Service Properties Trust (SVC) 10-Q4 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 02, 2014
Document and Entity Information	'	'
Entity Registrant Name	'HOSPITALITY PROPERTIES TRUST	'
Entity Central Index Key	'0000945394	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	149,898,601
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real estate properties, at cost:	'	'
Land	$1,485,077	$1,470,513
Buildings, improvements and equipment	6,123,391	5,946,852
Total real estate properties, gross	7,608,468	7,417,365
Accumulated depreciation	1,921,525	1,757,151
Total real estate properties, net	5,686,943	5,660,214
Cash and cash equivalents	19,082	22,500
Restricted cash (FF&E reserve escrow)	30,621	30,873
Due from related persons	40,253	38,064
Other assets, net	213,684	215,893
Total assets	5,990,583	5,967,544
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Unsecured revolving credit facility	15,000	'
Unsecured term loan	400,000	400,000
Senior notes, net of discounts	2,411,670	2,295,527
Convertible senior notes	8,478	8,478
Security deposits	37,247	27,876
Accounts payable and other liabilities	89,322	130,448
Due to related persons	21,721	13,194
Dividends payable	5,166	5,166
Total liabilities	2,988,604	2,880,689
Preferred shares of beneficial interest, no par value, 100,000,000 shares authorized:	'	'
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 149,887,754 and 149,606,024 shares issued and outstanding, respectively	1,499	1,496
Additional paid in capital	4,117,649	4,109,600
Cumulative net income	2,658,716	2,518,054
Cumulative other comprehensive income	16,439	15,952
Cumulative preferred distributions	-295,483	-279,985
Cumulative common distributions	-3,776,948	-3,558,369
Total shareholders' equity	3,001,979	3,086,855
Total liabilities and shareholders' equity	5,990,583	5,967,544
Series D	'	'
Preferred shares of beneficial interest, no par value, 100,000,000 shares authorized:	'	'
Preferred shares	$280,107	$280,107

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Common shares, par value (in dollars per share)	$0.01	$0.01
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	149,887,754	149,606,024
Common shares, shares outstanding	149,887,754	149,606,024
Series D	'	'
Preferred shares, par value (in dollars per share)	$0	$0
Preferred shares, shares authorized	100,000,000	100,000,000
Preferred shares, dividend yield (as a percent)	7.13%	7.13%
Preferred shares, shares issued	11,600,000	11,600,000
Preferred shares, shares outstanding	11,600,000	11,600,000
Preferred shares, aggregate liquidation preference (in dollars)	$290,000	$290,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Hotel operating revenues	$394,973	$348,908	$1,112,157	$990,436
Rental income	63,837	62,731	190,959	186,799
FF&E reserve income	829	636	2,673	1,828
Total revenue	459,639	412,275	1,305,789	1,179,063
Expenses:	'	'	'	'
Hotel operating expenses	279,560	249,862	780,955	705,054
Depreciation and amortization	79,649	76,048	236,699	221,926
General and administrative	16,798	13,094	41,429	37,156
Acquisition related costs	14	1,090	237	3,180
Loss on asset impairment	'	5,837	'	8,008
Total expenses	376,021	345,931	1,059,320	975,324
Operating income	83,618	66,344	246,469	203,739
Interest income	13	18	63	97
Interest expense (including amortization of deferred financing costs and debt discounts of $1,361, $1,584, $4,034 and $4,620, respectively)	-34,304	-37,986	-104,101	-108,188
Loss on early extinguishment of debt	-129	'	-855	'
Income before income taxes and equity in earnings of an investee	49,198	28,376	141,576	95,648
Income tax benefit (expense)	-39	-873	-1,110	4,559
Equity in earnings of an investee	38	64	66	219
Income before gain on sale of real estate	49,197	27,567	140,532	100,426
Gain on sale of real estate	'	'	130	'
Net income	49,197	27,567	140,662	100,426
Excess of liquidation preference over carrying value of preferred shares redeemed	'	-5,627	'	-5,627
Preferred distributions	-5,166	-5,199	-15,498	-21,393
Net income available for common shareholders	44,031	16,741	125,164	73,406
Net income	49,197	27,567	140,662	100,426
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on TravelCenters of America common shares	3,420	-7,849	479	8,000
Equity interest in investee's unrealized gains (losses)	-33	13	9	-68
Other comprehensive income (loss)	3,387	-7,836	488	7,932
Comprehensive income	$52,584	$19,731	$141,150	$108,358
Weighted average common shares outstanding (Basic)	149,811	139,764	149,734	135,030
Weighted average common shares outstanding (Diluted)	150,127	139,764	149,923	135,030
Basic net income available for common shareholders per common share (in dollars per share)	$0.29	$0.12	$0.84	$0.54
Diluted net income available for common shareholders per common share (in dollars per share)	$0.29	$0.12	$0.83	$0.54

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME	'	'	'	'
Interest expense, amortization of deferred financing costs and debt discounts	$1,361	$1,584	$4,034	$4,620

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$140,662	$100,426
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation and amortization	236,699	221,926
Amortization of deferred financing costs and debt discounts as interest	4,034	4,620
Straight line rental income	-1,659	-1,851
Security deposits replenished	9,382	1,355
FF&E reserve income and deposits	-41,462	-22,458
Loss on extinguishment of debt	855	'
Loss on asset impairment	'	8,008
Equity in earnings of an investee	-66	-219
Gain on sale of real estate	-130	'
Deferred income taxes	'	-7,094
Other non-cash (income) expense, net	8,334	535
Changes in assets and liabilities:	'	'
Increase in due from related persons	-922	1,044
Increase in other assets	-2,283	-8,835
Decrease in accounts payable and other liabilities	-25,918	-26,163
Decrease in due to related persons	-972	-6,076
Cash provided by operating activities	326,554	265,218
Cash flows from investing activities:	'	'
Real estate acquisitions and deposits	-60,000	-214,607
Real estate improvements	-159,027	-198,165
FF&E reserve fundings	-4,699	-40,606
Net proceeds from sale of real estate	4,288	'
Eminent domain proceeds	6,178	'
Investment in Affiliates Insurance Company	-825	'
Cash used in investing activities	-214,085	-453,378
Cash flows from financing activities:	'	'
Proceeds from issuance of common shares, net	'	393,475
Proceeds from issuance of senior notes, net of discount	690,071	299,661
Redemption of preferred shares	'	-167,500
Repayment of senior notes	-580,000	'
Borrowings under revolving credit facility	745,000	418,000
Repayments of revolving credit facility	-730,000	-545,000
Deferred financing costs	-6,881	-2,545
Distributions to preferred shareholders	-15,498	-21,394
Distributions to common shareholders	-218,579	-189,468
Cash (used in) provided by financing activities	-115,887	185,229
Increase (decrease) in cash and cash equivalents	-3,418	-2,931
Cash and cash equivalents at beginning of period	22,500	20,049
Cash and cash equivalents at end of period	19,082	17,118
Supplemental cash flow information:	'	'
Cash paid for interest	121,731	120,753
Cash paid for income taxes	3,947	1,945
Non-cash investing activities:	'	'
Hotel managers' deposits in FF&E reserve	38,328	22,084
Hotel managers' purchases with FF&E reserve	($43,278)	($73,101)

Basis_of_Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	Note 1. Basis of Presentation

	The accompanying condensed consolidated financial statements of Hospitality Properties Trust and its subsidiaries, or HPT, we, our or us, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2013, or our 2013 Annual Report. In the opinion of our management, all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation, have been included in these condensed consolidated financial statements. These condensed consolidated financial statements include the accounts of HPT and our subsidiaries, all of which are 100% owned directly or indirectly by HPT. 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. Reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation.

	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 doubtful accounts, purchase price allocations, useful lives of fixed assets and impairment of real estate and intangible assets.

	We have determined that each of our 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 CodificationTM. We have concluded that we must consolidate each of our TRSs because we are the entity with the power to direct the activities that most significantly impact the VIEs’ economic 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 $29,174 as of September 30, 2014 and consist primarily of amounts due from, and working capital advances to, certain of their hotel managers. The liabilities of our TRSs were $56,994 as of September 30, 2014 and consist primarily of security deposits they hold from and amounts payable to certain of their hotel managers. The assets of our TRS are available to satisfy our TRS obligations and we have guaranteed certain obligations of our TRS.

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
New Accounting Pronouncements	Sep. 30, 2014
New Accounting Pronouncements	'
New Accounting Pronouncements	'
	Note 2. New Accounting Pronouncements

	In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This update amends the criteria for reporting discontinued operations to, among other things, change the criteria for disposals to qualify as discontinued operations. The update is effective for interim and annual reporting periods beginning after December 15, 2014 with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our condensed consolidated financial statements.

	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This update is effective for interim and annual reporting periods beginning after December 15, 2016. We are currently in the process of evaluating the impact, if any, the adoption of this update will have on our condensed consolidated financial statements.

	In August 2014, the FASB issued Accounting Standards Update 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The update is effective for the period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our condensed consolidated financial statements.

Revenue_Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2014
Revenue Recognition	'
Revenue Recognition	'
	Note 3. Revenue Recognition

	We report hotel operating revenues for managed hotels in our condensed consolidated statements of income and comprehensive income. We generally recognize hotel operating revenues, consisting primarily of room and food and beverage sales, when services are provided.

	We recognize rental income from operating leases on a straight line basis over the term of the lease agreements except for one lease in which there is uncertainty regarding the collection of scheduled future rent increases. Rental income includes $553 and $1,659 for the three and nine months ended September 30, 2014, respectively, and $699 and $1,851 for the three and nine months ended September 30, 2013, respectively, of adjustments necessary to record rent on the straight line basis. Other assets, net, include $21,413 and $19,754 of straight line rent receivables at September 30, 2014 and December 31, 2013, respectively.

	We determine percentage rent due to us under our leases annually and recognize it at year end when all contingencies have been met and the rent is earned. We had deferred estimated percentage rent of $557 and $2,129 for the three and nine months ended September 30, 2014, respectively, and $464 and $1,746 for the three and nine months ended September 30, 2013, respectively.

	We own all the capital expenditure reserves, or FF&E reserves, for our hotels. We do not report the amounts which are escrowed as FF&E reserves for our managed hotels as FF&E reserve income. We report deposits by our third party hotel tenants into the escrow accounts as FF&E reserve income.

Per_Common_Share_Amounts

Per Common Share Amounts	9 Months Ended
Per Common Share Amounts	Sep. 30, 2014
Per Common Share Amounts	'
Per Common Share Amounts	'
	Note 4. Per Common Share Amounts

	We compute basic per common share amounts using the weighted average number of our common shares outstanding during the period.

	We compute diluted per common share amounts using the weighted average number of our common shares outstanding during the period adjusted to reflect the potential dilution of contingently issuable common shares under our business management agreement with Reit Management or Research LLC, or RMR. See Note 10 for further information regarding this agreement.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2014
Shareholders' Equity	'
Shareholders' Equity	'
	Note 5. Shareholders’ Equity

	Common Share Issuances

	During the nine months ended September 30, 2014 and the period October 1, 2014 to November 2, 2014, we issued 86,969 and 10,847, respectively, of our common shares to RMR as part of the business management fees payable by us under our business management agreement. In March 2014, we also issued 102,536 of our common shares to RMR for the incentive fee for 2013 pursuant to the business management agreement. See Note 10 for further information regarding this agreement.

	On June 10, 2014, we granted 2,500 of our common shares valued at $29.28 per share, the closing price of our common shares on the New York Stock Exchange, or NYSE, on that day, to each of our five Trustees as part of their annual compensation.

	On September 12, 2014, pursuant to our 2012 Equity Compensation Plan, we granted an aggregate of 79,725 of our common shares, valued at $28.50 per share, the closing price of our common shares on the NYSE on that day, to our officers and certain employees of our manager, RMR.

	Distributions

	On each of January 15, 2014, April 15, 2014, July 15, 2014 and October 15, 2014, we paid a $0.4453 per share distribution, or $5,166, to our Series D preferred shareholders.

	On February 21, 2014, we paid a $0.48 per share distribution, or $71,811, to our common shareholders. On May 21, 2014, we paid a $0.49 per share distribution, or $73,373, to our common shareholders. On August 22, 2014, we paid a $0.49 per share distribution, or $73,395, to our common shareholders. On October 13, 2014, we declared a $0.49 per share distribution, or $73,450, to our common shareholders of record on October 24, 2014. We expect to pay this amount on or about November 21, 2014.

	Other Comprehensive Income (loss)

	Other comprehensive income (loss) represents the unrealized gain (loss) on the TravelCenters of America LLC, or TA, shares we own and our share of the comprehensive income (loss) of Affiliates Insurance Company, or AIC. See Note 10 for further information regarding these investments.

Indebtedness

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 2014
Indebtedness	'
Indebtedness	'
	Note 6. Indebtedness

	Our principal debt obligations at September 30, 2014 were: (1) our $15,000 of outstanding borrowings under our $750,000 unsecured revolving credit facility; (2) our $400,000 unsecured term loan; (3) an aggregate outstanding principal amount of $2,425,000 of public issuances of unsecured senior notes; and (4) an aggregate outstanding principal amount of $8,478 of public issuances of convertible senior notes.

	On January 8, 2014, we amended the agreements governing our unsecured revolving credit facility and unsecured term loan with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of other lenders.

	As a result of the amendment, the stated maturity date of our $750,000 revolving credit facility was extended from September 7, 2015 to July 15, 2018. Subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date by an additional one year to July 15, 2019. The amended credit agreement provides that we can borrow, repay and reborrow funds available under the revolving credit facility until maturity, and no principal repayment is due until maturity. The amended credit agreement includes a feature under which maximum borrowings under the revolving credit facility and term loan may be increased up to $2,300,000 on a combined basis in certain circumstances.

	Under the amendment, the interest rate paid on borrowings under the revolving credit facility was reduced from LIBOR plus a premium of 130 basis points to LIBOR plus a premium of 110 basis points, and the facility fee was reduced from 30 basis points to 20 basis points per annum on the total amount of lending commitments. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of September 30, 2014, we had $15,000 outstanding and $735,000 available under our revolving credit facility. We had no amounts outstanding under our revolving credit facility as of November 2, 2014. As of September 30, 2014, the interest rate for the amount outstanding under our revolving credit facility was 1.25%. The weighted average interest rate for borrowings under our revolving credit facility was 1.26% and 1.25% for the three and nine months ended September 30, 2014, respectively, and 1.49% and $1.50% for the three and nine months ended September 30, 2013, respectively.

	As a result of the amendment, the stated maturity date of our $400,000 unsecured term loan was extended from March 13, 2017 to April 15, 2019. Our term loan is prepayable without penalty at any time. Under the amendment, the interest rate paid on borrowings under the term loan agreement was reduced from LIBOR plus a premium of 145 basis points to LIBOR plus a premium of 120 basis points. The interest rate premium is subject to adjustment based on changes to our credit ratings. As of September 30, 2014, the interest rate for the amount outstanding under our term loan was 1.35%. The weighted average interest rate for borrowings under our term loan was 1.35% and 1.36% for the three and nine months ended September 30, 2014, respectively, and 1.64% and 1.65% for the three and nine months ended September 30, 2013, respectively.

	As a result of the amendments to our revolving credit facility and term loan, we recorded a loss on early extinguishment of debt of $214 in the three months ended March 31, 2014.

	Our borrowings under the amended credit facilities continue to be unsecured. Prior to the effectiveness of the amendment, certain of our subsidiaries had guaranteed our obligations under the revolving credit facility and term loan. As a result of the amendment, none of those subsidiary guarantees remain in effect. The amended credit agreement provides that, with certain exceptions, a subsidiary of ours is required to guaranty our obligations under the revolving credit facility and term loan only if that subsidiary has separately incurred debt (other than nonrecourse debt), within the meaning specified in the amended credit agreement, or provided a guarantee of debt incurred by us or any of our other subsidiaries.

	Our revolving credit facility and term loan agreement provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes RMR ceasing to act as our business manager. Our revolving credit facility and term loan agreement contains a number of covenants that restrict our ability to incur debt in excess of calculated amounts, restrict our ability 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 the agreement governing our revolving credit facility and term loan at September 30, 2014.

	On February 15, 2014, we redeemed at par all of our outstanding 7.875% senior notes due 2014 for $300,000 plus accrued and unpaid interest (an aggregate of $311,813). As a result of the redemption, we recorded a loss on extinguishment of debt of $512 in the three months ended March 31, 2014 which represented the unamortized discount and issuance costs of these notes.

	On March 12, 2014, we issued $350,000 of 4.65% unsecured senior notes due 2024 in a public offering for net proceeds of $345,949 after underwriting discounts and other offering expenses.

	On August 15, 2014, we redeemed at par all of our outstanding 5⅛% senior notes due 2015 for $280,000 plus accrued and unpaid interest (an aggregate of $287,175). As a result of the redemption, we recorded a loss on extinguishment of debt of $129 in the three months ended September 30, 2014 which represented the unamortized discount and issuance costs of these notes.

	On September 12, 2014, we issued $350,000 of 4.50% unsecured senior notes due 2025 in a public offering for net proceeds of $342,805 after underwriting discounts and other offering expenses.

Real_Estate_Properties

Real Estate Properties	9 Months Ended
	Sep. 30, 2014
Real Estate Properties	'
Real Estate Properties	'
	Note 7. Real Estate Properties

	At September 30, 2014, we owned 291 hotels and owned or leased 185 travel centers which are operated under 11 operating agreements.

	During the nine months ended September 30, 2014, we funded $163,726 of improvements to certain of our properties that pursuant to the terms of our management and lease agreements with our hotel managers and tenants resulted in increases in our contractual annual minimum returns and rents of $12,446. See Notes 10 and 11 for further information about our fundings of improvements to certain of our properties.

	One of the travel centers we leased to TA under our TA No. 1 lease, located in Roanoke, VA, was taken in August 2013 by eminent domain proceedings brought by the Virginia Department of Transportation, or the VDOT, in connection with certain highway construction. In January 2014, we received $6,178 of proceeds from the VDOT in connection with the taking. See Note 10 for more information regarding this transaction.

	On April 29, 2014, we sold our Sonesta ES Suites branded hotel in Myrtle Beach, SC for net proceeds of $4,288. As a result of this sale, we recorded a $130 gain on sale of real estate in the three months ended June 30, 2014. See Note 10 for further information regarding this transaction.

	On May 30, 2014, we acquired a 240 room full service hotel located in Ft. Lauderdale, FL for $65,000, excluding related acquisition costs of $202. We accounted for this transaction as a business combination. The following table summarizes our allocation of the acquisition cost to the estimated fair value of the assets we acquired.




	Land	$	14,592
	Building	40,525
	Furniture, fixtures and equipment	9,883
		$	65,000

	We converted this hotel to a Sonesta branded hotel and added it to our Sonesta agreement. See Notes 10 and 11 for more information regarding this transaction and our Sonesta agreement.

	On August 25, 2014, we terminated a previously disclosed agreement to acquire a land parcel adjacent to one of our other travel centers, which had a contract purchase price of $450. See Note 10 for further information regarding this terminated transaction.

	On September 23, 2014, we exercised our option to purchase for $16,000 the land and improvements at the travel center we lease in Waterloo, NY. We expect this transaction to close in October 2015. See Note 10 for further information regarding this transaction.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2014
Income Taxes	'
Income Taxes	'
	Note 8. Income Taxes

	We have elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, and, accordingly 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 REIT status. Also, we lease our managed hotels to our wholly owned TRSs that, unlike most of our other subsidiaries, file separate consolidated federal corporate income tax returns and are subject to federal, state and foreign income taxes. Our consolidated income tax provision included in our condensed consolidated statements of income and comprehensive income includes the income tax provision related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our REIT status.

	During the three and nine months ended September 30, 2014, we recognized income tax (benefit) expense of $39 and $1,110, respectively, which includes zero and ($22), respectively, of federal taxes, $16 and $86, respectively, of foreign taxes and $23 and $1,046, respectively, of certain state taxes that are payable without regard to our REIT status and TRS tax loss carry forwards.

	During the three and nine months ended September 30, 2013, we recognized a current income tax expense of $899 and $2,535, respectively, which includes $420 and $1,317, respectively, of federal taxes, $16 and $78, respectively, of foreign taxes and $463 and $1,140, respectively, of certain state taxes that are payable without regard to our REIT status and TRS tax loss carry forwards. In addition, during the three and nine months ended September 30, 2013, we recognized a deferred tax benefit of $26 and $7,094, respectively, related primarily to the restructuring of certain of our TRSs.

Segment_Information

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2014
Segment Information	'
Segment Information	'


	Note 9. Segment Information


			For the Three Months Ended September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	394,973		$	-		$	-		$	394,973
	Rental income			8,088			55,749			-			63,837
	FF&E reserve income			829			-			-			829
	Total revenues			403,890			55,749			-			459,639
	Hotel operating expenses			279,560			-			-			279,560
	Depreciation and amortization			54,024			25,625			-			79,649
	General and administrative			-			-			16,798			16,798
	Acquisition related costs			14			-			-			14
	Total expenses			333,598			25,625			16,798			376,021

	Operating income (loss)			70,292			30,124			-16,798			83,618

	Interest income			-			-			13			13
	Interest expense			-			-			-34,304			-34,304
	Loss on early extinguishment of debt			-			-			-129			-129
	Income (loss) before income taxes and equity in earnings of an investee			70,292			30,124			-51,218			49,198
	Income tax expense			-			-			-39			-39
	Equity in earnings of an investee			-			-			38			38
	Net income (loss)		$	70,292		$	30,124		$	-51,219		$	49,197

			For the Nine Months Ended September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	1,112,157		$	-		$	-		$	1,112,157
	Rental income			24,532			166,427			-			190,959
	FF&E reserve income			2,673			-			-			2,673
	Total revenues			1,139,362			166,427			-			1,305,789
	Hotel operating expenses			780,955			-			-			780,955
	Depreciation and amortization			160,402			76,297			-			236,699
	General and administrative			-			-			41,429			41,429
	Acquisition related costs			237			-			-			237
	Total expenses			941,594			76,297			41,429			1,059,320

	Operating income (loss)			197,768			90,130			-41,429			246,469

	Interest income			-			-			63			63
	Interest expense			-			-			-104,101			-104,101
	Loss on early extinguishment of debt			-			-			-855			-855
	Income (loss) before income taxes and equity in earnings of an investee			197,768			90,130			-146,322			141,576
	Income tax expense			-			-			-1,110			-1,110
	Equity in earnings of an investee			-			-			66			66
	Income before gain on sale of real estate			197,768			90,130			-147,366			140,532
	Gain on sale of real estate			130			-			-			130
	Net income (loss)		$	197,898		$	90,130		$	-147,366		$	140,662

			As of September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Total assets		$	3,756,067		$	2,186,193		$	48,323		$	5,990,583


			For the Three Months Ended September 30, 2013
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	348,908		$	-		$	-		$	348,908
	Rental income			8,171			54,560			-			62,731
	FF&E reserve income			636			-			-			636
	Total revenues			357,715			54,560			-			412,275
	Hotel operating expenses			249,862			-			-			249,862
Depreciation and amortization			51,476			24,572			-			76,048
General and administrative			-			-			13,094			13,094
Acquisition related costs			1,090			-			-			1,090
Loss on asset impairment			-			5,837			-			5,837
Total expenses			302,428			30,409			13,094			345,931

Operating income (loss)			55,287			24,151			-13,094			66,344

Interest income			-			-			18			18
Interest expense			-			-			-37,986			-37,986
Income (loss) before income taxes and equity in earnings of an investee			55,287			24,151			-51,062			28,376
Income tax expense			-			-			-873			-873
Equity in earnings of an investee			-			-			64			64
Net income (loss)		$	55,287		$	24,151		$	-51,871		$	27,567

		For the Nine Months Ended September 30, 2013
		Hotels			Travel Centers			Corporate			Consolidated
Hotel operating revenues		$	990,436		$	-		$	-		$	990,436
Rental income			24,765			162,034			-			186,799
FF&E reserve income			1,828			-			-			1,828
Total revenues			1,017,029			162,034			-			1,179,063
Hotel operating expenses			705,054			-			-			705,054
Depreciation and amortization			149,703			72,223			-			221,926
General and administrative			-			-			37,156			37,156
Acquisition related costs			3,180			-			-			3,180
Loss on asset impairment			2,171			5,837			-			8,008
Total expenses			860,108			78,060			37,156			975,324

Operating income (loss)			156,921			83,974			-37,156			203,739

Interest income			-			-			97			97
Interest expense			-			-			-108,188			-108,188
Income (loss) before income taxes and equity in earnings of an investee			156,921			83,974			-145,247			95,648
Income tax benefit			-			-			4,559			4,559
Equity in earnings of an investee			-			-			219			219
Net income (loss)		$	156,921		$	83,974		$	-140,469		$	100,426

		As of December 31, 2013
		Hotels			Travel Centers			Corporate			Consolidated
Total assets		$	3,701,850		$	2,223,337		$	42,357		$	5,967,544

Related_Person_Transactions

Related Person Transactions	9 Months Ended
Related Person Transactions	Sep. 30, 2014
Related Person Transactions	'
Related Person Transactions	'
	Note 10. Related Person Transactions

	TA

	TA is our former 100% owned subsidiary and our largest tenant, and we are TA’s largest shareholder. TA was created as a separate public company in 2007 as a result of its spin off from us. As of September 30, 2014, we owned 3,420,000 common shares of TA, representing approximately 9.1% of TA’s outstanding common shares. TA is the lessee of 35% of our real estate properties, at cost, as of September 30, 2014. Mr. Barry Portnoy, one of our Managing Trustees, is a managing director of TA. Mr. Thomas O’Brien, a former officer of ours prior to the TA spin-off, is President and Chief Executive Officer and the other managing director of TA. TA’s Chief Financial Officer and General Counsel are also officers of RMR. Mr. Arthur Koumantzelis, who was one of our Independent Trustees prior to the TA spin-off, serves as an independent director of TA. RMR provides management services to both us and TA.

	Financial information about TA may be found on the Securities and Exchange Commission’s, or the SEC, website by entering TA’s name at http://www.sec.gov/edgar/searchedgar/companysearch.html. Reference to TA’s financial information on this external website is presented to comply with applicable accounting regulations of the SEC. Except for such financial information contained therein as is required to be included herein under such regulations, TA’s public filings and other information located in external websites are not incorporated by reference into these financial statements.

	TA has two leases with us, the TA No. 1 lease and the TA No. 2 lease, pursuant to which TA leases 185 travel centers from us. The TA No. 1 lease is for 145 travel centers that TA operates under the “TravelCenters of America” or “TA” brand names. The TA No. 2 lease is for 40 travel centers that TA operates under the “Petro” brand name. The TA No. 1 lease expires on December 31, 2022. The TA No. 2 lease expires on June 30, 2024, and may be extended by TA for up to two additional periods of 15 years each.

	Both of these leases require TA to: (i) make payments to us of minimum rents; (ii) pay us percentage rent equal to 3% of non-fuel revenues and 0.3% of fuel revenues above applicable base year revenues subject to certain limitations; (iii) pay us at lease expiration an amount equal to an estimate of the cost of removing underground storage tanks on our leased sites; and (iv) maintain the leased travel centers, including structural and non-structural components. In addition to minimum and percentage rent, TA is obligated to pay us ground rent of approximately $5,253 per year under the TA No. 1 lease. Previously deferred rent due from TA of $107,085 and $42,915 is due in December 2022 and June 2024, respectively; however, we have not recognized any of the deferred rent as rental income or as rents receivable due to uncertainties regarding future collection.

	We recognized rental income of $55,749 and $54,560 for the three months ended September 30, 2014 and 2013, respectively, and $166,427 and $162,034 for the nine months ended September 30, 2014 and 2013, respectively, under our leases with TA. Rental income for the three and nine months ended September 30, 2014 and 2013 includes $422 and $1,267 and $442 and $1,340, respectively, of adjustments necessary to record the scheduled rent increase on our TA No. 1 lease and the estimated future payment to us by TA for the cost of removing underground storage tanks on a straight line basis. As of September 30, 2014 and December 31, 2013, we had accruals for unpaid amounts of $39,341 and $37,034, respectively, owed to us by TA (excluding any deferred rents), which amounts are included in due from related persons in our condensed consolidated balance sheets. We had deferred estimated percentage rent under our TA No. 1 lease of $557 and $464 for the three months ended September 30, 2014 and 2013, respectively, and $2,129 and $1,746 for the nine months ended September 30, 2014 and 2013, respectively. We have waived an estimated $126 and $372 of percentage rent under the TA No. 2 lease for the three and nine months ended September 30, 2014, respectively, and through September 30, 2014, we have cumulatively waived $738 of percentage rent under our TA No. 2 lease because we previously agreed to waive the first $2,500 of percentage rents under the TA No. 2 lease. The waived percentage rent is not included in the deferred percentage rent amounts we have disclosed above in this paragraph or in Note 3. We determine percentage rent due under our TA leases annually and recognize it at year end when all contingencies are met.

	Under the TA No. 1 and No. 2 leases, TA may request that we fund approved amounts for renovations, improvements and equipment at leased travel centers in return for increases in TA’s minimum annual rent. We are not required to fund these improvements and TA is not required to sell them to us. For the nine months ended September 30, 2014 and 2013, we funded $41,961 and $63,163, respectively, for capital improvements purchased from TA under this lease provision; and, as a result, TA’s minimum annual rent payable to us increased by approximately $3,567.and $5,369, respectively.

	On August 13, 2013, a travel center located in Roanoke, VA that we leased to TA under the TA No. 1 lease was taken by eminent domain proceedings brought by the VDOT in connection with certain highway construction. Our TA No. 1 lease provides that the annual rent payable by TA to us is reduced by 8.5% of the amount of the proceeds we receive from the taking or, at our option, the fair market value rent of the property on the commencement date of the TA No. 1 lease. In January 2014, we received proceeds from the VDOT of $6,178, which is a substantial portion of the VDOT’s estimate of the value of the property, and as a result the annual rent payable by TA to us under the TA No. 1 lease was reduced by $525 effective January 6, 2014. We and TA are challenging the VDOT’s estimate of the property’s value and we expect that the ultimate resolution of this matter will take a prolonged period of time. We entered a lease agreement with the VDOT to lease this property through November 15, 2014 for $40 per month. We entered into a sublease for this property with TA for TA to continue operating the property as a travel center through November 15, 2014 and under the terms of the TA No. 1 lease TA will be responsible to pay this ground lease rent.

	On July 14, 2014, we agreed to purchase and lease to TA under the TA No. 1 lease land adjacent to a travel center that we own in Florence, KY. On August 25, 2014, we terminated the purchase agreement. See Note 7 for further information regarding this terminated transaction.

	On September 23, 2014, we exercised our option to purchase the land and improvements at the travel center we lease in Waterloo, NY. We currently sublease that travel center to TA. We expect this transaction to close in October 2015 and that, following this purchase, we will directly lease this travel center to TA. See Note 7 for further information regarding this transaction.

	RMR

	We have no employees. 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 and administrative services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to the property level operations of the office building component of one property we own in Baltimore, MD, which also includes a Royal Sonesta hotel.

	One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR. Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy, and an owner, President, Chief Executive Officer and a director of RMR. Each of our executive officers is also an officer of RMR, including Mr. Ethan Bornstein, who is the son-in-law of Mr. Barry Portnoy and the brother-in-law of Mr. Adam Portnoy. Certain of TA’s and Sonesta’s executive officers are also officers of RMR. Our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services. Mr. Barry Portnoy and Mr. Adam Portnoy serve as managing directors or managing trustees of a majority of the companies to which RMR or its affiliates provide management services. In addition, officers of RMR serve as officers of those companies.

	We incurred aggregate business management, property management and estimated incentive fees of $14,309 and $10,744 for the three months ended September 30, 2014 and 2013, respectively, and $34,896 and $30,675 for the nine months ended September 30, 2014 and 2013, respectively. The fees for the three and nine months ended September 30, 2014, include $4,778 and $7,074, respectively, of estimated 2014 incentive fees payable in common shares in 2015 based on our common share total return as of September 30, 2014. These amounts are included in general and administrative expenses in our condensed consolidated financial statements. In accordance with the terms of our business management agreement, we issued 97,816 of our common shares to RMR for the nine months ended September 30, 2014 as payment for a portion of the base business management fee we recognized for such period. In March 2014, we also issued 102,536 of our common shares to RMR for the incentive fee for 2013 pursuant to the business management agreement.

	On May 9, 2014, we and RMR entered into amendments to our business management agreement and property management agreement. As amended, RMR may terminate the agreements upon 120 days’ written notice. Prior to the amendments, RMR could terminate the agreements upon 60 days’ written notice and could also terminate the property management agreement upon five business days’ notice if we underwent a change of control. The amendments also provide for certain termination payments by us to RMR in the event that we terminate the agreements other than for cause. Also, as amended, RMR agrees to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR.

	Sonesta

	In 2012, pursuant to a series of transactions, we purchased the entities that owned the Royal Sonesta Hotel Boston in Cambridge, MA, or the Cambridge Hotel, and leased the Royal Sonesta Hotel New Orleans in New Orleans, LA, or the New Orleans Hotel, for approximately $150,500. In connection with these transactions, we entered into hotel management agreements with Sonesta International Hotels Corporation, or Sonesta, that provide for Sonesta to manage the Cambridge Hotel and the New Orleans Hotel for us. The stockholders and directors of Sonesta are Mr. Barry Portnoy and Mr. Adam Portnoy, who are our Managing Trustees and the principals of RMR. Sonesta’s Chairman and Chief Executive Officer is an officer of RMR and formerly was our Director of Internal Audit, and certain other officers and employees of Sonesta are current or former officers or employees of RMR. In addition, RMR also provides certain services to Sonesta.

	Since acquiring the entities that owned the Cambridge Hotel and leased the New Orleans Hotel, we have rebranded additional hotels we own to Sonesta brands and entered into hotel management agreements with Sonesta for the management of these additional hotels. As of September 30, 2014, Sonesta was managing 22 of our hotels pursuant to long term management agreements. We currently lease all of the hotels that we own and that are managed by Sonesta to one of our TRSs.

	On June 28, 2013, we acquired the fee interest in the New Orleans Hotel from the third party owner from which we previously leased that hotel and, as a result, the lease with the third party terminated. Simultaneous with this acquisition, we and Sonesta amended and restated the prior management agreement we had with Sonesta for this hotel. The terms of the amended and restated management agreement are substantially the same as those contained in our other management agreements with Sonesta relating to full service hotels.

	In April 2012, we entered into a pooling agreement with Sonesta that combined our hotel management agreements with Sonesta for purposes of calculating gross revenues, payment of hotel operating expenses, payment of fees and distributions and the calculation of minimum returns due to us. We previously referred to this agreement and combination of hotels and management agreements as our Sonesta No. 1 agreement. The management agreements for all of our hotels then managed by Sonesta, excluding, until June 28, 2013, the New Orleans Hotel, were included in the Sonesta No. 1 agreement. The amended and restated management agreement we entered with Sonesta for the New Orleans Hotel upon our acquiring the fee interest in that hotel was added to our pooling agreement with Sonesta. We now refer to the pooling agreement and combination of our Sonesta branded hotels and management agreements as our Sonesta agreement, or our Sonesta management agreement. See Note 11 for further information about our management agreements with Sonesta.

	Pursuant to our management agreements with Sonesta, we incurred management, system, reservation fees and reimbursement of certain guest loyalty, marketing program and third party reservation transmission expenses payable to Sonesta of $4,722 and $3,037 for the three months ended September 30, 2014 and 2013, respectively, and $13,052 and $10,902 for the nine months ended September 30, 2014 and 2013, respectively; these amounts are included in hotel operating expenses in our condensed consolidated financial statements. In addition, we also incurred procurement and construction supervision fees payable to Sonesta in connection with capital expenditures at our hotels managed by Sonesta of $1,053 and $673 for the three months ended September 30, 2014 and 2013, respectively, and $2,803 and $2,307 for the nine months ended September 30, 2014 and 2013, respectively; these amounts have been capitalized in our condensed consolidated financial statements. Under our hotel management agreements with Sonesta, routine property maintenance, which is expensed, is an operating expense of the hotels and improvements and periodic renovations, which are capitalized, are funded by us, except in the case of the New Orleans Hotel for capital expenditures incurred prior to June 28, 2013, which were borne in large part by the former lessor. As of September 30, 2014 and December 31, 2013, we had accruals for unpaid amounts of $892 and $893, respectively, owed to us by Sonesta, which amounts are included in due from related persons in our condensed consolidated balance sheets. As of September 30, 2014 and December 31, 2013 we had accrued amounts due to Sonesta for capital expenditure reimbursements of $11,649 and $6,625, respectively, which amounts are included in due to related persons in our condensed consolidated balance sheets.

	On April 29, 2014, we sold our Sonesta ES Suites in Myrtle Beach, SC. In connection with this sale, the hotel management agreement with Sonesta for this property was terminated and removed from our Sonesta agreement. See Note 7 for further information regarding this transaction.

	On May 30, 2014, we acquired a hotel in Ft. Lauderdale, FL and this hotel has been rebranded as a Sonesta hotel. Sonesta is managing this hotel pursuant to a hotel management agreement on terms consistent with our other hotel management agreements with Sonesta and that hotel management agreement has been added to our Sonesta agreement. See Note 7 for further information regarding this transaction.

	AIC

	We, RMR, TA and four other companies to which RMR provides management services currently own Affiliates Insurance Company, or AIC, an Indiana insurance company. All of our Trustees and most of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC.

	On March 25, 2014, as a result of the removal, without cause, of all of the trustees of Equity Commonwealth (formerly known as CommonWealth REIT), or EQC, this shareholder of AIC underwent a change in control, as defined in the shareholders agreement among us, the other shareholders of AIC and AIC. As a result of that change in control and in accordance with the terms of the shareholders agreement, on May 9, 2014, we and those other shareholders purchased pro rata the AIC shares EQC owned. Pursuant to that purchase, we purchased 2,857 AIC shares from EQC for $825. Following these purchases, we and the other remaining six shareholders each own approximately 14.3% of AIC.

	In June 2014, we and the other shareholders of AIC renewed our participation in an insurance program arranged by AIC. In connection with that renewal, we purchased a one-year property insurance policy providing $500,000 of coverage, with respect to which AIC is a reinsurer of certain coverage amounts. Our total premium due to AIC, including taxes and fees, is approximately $11,851 in connection with that policy, which amount may be adjusted from time to time as we acquire or dispose of properties that are covered in the policy.

	As of September 30, 2014, we had invested $6,034 in AIC. Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC as all of our Trustees are also directors of AIC. Our investment in AIC had a carrying value of $6,813 and $5,913 as of September 30, 2014 and December 31, 2013, respectively, which amounts are included in other assets on our condensed consolidated balance sheet. We recognized income of $38 and $64 for the three months ended September 30, 2014 and 2013, respectively, and $66 and $219 for the nine months ended September 30, 2014 and 2013, respectively, related to our investment in AIC.

	Directors’ and Officers’ Liability Insurance

	In June 2014, we, RMR and four other companies to which RMR provides management services extended our and their combined directors’ and officers’ liability insurance policy, and we extended our separate directors’ and officers’ liability insurance policy, in each case for an interim period. We paid an aggregate premium of approximately $50 for these extensions. Further information about those policies is contained in Note 8 to our audited financial statements contained in our 2013 Annual Report. In September 2014, we purchased a two year combined directors' and officers' insurance policy with RMR and five other companies managed by RMR that provides $10,000 in aggregate primary coverage, including certain errors and omission coverage. At that time, we also purchased separate additional one year directors' and officers' liability insurance policies that provide $20,000 of aggregate excess coverage plus $5,000 of excess non-indemnifiable coverage. The total premium payable by us for these policies purchased in September 2014 was approximately $624.

Hotel_Management_Agreements_an

Hotel Management Agreements and Leases and Renovation Funding	9 Months Ended
	Sep. 30, 2014
Hotel Management Agreements and Leases and Renovation Funding	'
Hotel Management Agreements and Leases and Renovation Funding	'
	Note 11. Hotel Management Agreements and Leases


	As of September 30, 2014, 288 of our hotels are leased to our TRSs and managed by independent hotel operating companies and three are leased to third parties.

	Marriott No. 1 agreement. Our management agreement with Marriott International Inc., or Marriott, for 53 hotels provides that as of September 30, 2014 we are paid a fixed annual minimum return of $67,855 to the extent that gross revenues of the hotels, after payment of hotel operating expenses, are sufficient to do so. We do not have any security deposits or guarantees for the 53 hotels included in our Marriott No. 1 agreement. Accordingly, the returns we receive from these hotels managed by Marriott are limited to available hotel cash flows after payment of operating expenses. We realized returns of $16,938 and $50,745 during the three and nine months ended September 30, 2014, respectively, under this agreement. Marriott’s management and incentive fees are only earned after we receive our minimum returns.

	We currently expect to fund $4,400 of capital improvements during 2014 at certain of the hotels included in our Marriott No. 1 agreement. We funded $3,198 of this amount during the nine months ended September 30, 2014. As we fund these improvements, the annual minimum returns payable to us increase by 10% of the amounts funded.

	Marriott No. 234 agreement. During the three months ended September 30, 2014, the payments we received under our Marriott No. 234 agreement, which requires annual minimum returns to us of $105,928 as of September 30, 2014, were $4,087 more than the minimum amounts contractually required. During the nine months ended September 30, 2014, the payments we received were $1,181 less than the minimum amounts contractually required. We realized returns of $29,232 and $79,368 during the three and nine months ended September 30, 2014, respectively, under this agreement. Pursuant to our Marriott No. 234 agreement, Marriott provided us with a limited guarantee for shortfalls up to 90% of our minimum returns through 2019. Marriott was not required to make any guarantee payments during the three or nine months ended September 30, 2014 because the hotels generated cash flows in excess of the guaranty threshold amount (90% of the minimum returns due to us). The available balance of this guaranty was $30,672 as of September 30, 2014. Also, during the period from September 30, 2014 to November 2, 2014, the payments we received for these hotels were $478 less than the contractual minimum returns due to us.

	We currently expect to fund $6,500 of capital improvements during 2014 to complete renovations at certain of the hotels included in our Marriott No. 234 agreement. We funded $1,500 of this amount during the nine months ended September 30, 2014. As we fund these improvements, the annual minimum returns payable to us increase by 9% of the amounts funded.

	Marriott No. 5 agreement. We lease one hotel in Kauai, Hawaii to Marriott. This lease is guaranteed by Marriott and we received $2,501 and $7,503 of rent for this hotel during the three and nine months ended September 30, 2014, respectively. As of November 2, 2014, all rents due from Marriott for this hotel are current. The guarantee provided by Marriott with respect to the one hotel leased by Marriott is unlimited.

	InterContinental agreement. During the three and nine months ended September 30, 2014, we realized returns and rents of $34,875 and $104,624, respectively, under our management agreement with InterContinental Hotels Group, plc, or InterContinental, covering 91 hotels and requiring annual minimum returns to us of $139,498 as of September 30, 2014. During the nine months ended September 30, 2014, we have been paid all of our minimum returns due for the period. During the three months ended September 30, 2014, we replenished the available security deposit by $4,259 for the payments we received during the period in excess of the minimum returns due to us for the period. Also, during the period from September 30, 2014 to November 2, 2014, we received $2,832 more than the minimum amounts contractually required under our InterContinental agreement.

	Under this agreement, InterContinental is required to maintain a minimum security deposit of $30,000 in 2014 and $37,000 thereafter. On January 6, 2014, we entered into a letter agreement with InterContinental under which the minimum security deposit balance required to be maintained during 2014 and 2015 will be reduced by two dollars for every dollar of additional security deposit InterContinental provides to us. During the first quarter of 2014, InterContinental provided us $4,283 of additional security deposits, which reduced the minimum security deposit amount required to $21,434. In October 2014, InterContinental requested and we returned the additional deposit of $4,283 and the minimum deposit balance required to be maintained reverted to $30,000. The remaining balance of the security deposit was $35,694 as of November 2, 2014.

	We currently expect to fund $17,000 of capital improvements in 2014 and $9,000 in 2015 to complete renovations at certain of the hotels included in our InterContinental agreement. We did not make any of these renovation fundings during the nine months ended September 30, 2014. As we fund these improvements, the annual minimum returns payable to us increase by 8% of the amounts funded.

	Sonesta agreement. Our management agreement with Sonesta provides that we are paid a fixed annual minimum return equal to 8% of our invested capital, as defined in the management agreement ($70,212 as of September 30, 2014), to the extent that gross revenues of the hotels, after payment of hotel operating expenses and certain base management fees to Sonesta, are sufficient to do so. We do not have any security deposits or guarantees for our hotels managed by Sonesta. Accordingly, the returns we receive from hotels managed by Sonesta are limited to available hotel cash flows after payment of operating expenses. Sonesta’s incentive management fees, but not its other fees, are only earned after we receive our minimum returns, and we may cancel these management agreements if approximately 75% of our minimum returns are not paid for certain periods. We realized returns of $8,424 and $21,724 during the three and nine months ended September 30, 2014, respectively, under this agreement.

	In addition to recurring capital expenditures, we currently expect to fund approximately $108,200 in 2014 and $22,800 in 2015 for renovations and other improvements at certain of the hotels included in our Sonesta agreement. We funded $91,446 of these amounts during the nine months ended September 30, 2014. The annual minimum returns due to us under the Sonesta agreement increase by 8% of the amounts funded in excess of threshold amounts, as defined therein. See Note 10 for further information regarding our relationship with Sonesta.

	Wyndham agreement. During the three and nine months ended September 30, 2014, we realized returns and rents of $6,805 and $20,044, respectively, from our hotels managed or leased by Wyndham Hotel Group, or Wyndham. The guarantee provided by Wyndham with respect to 22 hotels managed by Wyndham is limited to $35,656 ($9,111 remaining at September 30, 2014), subject to an annual payment limit of $17,828 and expires on July 28, 2020. This guaranty was replenished by $278 during the three months ended September 30, 2014 from the net operating results these hotels generated during the period in excess of our minimum returns. During the nine months ended September 30, 2014, Wyndham has made $5,052 of guaranty payments to us. The guarantee provided by Wyndham with respect to the lease with Wyndham Vacation Resorts, Inc., or Wyndham Vacation, for part of one hotel is unlimited.

	We currently expect to fund approximately $26,292 of capital improvements in 2014 and $9,000 in 2015 to complete renovations at certain of the hotels included in our Wyndham agreement. We funded $25,492 of these amounts during the nine months ended September 30, 2014. As we fund these improvements, the annual minimum returns payable to us increase by 8% of the amounts funded.

	Morgans agreement. On October 14, 2014, the annual rent due to us increased from $5,956 to $7,595 based on changes in the consumer price index as prescribed in our lease with Morgans Hotel Group, or Morgans.

	Other management agreement and lease matters. As of November 2, 2014, all payments due to us from our managers and tenants under our other operating agreements were current. Minimum return and minimum rent payments due to us under some of these other hotel management agreements and leases are supported by guarantees. The guarantee provided by Hyatt Hotels Corporation, or Hyatt, with respect to the 22 hotels managed by Hyatt is limited to $50,000 ($14,020 remaining at September 30, 2014). The guarantee provided by Carlson Hotels Worldwide, or Carlson, with respect to the 11 hotels managed by Carlson is limited to $40,000 ($21,656 remaining at September 30, 2014).

	Guarantees and security deposits generally. Certain of our managed hotels had net operating results that were, in the aggregate, $8,782 and $15,258, less than the minimum returns due to us in the three months ended September 30, 2014 and 2013, respectively, and $30,963 and $44,475 less than the minimum returns due to us in the nine months ended September 30, 2014 and 2013, respectively. When the managers of these hotels fund the shortfalls under the terms of our operating agreements or their guarantees, we reflect such fundings (including security deposit applications) in our condensed consolidated statements of income as a reduction of hotel operating expenses. The reduction to hotel operating expenses was $42 and $4,445 in the three months ended September 30, 2014 and 2013, respectively, and $5,052 and $15,111 in the nine months ended September 30, 2014 and 2013, respectively. We had shortfalls at certain of our managed hotel portfolios not funded by the managers of these hotels under the terms of our operating agreements of $8,740 and $10,813 in the three months ended September 30, 2014 and 2013, respectively, and $25,911 and $29,364 in the nine months ended September 30, 2014 and 2013, respectively, which represents the unguaranteed portions of our minimum returns from Marriott and from Sonesta. When we reduce the amounts of the security deposits we hold for any of our operating agreements for payment deficiencies, we record income equal to the amounts by which the deposit is reduced up to the minimum return or minimum rent due to us. Reducing the security deposits does not result in additional cash flow to us of the deficiency amounts, but reducing amounts of security deposits may reduce the refunds due to the respective lessees or managers who have provided us with these deposits upon expiration of the respective lease or management agreement. The security deposits are non-interest bearing and are not held in escrow. Certain of our guarantees and our security deposits may be replenished by future cash flows from the applicable hotel operations pursuant to the terms of the respective agreements.

Fair_Value_of_Assets_and_Liabi

Fair Value of Assets and Liabilities	9 Months Ended
Fair Value of Assets and Liabilities	Sep. 30, 2014
Fair Value of Assets and Liabilities	'
Fair Value of Assets and Liabilities	'
	Note 12. Fair Value of Assets and Liabilities

	The table below presents certain of our assets carried at fair value at September 30, 2014, 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
					Quoted Prices in
					Active Markets for		Significant Other		Significant
					Identical Assets		Observable Inputs		Unobservable Inputs
	Description		Total		(Level 1)		(Level 2)		(Level 3)
	Investment securities (1)		$	33,790	$	33,790	$	-	$	-


		-1		Our investment securities, consisting of our 3,420,000 shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these securities is $17,407. The unrealized gain for these securities as of September 30, 2014 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.

	In addition to the investment securities included in the table above, our financial instruments include our cash and cash equivalents, restricted cash, rents receivable, revolving credit facility, unsecured term loan, senior notes and security deposits. At September 30, 2014 and December 31, 2013, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated financial statements due to their short term nature or variable interest rates, except as follows:



			30-Sep-14				31-Dec-13
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
	Senior Notes, due 2014 at 7.875%		$	-	$	-	$	300,000	$	304,035
	Senior Notes, due 2015 at 5.125%			-		-		280,000		283,150
	Senior Notes, due 2016 at 6.3%			275,000		290,862		275,000		297,443
	Senior Notes, due 2017 at 5.625%			300,000		325,389		300,000		327,681
	Senior Notes, due 2018 at 6.7%			350,000		388,806		350,000		399,560
	Senior Notes, due 2022 at 5%			500,000		528,440		500,000		524,810
	Senior Notes, due 2023 at 4.5%			300,000		304,865		300,000		289,950
	Senior Notes, due 2024 at 4.65%			350,000		358,031		-		-
	Senior Notes, due 2025 at 4.5%			350,000		347,758		-		-
	Convertible Senior Notes, due 2027 at 3.8%			8,478		8,789		8,478		8,983
	Unamortized discounts			-13,330		-		-9,473		-
	Total financial liabilities		$	2,420,148	$	2,552,940	$	2,304,005	$	2,435,612

	At September 30, 2014, we estimated the fair values of our unsecured senior notes using an average of the bid and ask price of our then outstanding issuances of senior notes (Level 1 inputs). We estimated the fair value of our convertible unsecured senior notes using discounted cash flow analyses and currently prevailing market interest rates (Level 3 inputs) because no market quotes for these notes were available at September 30, 2014 and December 31, 2013.

Real_Estate_Properties_Tables

Real Estate Properties (Tables) (Full service hotel in Ft. Lauderdale, FL)	9 Months Ended
	Sep. 30, 2014
Full service hotel in Ft. Lauderdale, FL	'
Real estate properties	'
Schedule of allocation of the acquisition cost to the estimated fair value of assets acquired	'

	Land	$	14,592
	Building	40,525
	Furniture, fixtures and equipment	9,883
		$	65,000

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Sep. 30, 2014
Segment Information	'
Schedule of segment information	'

			For the Three Months Ended September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	394,973		$	-		$	-		$	394,973
	Rental income			8,088			55,749			-			63,837
	FF&E reserve income			829			-			-			829
	Total revenues			403,890			55,749			-			459,639
	Hotel operating expenses			279,560			-			-			279,560
	Depreciation and amortization			54,024			25,625			-			79,649
	General and administrative			-			-			16,798			16,798
	Acquisition related costs			14			-			-			14
	Total expenses			333,598			25,625			16,798			376,021

	Operating income (loss)			70,292			30,124			-16,798			83,618

	Interest income			-			-			13			13
	Interest expense			-			-			-34,304			-34,304
	Loss on early extinguishment of debt			-			-			-129			-129
	Income (loss) before income taxes and equity in earnings of an investee			70,292			30,124			-51,218			49,198
	Income tax expense			-			-			-39			-39
	Equity in earnings of an investee			-			-			38			38
	Net income (loss)		$	70,292		$	30,124		$	-51,219		$	49,197

			For the Nine Months Ended September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	1,112,157		$	-		$	-		$	1,112,157
	Rental income			24,532			166,427			-			190,959
	FF&E reserve income			2,673			-			-			2,673
	Total revenues			1,139,362			166,427			-			1,305,789
	Hotel operating expenses			780,955			-			-			780,955
	Depreciation and amortization			160,402			76,297			-			236,699
	General and administrative			-			-			41,429			41,429
	Acquisition related costs			237			-			-			237
	Total expenses			941,594			76,297			41,429			1,059,320

	Operating income (loss)			197,768			90,130			-41,429			246,469

	Interest income			-			-			63			63
	Interest expense			-			-			-104,101			-104,101
	Loss on early extinguishment of debt			-			-			-855			-855
	Income (loss) before income taxes and equity in earnings of an investee			197,768			90,130			-146,322			141,576
	Income tax expense			-			-			-1,110			-1,110
	Equity in earnings of an investee			-			-			66			66
	Income before gain on sale of real estate			197,768			90,130			-147,366			140,532
	Gain on sale of real estate			130			-			-			130
	Net income (loss)		$	197,898		$	90,130		$	-147,366		$	140,662

			As of September 30, 2014
			Hotels			Travel Centers			Corporate			Consolidated
	Total assets		$	3,756,067		$	2,186,193		$	48,323		$	5,990,583


			For the Three Months Ended September 30, 2013
			Hotels			Travel Centers			Corporate			Consolidated
	Hotel operating revenues		$	348,908		$	-		$	-		$	348,908
	Rental income			8,171			54,560			-			62,731
	FF&E reserve income			636			-			-			636
	Total revenues			357,715			54,560			-			412,275
	Hotel operating expenses			249,862			-			-			249,862
	Depreciation and amortization			51,476			24,572			-			76,048
	General and administrative			-			-			13,094			13,094
	Acquisition related costs			1,090			-			-			1,090
	Loss on asset impairment			-			5,837			-			5,837
Total expenses			302,428			30,409			13,094			345,931

Operating income (loss)			55,287			24,151			-13,094			66,344

Interest income			-			-			18			18
Interest expense			-			-			-37,986			-37,986
Income (loss) before income taxes and equity in earnings of an investee			55,287			24,151			-51,062			28,376
Income tax expense			-			-			-873			-873
Equity in earnings of an investee			-			-			64			64
Net income (loss)		$	55,287		$	24,151		$	-51,871		$	27,567

		For the Nine Months Ended September 30, 2013
		Hotels			Travel Centers			Corporate			Consolidated
Hotel operating revenues		$	990,436		$	-		$	-		$	990,436
Rental income			24,765			162,034			-			186,799
FF&E reserve income			1,828			-			-			1,828
Total revenues			1,017,029			162,034			-			1,179,063
Hotel operating expenses			705,054			-			-			705,054
Depreciation and amortization			149,703			72,223			-			221,926
General and administrative			-			-			37,156			37,156
Acquisition related costs			3,180			-			-			3,180
Loss on asset impairment			2,171			5,837			-			8,008
Total expenses			860,108			78,060			37,156			975,324

Operating income (loss)			156,921			83,974			-37,156			203,739

Interest income			-			-			97			97
Interest expense			-			-			-108,188			-108,188
Income (loss) before income taxes and equity in earnings of an investee			156,921			83,974			-145,247			95,648
Income tax benefit			-			-			4,559			4,559
Equity in earnings of an investee			-			-			219			219
Net income (loss)		$	156,921		$	83,974		$	-140,469		$	100,426

		As of December 31, 2013
		Hotels			Travel Centers			Corporate			Consolidated
Total assets		$	3,701,850		$	2,223,337		$	42,357		$	5,967,544

Fair_Value_of_Assets_and_Liabi1

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
Fair Value of Assets and Liabilities (Tables)	Sep. 30, 2014
Fair Value of Assets and Liabilities	'
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	'

					Fair Value at Reporting Date Using
					Quoted Prices in
					Active Markets for		Significant Other		Significant
					Identical Assets		Observable Inputs		Unobservable Inputs
	Description		Total		(Level 1)		(Level 2)		(Level 3)
	Investment securities (1)		$	33,790	$	33,790	$	-	$	-


		-1		Our investment securities, consisting of our 3,420,000 shares of TA, which are included in other assets in our condensed consolidated balance sheets, are reported at fair value which is based on quoted market prices (Level 1 inputs). Our historical cost basis for these securities is $17,407. The unrealized gain for these securities as of September 30, 2014 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.

Schedule of fair value of additional financial instruments	'

			30-Sep-14				31-Dec-13
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
	Senior Notes, due 2014 at 7.875%		$	-	$	-	$	300,000	$	304,035
	Senior Notes, due 2015 at 5.125%			-		-		280,000		283,150
	Senior Notes, due 2016 at 6.3%			275,000		290,862		275,000		297,443
	Senior Notes, due 2017 at 5.625%			300,000		325,389		300,000		327,681
	Senior Notes, due 2018 at 6.7%			350,000		388,806		350,000		399,560
	Senior Notes, due 2022 at 5%			500,000		528,440		500,000		524,810
	Senior Notes, due 2023 at 4.5%			300,000		304,865		300,000		289,950
	Senior Notes, due 2024 at 4.65%			350,000		358,031		-		-
	Senior Notes, due 2025 at 4.5%			350,000		347,758		-		-
	Convertible Senior Notes, due 2027 at 3.8%			8,478		8,789		8,478		8,983
	Unamortized discounts			-13,330		-		-9,473		-
	Total financial liabilities		$	2,420,148	$	2,552,940	$	2,304,005	$	2,435,612

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014
Basis of Presentation	'
Ownership interest in subsidiaries (as a percent)	100.00%
Assets of TRSs	$29,174
Liabilities of TRSs	$56,994

Revenue_Recognition_Details

Revenue Recognition (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Sep. 30, 2014	Sep. 30, 2013	item	Sep. 30, 2013	Dec. 31, 2013
Revenue Recognition	'	'	'	'	'
Number of operating leases for which rental income is not recognized on straight line basis over the term of the lease agreements	'	'	1	'	'
Adjustments necessary to record rent on straight line basis	$553	$699	$1,659	$1,851	'
Straight line rent receivables	21,413	'	21,413	'	19,754
Deferred percentage rent	$557	$464	$2,129	$1,746	'

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 12, 2014

Oct. 15, 2014

Jul. 15, 2014

Apr. 15, 2014

Jan. 15, 2014

Aug. 22, 2014

Jun. 10, 2014

Feb. 21, 2014

21-May-13

Jun. 10, 2014

Oct. 13, 2014

Mar. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Nov. 02, 2014

Officers and employees of RMR

Series D

Common Shares

Subsequent event

RMR

item

Common Shares

Subsequent event

Common Share Issuances

Common shares issued

86,969

10,847

Common shares issued for services rendered by RMR

102,536

97,816

102,536

Common shares granted to trustees in period

2,500

Common shares granted to officers and certain employees in period

79,725

Common stock price per share which is the closing price at New York Stock Exchange (in dollars per share)

$28.50

$29.28

Number of Trustees

Distribution to preferred shareholders (in dollars per share)

$0.45

Distribution paid to preferred shareholders

$5,166

Distribution to common shareholders (in dollars per share)

$0.49

$0.48

$0.49

Distribution paid to common shareholders

73,395

71,811

73,373

Cash distributions paid or payable (in dollars per share)

$0.49

Distribution declared to common shareholders

$73,450

Indebtedness_Details

Indebtedness (Details) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Nov. 02, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 12, 2014

Sep. 30, 2014

Sep. 12, 2014

Dec. 31, 2013

Mar. 12, 2014

Sep. 30, 2014

Mar. 12, 2014

Dec. 31, 2013

Feb. 15, 2014

Mar. 31, 2014

Feb. 15, 2014

Dec. 31, 2013

Sep. 30, 2014

Aug. 15, 2014

Sep. 30, 2014

Dec. 31, 2013

Aug. 15, 2014

Aug. 15, 2013

Unsecured revolving credit facility

Unsecured term loan

Unsecured senior notes

Senior Notes, due 2025 at 4.50%

Senior Notes, due 2024 at 4.65%

Senior Notes, due 2014 at 7.875%

Convertible senior notes, due 2027 at 3.8%

Revolving credit facility and term loan

Senior Notes, due 2015 at 5.125%

Forecast

Indebtedness

Unsecured revolving credit facility

$750,000

Unsecured revolving credit facility

15,000

Unsecured term loan outstanding

400,000

Unsecured senior notes

2,425,000

Convertible senior notes

8,478

Extendable term of credit facility

'1 year

Amount available under revolving credit facility

735,000

Maximum borrowing capacity that may be increased

2,300,000

Debt instrument, interest rate description

'LIBOR

Margin over base rate before amendment, in basis points (as a percent)

1.30%

1.45%

Margin over base rate, in basis points (as a percent)

1.10%

1.20%

Interest rate payable for facility fees before amendment, (as a percent)

0.30%

Interest rate payable for facility fees (as a percent)

0.20%

Weighted average interest rate for borrowings (as a percent)

1.26%

1.49%

1.25%

1.50%

1.35%

1.64%

1.36%

1.65%

Loss on extinguishment of debt

129

855

512

214

129

Estimated effective interest rate (as a percent)

1.25%

1.35%

Issuance of senior notes

2,411,670

2,295,527

350,000

Interest rate stated percentage

4.50%

4.65%

7.88%

3.80%

5.13%

Principal balance of debt repaid

300,000

280,000

Aggregate debt including accrued and unpaid interest redeemed

311,813

287,175

Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses

$690,071

$299,661

$342,805

$345,949

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	9 Months Ended	0 Months Ended				0 Months Ended	3 Months Ended			1 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	30-May-14	30-May-14	Aug. 25, 2014	Sep. 23, 2014	Apr. 29, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Jan. 31, 2014
	item	Full service hotel in Ft. Lauderdale, FL	Full service hotel in Ft. Lauderdale, FL	Land parcel adjacent to other travel centers	Land and improvements at petro travel center in waterloo, NY	Sonesta ES Suites	Sonesta ES Suites	Hotels	Travel centers	Travel centers
		item						property	property	Travel center located in Roanoke, VA
										TA No. 1
Real estate properties	'	'	'	'	'	'	'	'	'	'
Number of properties owned	'	'	'	'	'	'	'	291	185	'
Number of operating agreements	11	'	'	'	'	'	'	'	'	'
Funded real estate improvements	$163,726	'	'	'	'	'	'	'	'	'
Increase (decrease) in annual minimum returns and rents	12,446	'	'	'	'	'	'	'	'	-525
Proceeds received from the VDOT in connection with the eminent domain taking	6,178	'	'	'	'	'	'	'	'	6,178
Purchase price	'	'	'	450	16,000	'	'	'	'	'
Net proceeds from sale of hotel	'	'	'	'	'	4,288	'	'	'	'
Gain on sale of property	130	'	'	'	'	'	130	'	'	'
Number of rooms	'	240	'	'	'	'	'	'	'	'
Acquisition costs	'	'	202	'	'	'	'	'	'	'
Land	'	'	14,592	'	'	'	'	'	'	'
Building	'	'	40,525	'	'	'	'	'	'	'
Furniture, fixtures and equipment	'	'	9,883	'	'	'	'	'	'	'
Total	'	'	$65,000	'	'	'	'	'	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Taxes	'	'	'	'
Income tax expense	$39	$899	$1,110	$2,535
Federal taxes included in current tax expense	0	420	-22	1,317
Foreign taxes included in current tax expense	16	16	86	78
Certain state taxes that are payable without regard to entity's REIT status and TRS tax loss carry forwards, included in current tax expense	23	463	1,046	1,140
Deferred tax benefit primarily related to the restructuring of certain of our TRSs	'	$26	'	($7,094)

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Segment Information	'	'	'	'	'
Hotel operating revenues	$394,973	$348,908	$1,112,157	$990,436	'
Rental income	63,837	62,731	190,959	186,799	'
FF&E reserve income	829	636	2,673	1,828	'
Total revenue	459,639	412,275	1,305,789	1,179,063	'
Hotel operating expenses	279,560	249,862	780,955	705,054	'
Depreciation and amortization	79,649	76,048	236,699	221,926	'
General and administrative	16,798	13,094	41,429	37,156	'
Acquisition related costs	14	1,090	237	3,180	'
Loss on asset impairment	'	5,837	'	8,008	'
Total expenses	376,021	345,931	1,059,320	975,324	'
Operating income (loss)	83,618	66,344	246,469	203,739	'
Interest income	13	18	63	97	'
Interest expense	-34,304	-37,986	-104,101	-108,188	'
Loss on early extinguishment of debt	-129	'	-855	'	'
Income before income taxes and equity in earnings of an investee	49,198	28,376	141,576	95,648	'
Income tax expense	-39	-873	-1,110	4,559	'
Equity in earnings of an investee	38	64	66	219	'
Income before gain on sale of real estate	49,197	27,567	140,532	100,426	'
Gain on sale of real estate	'	'	130	'	'
Net income	49,197	27,567	140,662	100,426	'
Total assets	5,990,583	'	5,990,583	'	5,967,544
Corporate	'	'	'	'	'
Segment Information	'	'	'	'	'
General and administrative	16,798	13,094	41,429	37,156	'
Total expenses	16,798	13,094	41,429	37,156	'
Operating income (loss)	-16,798	-13,094	-41,429	-37,156	'
Interest income	13	18	63	97	'
Interest expense	-34,304	-37,986	-104,101	-108,188	'
Loss on early extinguishment of debt	-129	'	-855	'	'
Income before income taxes and equity in earnings of an investee	-51,218	-51,062	-146,322	-145,247	'
Income tax expense	-39	-873	-1,110	4,559	'
Equity in earnings of an investee	38	64	66	219	'
Income before gain on sale of real estate	'	'	-147,366	'	'
Net income	-51,219	-51,871	-147,366	-140,469	'
Total assets	48,323	'	48,323	'	42,357
Hotels	'	'	'	'	'
Segment Information	'	'	'	'	'
Hotel operating revenues	394,973	348,908	1,112,157	990,436	'
Rental income	8,088	8,171	24,532	24,765	'
FF&E reserve income	829	636	2,673	1,828	'
Total revenue	403,890	357,715	1,139,362	1,017,029	'
Hotel operating expenses	279,560	249,862	780,955	705,054	'
Depreciation and amortization	54,024	51,476	160,402	149,703	'
Acquisition related costs	14	1,090	237	3,180	'
Loss on asset impairment	'	'	'	2,171	'
Total expenses	333,598	302,428	941,594	860,108	'
Operating income (loss)	70,292	55,287	197,768	156,921	'
Income before income taxes and equity in earnings of an investee	70,292	55,287	197,768	156,921	'
Income before gain on sale of real estate	'	'	197,768	'	'
Gain on sale of real estate	'	'	130	'	'
Net income	70,292	55,287	197,898	156,921	'
Total assets	3,756,067	'	3,756,067	'	3,701,850
Travel Centers	'	'	'	'	'
Segment Information	'	'	'	'	'
Rental income	55,749	54,560	166,427	162,034	'
Total revenue	55,749	54,560	166,427	162,034	'
Depreciation and amortization	25,625	24,572	76,297	72,223	'
Loss on asset impairment	'	5,837	'	5,837	'
Total expenses	25,625	30,409	76,297	78,060	'
Operating income (loss)	30,124	24,151	90,130	83,974	'
Income before income taxes and equity in earnings of an investee	30,124	24,151	90,130	83,974	'
Income before gain on sale of real estate	'	'	90,130	'	'
Net income	30,124	24,151	90,130	83,974	'
Total assets	$2,186,193	'	$2,186,193	'	$2,223,337

Related_Person_Transactions_De

Related Person Transactions (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

21 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jan. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

9-May-14

Sep. 30, 2014

Jun. 30, 2014

Mar. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Sep. 30, 2014

9-May-14

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

9-May-14

Dec. 31, 2013

Sep. 30, 2014

item

Travel centers

Travel Centers of America LLC

RMR

Sonesta

AIC

TA No. 1

item

Travel centers

item

Sonesta agreements

Hotels

item

Maximum

Travel center located in Roanoke, VA

item

TA No. 1

TA No. 2

property

Maximum

agreement

item

Related Person Transactions

Percentage of ownership formerly held in subsidiary

100.00%

Number of common shares owned

3,420,000

Common shares of TA held by company as a percent of total TA shares outstanding

9.10%

Share of real estate properties leased to related party (as a percent)

35.00%

Number of Managing Trustees who are managing directors

Number of Independent Trustees who are independent directors

Number of management agreements or leases

Number of properties leased

185

145

Number of renewal options available

Term of renewal option

'15 years

Percentage of non-fuel revenue over threshold amounts

3.00%

Percentage of fuel revenue over threshold amounts

0.30%

Ground rent payable per year

$5,253

Deferred rent due in December 2022

107,085

Deferred rent due in June 2024

42,915

Rental income

63,837

62,731

190,959

186,799

55,749

54,560

166,427

162,034

Adjustments included in rental income necessary to record rent on the straight line basis

553

699

1,659

1,851

422

442

1,267

1,340

Accruals for unpaid rent, excluding any deferred rents

39,341

37,034

Deferred percentage rent revenue

557

464

2,129

1,746

557

464

2,129

1,746

Estimated annual percentage rent waived

126

372

738

Annual percentage rent to be waived

2,500

Capital improvements from leased facilities, funded

41,961

63,163

Increase (decrease) in minimum annual rent

12,446

-525

3,567

5,369

Rate of decrease in minimum annual amount (as a percent)

8.50%

Proceeds received from the VDOT in connection with the eminent domain taking

6,178

Ground lease monthly rent to be paid

Number of agreements to provide management and administrative services

Number of properties under property management agreement

Number of Managing Trustees who are Chairmen, majority owners and employees of RMR

Business management, property management and incentive fees

14,309

10,744

34,896

30,675

4,722

3,037

13,052

10,902

Incentive fee expected to be paid in common shares

4,778

7,074

Common shares issued for services rendered by RMR

102,536

97,816

Period before which the written notice is required to be given for cancellation of the business management agreement or the property management agreement

'120 days

Period before which the written notice was required to be given for cancellation of the business management agreement or the property management agreement before amendment

'60 days

Number of business days before which the notice is required to be given for termination of property management agreement

'5 days

Period over which transition services will be provided by the related party after termination of the agreement

'120 days

Aggregate purchase price advanced

150,500

Number of real estate properties leased or managed

Procurement and construction supervision fees

1,053

673

2,803

2,307

Accruals for unpaid amount

40,253

38,064

892

893

Amount owed for capital expenditure reimbursements

21,721

13,194

11,649

6,625

Number of other shareholders in related party

Shares purchased

2,857

Price of shares purchased

825

Equity method investments, ownership percentage

14.30%

20.00%

Term of property insurance policy

'1 year

Coverage of property insurance policy

500,000

Total premium due, including taxes and fees

11,851

Amount funded in equity investee

6,034

Equity method investments, carrying value

6,813

5,913

Equity in earnings of an investee

219

Number of entities to whom RMR provides management services

Premium paid for combined directors' and officers' liability insurance policy

Liability insurance policy term

'2 years

Aggregate coverage of combined directors' and officers' liability insurance policy purchased by the related party

10,000

Additional liability insurance policy term

'1 year

Aggregate additional coverage of combined directors' and officers' liability insurance policy purchased by the related party

20,000

Non-indemnifiable coverage of combined directors' and officers' liability insurance policy purchased by the related party

5,000

Premium payable for combined directors' and officers' liability insurance policy

$624

Hotel_Management_Agreements_an1

Hotel Management Agreements and Leases and Renovation Funding (Details) (USD $)

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

2 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 14, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2014

Sep. 30, 2014

Dec. 31, 2014

Nov. 02, 2014

Aug. 31, 2014

Sep. 30, 2014

Jan. 06, 2014

Jan. 03, 2014

Dec. 31, 2015

Dec. 31, 2014

Nov. 02, 2014

Oct. 31, 2014

Sep. 30, 2014

Dec. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Dec. 31, 2015

Dec. 31, 2014

Sep. 30, 2014

Morgans

Hotels

Minimum

Maximum

property

Sonesta

Marriott No. 1 agreement

Marriott No. 234 agreement

InterContinental agreement

Sonesta agreements

Wyndham agreement

Hyatt Hotels Corporation

Carlson

Marriott No 5 contract

Subsequent event

property

Forecast

Subsequent event

property

Forecast

Subsequent event

Minimum

Forecast

property

Forecast

property

Management Agreements and Leases

Number of properties leased to TRSs

288

Number of properties leased to third parties

Number of real estate properties leased or managed

Operating agreement annual rent and return

$5,956,000

$7,595,000

$67,855,000

$105,928,000

$139,498,000

$70,212,000

Security Deposits Replenished Applied to Payment Shortfalls

9,382,000

1,355,000

Realized returns and rents

16,938,000

50,745,000

29,232,000

79,368,000

34,875,000

104,624,000

8,424,000

21,724,000

6,805,000

20,044,000

Security deposit balance required to be maintained with the entity in 2014

30,000,000

Security deposit balance required to be maintained with the entity after 2014

37,000,000

Reduction in the minimum security deposit balance required to be maintained with the entity during 2014 and 2015 for every dollar of additional security deposit paid

Additional security deposits paid

4,283,000

Additional security deposit returned

4,283,000

Security deposit balance required to be maintained with the entity

21,434,000

Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount

8,782,000

15,258,000

30,963,000

44,475,000

4,087,000

1,181,000

478,000

Reduction of hotel operating expenses

42,000

4,445,000

5,052,000

15,111,000

Shortfalls due to unguaranteed portions of minimum returns

8,740,000

10,813,000

25,911,000

29,364,000

Guaranty payments threshold as percentage of minimum returns

90.00%

Guarantee provided to the entity, remaining amount

30,672,000

9,111,000

14,020,000

21,656,000

Expected funding for capital improvements during the remainder of the year

4,400,000

6,500,000

9,000,000

17,000,000

22,800,000

108,200,000

9,000,000

26,292,000

Increase (Decrease) Operating Agreements Annual Minimum Returns and Rents

12,446,000

Amount funded for renovation

3,198,000

1,500,000

91,446,000

25,492,000

Percentage increase in minimum returns after funding for renovation of hotels

9.00%

10.00%

8.00%

Lease rent received

2,501,000

7,503,000

Aggregate amount of replenished available security deposit

4,259,000

Amount by which the cash flow available to pay entity's minimum rent or return was more than the minimum amount

2,832,000

Security deposit balance

37,247,000

27,876,000

35,694,000

Fixed minimum return as a percentage of invested capital

8.00%

Percentage of minimum returns not paid for cancellation of management agreements

75.00%

Guarantee provided to the entity, maximum

35,656,000

50,000,000

40,000,000

Annual guarantee provided to the entity, maximum

17,828,000

Guaranty replenished

278,000

Guaranty payments made

$5,052,000

Fair_Value_of_Assets_and_Liabi2

Fair Value of Assets and Liabilities (Details) (USD $)	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014
Travel Centers of America LLC	'
Fair Value of Assets and Liabilities	'
Shares included in investment securities	3,420,000
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Travel Centers of America LLC	'
Fair Value of Assets and Liabilities	'
Shares included in investment securities	3,420,000
Historical cost of securities	17,407
Recurring \| Fair Value	'
Fair Value of Assets and Liabilities	'
Investment securities	33,790
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)	'
Fair Value of Assets and Liabilities	'
Investment securities	33,790

Fair_Value_of_Assets_and_Liabi3

Fair Value of Assets and Liabilities (Details 2) (USD $)

Feb. 15, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Mar. 12, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 12, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

In Thousands, unless otherwise specified

Senior Notes, due 2014 at 7.875%

Senior Notes, due 2015 at 5.125%

Senior Notes, due 2016 at 6.3%

Senior Notes, due 2017 at 5.625%

Senior Notes, due 2018 at 6.7%

Senior Notes, due 2022 at 5%

Senior Notes, due 2023 at 4.5%

Senior Notes, due 2024 at 4.65%

Senior Notes, due 2025 at 4.50%

Convertible senior notes, due 2027 at 3.8%

Carrying Amount

Fair Value

Senior Notes, due 2014 at 7.875%

Senior Notes, due 2015 at 5.125%

Senior Notes, due 2016 at 6.3%

Senior Notes, due 2017 at 5.625%

Senior Notes, due 2018 at 6.7%

Senior Notes, due 2022 at 5%

Senior Notes, due 2023 at 4.5%

Senior Notes, due 2024 at 4.65%

Senior Notes, due 2025 at 4.50%

Convertible senior notes, due 2027 at 3.8%

Senior Notes, due 2014 at 7.875%

Senior Notes, due 2015 at 5.125%

Senior Notes, due 2016 at 6.3%

Senior Notes, due 2017 at 5.625%

Senior Notes, due 2018 at 6.7%

Senior Notes, due 2022 at 5%

Senior Notes, due 2023 at 4.5%

Senior Notes, due 2024 at 4.65%

Senior Notes, due 2025 at 4.50%

Convertible senior notes, due 2027 at 3.8%

Fair Value of Assets and Liabilities

Financial liabilities

$300,000

$280,000

$275,000

$300,000

$350,000

$500,000

$300,000

$350,000

$8,478

$304,035

$283,150

$290,862

$297,443

$325,389

$327,681

$388,806

$399,560

$528,440

$524,810

$304,865

$289,950

$358,031

$347,758

$8,789

$8,983

Unamortized discounts

-13,330

-9,473

Financial liabilities

$2,420,148

$2,304,005

$2,552,940

$2,435,612

Interest rate stated percentage

7.88%

5.13%

6.30%

5.63%

6.70%

5.00%

4.50%

4.65%

4.50%

3.80%