 95.8% occupied and leased by 174 tenants operating under 135 brands in 21 distinct industries. TA leases. TA is our largest tenant, representing 29.0% of our total historical real estate investments as of September 30, 2023. We lease to TA a total of 176 travel centers under five leases that expire in 2033, or our TA leases, subject to TA’s right to extend those leases, and require annual minimum rents of $254,000 as of September 30, 2023. We recognized rental income from our TA leases of $67,809 and $64,011 for the three months ended September 30, 2023 and 2022, respectively, and $195,210 and $188,280 for the nine months ended September 30, 2023 and 2022, respectively. Rental income was increased by $4,309 and reduced by $3,240 for the three months ended September 30, 2023 and 2022, respectively, and reduced by $3,623 and $9,825 for the nine months ended September 30, 2023 and 2022, respectively, to record the scheduled rent changes on a straight line basis. TA was required to pay us previously deferred rent obligations in quarterly installments of $4,404 through January 31, 2023. TA paid us the final quarterly installment owed to us in January 2023. As of September 30, 2023 and December 31, 2022, we had receivables for current rent amounts owed to us by TA and straight line rent adjustments of $13,891 and $30,764, respectively, included in other assets, net and due from related persons, respectively, in our condensed consolidated balance sheets. Until May 15, 2023, our TA leases required TA to pay us percentage rent based upon increases in certain sales. We recognized percentage rent due under our TA leases as rental income when all contingencies were met. We recognized percentage rent of $3,507 during the nine months ended September 30, 2023 and $1,861 during the three and nine months ended September 30, 2022 under our TA leases. We had no deferred percentage rent for either the three or nine months ended September 30, 2023. We had aggregate deferred percentage rent of $831 and $6,168 during the three and nine months ended September 30, 2022, respectively, under our TA leases. On May 15, 2023, BP Products North America Inc., or BP, acquired TA pursuant to a merger, or the TA Merger, for $86.00 per share in cash. At the effective time of the TA Merger, we entered into amended and restated lease agreements, or the A&R Leases, for 176 of our travel center properties. Under the A&R Leases, the aggregate annual minimum rent due to our applicable subsidiaries is $254,000, with annual 2% increases throughout the initial term of 10 years and any of the five 10-year extension options that may be exercised, and there is no percentage rent requirement. TA prepaid $188,000 of rent under the A&R Leases at the effective time of the TA Merger and TA will receive monthly rent credits totaling $25,000 per year over the 10-year initial term of the A&R Leases. In addition, we received $89,400 for certain tradenames and trademarks associated with TA’s business that we sold to TA in connection with the TA Merger, which amount equaled our net book value for those tradenames and trademarks. TA is required to maintain the leased travel centers, including structural and non-structural components. In addition, TA has a right of first offer with respect to certain potential sales of travel center properties included in the A&R Leases. Pursuant to the amended and restated guaranty amendments entered into at the effective time of the TA Merger, or the A&R Guarantees, BP Corporation North America Inc. guaranteed payment under each of the A&R Leases. BP Corporation North America Inc.’s obligations under the A&R Guarantees are limited by an initial aggregate cap of approximately $3,040,000. Following the TA Merger, TA ceased being a related party. For more information regarding our relationship with TA, including the TA Merger and related transactions, see Notes 6 and 10. 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 $33,490 and $33,787 for the three months ended September 30, 2023 and 2022, respectively, which included $2,239 and $1,395, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis, and $99,954 and $102,669 for the nine months ended September 30, 2023 and 2022, respectively, which included $3,244 and $4,296, respectively, of adjustments to record scheduled rent changes under certain of our leases on a straight line basis.

Other Investments

Other Investments	9 Months Ended
	Sep. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Note 6. Other Investments Equity method investment As of both September 30, 2023 and December 31, 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, 2023 and December 31, 2022, our investment in Sonesta had a carrying value of $110,533 and $112,617, 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, 2023 and 2022 and $195 in each of the nine months ended September 30, 2023 and 2022. We recognized income of $1,864 and $2,866 related to our investment in Sonesta for the three months ended September 30, 2023 and 2022, respectively, and losses of $1,840 and income of $4,472 for the nine months ended September 30, 2023 and 2022, respectively. These amounts are included in equity in earnings (losses) 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, 2023 and 2022, respectively, and $1,863 for each of the nine months ended September 30, 2023 and 2022, respectively, for amortization of this liability. As of September 30, 2023 and December 31, 2022, the unamortized balance of this liability was $33,100 and $34,963, respectively. In 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, New York. We continue to maintain our 34% ownership in Sonesta after giving effect to these fundings. Investment in equity securities The TA Merger occurred on May 15, 2023 . We received $86.00 in cash for each TA common share that we owned, or a total of $101,892, as a result of the TA Merger. As of May 15, 2023 and December 31, 2022 , we owned 1,184,797 shares of TA common stock, representing approximately 7.8% of TA’s outstanding shares of common stock, and reported them at fair value based on quoted market prices (Level 1 inputs as defined in the fair value hierarchy under GAAP). Our TA shares had a carrying value of $101,893 and $53,055 as of May 15, 2023 and December 31, 2022, respectively. Our historical cost basis for these shares was $24,418 as of both May 15, 2023 and December 31, 2022. We recorded gains of $23,056 for the three months ended September 30, 2022, and gains of $48,837 and $2,737 for the nine months ended September 30, 2023 and 2022, respectively, to adjust the carrying value of our investment in shares of TA common stock to its fair value.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Note 7. Indebtedness Our principal debt obligations at September 30, 2023 were: (1) $5,200,000 aggregate outstanding principal amount of senior unsecured notes; and (2) $609,058 aggregate outstanding principal amount of net lease mortgage notes. We had no amounts outstanding under our revolving credit facility as of September 30, 2023. On June 29, 2023, we entered into an amended and restated credit agreement, or our credit agreement, governing our $650,000 secured revolving credit facility. This new facility replaced our prior $800,000 secured revolving credit facility, which had a maturity date of July 15, 2023, and is available for general business purposes, including acquisitions. We can borrow, repay, and reborrow funds available under the new facility until maturity and no principal repayments are due until maturity. The maturity date of the new facility is June 29, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date of the new facility by two additional six-month periods. Interest payable on drawings under the new facility is based on the secured overnight financing rate, or SOFR, plus a margin ranging from 1.50% to 3.00% based on our leverage ratio, as defined in our credit agreement, which was 2.50% as of September 30, 2023. Our obligations under the new facility are secured by 69 properties, including 66 hotels and three net lease properties, with an undepreciated book value of $1,544,227 as of September 30, 2023. We also pay unused commitment fees of 20 to 30 basis points per annum on the total amount of lending commitments under our revolving credit facility based on amounts outstanding. As of September 30, 2023, the annual interest rate payable on borrowings under our revolving credit facility was 7.93%. We had no borrowings outstanding under either the new or prior facility for either the three or nine months ended September 30, 2023. The weighted average annual interest rate for borrowings under the prior facility was 4.37% and 3.36%, respectively, for the three and nine months ended September 30, 2022. As a result of the amendment and restatement, we recorded a loss on early extinguishment of debt of $238 during the nine months ended September 30, 2023, which represented the write-off of certain unamortized issuance costs. Our debt agreements 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 debt agreements 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 debt agreements as of September 30, 2023. On February 10, 2023, our wholly owned, special purpose bankruptcy remote, indirect subsidiary, SVC ABS LLC, or the Issuer, issued $610,200 in aggregate principal amount of net lease mortgage notes. Net proceeds from this issuance were $550,564 after initial purchaser discounts and offering costs. The Issuer is a separate legal entity and is the sole owner of its assets and liabilities. The assets of the Issuer are not available to pay or otherwise satisfy obligations to the creditors of any owners or affiliates of the Issuer. The Class A notes and the Class B notes require monthly principal repayments at an annualized rate of 0.50% and 0.25% of the balance outstanding, respectively, and the Class C notes require interest payments only, with balloon payments due at maturity. The notes mature in February 2028 and may be redeemed without penalty 24 months prior to the scheduled maturity date beginning in February 2026. The notes are non-recourse and are secured by 308 net lease retail properties owned by the Issuer. The current leases relating to those properties require annual minimum rents of $65,137 and had a gross book value of $754,966 as of September 30, 2023. Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of September 30, 2023 Coupon Rate Term (in years) Maturity Class A $ 304,110 5.15% 5 February 2028 Class B 172,748 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 609,058 5.60%

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 8. Shareholders' Equity Share Awards On June 13, 2023, in accordance with our Trustee compensation arrangements, we awarded 7,000 of our common shares, valued at $8.96 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day to each of our eight Trustees as part of their annual compensation. On September 13, 2023, we awarded under our equity compensation plan an aggregate of 382,000 of our common shares, valued at $7.72 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 nine months ended September 30, 2023, we purchased an aggregate of 97,926 of our common shares, valued at a weighted average share price of $8.14 per share, 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. Distributions During the nine months ended September 30, 2023, 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 12, 2023 January 23, 2023 February 16, 2023 $ 0.20 $ 33,090 April 13, 2023 April 24, 2023 May 18, 2023 0.20 33,089 July 13, 2023 July 24, 2023 August 17, 2023 0.20 33,096 $ 0.60 $ 99,275 On October 12, 2023, we declared a regular quarterly distribution to common shareholders of record as of October 23, 2023 of $0.20 per share, or approximately $33,154. We expect to pay this amount on or about November 16, 2023.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 30, 2023
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, 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. Effective as of the completion of the TA Merger, we and RMR amended our property management agreement to include properties that we lease to TA. We recognized net business management fees payable to RMR of $8,287 and $8,272 for the three months ended September 30, 2023 and 2022, respectively, and $24,959 and $27,455 for the nine months ended September 30, 2023 and 2022, respectively. Based on our common share total return, as defined in our business management agreement, as of each of September 30, 2023 and 2022, no incentive fees are included in the net business management fees we recognized for the three and nine months ended September 30, 2023 or 2022. The actual amount of annual incentive fees for 2023, 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, 2023, and will be payable in January 2024. We did not incur an incentive fee payable to RMR for the year ended December 31, 2022. We include business management fee amounts in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). We recognized property management and construction supervision fees payable to RMR of $2,031 and $1,628 for the three months ended September 30, 2023 and 2022, respectively, and $5,289 and $4,527 for the nine months ended September 30, 2023 and 2022, respectively. Of those amounts, for the three months ended September 30, 2023 and 2022, $923 and $975, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $1,108 and $653, respectively, of construction and supervision fees were capitalized for the three months ended September 30, 2023 and 2022. The amounts capitalized are included in building, improvements and equipment in our condensed consolidated balance sheets. For the nine months ended September 30, 2023 and 2022, $2,805 and $3,007, respectively, of property management fees were expensed to other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $2,484 and $1,520, 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 $1,182 and $892 for these expenses and costs for the three months ended September 30, 2023 and 2022, respectively, and $3,301 and $2,331 for the nine months ended September 30, 2023 and 2022, respectively. We included these amounts in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss).

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 30, 2023
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. As of the effective time of the TA Merger on May 15, 2023, TA is no longer a related person to us. 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 former President and Chief Executive Officer, 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 of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of those companies. Other officers of RMR, including certain of our officers, serve as managing trustees or officers of certain of these companies. See Note 8 for information relating to the annual share awards we made in September 2023 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). RMR provides management services to us and, until the TA Merger, provided services to TA, and Mr. Portnoy, until the TA Merger, also served as the chair of the board of directors and as a managing director of TA and, as of immediately prior to the TA Merger, beneficially owned 661,505 shares of TA common stock (including through RMR), representing approximately 4.4% of TA’s outstanding shares of common stock. See Notes 5 and 6 for further information regarding our relationships, agreements, and investments with TA. Sonesta. Sonesta is a private company. Mr. Portnoy is the largest owner and controlling shareholder and a director of Sonesta. Mr. Murray is a director of Sonesta and is its president and chief executive officer, and he is an officer and employee of RMR. 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. RMR also provides services to Sonesta. As of September 30, 2023, we owned approximately 34% of Sonesta and Sonesta managed 195 of our hotels. See Notes 4, 5 and 6 for further information regarding our relationships, agreements and transactions with 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 2022 Annual Report.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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, 2023, we recognized an income tax benefit of $2,242, which includes $1,773 of state tax benefit and $469 of foreign tax benefit. During the three months ended September 30, 2022, we recognized income tax expense of $390, which includes $318 of state taxes and $72 of foreign taxes. During the nine months ended September 30, 2023, we recognized income tax benefit of $775, which includes $1,186 of state tax benefit and $411 of foreign taxes. During the nine months ended September 30, 2022, we recognized income tax expense of $1,558, which includes $1,153 of state taxes and $405 of foreign taxes.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
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, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 395,526 $ — $ — $ 395,526 Rental income — 101,299 — 101,299 Total revenues 395,526 101,299 — 496,825 Expenses: Hotel operating expenses 317,752 — — 317,752 Other operating expenses — 4,802 — 4,802 Depreciation and amortization 54,402 40,096 — 94,498 General and administrative — — 10,849 10,849 Transaction related costs 115 — — 115 Loss on asset impairment, net — 512 — 512 Total expenses 372,269 45,410 10,849 428,528 Gain on sale of real estate, net — 123 — 123 Interest income 54 55 5,517 5,626 Interest expense — (11,526) (70,754) (82,280) Income (loss) before income taxes and equity in earnings of an investee 23,311 44,541 (76,086) (8,234) Income tax benefit — — 2,242 2,242 Equity in earnings of an investee — — 1,864 1,864 Net income (loss) $ 23,311 $ 44,541 $ (71,980) $ (4,128) For the Nine Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,134,649 $ — $ — $ 1,134,649 Rental income — 295,164 — 295,164 Total revenues 1,134,649 295,164 — 1,429,813 Expenses: Hotel operating expenses 926,418 — — 926,418 Other operating expenses — 13,079 — 13,079 Depreciation and amortization 161,236 127,872 — 289,108 General and administrative — — 34,180 34,180 Transaction related costs 588 415 930 1,933 Loss on asset impairment, net — 9,517 — 9,517 Total expenses 1,088,242 150,883 35,110 1,274,235 Gain on sale of real estate, net 41,918 41 — 41,959 Gain on equity securities, net — — 48,837 48,837 Interest income 105 80 11,695 11,880 Interest expense — (29,283) (217,080) (246,363) Loss on early extinguishment of debt — — (282) (282) Income (loss) before income taxes and equity in earnings of an investee 88,430 115,119 (191,940) 11,609 Income tax benefit — — 775 775 Equity in losses of an investee — — (1,840) (1,840) Net income (loss) $ 88,430 $ 115,119 $ (193,005) $ 10,544 As of September 30, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,916,470 $ 3,122,823 $ 565,018 $ 7,604,311 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) Gain 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 Gain on equity securities — — 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 December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,882,701 $ 3,376,295 $ 229,195 $ 7,488,191

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
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, 2023, 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) Non-recurring Fair Value Measurement Assets: Assets of properties held for sale (1) $ 13,252 $ — $ 2,165 $ 11,087 (1) We recorded a loss on asset impairment, net of $9,517 during the nine months ended September 30, 2023, to reduce the carrying value of 16 properties in our condensed consolidated balance sheet to their estimated fair value less costs to sell based on purchase agreements with third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP) or brokers’ opinion of values (Level 3 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, net lease mortgage notes payable and senior notes. At September 30, 2023 and December 31, 2022, 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, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% 349,814 345,230 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% 823,591 791,423 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,009 327,562 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 795,424 785,952 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,319 318,861 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,194 385,925 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,483 337,752 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,349 384,584 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 556,447 566,384 — — Senior Unsecured Notes, due 2028 at 3.95% 395,068 311,580 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,278 321,347 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 392,773 287,048 391,923 264,280 Total financial liabilities $ 5,720,749 $ 5,163,648 $ 5,655,530 $ 4,830,823 (1) Carrying value includes unamortized discounts and premiums and issuance costs. At September 30, 2023 and December 31, 2022, 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). At September 30, 2023, we estimated the fair value of our net lease mortgage notes using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated value may differ materially from the actual fair value.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 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, and 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 determine percentage rent due to us under our leases monthly, quarterly or annually, as applicable, 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, 2023
Real Estate [Abstract]
Schedule of purchase price allocation	We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows: Acquisition Date Location Property Type Purchase Price Land Building and Improvements Furniture, Fixtures and Equipment June 1, 2023 Miami Beach, FL Hotel $ 165,866 $ 83,200 $ 77,987 $ 4,679
Schedule of sale of properties	Quarter Sold Property Type Number of Properties Rooms or Suites / Square Footage Gross Sales Price Gain / (Loss) on Sale Properties sold during the nine months ended September 30, 2023 Q1 2023 Hotels 18 2,526 $ 157,230 $ 41,898 Q2 2023 Net Lease 2 2,384 620 (62) Q3 2023 Net Lease 2 39,133 3,725 123 22 2,526 / 41,517 $ 161,575 $ 41,959

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of principal balance and annual interest rates	Our net lease mortgage notes are summarized below: Note Class Principal Outstanding as of September 30, 2023 Coupon Rate Term (in years) Maturity Class A $ 304,110 5.15% 5 February 2028 Class B 172,748 5.55% 5 February 2028 Class C 132,200 6.70% 5 February 2028 Total / weighted average $ 609,058 5.60%

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Dividends declared	During the nine months ended September 30, 2023, 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 12, 2023 January 23, 2023 February 16, 2023 $ 0.20 $ 33,090 April 13, 2023 April 24, 2023 May 18, 2023 0.20 33,089 July 13, 2023 July 24, 2023 August 17, 2023 0.20 33,096 $ 0.60 $ 99,275

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment information	For the Three Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 395,526 $ — $ — $ 395,526 Rental income — 101,299 — 101,299 Total revenues 395,526 101,299 — 496,825 Expenses: Hotel operating expenses 317,752 — — 317,752 Other operating expenses — 4,802 — 4,802 Depreciation and amortization 54,402 40,096 — 94,498 General and administrative — — 10,849 10,849 Transaction related costs 115 — — 115 Loss on asset impairment, net — 512 — 512 Total expenses 372,269 45,410 10,849 428,528 Gain on sale of real estate, net — 123 — 123 Interest income 54 55 5,517 5,626 Interest expense — (11,526) (70,754) (82,280) Income (loss) before income taxes and equity in earnings of an investee 23,311 44,541 (76,086) (8,234) Income tax benefit — — 2,242 2,242 Equity in earnings of an investee — — 1,864 1,864 Net income (loss) $ 23,311 $ 44,541 $ (71,980) $ (4,128) For the Nine Months Ended September 30, 2023 Hotels Net Lease Corporate Consolidated Revenues: Hotel operating revenues $ 1,134,649 $ — $ — $ 1,134,649 Rental income — 295,164 — 295,164 Total revenues 1,134,649 295,164 — 1,429,813 Expenses: Hotel operating expenses 926,418 — — 926,418 Other operating expenses — 13,079 — 13,079 Depreciation and amortization 161,236 127,872 — 289,108 General and administrative — — 34,180 34,180 Transaction related costs 588 415 930 1,933 Loss on asset impairment, net — 9,517 — 9,517 Total expenses 1,088,242 150,883 35,110 1,274,235 Gain on sale of real estate, net 41,918 41 — 41,959 Gain on equity securities, net — — 48,837 48,837 Interest income 105 80 11,695 11,880 Interest expense — (29,283) (217,080) (246,363) Loss on early extinguishment of debt — — (282) (282) Income (loss) before income taxes and equity in earnings of an investee 88,430 115,119 (191,940) 11,609 Income tax benefit — — 775 775 Equity in losses of an investee — — (1,840) (1,840) Net income (loss) $ 88,430 $ 115,119 $ (193,005) $ 10,544 As of September 30, 2023 Hotels Net Lease Corporate Consolidated Total assets $ 3,916,470 $ 3,122,823 $ 565,018 $ 7,604,311 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) Gain 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 Gain on equity securities — — 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 December 31, 2022 Hotels Net Lease Corporate Consolidated Total assets $ 3,882,701 $ 3,376,295 $ 229,195 $ 7,488,191

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023, 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) Non-recurring Fair Value Measurement Assets: Assets of properties held for sale (1) $ 13,252 $ — $ 2,165 $ 11,087 (1) We recorded a loss on asset impairment, net of $9,517 during the nine months ended September 30, 2023, to reduce the carrying value of 16 properties in our condensed consolidated balance sheet to their estimated fair value less costs to sell based on purchase agreements with third parties (Level 2 inputs as defined in the fair value hierarchy under GAAP) or brokers’ opinion of values (Level 3 inputs as defined in the fair value hierarchy under GAAP).
Schedule of fair value of additional financial instruments	At September 30, 2023 and December 31, 2022, 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, 2023 December 31, 2022 Carrying Value (1) Fair Value Carrying Value (1) Fair Value Senior Unsecured Notes, due 2023 at 4.50% $ — $ — $ 499,925 $ 491,345 Senior Unsecured Notes, due 2024 at 4.65% 349,814 345,230 349,510 334,292 Senior Unsecured Notes, due 2024 at 4.35% 823,591 791,423 822,487 749,983 Senior Unsecured Notes, due 2025 at 4.50% 349,009 327,562 348,493 301,893 Senior Unsecured Notes, due 2025 at 7.50% 795,424 785,952 793,673 762,344 Senior Unsecured Notes, due 2026 at 5.25% 347,319 318,861 346,472 292,282 Senior Unsecured Notes, due 2026 at 4.75% 448,194 385,925 447,736 354,128 Senior Unsecured Notes, due 2027 at 4.95% 397,483 337,752 396,916 315,040 Senior Unsecured Notes, due 2027 at 5.50% 445,349 384,584 444,505 387,522 Net Lease Mortgage Notes, due 2028 at 5.60% 556,447 566,384 — — Senior Unsecured Notes, due 2028 at 3.95% 395,068 311,580 394,206 283,996 Senior Unsecured Notes, due 2029 at 4.95% 420,278 321,347 419,684 293,718 Senior Unsecured Notes, due 2030 at 4.375% 392,773 287,048 391,923 264,280 Total financial liabilities $ 5,720,749 $ 5,163,648 $ 5,655,530 $ 4,830,823 (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, 2023 USD ($) hotel property	Dec. 31, 2022 USD ($)
Variable Interest Entity [Line Items]
Ownership interest in subsidiaries	100%
Assets of TRSs	$ 7,604,311	$ 7,488,191
Liabilities of TRSs	6,302,361	6,099,399
Consolidated
Variable Interest Entity [Line Items]
Assets of TRSs	163,889	142,542
Liabilities of TRSs	$ 104,943	$ 82,454
Hotels
Variable Interest Entity [Line Items]
Number of properties owned | hotel	221
Net Lease Property
Variable Interest Entity [Line Items]
Number of properties owned | property	761

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Adjustments necessary to record rent on straight line basis	$ (6,548,000)	$ 1,845,000	$ (6,867,000)	$ 5,530,000
Straight line rent receivables	48,986,000		48,986,000		$ 32,247,000
Related Party
Related Party Transaction [Line Items]
Straight line rent receivables, due from related parties					$ 7,522,000
Percentage rent	(591,000)	(2,279,000)	(5,383,000)	(3,421,000)
Deferred percentage rental income	$ 0	$ 830,000	$ 0	$ 6,168,000

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands			1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 03, 2023 USD ($) ft² property	Jun. 01, 2023 USD ($) hotel	Nov. 03, 2023 USD ($) ft² property	Sep. 30, 2023 USD ($) ft² property hotel room	Jun. 30, 2023 USD ($) ft² property	Mar. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) ft² hotel room property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel
Real Estate Properties [Line Items]
Aggregate undepreciated carrying value of real estate				$ 9,733,131			$ 9,733,131
Carrying value of properties held for sale				14,328			14,328
Capital improvements from leased facilities, funded							118,785	$ 68,790
Carrying value				$ 9,718,803			$ 9,718,803		$ 9,560,869
Disposed of by sale
Real Estate Properties [Line Items]
Square feet | ft²				41,517			41,517
Held-for-sale
Real Estate Properties [Line Items]
Square feet | ft²				246,952			246,952
Held-for-sale | Subsequent event
Real Estate Properties [Line Items]
Square feet | ft²	82,159		82,159
Aggregate sales price, excluding closing costs	$ 6,093
Hotels
Real Estate Properties [Line Items]
Number of properties owned | hotel				221			221
Number of rooms/suites | hotel		250		37,777			37,777
Hotels | Disposed of by sale
Real Estate Properties [Line Items]
Number of rooms/suites | room				2,526			2,526
Number of properties sold						18	2		65
Aggregate sales price, excluding closing costs						$ 157,230
Hotels | Miami Beach, FL
Real Estate Properties [Line Items]
Purchase price, excluding closing costs		$ 165,400
Closing costs		$ 466
Net Lease Property
Real Estate Properties [Line Items]
Number of properties owned | property				761			761
Number of properties to be sold or rebranded | property				18			18
Net Lease Property | Subsequent event
Real Estate Properties [Line Items]
Number of properties to be sold or rebranded | property	6		6
Net Lease Property | Disposed of by sale
Real Estate Properties [Line Items]
Square feet | ft²				39,133	2,384		39,133
Number of properties sold | property				2	2
Aggregate sales price, excluding closing costs				$ 3,725	$ 620
Net Lease Property | Disposed of by sale | Subsequent event
Real Estate Properties [Line Items]
Square feet | ft²	9,537		9,537
Number of properties sold | property			2
Aggregate sales price, excluding closing costs			$ 1,190
Carrying value	$ 1,594		$ 1,594
Net Lease Property | Held-for-sale
Real Estate Properties [Line Items]
Number of properties owned | hotel				11			11
Square feet | ft²				162,676			162,676
Aggregate undepreciated carrying value of real estate				$ 13,408			$ 13,408
Hotels and net lease properties
Real Estate Properties [Line Items]
Square feet | ft²				13,430,345			13,430,345
Capital improvements from leased facilities, funded							$ 129,742
Hotels and net lease properties | Disposed of by sale
Real Estate Properties [Line Items]
Number of properties sold | property							22
Aggregate sales price, excluding closing costs							$ 161,575

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Purchase Price Allocation (Details) - Hotels - Miami Beach, FL $ in Thousands	Jun. 01, 2023 USD ($)
Real Estate Properties [Line Items]
Purchase Price	$ 165,866
Land	83,200
Building and Improvements	77,987
Furniture, Fixtures and Equipment	$ 4,679

Real Estate Properties - Sale o

Real Estate Properties - Sale of Properties (Details) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) ft² room property hotel	Jun. 30, 2023 USD ($) ft² property	Mar. 31, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft² property hotel room	Sep. 30, 2022 USD ($)	Dec. 31, 2022 hotel	Jun. 01, 2023 hotel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain / (Loss) on Sale	$ 123			$ (164)	$ 41,959	$ 44,235
Hotels and net lease properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²	13,430,345				13,430,345
Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rooms or Suites | hotel	37,777				37,777			250
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Square Feet | ft²	41,517				41,517
Disposed of by sale | Hotels and net lease properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property					22
Gross Sales Price					$ 161,575
Disposed of by sale | Hotels
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties			18		2		65
Rooms or Suites | room	2,526				2,526
Gross Sales Price			$ 157,230
Gain / (Loss) on Sale			$ 41,898
Disposed of by sale | Net Lease Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	2	2
Square Feet | ft²	39,133	2,384			39,133
Gross Sales Price	$ 3,725	$ 620
Gain / (Loss) on Sale	$ 123	$ (62)

Management Agreements and Lea_2

Management Agreements and Leases - Narrative (Details)	Sep. 30, 2023 travelCenter agreement hotel property tenant
Management Agreements and Leases [Line Items]
Number of operating agreements | agreement	4
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned	221
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties owned | property	761
Number of tenants | tenant	174
Related Party | Hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of properties owned	195
Related Party | Hotels | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties owned	17
Related Party | Hotels | Radisson Hospitality, Inc
Management Agreements and Leases [Line Items]
Number of properties owned	8
Related Party | Net Lease Property | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of properties owned | travelCenter	176

Management Agreements and Lea_3

Management Agreements and Leases - Sonesta (Details) $ in Thousands		1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Feb. 27, 2020	Jun. 30, 2023 hotel	Sep. 30, 2023 USD ($) hotel	Mar. 31, 2023 property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded						$ 118,785	$ 68,790
Due from related persons			$ 28,497			$ 28,497		$ 35,033
Sonesta agreements
Management Agreements and Leases [Line Items]
Percentage of historical real estate investments			49.60%			49.60%
Percent of gross revenues from hotel operations placed in escrow or FF&E reserve	5%
Hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due to related party, reimbursement of capital expenditures and other			$ 7,710			$ 7,710		8,889
Hotels | Return Of Capital | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due from related persons			28,384			28,384		$ 2,975
Annual owners' priority returns			$ 349,521			$ 349,521
Hotels | Disposed of by sale
Management Agreements and Leases [Line Items]
Number of properties sold				18		2		65
Hotels | Sonesta agreements
Management Agreements and Leases [Line Items]
Percent payment of hotel cash flows			80%			80%
Hotel net income (loss)			$ 67,868		$ 67,765	$ 183,004	148,217
Capital improvements from leased facilities, funded						97,745	56,297
Related party transaction, management marketing and reservation system fees			32,055		31,136	90,312	87,615
Procurement and construction supervision fees			459		284	1,007	840
Advanced working capital			48,490			48,490		$ 48,580
Hotels | Sonesta agreements | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties acquired | hotel		1
Hotels | Sonesta agreements | Return Of Capital | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Due from related persons			$ 5,864		$ 3,378	$ 5,864	$ 3,378
Hotels | Full service hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			40			40
Hotels | Limited services hotel | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			111			111
Hotels | Select service hotels | Sonesta Int'l Hotels Corp
Management Agreements and Leases [Line Items]
Number of real estate properties leased or managed | hotel			44			44

Management Agreements and Lea_4

Management Agreements and Leases - Hyatt Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 118,785	$ 68,790
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	221		221
Hotels | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 13,813
Limited guarantee amount			$ 30,000
Limited guarantee, percentage of annual minimum returns	75%		75%
Realized returns and rents	$ 2,974	$ 3,116	$ 9,685	9,504
Capital improvements from leased facilities, funded			17,652	12,611
Increase in annual owner's priority returns			$ 1,059	$ 757
Hotels | Related Party | Hyatt Hotels Corporation
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	17		17

Management Agreements and Lea_5

Management Agreements and Leases - Radisson Agreement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			$ 118,785	$ 68,790
Radisson Agreement
Management Agreements and Leases [Line Items]
Capital improvements from leased facilities, funded			6,898	2,433
Increase in annual owner's priority returns			$ 414	146
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	221		221
Hotels | Radisson Agreement
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return			$ 10,820
Limited guarantee amount			$ 22,000
Limited guarantee, percentage of annual minimum returns	75%		75%
Realized returns and rents	$ 2,364	$ 2,873	$ 5,728	$ 6,347
Guarantee provided to the entity, maximum	$ 22,000		$ 22,000
Hotels | Related Party | Radisson Hospitality, Inc
Management Agreements and Leases [Line Items]
Number of properties owned | hotel	8		8

Management Agreements and Lea_6

Management Agreements and Leases - Marriott Agreement (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel	Sep. 30, 2022 USD ($)
Management Agreements and Leases [Line Items]
Operating cash (deficit) flow		$ 401,958	$ 147,114
Capital improvements from leased facilities, funded		118,785	68,790
Marriott Contracts | Hotels
Management Agreements and Leases [Line Items]
Operating cash (deficit) flow	$ 3,818	(2,762)	7,411
Capital improvements from leased facilities, funded		$ 0	$ 0
Marriott Contracts | Hotels | Marriott International, Inc.
Management Agreements and Leases [Line Items]
Number of properties sold | hotel		16

Management Agreements and Lea_7

Management Agreements and Leases - Other, Net Lease Portfolio and TA Leases (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	May 15, 2023 USD ($) renewalOption $ / shares	Sep. 30, 2023 USD ($) ft² agreement property hotel tenant lease industry	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft² agreement property hotel tenant lease industry	Sep. 30, 2022 USD ($)	Feb. 15, 2023 USD ($)	Dec. 31, 2022 USD ($)
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities				$ 401,958	$ 147,114
Number of operating agreements | agreement		4		4
Rental income		$ 101,299	$ 97,798	$ 295,164	290,949
Adjustments necessary to record rent on straight line basis		6,548	(1,845)	6,867	(5,530)
Proceeds from sale of tradenames and trademarks				89,400	0
Reserves recorded (reduced) for uncollectible amounts against rental income		1,041	352	(4,312)	(315)
COVID-19
Management Agreements and Leases [Line Items]
Reserves for uncollectible rents		$ 2,825		2,825			$ 7,697
TravelCenters of America Inc. | BP Products North America Inc.
Management Agreements and Leases [Line Items]
Business acquisition, share price (in dollars per share) | $ / shares	$ 86
TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Recognized percentage rent			1,861	3,507	1,861
Deferred percentage rental income			831		6,168
BP Products North America Inc.
Management Agreements and Leases [Line Items]
Annual increase percentage (in percent)	2%
Lease term	10 years
Number of renewal options | renewalOption	5
Renewal term	10 years
Business combination BP prepay amount	$ 188,000
Monthly rent credit amount	25,000
Guarantee obligations						$ 3,040,000
Net Lease Property
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return				$ 374,445
Percentage of portfolio leased by tenants		95.80%		95.80%
Number of brands | hotel		135		135
Number of industries | industry		21		21
Hotels
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		221		221
Net Lease Property
Management Agreements and Leases [Line Items]
Number of properties owned | property		761		761
Weighted average remaining lease term		9 years 1 month 6 days		9 years 1 month 6 days
Number of tenants | tenant		174		174
Net Lease Property | Travel Centers of America | Real Estate Investment Property At Cost | Credit Concentration Risk
Management Agreements and Leases [Line Items]
Percentage of total annual minimum rents				29%
Hotels and net lease properties
Management Agreements and Leases [Line Items]
Square feet | ft²		13,430,345		13,430,345
Travel centers | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Operating agreement annual rent and return	254,000
Rental income		$ 67,809	64,011	$ 195,210	188,280
Adjustments necessary to record rent on straight line basis		4,309	3,240	(3,623)	9,825
Quarterly payments to deferred rent receivable				4,404
Accruals for unpaid rent, including deferred rent		13,891		13,891			$ 30,764
Proceeds from sale of tradenames and trademarks	$ 89,400
IHG Agreement | Hotels
Management Agreements and Leases [Line Items]
Cash provided by (used in) operating activities		$ 1,482	1,273	$ 3,762	2,610
IHG Agreement | Hotels | Ravinia, GA
Management Agreements and Leases [Line Items]
Number of properties owned | hotel		1		1
TA agreements | Travel centers | TravelCenters of America Inc.
Management Agreements and Leases [Line Items]
Number of operating agreements | lease		5		5
SMTA Transaction
Management Agreements and Leases [Line Items]
Rental income		$ 33,490	33,787	$ 99,954	102,669
Adjustments necessary to record rent on straight line basis		$ 2,239	$ 1,395	$ 3,244	$ 4,296

Other Investments (Details)

Other Investments (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	May 15, 2023 USD ($) $ / shares shares	Feb. 27, 2020 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) hotel shares
Schedule of Equity Method Investments [Line Items]
Equity method investments			$ 110,533		$ 110,533		$ 112,617
Equity in earnings (losses) of an investee			$ 1,864	$ 2,801	(1,840)	$ 4,277
Capital contribution funded					$ 0	45,470
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Investment equity amount	$ 101,892
Number of common shares owned (in shares) | shares	1,184,797						1,184,797
Percentage of total shares outstanding (in percent)			7.80%		7.80%		7.80%
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Equity in earnings (losses) of an investee			$ 1,864	2,866	$ (1,840)	4,472
Decrease in hotel operating expense			621	621	1,863	1,863
Capital contribution funded							$ 45,470
Number of properties owned | hotel							4
Travel Centers of America
Schedule of Equity Method Investments [Line Items]
Price of shares (in dollars per share) | $ / shares	$ 86
Carrying value of investment	$ 101,893						$ 53,055
Historical cost of securities	$ 24,418						24,418
Gain on equity securities				23,056	48,837	2,737
Sonesta agreements
Schedule of Equity Method Investments [Line Items]
Equity method investments			110,533		110,533		112,617
Amount of cost basis exceeding book value		$ 8,000
Amortization period		31 years
Amortization of basis difference			65	$ 65	195	$ 195
Unamortized balance			$ 33,100		$ 33,100		$ 34,963
Sonesta Int'l Hotels Corp
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage (in percent)			34%		34%		34%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)			3 Months Ended		9 Months Ended
	Jun. 29, 2023 USD ($) extensionOption	Feb. 10, 2023 USD ($) property	Sep. 30, 2023 USD ($) hotel property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) hotel property	Sep. 30, 2022 USD ($)	Jun. 28, 2023 USD ($)	Mar. 08, 2023 USD ($)	Dec. 31, 2022 USD ($)
Indebtedness
Senior unsecured notes, net			$ 5,164,302,000		$ 5,164,302,000				$ 5,655,530,000
Revolving credit facility			0		0
Loss on early extinguishment of debt			$ 0	$ 0	282,000	$ 791,000
Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Loss on early extinguishment of debt					$ 44,000
Interest rate, stated percentage (in percent)			4.50%		4.50%				4.50%
Senior notes								$ 500,000,000
Senior unsecured notes
Indebtedness
Senior unsecured notes, net			$ 5,200,000,000		$ 5,200,000,000
Senior unsecured notes | Senior Unsecured Notes, due 2023 at 4.50%
Indebtedness
Interest rate, stated percentage (in percent)								4.50%
Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount		$ 610,200,000	609,058,000		609,058,000
Proceeds from debt		$ 550,564,000
Redemption period		24 months
Debt instrument, collateral properties | property		308
Operating agreement annual rent and return		$ 65,137,000
Gross book value		$ 754,966,000
Net Lease Mortgage Notes, due 2028 at 5.60% | Coupon Rate 5.15%
Indebtedness
Principal amount			$ 304,110,000		$ 304,110,000
Debt instrument, monthly redemption price, percentage (in percent)		0.50%
Interest rate, stated percentage (in percent)			5.15%		5.15%
Net Lease Mortgage Notes, due 2028 at 5.60% | Coupon Rate 5.55%
Indebtedness
Principal amount			$ 172,748,000		$ 172,748,000
Debt instrument, monthly redemption price, percentage (in percent)		0.25%
Interest rate, stated percentage (in percent)			5.55%		5.55%
Revolving credit facility
Indebtedness
Revolving credit facility			$ 0		$ 0
Revolving credit facility, maximum borrowing capacity	$ 650,000,000						$ 800,000,000
Number of extension options | extensionOption	2
Extension term	6 months
Collateral properties with first mortgage liens | property			69		69
Collateral to secure debt			$ 1,544,227,000		$ 1,544,227,000
Weighted average annual interest rate (in percent)				4.37%	7.93%	3.36%
Loss on early extinguishment of debt					$ 238,000
Revolving credit facility | Hotels
Indebtedness
Collateral properties with first mortgage liens | hotel			66		66
Revolving credit facility | Net Lease Property
Indebtedness
Collateral properties with first mortgage liens | property			3		3
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Indebtedness
Leverage ratio limit			2.50%		2.50%
Revolving credit facility | Minimum
Indebtedness
Credit facility fee percentage (in percent)					0.20%
Revolving credit facility | Minimum | Secured Overnight Financing Rate (SOFR)
Indebtedness
Basis spread on variable rate (in percent)					1.50%
Revolving credit facility | Maximum
Indebtedness
Credit facility fee percentage (in percent)					0.30%
Revolving credit facility | Maximum | Secured Overnight Financing Rate (SOFR)
Indebtedness
Basis spread on variable rate (in percent)					3%

Indebtedness - Schedule of Init

Indebtedness - Schedule of Initial Principal Balance and Annual Interest Rates (Details) - Net Lease Mortgage Notes, due 2028 at 5.60% - USD ($)	9 Months Ended
	Sep. 30, 2023	Feb. 10, 2023	Dec. 31, 2022
Indebtedness
Principal amount	$ 609,058,000	$ 610,200,000
Coupon Rate 5.15%
Indebtedness
Principal amount	$ 304,110,000
Interest rate, stated percentage (in percent)	5.15%
Debt term	5 years
Coupon Rate 5.55%
Indebtedness
Principal amount	$ 172,748,000
Interest rate, stated percentage (in percent)	5.55%
Debt term	5 years
Coupon Rate 6.70%
Indebtedness
Principal amount	$ 132,200,000
Interest rate, stated percentage (in percent)	6.70%
Debt term	5 years
Net Lease Mortgage Notes, due 2028 at 5.60%
Indebtedness
Principal amount	$ 609,058,000
Interest rate, stated percentage (in percent)	5.60%		5.60%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Oct. 12, 2023 USD ($) $ / shares

Sep. 13, 2023 $ / shares shares

Aug. 17, 2023 USD ($)

Jun. 13, 2023 trustee $ / shares shares

May 18, 2023 USD ($)

Feb. 16, 2023 USD ($)

Sep. 30, 2023 shares

Jun. 30, 2023 shares

Mar. 31, 2023 shares

Sep. 30, 2022 shares

Jun. 30, 2022 shares

Sep. 30, 2023 USD ($) $ / shares shares

Class of Stock [Line Items]

Number of new trustees | trustee

8

Shares repurchased (in shares) | shares

97,926,000

Shares repurchased (in dollars per share) | $ / shares

$ 8.14

Common stock dividend | $

$ 33,096

$ 33,089

$ 33,090

$ 99,275

Subsequent event

Class of Stock [Line Items]

Quarterly distribution declared (in dollars per share) | $ / shares

$ 0.20

Common stock dividend | $

$ 33,154

Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

382,000

Shares granted valued (in dollars per share) | $ / shares

$ 7.72

Shares repurchased (in shares) | shares

76,194

16,761

4,971

68,371

478

Trustee One | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Two | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Three | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Four | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Five | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Six | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Seven | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Trustee Eight | Common Shares

Class of Stock [Line Items]

Shares granted (in shares) | shares

7,000

Shares granted valued (in dollars per share) | $ / shares

$ 8.96

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule (Details) - USD ($) $ / shares in Units, $ in Thousands				9 Months Ended
	Aug. 17, 2023	May 18, 2023	Feb. 16, 2023	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Dividend Per Common Share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.60
Total Distributions	$ 33,096	$ 33,089	$ 33,090	$ 99,275

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) employee hotel	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) employee hotel	Sep. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of employees | employee	0		0
Other operating expenses	$ 4,802	$ 3,511	$ 13,079	$ 9,162
RMR LLC
Real Estate Properties [Line Items]
Incentive fee calculation period			3 years
Related party property management and construction management fee	2,031	1,628	$ 5,289	4,527
RMR LLC | Property Management Fees
Real Estate Properties [Line Items]
Other operating expenses	923	975	2,805	3,007
RMR LLC | Construction and Supervision Fees Capitalized
Real Estate Properties [Line Items]
Other operating expenses	$ 1,108	653	$ 2,484	1,520
RMR LLC | Amended And Restate Business Management Agreement
Real Estate Properties [Line Items]
Number of management service agreements | hotel	2		2
Business management fees incurred	$ 8,287	8,272	$ 24,959	27,455
Related party reimbursement expenses	$ 1,182	$ 892	$ 3,301	$ 2,331

Related Person Transactions (De

Related Person Transactions (Details)	Sep. 30, 2023 hotel shares	Dec. 31, 2022
Hotels
Related Party Transaction [Line Items]
Number of properties owned	221
RMR LLC
Related Party Transaction [Line Items]
Percentage of total shares outstanding (in percent)	4.40%
Travel Centers of America | RMR LLC
Related Party Transaction [Line Items]
Number of common shares owned (in shares) | shares	661,505
Sonesta Int'l Hotels Corp
Related Party Transaction [Line Items]
Noncontrolling interest, ownership percentage (in percent)	34%	34%
RMR LLC | Amended And Restate Business Management Agreement
Related Party Transaction [Line Items]
Number of management service agreements	2
Sonesta Int'l Hotels Corp | Related Party | Hotels
Related Party Transaction [Line Items]
Number of properties owned	195

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Components of provision for income taxes
Income tax (benefit) expense	$ (2,242)	$ 390	$ (775)	$ 1,558
Current state tax (benefit) expense	(1,773)	318	(1,186)	1,153
Current foreign tax (benefit) expense	$ (469)	$ 72	$ 411	$ 405

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Segment Information
Number of reportable segments | segment							2
Revenues:
Hotel operating revenues	$ 395,526			$ 400,453			$ 1,134,649	$ 1,116,843
Rental income	101,299			97,798			295,164	290,949
Total revenues	496,825			498,251			1,429,813	1,407,792
Expenses:
Hotel operating expenses	317,752			318,266			926,418	933,803
Other operating expenses	4,802			3,511			13,079	9,162
Depreciation and amortization	94,498			101,514			289,108	306,147
General and administrative	10,849			11,293			34,180	35,743
Transaction related costs	115			0			1,933	1,920
Loss on asset impairment, net	512			1,172			9,517	9,720
Total expenses	428,528			435,756			1,274,235	1,296,495
Gain on sale of real estate, net	123			(164)			41,959	44,235
Gains on equity securities, net	0			23,056			48,837	2,737
Interest income	5,626			1,442			11,880	2,735
Interest expense	(82,280)			(81,740)			(246,363)	(263,904)
Loss on early extinguishment of debt	0			0			(282)	(791)
(Loss) income before income taxes and equity in earnings of an investee	(8,234)			5,089			11,609	(103,691)
Income tax benefit	2,242			(390)			775	(1,558)
Equity in earnings (losses) of an investee	1,864			2,801			(1,840)	4,277
Net (loss) income	(4,128)	$ (11,278)	$ 25,950	7,500	$ 11,350	$ (119,822)	10,544	(100,972)
Total assets	7,604,311						7,604,311		$ 7,488,191
Operating segments | Hotels
Revenues:
Hotel operating revenues	395,526			400,453			1,134,649	1,116,843
Rental income	0			0			0	0
Total revenues	395,526			400,453			1,134,649	1,116,843
Expenses:
Hotel operating expenses	317,752			318,266			926,418	933,803
Other operating expenses	0			0			0	0
Depreciation and amortization	54,402			55,780			161,236	167,821
General and administrative	0			0			0	0
Transaction related costs	115						588	0
Loss on asset impairment, net	0			867			0	9,483
Total expenses	372,269			374,913			1,088,242	1,111,107
Gain on sale of real estate, net	0			(188)			41,918	44,682
Gains on equity securities, net				0			0	0
Interest income	54			6			105	7
Interest expense	0			0			0	0
Loss on early extinguishment of debt							0	0
(Loss) income before income taxes and equity in earnings of an investee	23,311			25,358			88,430	50,425
Income tax benefit	0			0			0	0
Equity in earnings (losses) of an investee	0			0			0	0
Net (loss) income	23,311			25,358			88,430	50,425
Total assets	3,916,470						3,916,470		3,882,701
Operating segments | Net Lease
Revenues:
Hotel operating revenues	0			0			0	0
Rental income	101,299			97,798			295,164	290,949
Total revenues	101,299			97,798			295,164	290,949
Expenses:
Hotel operating expenses	0			0			0	0
Other operating expenses	4,802			3,511			13,079	9,162
Depreciation and amortization	40,096			45,734			127,872	138,326
General and administrative	0			0			0	0
Transaction related costs	0						415	0
Loss on asset impairment, net	512			305			9,517	237
Total expenses	45,410			49,550			150,883	147,725
Gain on sale of real estate, net	123			24			41	(447)
Gains on equity securities, net				0			0	0
Interest income	55			28			80	28
Interest expense	(11,526)			0			(29,283)	0
Loss on early extinguishment of debt							0	0
(Loss) income before income taxes and equity in earnings of an investee	44,541			48,300			115,119	142,805
Income tax benefit	0			0			0	0
Equity in earnings (losses) of an investee	0			0			0	0
Net (loss) income	44,541			48,300			115,119	142,805
Total assets	3,122,823						3,122,823		3,376,295
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	10,849			11,293			34,180	35,743
Transaction related costs	0						930	1,920
Loss on asset impairment, net	0			0			0	0
Total expenses	10,849			11,293			35,110	37,663
Gain on sale of real estate, net	0			0			0	0
Gains on equity securities, net				23,056			48,837	2,737
Interest income	5,517			1,408			11,695	2,700
Interest expense	(70,754)			(81,740)			(217,080)	(263,904)
Loss on early extinguishment of debt							(282)	(791)
(Loss) income before income taxes and equity in earnings of an investee	(76,086)			(68,569)			(191,940)	(296,921)
Income tax benefit	2,242			(390)			775	(1,558)
Equity in earnings (losses) of an investee	1,864			2,801			(1,840)	4,277
Net (loss) income	(71,980)			$ (66,158)			(193,005)	$ (294,202)
Total assets	$ 565,018						$ 565,018		$ 229,195

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
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Fair Value of Assets and Liabilities
Loss on asset impairment, net	$ 512	$ 1,172	$ 9,517	$ 9,720
Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 13,252		13,252
Loss on asset impairment, net			$ 9,517
Number of impaired properties | property	16		16
Quoted Prices in Active Markets for Identical Assets (Level 1) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 0		$ 0
Significant Other Observable Inputs (Level 2) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	2,165		2,165
Significant Unobservable Inputs (Level 3) | Held-for-sale
Fair Value of Assets and Liabilities
Assets of properties held for sale	$ 11,087		$ 11,087

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Debt Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.50%	4.50%
Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.65%	4.65%
Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.35%	4.35%
Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.50%	4.50%
Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	7.50%	7.50%
Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.25%	5.25%
Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.75%	4.75%
Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.95%	4.95%
Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.50%	5.50%
Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	5.60%	5.60%
Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	3.95%	3.95%
Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.95%	4.95%
Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Interest rate, stated percentage (in percent)	4.375%	4.375%
Carrying Value
Fair Value of Assets and Liabilities
Total financial liabilities	$ 5,720,749	$ 5,655,530
Carrying Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	499,925
Carrying Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	349,814	349,510
Carrying Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	823,591	822,487
Carrying Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	349,009	348,493
Carrying Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	795,424	793,673
Carrying Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	347,319	346,472
Carrying Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	448,194	447,736
Carrying Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	397,483	396,916
Carrying Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	445,349	444,505
Carrying Value | Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	556,447	0
Carrying Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	395,068	394,206
Carrying Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	420,278	419,684
Carrying Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	392,773	391,923
Fair Value
Fair Value of Assets and Liabilities
Total financial liabilities	5,163,648	4,830,823
Fair Value | Senior Unsecured Notes, due 2023 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	0	491,345
Fair Value | Senior Unsecured Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Total financial liabilities	345,230	334,292
Fair Value | Senior Unsecured Notes, due 2024 at 4.35%
Fair Value of Assets and Liabilities
Total financial liabilities	791,423	749,983
Fair Value | Senior Unsecured Notes, due 2025 at 4.50%
Fair Value of Assets and Liabilities
Total financial liabilities	327,562	301,893
Fair Value | Senior Unsecured Notes, due 2025 at 7.50%
Fair Value of Assets and Liabilities
Total financial liabilities	785,952	762,344
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Total financial liabilities	318,861	292,282
Fair Value | Senior Unsecured Notes, due 2026 at 4.75%
Fair Value of Assets and Liabilities
Total financial liabilities	385,925	354,128
Fair Value | Senior Unsecured Notes, due 2027 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	337,752	315,040
Fair Value | Senior Unsecured Notes, due 2027 at 5.50%
Fair Value of Assets and Liabilities
Total financial liabilities	384,584	387,522
Fair Value | Net Lease Mortgage Notes, due 2028 at 5.60% | Net Lease Mortgage Notes, due 2028 at 5.60%
Fair Value of Assets and Liabilities
Total financial liabilities	566,384	0
Fair Value | Senior Unsecured Notes, due 2028 at 3.95%
Fair Value of Assets and Liabilities
Total financial liabilities	311,580	283,996
Fair Value | Senior Unsecured Notes, due 2029 at 4.95%
Fair Value of Assets and Liabilities
Total financial liabilities	321,347	293,718
Fair Value | Senior Unsecured Notes, due 2030 at 4.375%
Fair Value of Assets and Liabilities
Total financial liabilities	$ 287,048	$ 264,280