Service Properties Trust (SVC) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	6-May-15
Document And Entity Information Abstract
Entity Registrant Name	HOSPITALITY PROPERTIES TRUST
Entity Central Index Key	945394
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		149,961,476
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate properties, at cost:
Land	$1,486,589	$1,484,210
Buildings, improvements and equipment	6,220,736	6,171,983
Total real estate properties, gross	7,707,325	7,656,193
Accumulated depreciation	-2,021,771	-1,982,033
Total real estate properties, net	5,685,554	5,674,160
Cash and cash equivalents	15,570	11,834
Restricted cash (FF&E reserve escrow)	36,549	33,982
Due from related persons	41,775	40,253
Other assets, net	252,958	222,333
Total assets	6,032,406	5,982,562
LIABILITIES AND SHAREHOLDERS' EQUITY
Unsecured revolving credit facility	89,000	18,000
Unsecured term loan	400,000	400,000
Senior unsecured notes, net of discounts	2,412,600	2,412,135
Convertible senior unsecured notes	8,478	8,478
Security deposits	36,661	33,069
Accounts payable and other liabilities	93,378	106,903
Due to related persons	16,225	8,658
Dividends payable	5,166	5,166
Total liabilities	3,061,508	2,992,409
Commitments and Contingencies
Preferred shares of beneficial interest, no par value, 100,000,000 shares authorized:
Series D preferred shares; 7 1/8% cumulative redeemable; 11,600,000 shares issued and outstanding, aggregate liquidation preference of $290,000	280,107	280,107
Common shares of beneficial interest, $.01 par value; 200,000,000 shares authorized; 149,950,760 and 149,920,449 shares issued and outstanding, respectively	1,500	1,499
Additional paid in capital	4,119,816	4,118,551
Cumulative net income	2,756,820	2,715,239
Cumulative other comprehensive income	42,334	25,804
Cumulative preferred distributions	-305,815	-300,649
Cumulative common distributions	-3,923,864	-3,850,398
Total shareholders' equity	2,970,898	2,990,153
Total liabilities and shareholders' equity	$6,032,406	$5,982,562

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS
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
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	149,950,760	149,920,449
Common shares, shares outstanding	149,950,760	149,920,449

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Hotel operating revenues	$369,596	$329,936
Rental income	64,751	63,386
FF&E reserve income	1,165	928
Total revenues	435,512	394,250
Expenses:
Hotel operating expenses	257,658	230,617
Depreciation and amortization	78,969	78,287
General and administrative	21,304	11,465
Acquisition related costs	338	61
Total expenses	358,269	320,430
Operating income	77,243	73,820
Interest income	11	25
Interest expense (including amortization of deferred financing costs and debt discounts of $1,458 and $1,319, respectively)	-35,454	-34,856
Loss on early extinguishment of debt		-726
Income before income taxes and equity in earnings (losses) of an investee	41,800	38,263
Income tax benefit	-291	-616
Equity in earnings (losses) of an investee	72	-97
Net income	41,581	37,550
Preferred distributions	-5,166	-5,166
Net income available for common shareholders	36,415	32,384
Net income	41,581	37,550
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	16,484	-5,438
Equity interest in investeebs unrealized gains	45	19
Other comprehensive income (loss)	16,529	-5,419
Comprehensive income	$58,110	$32,131
Weighted average common shares outstanding (basic)	149,792	149,573
Weighted average common shares outstanding (diluted)	150,906	149,691
Basic and diluted net income available for common shareholders per common share (in dollars per share)	$0.24	$0.22

CONSOLIDATED_STATEMENTS_OF_INC1

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Interest expense, amortization of deferred financing costs and debt discounts	$1,458	$1,319

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$41,581	$37,550
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	78,969	78,287
Amortization of deferred financing costs and debt discounts as interest	1,458	1,319
Straight line rental income	-545	-567
Security deposits replenished	3,582	1,837
FF&E reserve income and deposits	-15,728	-12,556
Loss on extinguishment of debt		726
Equity in (earnings) losses of an investee	-72	97
Other non-cash (income) expense, net	10,103	252
Changes in assets and liabilities:
Increase in due from related persons	-1,107	-527
Increase in other assets	-2,954	-332
Decrease in accounts payable and other liabilities	-18,901	-25,183
Decrease in due to related persons	-329	-1,833
Cash provided by operating activities	96,057	79,070
Cash flows from investing activities:
Real estate acquisitions and deposits	-45,500	5,000
Real estate improvements	-35,009	-41,607
FF&E reserve escrow fundings	-4,175	-769
Eminent domain proceeds		6,178
Cash used in investing activities	-84,684	-31,198
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discount		346,616
Repayment of senior unsecured notes		-300,000
Borrowings under usecured revolving credit facility	106,000	370,000
Repayments of unsecured revolving credit facility	-35,000	-370,000
Deferred financing costs	-5	-6,181
Distributions to preferred shareholders	-5,166	-5,166
Distributions to common shareholders	-73,466	-71,811
Cash used in financing activities	-7,637	-36,542
Increase in cash and cash equivalents	3,736	11,330
Cash and cash equivalents at beginning of year	11,834	22,500
Cash and cash equivalents at end of year	15,570	33,830
Supplemental cash flow information:
Cash paid for interest	50,775	54,116
Cash paid for income taxes	562	1,737
Non-cash investing activities:
Hotel managers' deposits in FF&E reserve	13,430	9,745
Hotel managers' purchases with FF&E reserve	($15,038)	($14,524)

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
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, 2014, or our 2014 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, impairment of real estate and the valuation of 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 $30,696 and $27,023 as of March 31, 2015 and December 31, 2014, respectively, and consist primarily of amounts due from, and working capital advances to, certain of their hotel managers.  The liabilities of our TRSs were $48,353 and $50,528 as of March 31, 2015 and December 31, 2014, respectively, and consist primarily of security deposits they hold from and amounts payable to certain of their hotel managers.  The assets of our TRSs are available to satisfy our TRSs’ obligations and we have guaranteed certain obligations of our TRSs.

New_Accounting_Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements
New Accounting Pronouncements	Note 2.  New Accounting Pronouncements
	In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation.  Among other things, this update changes how an entity determines the primary beneficiary of a VIE.  This update is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted.  We are currently in the process of evaluating the impact, if any, this update will have on our condensed consolidated financial statements.
	In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability.  This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application.  The implementation of this update is not expected to cause any material changes to our condensed consolidated financial statements other than the reclassification of debt issuance costs from assets to contra liabilities on our condensed consolidated balance sheets.

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2015
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 goods and 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 $545 and $567 for the three months ended March 31, 2015 and 2014, respectively, of adjustments necessary to record rent on the straight line basis. Other assets, net, includes $22,411 and $21,866 of straight line rent receivables at March 31, 2015 and December 31, 2014, 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 $1,240 and $874 for the three months ended March 31, 2015 and 2014, 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	3 Months Ended
	Mar. 31, 2015
Per Common Share Amounts
Per Common Share Amounts	Note 4.  Per Common Share Amounts
	We calculate basic earnings per common share by dividing allocated net income by the weighted average number of common shares outstanding during the period.  We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method.  Unvested share awards and other potentially dilutive common shares, including contingently issuable common shares under our business management agreement with Reit Management & Research LLC, or RMR, if any, and the related impact on earnings, are considered when calculating diluted earnings per share. The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share:
		For the three months ended March 31,
		2015	2014
		(in thousands)
	Weighted average common shares for basic earnings per share	149,792	149,573
	Effect of dilutive securities:
	Contingently issuable common shares	1,091	103
	Unvested share awards	23	15
	Weighted average common shares for diluted earnings per share	150,906	149,691

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity
Shareholders' Equity	Note 5.  Shareholders’ Equity
	Common Share Issuances
	During the three months ended March 31, 2015 and the period April 1, 2015 to May 6, 2015, we issued 31,011 and 10,716, respectively, of our common shares to RMR as part of the business management fees payable by us under our business management agreement. See Note 10 for further information regarding this agreement.
	Distributions
	On each of January 15, 2015 and April 15, 2015, we paid a $0.4453 per share distribution, or $5,166, to our Series D preferred shareholders.
	On February 24, 2015, we paid a $0.49 per share distribution, or $73,466, to our common shareholders. On April 13, 2015, we declared a $0.50 per share distribution, or $74,981, to our common shareholders of record on April 24, 2015.  We expect to pay this amount on or about May 21, 2015.
	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 of Affiliates Insurance Company, or AIC. See Note 10 for further information regarding these investments.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2015
Indebtedness
Indebtedness	Note 6.  Indebtedness
	Our principal debt obligations at March 31, 2015 were: (1) our $89,000 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 senior unsecured notes; and (4) an aggregate outstanding principal amount of $8,478 of public issuances of convertible senior unsecured notes.
	Our $750,000 unsecured revolving credit facility is available for general business purposes, including acquisitions.  The maturity date of our unsecured revolving credit facility is July 15, 2018 and, subject to the payment of an extension fee and meeting certain other conditions, includes an option for us to extend the stated maturity date by one year to July 15, 2019. Borrowings under our unsecured revolving credit facility bear interest at a rate of LIBOR plus a premium, which was 110 basis points at March 31, 2015. We also pay a facility fee on the total amount of lending commitments, which was 20 basis points per annum at March 31, 2015. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of March 31, 2015, the interest rate payable on borrowings under our unsecured revolving credit facility was 1.28%. The weighted average annual interest rate for borrowings under our unsecured revolving credit facility was 1.27% and 1.25% for the three months ended March 31, 2015 and 2014, respectively.  As of March 31, 2015 and May 6, 2015, we had $89,000 and $44,000 outstanding under our unsecured revolving credit facility, respectively.
	Our $400,000 unsecured term loan, which matures on April 15, 2019, is prepayable without penalty at any time.  The amount outstanding under our unsecured term loan bears interest at a rate of LIBOR plus a premium, which was 120 basis points at March 31, 2015.  The interest rate premium is subject to adjustment based on changes to our credit ratings. As of March 31, 2015, the interest rate for the amount outstanding under our unsecured term loan was 1.37%. The weighted average interest rate for borrowings under our unsecured term loan was 1.37% and 1.38% for the three months ended March 31, 2015 and 2014, respectively.
	Our credit agreement for our unsecured revolving credit facility and unsecured term loan also includes a feature under which maximum borrowings under our unsecured revolving credit facility and unsecured term loan may be increased up to $2,300,000 on a combined basis in certain circumstances. Our credit agreement for our unsecured revolving credit facility and unsecured term loan provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, including a change of control of us, which includes RMR ceasing to act as our business manager. Our credit agreement for our unsecured revolving credit facility and unsecured term loan and our senior unsecured notes indenture and its supplements contain 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 our credit agreement for our unsecured revolving credit facility and unsecured term loan and our senior unsecured notes indenture and its supplements at March 31, 2015.

Real_Estate_Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2015
Real Estate Properties
Real Estate Properties	Note 7.  Real Estate Properties
	At March 31, 2015, we owned 292 hotels and owned 184 travel centers which are operated under 11 operating agreements.
	During the three months ended March 31, 2015, we funded $39,184 for improvements to certain of our properties which, 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 $3,099.  See Notes 10 and 11 for further information about our fundings of improvements to certain of our properties.
	On March 16, 2015, we acquired a 300 room hotel located in Rosemont, IL for $35,500 excluding related acquisition costs of $154. We accounted for this transaction as a business combination.  The following table summarizes our preliminary allocation of the acquisition cost to the estimated fair value of the assets we acquired.
	Land	$	2,379
	Building and improvements		31,459
	Furniture, fixtures and equipment		1,399
	Intangible assets		263
		$	35,500
	This Holiday Inn and Suites® branded hotel was added to our management agreement with InterContinental Hotels Group, plc, or InterContinental.  See Note 11 for more information regarding this transaction and our InterContinental agreement.
	In March 2015, we entered an agreement to acquire a 364 room full service hotel located in Denver, CO for $77,250, excluding closing costs.  We plan to add this Crowne Plaza® branded hotel to our management agreement with InterContinental.  See Note 11 for more information regarding our InterContinental agreement.
	This pending acquisition is subject to closing conditions, and accordingly, we can provide no assurance that we will acquire this property, that the acquisition will not be delayed or that the terms of this transaction will not change.
	On April 28, 2015, we acquired a land parcel adjacent to one of our hotels for  $750, excluding closing costs.  See Note 10 for further information regarding this acquisition.
	At March 31, 2015, our Marriott Courtyard hotel in Norcross, GA with a carrying value of $4,143 was held for sale.  This amount is included in other assets, net, in our condensed consolidated balance sheets.  We can provide no assurance that the sale of this property will occur or that any such sale would realize net proceeds in an amount at least equal to its carrying value.  See Note 11 for further information relating to this hotel.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
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, files a separate consolidated federal corporate income tax return 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 months ended March 31, 2015, we recognized income tax expense of $291, which includes $23 of foreign taxes and $268 of state taxes.  During the three months ended March 31, 2014, we recognized income tax expense of $616, which includes $31 of foreign taxes and $585 of state taxes.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information
Segment Information	Note 9.  Segment Information
		For the Three Months Ended March 31, 2015
		Hotels		Travel Centers		Corporate		Consolidated
	Hotel operating revenues	$	369,596	$	-	$	-	$	369,596
	Rental income		8,060		56,691		-		64,751
	FF&E reserve income		1,165		-		-		1,165
	Total revenues		378,821		56,691		-		435,512
	Hotel operating expenses		257,658		-		-		257,658
	Depreciation and amortization		52,396		26,573		-		78,969
	General and administrative		-		-		21,304		21,304
	Acquisition related costs		338		-		-		338
	Total expenses		310,392		26,573		21,304		358,269
	Operating income (loss)		68,429		30,118		-21,304		77,243
	Interest income		-		-		11		11
	Interest expense		-		-		-35,454		-35,454
	Income (loss) before income taxes and equity in earnings of an investee		68,429		30,118		-56,747		41,800
	Income tax expense		-		-		-291		-291
	Equity in earnings of an investee		-		-		72		72
	Net income (loss)	$	68,429	$	30,118	$	-56,966	$	41,581
		As of March 31, 2015
		Hotels		Travel Centers		Corporate		Consolidated
	Total assets	$	3,783,819	$	2,205,750	$	42,837	$	6,032,406
		For the Three Months Ended March 31, 2014
		Hotels		Travel Centers		Corporate		Consolidated
	Hotel operating revenues	$	329,936	$	-	$	-	$	329,936
	Rental income		8,103		55,283		-		63,386
	FF&E reserve income		928		-		-		928
	Total revenues		338,967		55,283		-		394,250
	Hotel operating expenses		230,617		-		-		230,617
	Depreciation and amortization		53,016		25,271		-		78,287
	General and administrative		-		-		11,465		11,465
	Acquisition related costs		61		-		-		61
	Total expenses		283,694		25,271		11,465		320,430
	Operating income (loss)		55,273		30,012		-11,465		73,820
	Interest income		-		-		25		25
	Interest expense		-		-		-34,856		-34,856
	Loss on early extinguishment of debt						-726		-726
	Income (loss) before income taxes and equity in losses of an investee		55,273		30,012		-47,022		38,263
	Income tax expense		-		-		-616		-616
	Equity in losses of an investee		-		-		-97		-97
	Net income (loss)	$	55,273	$	30,012	$	-47,735	$	37,550
		As of December 31, 2014
		Hotels		Travel Centers		Corporate		Consolidated
	Total assets	$	3,748,062	$	2,194,682	$	39,818	$	5,982,562

Related_Person_Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2015
Related Person Transactions
Related Person Transactions	Note 10. Related Person Transactions
	We have relationships and historical and continuing transactions with TA, Sonesta, RMR and others affiliated with them, including companies to which RMR provides management services and which have trustees, directors and officers who are also trustees, directors or officers of us or RMR.  For further information about these and other such relationships and certain other related person transactions, please refer to our 2014 Annual Report.
	TA:  As of March 31, 2015, we owned 3,420,000 common shares, representing approximately 8.9% of TA’s outstanding common shares.  TA is the lessee of 36% of our real estate properties, at cost, as of March 31, 2015.  TA has two leases with us, the TA No. 1 lease and the TA No. 2 lease, pursuant to which TA leases 184 travel centers from us.
	We recognized rental income of $56,691 and $55,283 for the three months ended March 31, 2015 and 2014, respectively, under our leases with TA.  Rental income for the three months ended March 31, 2015 and 2014 includes $415 and $437, 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 March 31, 2015 and December 31, 2014, we had accruals for unpaid amounts of $40,988 and $40,253, respectively, owed to us by TA (excluding any deferred rents), which amounts are included in due from related persons on our condensed consolidated balance sheets.
	Pursuant to the TA No. 1 and TA No. 2 leases, we had deferred percentage rent under our TA No. 1 lease of $1,240 and $874 for the three months ended March 31, 2015 and 2014, respectively, which amounts are net of any waived amounts.  We have waived, in aggregate, $1,266 of such percentage rent as of March 31, 2015.  We waived $259 and $128 of percentage rent under our TA No. 2 lease for the three months ended March 31, 2015 and 2014, respectively.  We determine percentage rent due under our TA leases annually and recognize any resulting amount as rental income at year end when all contingencies are met.
	Under the TA No. 1 and No. 2 leases, for the three months ended March 31, 2015, we funded $20,181 for qualifying capital improvements to TA for renovations, improvements and equipment at the leased travel centers and, as a result, TA's minimum annual rent payable to us increased by approximately $1,715.
	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 these deferred rent amounts as rental income or as rents receivable due to uncertainties regarding future collection.
	RMR:  Pursuant to our business and property management agreements with RMR, we recognized business and property management fees of $18,996 and $9,662 for the three months ended March 31, 2015 and 2014, respectively.  The fees for the three months ended March 31, 2015, include estimated 2015 incentive fees of $9,027, based on our common share total return as of March 31, 2015.  The actual amount of incentive fees payable to RMR in common shares for 2015, if any, will be based on our common share total return for the two year period ended December 31, 2015, and will be payable in 2016.  Although no incentive fee was ultimately payable to RMR for 2014, business management fees recognized for the three months ended March 31, 2014, included estimated incentive fees of $728 based on our common share total return as of March 31, 2014.  The business management fees we recognized for the 2014 and 2015 periods are included in general and administrative expenses, and the property management and construction supervisory fees we recognized for the 2014 and 2015 periods are included in hotel operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements.  In accordance with the terms of our business management agreement, we issued 30,974 of our common shares to RMR for the three months ended March 31, 2015 as payment for a portion of the base business management fee we recognized for that period.
	Sonesta:  As of March 31, 2015, Sonesta was managing 22 of our hotels pursuant to long term management agreements.  Pursuant to these 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 $4,514 and $3,613 for the three months ended March 31, 2015 and 2014, respectively.  These amounts are included in hotel operating expenses in our condensed consolidated statements of income and comprehensive income.  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 $353 and $547 for the three months ended March 31, 2015 and 2014, respectively.  These amounts have been capitalized in our condensed consolidated financial statements.
	On April 28, 2015, we acquired a building and land parcel adjacent to a hotel we own which is managed by Sonesta for $750, excluding closing costs.  This land was added to that hotel property and constitutes invested capital under our Sonesta agreement.
	AIC:  As of March 31, 2015, our investment in AIC had a carrying value of $6,952, which amount is included in other assets on our condensed consolidated balance sheets.  We recognized income (loss) of $72 and $(97) related to our investment in AIC for the three months ended March 31, 2015 and 2014, respectively.

Hotel_Management_Agreements_an

Hotel Management Agreements and Leases	3 Months Ended
	Mar. 31, 2015
Hotel Management Agreements and Leases
Hotel Management Agreements and Leases
	Note 11. Hotel Management Agreements and Leases
	As of March 31, 2015, 289 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 March 31, 2015 we are paid an annual minimum return of $68,094 to the extent that gross revenues of the hotels, after payment of hotel operating expenses and funding of the FF&E reserve, 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 and funding of the FF&E reserve. We realized returns of $17,006 and $15,036 during the three months ended March 31, 2015 and March 31, 2014, respectively, under this agreement.  Marriott’s management and incentive fees are only earned after we receive our minimum returns.
	We $1,175 for capital improvements at certain of the hotels included in our Marriott No. 1 agreement during the three months ended March 31, 2015. We currently expect to fund $3,000 for capital improvements during the remainder of 2015 under this agreement. As we fund these improvements, the annual minimum returns payable to us increase by 10% of the amounts funded.
	Marriott No. 234 agreement.  Our management agreement with Marriott for 68 hotels provides that as of March 31, 2015 we are paid an annual minimum return of $106,198.  We realized returns of $25,006 and $23,806 during the three months ended March 31, 2015 and 2014, respectively, under this agreement. Pursuant to our Marriott No. 234 agreement, Marriott has 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 to us during the three months ended March 31, 2015, because the hotels generated net operating results in excess of the guarantee threshold amount (90% of the minimum returns due to us).  The available balance of the guarantee was $30,672 as of March 31, 2015.
	We funded $3,000 for capital improvements at certain of the hotels included in our Marriott No. 234 agreement during the three months ended March 31, 2015. We currently expect to fund $10,500 for capital improvements during the remainder of 2015 under this agreement.  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 realized $2,529 and $2,501 of rent for this hotel during the three months ended March 31, 2015 and 2014, respectively.  The guarantee provided by Marriott with respect to the one hotel leased by Marriott is unlimited.
	InterContinental agreement. Our management agreement with InterContinental for 92 hotels provides that as of March 31, 2015, we are paid annual minimum returns and rents of $143,598.  We realized returns and rents of $35,314 and 34,875 during the three months ended March 31, 2015 and 2014, respectively, under this agreement.  Pursuant to our InterContinental agreement, InterContinental has provided us with a security deposit to cover minimum payment shortfalls, if any.  During the three months ended March 31, 2015, we were paid all minimum returns and rents due to us and our available security deposit was replenished by $810 for the payments we received during the period in excess of the minimum payments due for the period.
	Under this agreement, InterContinental is required to maintain a minimum security deposit of $37,000. On January 6, 2014, we entered into a letter agreement with InterContinental under which the minimum security deposit balance required to be maintained during 2015 will be reduced by two dollars for every dollar of additional security deposit InterContinental provides to us.  During the first quarter of 2015, InterContinental provided us $2,772 of additional security deposits, which reduced the minimum security deposit amount required to $31,456. The available balance of this security deposit was $36,549 as of March 31, 2015.
	On March 16, 2015, we amended our management agreement with InterContinental in connection with our acquisition of a Holiday Inn & Suites® branded hotel located in Rosemont, IL. As a result of the amendment, the annual minimum returns due to us increased by $2,840  ( 8% of our investment in the hotel).  We currently expect to fund approximately $7,000 under our InterContinental agreement to renovate this hotel.
	In March 2015, we entered an agreement to acquire a Crowne Plaza branded hotel in Denver, CO.  Upon acquisition of this hotel, we expect to add it to our InterContinental agreement.  See Note 7 for further information regarding this pending acquisition.
	We currently expect to fund $17,000 for capital improvements to certain hotels, including the Rosemont hotel, under our InterContinental agreement during 2015. We did not make any of these fundings during the three months ended March 31, 2015.  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 an  annual minimum return  ( $72,796 as of March 31, 2015) equal to 8% of our invested capital, as defined in the management agreement, 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. We realized returns of $8,061 and $2,096 during the three months ended March 31, 2015 and 2014, respectively, under this agreement.
	Our Sonesta agreement does not require FF&E escrow deposits.  Under our Sonesta agreement, we are required to fund capital expenditures made at our hotels.  We funded $13,320 for renovations and other capital improvements to hotels included in our Sonesta agreement during the three months ended March 31, 2015.  We currently expect to fund approximately $13,680 for renovations and other capital improvements during the remainder of 2015 under this agreement. 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. Our management agreement with Wyndham Hotel Group, or Wyndham, for 22 hotels provides that as of March 31, 2015, we are paid annual minimum returns and rents of $27,548.  We realized returns of $6,863 and $6,535 during the three months ended March 31, 2015 and 2014, respectively, under this agreement. Pursuant to our Wyndham agreement, Wyndham has provided us with a limited guarantee, which is limited to $35,656  ( $2,660 remaining at March 31, 2015), subject to an annual payment limit of $17,828 and which expires on July 28, 2020.  During the three months ended March 31, 2015, Wyndham made  $3,922 of guarantee 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 funded $1,505 for renovations and other capital improvements to hotels included in our Wyndham agreement during the three months ended March 31, 2015.  We currently expect to fund approximately $7,495 for renovations and other capital improvements during the remainder of 2015 under this agreement.  As we fund these improvements, the annual minimum returns payable to us increase by 8% of the amounts funded.
	Other management agreement and lease matters. As of May 6, 2015, 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  ( $11,971 remaining at March 31, 2015).  The guarantee provided by Carlson Hotels Worldwide, or Carlson, with respect to the 11 hotels managed by Carlson is limited to $40,000  ( $22,217 remaining at March 31, 2015).
	Guarantees and security deposits generally. Certain of our managed hotels had net operating results that were, in the aggregate, $15,492 and $28,095, less than the minimum returns due to us in the three months ended March 31, 2015 and 2014, 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 and comprehensive income as a reduction of hotel operating expenses.  The reduction to hotel operating expenses was $4,006 and $10,876 in the three months ended March 31, 2015 and 2014, 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 $11,486 and $17,219 in the three months ended March 31, 2015 and 2014, 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 returns 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	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, 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)		$	59,645	$	59,645	$	-	$	-
		-1		Our investment securities, consisting of our 3,420,000 shares of TA, which are included in other assets, net 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 March 31, 2015 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, unsecured revolving credit facility, unsecured term loan, senior unsecured notes and security deposits. At March 31, 2015 and December 31, 2014, the fair values of these additional financial instruments approximated their carrying values in our condensed consolidated balance sheets due to their short term nature or variable interest rates, except as follows:
			31-Mar-15				31-Dec-14
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
	Senior Unsecured Notes, due 2016 at 6.3%		$	275,000	$	285,148	$	275,000	$	287,680
	Senior Unsecured Notes, due 2017 at 5.625%			300,000		321,198		300,000		321,675
	Senior Unsecured Notes, due 2018 at 6.7%			350,000		385,901		350,000		386,755
	Senior Unsecured Notes, due 2022 at 5.0%			500,000		534,155		500,000		529,160
	Senior Unsecured Notes, due 2023 at 4.5%			300,000		310,227		300,000		306,516
	Senior Unsecured Notes, due 2024 at 4.65%			350,000		364,457		350,000		360,757
	Senior Unsecured Notes, due 2025 at 4.5%			350,000		359,489		350,000		353,701
	Convertible Senior Unsecured Notes, due 2027 at 3.8%			8,478		8,761		8,478		8,849
	Unamortized discounts			-12,400		-		-12,865		-
	Total financial liabilities		$	2,421,078	$	2,569,335	$	2,420,613	$	2,555,093
	At March 31, 2015, we estimated the fair values of our senior unsecured notes using an average of the bid and ask price of our then outstanding issuances of senior unsecured notes (Level 1 inputs).  We estimated the fair value of our convertible senior unsecured 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 March 31, 2015 and December 31, 2014.

Per_Common_Share_Amounts_Table

Per Common Share Amounts (Tables)	3 Months Ended
	Mar. 31, 2015
Per Common Share Amounts
Schedule of reconciliation weighted average common shares to calculate basic and diluted earnings per share
		For the three months ended March 31,
		2015	2014
		(in thousands)
	Weighted average common shares for basic earnings per share	149,792	149,573
	Effect of dilutive securities:
	Contingently issuable common shares	1,091	103
	Unvested share awards	23	15
	Weighted average common shares for diluted earnings per share	150,906	149,691

Real_Estate_Properties_Tables

Real Estate Properties (Tables) (Hotel located in Rosemont, IL)	3 Months Ended
	Mar. 31, 2015
Hotel located in Rosemont, IL
Real estate properties
Schedule of allocation of the acquisition cost to the estimated fair value of assets acquired
	Land	$	2,379
	Building and improvements		31,459
	Furniture, fixtures and equipment		1,399
	Intangible assets		263
		$	35,500

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information
Schedule of segment information
		For the Three Months Ended March 31, 2015
		Hotels		Travel Centers		Corporate		Consolidated
	Hotel operating revenues	$	369,596	$	-	$	-	$	369,596
	Rental income		8,060		56,691		-		64,751
	FF&E reserve income		1,165		-		-		1,165
	Total revenues		378,821		56,691		-		435,512
	Hotel operating expenses		257,658		-		-		257,658
	Depreciation and amortization		52,396		26,573		-		78,969
	General and administrative		-		-		21,304		21,304
	Acquisition related costs		338		-		-		338
	Total expenses		310,392		26,573		21,304		358,269
	Operating income (loss)		68,429		30,118		-21,304		77,243
	Interest income		-		-		11		11
	Interest expense		-		-		-35,454		-35,454
	Income (loss) before income taxes and equity in earnings of an investee		68,429		30,118		-56,747		41,800
	Income tax expense		-		-		-291		-291
	Equity in earnings of an investee		-		-		72		72
	Net income (loss)	$	68,429	$	30,118	$	-56,966	$	41,581
		As of March 31, 2015
		Hotels		Travel Centers		Corporate		Consolidated
	Total assets	$	3,783,819	$	2,205,750	$	42,837	$	6,032,406
		For the Three Months Ended March 31, 2014
		Hotels		Travel Centers		Corporate		Consolidated
	Hotel operating revenues	$	329,936	$	-	$	-	$	329,936
	Rental income		8,103		55,283		-		63,386
	FF&E reserve income		928		-		-		928
	Total revenues		338,967		55,283		-		394,250
	Hotel operating expenses		230,617		-		-		230,617
	Depreciation and amortization		53,016		25,271		-		78,287
	General and administrative		-		-		11,465		11,465
	Acquisition related costs		61		-		-		61
	Total expenses		283,694		25,271		11,465		320,430
	Operating income (loss)		55,273		30,012		-11,465		73,820
	Interest income		-		-		25		25
	Interest expense		-		-		-34,856		-34,856
	Loss on early extinguishment of debt						-726		-726
	Income (loss) before income taxes and equity in losses of an investee		55,273		30,012		-47,022		38,263
	Income tax expense		-		-		-616		-616
	Equity in losses of an investee		-		-		-97		-97
	Net income (loss)	$	55,273	$	30,012	$	-47,735	$	37,550
		As of December 31, 2014
		Hotels		Travel Centers		Corporate		Consolidated
	Total assets	$	3,748,062	$	2,194,682	$	39,818	$	5,982,562

Fair_Value_of_Assets_and_Liabi1

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
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)		$	59,645	$	59,645	$	-	$	-
		-1		Our investment securities, consisting of our 3,420,000 shares of TA, which are included in other assets, net 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 March 31, 2015 is included in cumulative other comprehensive income in our condensed consolidated balance sheets.
Schedule of fair value of additional financial instruments
			31-Mar-15				31-Dec-14
			Carrying		Fair		Carrying		Fair
			Amount		Value		Amount		Value
	Senior Unsecured Notes, due 2016 at 6.3%		$	275,000	$	285,148	$	275,000	$	287,680
	Senior Unsecured Notes, due 2017 at 5.625%			300,000		321,198		300,000		321,675
	Senior Unsecured Notes, due 2018 at 6.7%			350,000		385,901		350,000		386,755
	Senior Unsecured Notes, due 2022 at 5.0%			500,000		534,155		500,000		529,160
	Senior Unsecured Notes, due 2023 at 4.5%			300,000		310,227		300,000		306,516
	Senior Unsecured Notes, due 2024 at 4.65%			350,000		364,457		350,000		360,757
	Senior Unsecured Notes, due 2025 at 4.5%			350,000		359,489		350,000		353,701
	Convertible Senior Unsecured Notes, due 2027 at 3.8%			8,478		8,761		8,478		8,849
	Unamortized discounts			-12,400		-		-12,865		-
	Total financial liabilities		$	2,421,078	$	2,569,335	$	2,420,613	$	2,555,093

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Basis of Presentation
Ownership interest in subsidiaries (as a percent)	100.00%
Assets of TRSs	$30,696	$27,023
Liabilities of TRSs	$48,353	$50,528

Revenue_Recognition_Details

Revenue Recognition (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	item
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	$545	$567
Straight line rent receivables	22,411		21,866
Deferred percentage rent	$1,240	$874

Per_Common_Share_Amounts_Detai

Per Common Share Amounts (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Weighted average common shares outstanding (basic)	149,792	149,573
Weighted average common shares outstanding (diluted)	150,906	149,691
Contingently Issuable Common Shares
Weighted Average Number Diluted Shares Outstanding Adjustment	1,091	103
Unvested Share Awards
Weighted Average Number Diluted Shares Outstanding Adjustment	23	15

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	0 Months Ended				3 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Jan. 15, 2015	Feb. 24, 2015	Apr. 15, 2015	Apr. 13, 2015	Mar. 31, 2015	6-May-15
Common Share Issuances
Distribution to preferred shareholders (in dollars per share)	$0.45
Distribution paid to preferred shareholders	$5,166
Common Shares
Common Share Issuances
Distribution to common shareholders (in dollars per share)		$0.49
Distribution paid to common shareholders		73,466
Subsequent event
Common Share Issuances
Distribution to preferred shareholders (in dollars per share)			$0.45
Distribution paid to preferred shareholders			5,166
Subsequent event | Common Shares
Common Share Issuances
Cash distributions paid or payable (in dollars per share)				$0.50
Distribution declared to common shareholders				$74,981
RMR
Common Share Issuances
Common shares issued					31,011
Common shares issued for services rendered by RMR					30,974
RMR | Subsequent event
Common Share Issuances
Common shares issued						10,716

Indebtedness_Details

Indebtedness (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	6-May-15
Indebtedness
Unsecured revolving credit facility	$89,000		$18,000
Convertible senior unsecured notes	8,478		8,478
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility	89,000
Unsecured revolving credit facility maximum borrowing capicity	750,000
Extendable term of credit facility	1 year
Debt instrument, interest rate description	LIBOR
Margin over base rate, in basis points (as a percent)	1.10%
Interest rate payable for facility fees (as a percent)	0.20%
Interest rate (as a percent)	1.28%
Weighted average interest rate for borrowings (as a percent)	1.27%	1.25%
Unsecured revolving credit facility | Subsequent event
Indebtedness
Unsecured revolving credit facility				44,000
Unsecured term loan
Indebtedness
Unsecured term loan outstanding	400,000
Debt instrument, interest rate description	LIBOR
Margin over base rate, in basis points (as a percent)	1.20%
Interest rate (as a percent)	1.37%
Weighted average interest rate for borrowings (as a percent)	1.37%	1.38%
Unsecured senior notes
Indebtedness
Unsecured senior notes	2,425,000
Revolving credit facility and term loan
Indebtedness
Maximum borrowing capacity that may be increased	2,300,000
Convertible Senior Notes, due 2027 at 3.8%
Indebtedness
Convertible senior unsecured notes	$8,478

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	3 Months Ended		0 Months Ended	1 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 16, 2015	Mar. 31, 2015	Apr. 28, 2015
	item		room	room
Real estate properties
Number of operating agreements	11			11
Capital improvements from leased facilities, funded	$39,184
Increase (decrease) in annual minimum returns and rents	3,099
Proceeds received from the VDOT in connection with the eminent domain taking		6,178
Hotel located in Rosemont, IL
Real estate properties
Number of rooms			300
Purchase price			35,500
Acquisition costs			154
Land			2,379
Building and improvements			31,459
Furniture, fixtures and equipment			1,399
Intangible assets			263
Total allocated acquisition cost			35,500
Full Service Hotel Located in Denver, CO
Real estate properties
Number of rooms				364
Purchase price	77,250			77,250
Marriot Courtyard
Real estate properties
Properties held for sale	4,143			4,143
Hotels
Real estate properties
Number of properties owned	292			292
Travel centers
Real estate properties
Number of properties owned	184			184
Subsequent event | Land Parcel Adjacent
Real estate properties
Payments to Acquire Businesses, Gross					$750

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Components of provision for income taxes
Income tax provision	$291	$616
Current-
Current- Foreign	23	31
Current- State	$268	$585

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Information
Hotel operating revenues	$369,596	$329,936
Rental income	64,751	63,386
FF&E reserve income	1,165	928
Total revenues	435,512	394,250
Hotel operating expenses	257,658	230,617
Depreciation and amortization	78,969	78,287
General and administrative	21,304	11,465
Acquisition related costs	338	61
Total expenses	358,269	320,430
Operating income (loss)	77,243	73,820
Interest income	11	25
Interest expense	-35,454	-34,856
Loss on early extinguishment of debt		-726
Income before income taxes and equity in earnings (losses) of an investee	41,800	38,263
Income tax benefit	-291	-616
Equity in earnings (losses) of an investee	72	-97
Net income	41,581	37,550	37,550
Total assets	6,032,406		5,982,562
Corporate
Segment Information
General and administrative	21,304	11,465
Total expenses	21,304	11,465
Operating income (loss)	-21,304	-11,465
Interest income	11	25
Interest expense	-35,454	-34,856
Loss on early extinguishment of debt		-726
Income before income taxes and equity in earnings (losses) of an investee	-56,747	-47,022
Income tax benefit	-291	-616
Equity in earnings (losses) of an investee	72	-97
Net income	-56,966		-47,735
Total assets	42,837		39,818
Hotels
Segment Information
Hotel operating revenues	369,596	329,936
Rental income	8,060	8,103
FF&E reserve income	1,165	928
Total revenues	378,821	338,967
Hotel operating expenses	257,658	230,617
Depreciation and amortization	52,396	53,016
Acquisition related costs	338	61
Total expenses	310,392	283,694
Operating income (loss)	68,429	55,273
Income before income taxes and equity in earnings (losses) of an investee	68,429	55,273
Net income	68,429		55,273
Total assets	3,783,819		3,748,062
Travel Centers
Segment Information
Rental income	56,691	55,283
Total revenues	56,691	55,283
Depreciation and amortization	26,573	25,271
Total expenses	26,573	25,271
Operating income (loss)	30,118	30,012
Income before income taxes and equity in earnings (losses) of an investee	30,118	30,012
Net income	30,118		30,012
Total assets	$2,205,750		$2,194,682

Related_Person_Transactions_De

Related Person Transactions (Details) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 28, 2015	Dec. 31, 2014
	item
Related Party Transaction [Line Items]
Number of management agreements or leases	11
Rental income	$64,751	$63,386
Capital improvements from leased facilities, funded	39,184
Increase (decrease) in minimum annual rent	3,099
Deferred percentage rent revenue	1,240	874
Adjustments included in rental income necessary to record rent on the straight line basis	545	567
Proceeds received from the VDOT in connection with the eminent domain taking		6,178
Accruals for unpaid amount	41,775			40,253
Amount owed for capital expenditure reimbursements	16,225			8,658
Earnings (losses) recognized related to equity investments	72	-97
Travel centers
Related Party Transaction [Line Items]
Rental income	56,691	55,283
Accruals for unpaid rent, excluding any deferred rents	40,988	40,253
Travel centers | TA No. 1
Related Party Transaction [Line Items]
Adjustments included in rental income necessary to record rent on the straight line basis	415	437
Hotels | Sonesta agreements
Related Party Transaction [Line Items]
Fixed minimum return as a percentage of invested capital	8.00%
Travel Centers of America LLC
Related Party Transaction [Line Items]
Number of common shares owned	3,420,000
Common shares of TA held by company as a percent of total TA shares outstanding	8.90%
Lessee as percentage of real estate properties	36.00%
Number of management agreements or leases	2
Travel Centers of America LLC | Travel centers
Related Party Transaction [Line Items]
Number of properties leased	184
Capital improvements from leased facilities, funded	20,181
Increase (decrease) in minimum annual rent	1,715
Deferred rent due in December 2022	107,085
Deferred rent due in June 2024	42,915
Travel Centers of America LLC | Travel centers | TA No. 1
Related Party Transaction [Line Items]
Aggregate annual percentage rent waived	1,266
Deferred percentage rent revenue	1,240	874
Travel Centers of America LLC | Travel centers | TA No. 2
Related Party Transaction [Line Items]
Annual percentage rent waived	259	128
RMR
Related Party Transaction [Line Items]
Business and property management agreement expenses	18,996	9,662
Common shares issued for services rendered by RMR	30,974
Incentive fee expected to be paid in common shares	9,027	728
Incentive fees paid		0
Sonesta | Sonesta agreements
Related Party Transaction [Line Items]
Business and property management agreement expenses	4,514	3,613
Procurement and construction supervision fees	353	547
Sonesta | Sonesta agreements | Subsequent event
Related Party Transaction [Line Items]
Aggregate purchase price advanced			750
Sonesta | Hotels
Related Party Transaction [Line Items]
Number of real estate properties leased or managed	22
AIC
Related Party Transaction [Line Items]
Equity method investments, carrying value	6,952
Earnings (losses) recognized related to equity investments	$72	($97)

Hotel_Management_Agreements_an1

Hotel Management Agreements and Leases (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 16, 2015	Mar. 16, 2015	Dec. 31, 2014	Jan. 06, 2014
	item
Management Agreements and Leases
Number of management agreements or leases	11
Percentage increase in minimum returns after funding for renovation of hotels	9.00%
Net book value	$5,685,554,000				$5,674,160,000
Guarantee provided to the entity, remaining amount	11,971,000
Security deposit balance	36,661,000				33,069,000
Increase (Decrease) Operating Agreements Annual Minimum Returns and Rents	3,099,000
Increase (decrease) in annual minimum returns and rents	3,099,000
Hotel located in Rosemont, IL
Management Agreements and Leases
Real Estate Aggregate Purchase Price			35,500,000	35,500,000
Purchase price excluding closing cost			35,500,000	35,500,000
Hotels
Management Agreements and Leases
Number of properties leased to TRSs	289
Number of properties leased to third parties	3
Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount	15,492,000	28,095,000
Reduction of hotel operating expenses	4,006,000	10,876,000
Shortfalls due to unguaranteed portions of minimum returns	11,486,000	17,219,000
Hotels | Sonesta
Management Agreements and Leases
Number of real estate properties leased or managed	22
Hotels | Marriott No. 1 agreement
Management Agreements and Leases
Number of real estate properties leased or managed	53
Operating agreement annual rent and return	68,094,000
Realized returns and rents	17,006,000	15,036,000
Percentage increase in minimum returns after funding for renovation of hotels	10.00%
Amount expected to be provided for renovation	3,000,000
Hotels | Marriott No. 1 agreement | Forecast
Management Agreements and Leases
Amount funded for renovation	1,175,000
Hotels | Marriott No. 234 agreement
Management Agreements and Leases
Number of real estate properties leased or managed	68
Operating agreement annual rent and return	106,198,000
Realized returns and rents	25,006,000	23,806,000
Guaranty payments threshold as percentage of minimum returns	90.00%
Guarantee provided to the entity, remaining amount	30,672,000
Amount funded for renovation	3,000,000
Hotels | Marriott No. 234 agreement | Forecast
Management Agreements and Leases
Amount expected to be provided for renovation	10,500,000
Hotels | InterContinental agreement
Management Agreements and Leases
Number of real estate properties leased or managed	92
Operating agreement annual rent and return	143,598,000
Realized returns and rents	35,314,000	34,875,000
Security deposit balance required to be maintained with the entity in 2015	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						2
Additional security deposit paid	2,772,000
Amount expected to be provided for renovation	17,000,000
Security deposit balance required to be maintained with the entity	31,456,000
Security deposit balance	36,549,000
Aggregate amount of replenished available security deposit	810,000
Hotels | InterContinental agreement | Hotel located in Rosemont, IL
Management Agreements and Leases
Operating agreement annual rent and return				2,840,000
Hotel management agreement fixed minimum return as percentage of investment			8.00%
Amount funded for renovation				7,000,000
Hotels | Sonesta agreements
Management Agreements and Leases
Operating agreement annual rent and return	72,796,000
Realized returns and rents	8,061,000	2,096,000
Percentage increase in minimum returns after funding for renovation of hotels	8.00%
Fixed minimum return as a percentage of invested capital	8.00%
Amount funded for renovation	13,320,000
Hotels | Sonesta agreements | Forecast
Management Agreements and Leases
Amount expected to be provided for renovation	13,680,000
Hotels | Wyndham agreement
Management Agreements and Leases
Number of properties leased to third parties	1
Number of real estate properties leased or managed	22
Operating agreement annual rent and return	27,548,000
Realized returns and rents	6,863,000	6,535,000
Percentage increase in minimum returns after funding for renovation of hotels	8.00%
Guarantee provided to the entity, remaining amount	2,660,000
Amount funded for renovation	1,505,000
Amount expected to be provided for renovation	7,495,000
Guarantee provided to the entity, maximum	35,656,000
Annual guarantee provided to the entity, maximum	17,828,000
Hotels | Hyatt Hotels Corporation
Management Agreements and Leases
Number of real estate properties leased or managed	22
Guarantee provided to the entity, maximum	50,000,000
Hotels | Carlson
Management Agreements and Leases
Number of real estate properties leased or managed	11
Guarantee provided to the entity, remaining amount	22,217,000
Guarantee provided to the entity, maximum	40,000,000
Hotels | Marriott No 5 contract
Management Agreements and Leases
Number of real estate properties leased or managed	1
Realized returns and rents	2,529,000	2,501,000
Guaranty payments made	$3,922,000

Fair_Value_of_Assets_and_Liabi2

Fair Value of Assets and Liabilities (Details) (USD $)	Mar. 31, 2015
In Thousands, except Share data, unless otherwise specified
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	59,645
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value of Assets and Liabilities
Investment securities	59,645

Fair_Value_of_Assets_and_Liabi3

Fair Value of Assets and Liabilities (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Interest rate stated percentage	6.30%	6.30%
Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.63%	5.63%
Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Interest rate stated percentage	6.70%	6.70%
Senior Notes, due 2022 at 5.0%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.00%	5.00%
Senior Notes, due 2023 at 4.5%
Fair Value of Assets and Liabilities
Interest rate stated percentage	4.50%	4.50%
Senior Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Interest rate stated percentage	4.65%	4.65%
Senior Notes, due 2025 at 4.5%
Fair Value of Assets and Liabilities
Interest rate stated percentage	4.50%	4.50%
Convertible Senior Notes, due 2027 at 3.8%
Fair Value of Assets and Liabilities
Interest rate stated percentage	3.80%	3.80%
Carrying Amount
Fair Value of Assets and Liabilities
Unamortized discounts	-12,400	-12,865
Financial liabilities, Fair Value	2,421,078	2,420,613
Carrying Amount | Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	275,000	275,000
Carrying Amount | Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	300,000	300,000
Carrying Amount | Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	350,000	350,000
Carrying Amount | Senior Notes, due 2022 at 5.0%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	500,000	500,000
Carrying Amount | Senior Notes, due 2023 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	300,000	300,000
Carrying Amount | Senior Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	350,000	350,000
Carrying Amount | Senior Notes, due 2025 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	350,000	350,000
Carrying Amount | Convertible Senior Notes, due 2027 at 3.8%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	8,478	8,478
Fair Value
Fair Value of Assets and Liabilities
Financial liabilities, Fair Value	2,569,335	2,555,093
Fair Value | Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	285,148	287,680
Fair Value | Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	321,198	321,675
Fair Value | Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	385,901	386,755
Fair Value | Senior Notes, due 2022 at 5.0%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	534,155	529,160
Fair Value | Senior Notes, due 2023 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	310,227	306,516
Fair Value | Senior Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	364,457	360,757
Fair Value | Senior Notes, due 2025 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	359,489	353,701
Fair Value | Convertible Senior Notes, due 2027 at 3.8%
Fair Value of Assets and Liabilities
Financial liabilities, Carrying Amount	8,761	8,849