Service Properties Trust (SVC) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Document And Entity Information Abstract
Entity Registrant Name	HOSPITALITY PROPERTIES TRUST
Entity Central Index Key	945,394
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		151,547,288
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate properties:
Land	$ 1,544,954	$ 1,529,004
Buildings, improvements and equipment	6,898,854	6,740,423
Total real estate properties, gross	8,443,808	8,269,427
Accumulated depreciation	(2,290,066)	(2,218,499)
Total real estate properties, net	6,153,742	6,050,928
Cash and cash equivalents	15,816	13,682
Restricted cash (FF&E reserve escrow)	55,891	51,211
Due from related persons	55,517	50,987
Other assets, net	251,174	227,989
Total assets	6,532,140	6,394,797
LIABILITIES AND SHAREHOLDERS' EQUITY
Unsecured revolving credit facility	230,000	465,000
Unsecured term loan, net	397,922	397,756
Senior unsecured notes, net	2,861,294	2,403,439
Convertible senior unsecured notes	8,478	8,478
Security deposits	63,831	53,579
Accounts payable and other liabilities	150,416	179,783
Due to related persons	14,172	69,514
Dividends payable	5,166	5,166
Total liabilities	$ 3,731,279	$ 3,582,715
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; 151,547,288 shares issued and outstanding	1,515	1,515
Additional paid in capital	4,165,982	4,165,911
Cumulative net income	2,933,708	2,881,657
Cumulative other comprehensive income (loss)	2,074	(15,523)
Cumulative preferred distributions	(326,479)	(321,313)
Cumulative common distributions	(4,256,046)	(4,180,272)
Total shareholders' equity	2,800,861	2,812,082
Total liabilities and shareholders' equity	$ 6,532,140	$ 6,394,797

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CONDENSED 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)	7.125%	7.125%
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	151,547,288	151,547,288
Common shares, shares outstanding	151,547,288	151,547,288

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Hotel operating revenues	$ 396,503	$ 369,596
Rental income	76,259	64,751
FF&E reserve income	1,356	1,165
Total revenues	474,118	435,512
Expenses:
Hotel operating expenses	276,305	257,658
Depreciation and amortization	87,271	78,969
General and administrative	16,023	21,304
Acquisition related costs	612	338
Total expenses	380,211	358,269
Operating income	93,907	77,243
Interest income	98	11
Interest expense (including amortization of debt issuance costs and debt discounts of $1,865 and $1,458, respectively)	(41,586)	(35,454)
Loss on early extinguishment of debt	(70)
Income before income taxes and equity in earnings of an investee	52,349	41,800
Income tax expense	(375)	(291)
Equity in earnings of an investee	77	72
Net income	52,051	41,581
Preferred distributions	(5,166)	(5,166)
Net income available for common shareholders	46,885	36,415
Net income	52,051	41,581
Other comprehensive income:
Unrealized gain on investment securities	17,545	16,484
Equity interest in investee?s unrealized gains	52	45
Other comprehensive income	17,597	16,529
Comprehensive income	$ 69,648	$ 58,110
Weighted average common shares outstanding (basic)	151,402	149,792
Weighted average common shares outstanding (diluted)	151,415	150,906
Net income available for common shareholders per common share: Basic and diluted	$ 0.31	$ 0.24

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Interest expense, amortization of deferred financing costs and debt discounts	$ 1,865	$ 1,458

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 52,051	$ 41,581
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	87,271	78,969
Amortization of debt issuance costs and debt discounts as interest	1,865	1,458
Straight line rental income	(3,752)	(545)
Security deposits received or replenished	10,252	3,582
FF&E reserve income and deposits	(17,746)	(15,728)
Loss on early extinguishment of debt	70
Equity in earnings of an investee	(77)	(72)
Other non-cash (income) expense, net	(1,142)	10,103
Changes in assets and liabilities:
Due from related persons	(886)	(1,107)
Other assets	(6,174)	(2,954)
Accounts payable and other liabilities	(26,819)	(18,901)
Due to related persons	(56,522)	(329)
Net cash provided by operating activities	38,391	96,057
Cash flows from investing activities:
Real estate acquisitions and deposits	(143,683)	(45,500)
Real estate improvements	(32,716)	(35,009)
FF&E reserve escrow fundings	(441)	(4,175)
Net cash used in investing activities	(176,840)	(84,684)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes, net of discounts	737,612
Repayment of senior unsecured notes	(275,000)
Borrowings under unsecured revolving credit facility	275,000	106,000
Repayments of unsecured revolving credit facility	(510,000)	(35,000)
Debt issuance costs	(6,089)	(5)
Distributions to preferred shareholders	(5,166)	(5,166)
Distributions to common shareholders	(75,774)	(73,466)
Net cash provided by (used in) financing activities	140,583	(7,637)
Increase in cash and cash equivalents	2,134	3,736
Cash and cash equivalents at beginning of period	13,682
Cash and cash equivalents at end of period	15,816	15,570
Supplemental cash flow information:
Cash paid for interest	56,278	50,775
Cash paid for income taxes	227	562
Non-cash investing activities:
Hotel managers' deposits in FF&E reserve	15,542	13,430
Hotel managers' purchases with FF&E reserve	$ (11,303)	$ (15,038)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
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, 2015, or our 2015 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 years’ 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 Codification TM . 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 $32,880 and $26, 559 as of March 31, 2016 and December 31, 2015, respectively, and consist primarily of amounts due from, and working capital advances to, certain of their hotel managers. The liabilities of our TRSs were $69,146 and $ 68,921 as of March 31, 2016 and December 31, 2015, 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, 2016
New Accounting Pronouncements
New Accounting Pronouncements	Note 2. New Accounting Pronouncements On January 1, 2016, we adopted the FASB Accounting Standards Update, or ASU, No. 2015-02, Consolidation . Among other things, this update changed how an entity determines the primary beneficiary of a VIE. The implementation of this update did not have an impact in our condensed consolidated financial statements. On January 1, 2016, we adopted FASB ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheets as a direct deduction from the associated debt liability, and ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements – Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting , which addresses the presentation of debt issuance costs related to line of credit arrangements. The implementation of these updates resulted in the reclassification of certain of our capitalized debt issuance costs as an offset to the associated debt liability in our condensed consolidated balance sheets. The classification of capitalized debt issuance costs related to our unsecured revolving credit facility remains unchanged in accordance with ASU No. 2015-15. As of December 31, 2015, debt issuance costs related to our unsecured term loan and senior unsecured notes of $2,244 and $10,556 , respectively, were reclassified from assets to an offset to the associated debt liability in our condensed consolidated balance sheets. On January 1, 2016, we adopted FASB ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. The implementation of this update did not have an impact in our condensed consolidated financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which changes how entities measure certain equity investments and present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. This update is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted subject to certain conditions. Currently, changes in fair value of these investments are recorded through other comprehensive income. Under this update, these changes will be recorded through earnings. We are continuing to evaluate this guidance, but we expect the implementation of this guidance will affect the accounting for changes in the fair value of available for sale equity investments we hold in our condensed consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02 , Leases , which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASU No. 2016-02 is effective for reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently assessing the potential impact the adoption of ASU No. 2016-02 will have in our condensed consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation , which identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. ASU No. 2016-09 is effective for reporting periods beginning after December 15, 2016. We are currently assessing the potential impact that the adoption of ASU No. 2016-09 will have in our condensed consolidated financial statements.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2016
Revenue Recognition
Revenue Recognition	Note 3. Revenue Recognition We report hotel operating revenues for managed hotels in our condensed consolidated statements of 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 $3,752 and $ 545 for the three months ended March 31, 2016 and 2015, respectively, of adjustments necessary to record scheduled rent increases under certain of our leases, the deferred rent obligations under our leases with TravelCenters of America LLC, or TA, and the estimated future payments to us by TA for the cost of removing underground storage tanks on a straight line basis. See Note 10 for further information regarding our TA leases. Due from related persons includes $32, 766 and $2 9,122 and o ther assets, includes $1,949 and $ 1,841 of straight line rent receivables at March 31, 2016 and December 31, 2015, respectively. We determine percentage rent due to us under our leases annually and recognize it when all contingencies have been met and the rent is earned. We had deferred estimated percentage rent of $260 and $1,240 for the three months ended March 31, 2016 and 2015, respectively. We own all the FF&E reserve escrows for our hotels. We report deposits by our third party tenants into the escrow accounts as FF&E reserve income. We do not report the amounts which are escrowed as FF&E reserves for our managed hotels as FF&E reserve income.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2016
Weighted Average Common Shares
Weighted Average Common Shares	Note 4. Weighted Average Common Shares 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, 2016 2015 (in thousands) Weighted average common shares for basic earnings per share Effect of dilutive securities: Contingently issuable common shares - Unvested share awards Weighted average common shares for diluted earnings per share

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2016
Shareholders' Equity
Shareholders' Equity	Note 5. Shareholders’ Equity Distributions On e ach of January 15, 2016 and April 15, 201 6 , we paid a $0.4453 per share distribution, or $5,166 , to our Series D preferred shareholders. On February 23, 2016, we paid a regular quarterly distribution to common shareholders of record on January 22, 2016 of $0. 50 per share, or $75,774 . On April 13, 2016, we declared a regular quarterly distribution payable to common shareholders of record on April 25, 2016 of $0.51 per share, or $77,289 . We expect to pay this amount on or about May 19, 2016. Cumulative Other Comprehensive Income (Loss) Cumulative other comprehensive income (loss) represents the unrealized gain (loss) on our available for sale equity investments and our share of the comprehensive income (loss) of Affiliates Insurance Company, or AIC. See Notes 10 and 12 for further information regarding these investments .

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2016
Indebtedness
Indebtedness	Note 6. Indebtedness Our principal debt obligations at March 31, 2016 were: (1) our $230,000 of ou tstanding borrowings under our $1,000,000 unsecured revolving credit facility; (2) our $400,000 unsecured term loan; (3) an aggregate outstanding principal amount of $2,900,000 of public issuances of unsecured senior notes; and (4) our public issuance of $8,478 outstanding principal amount of convertible senior notes. Our $1,000,000 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 other conditions, we have the option to extend the stated maturity date of our unsecured revolving credit facility by one year to July 15, 2019. We can borrow, repay and reborrow funds available under our unsecured revolving credit facility until maturity, and no principal repayment is due until maturity. We are required to pay interest on borrowings under our unsecured revolving credit facility at an annual rate of LIBOR plus a premium, which was 110 basis points as of March 31, 2016. We also pay a facility fee on the total amount of lending commitments, which was 20 basis points per annum at March 31, 2016 under our unsecured revolving credit facility. Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings. As of March 31, 2016, the annual interest rate for the amount outstanding under our unsecured revolving credit facility was 1.53% . The weighted average annual interest rate for borrowings under our unsecured revolving credit facility was 1.53% and 1.27% for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and May 9, 2016, we had $230,000 and $139,000 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. We are required to pay interest on the amounts under our unsecured term loan at a rate of LIBOR plus a premium, which was 120 basis points as of March 31, 2016. The interest rate premium is subject to adjustment based on changes to our credit ratings. As of March 31, 2016, the annual interest rate for the amount outstanding under our unsecured term loan was 1.64% . The weighted average annual interest rate for borrowings under our unsecured term loan was 1.62% and 1.37% for the three months ended March 31, 2016 and 2015, respectively. Our credit agreement for our unsecured revolving credit facility and unsecured term loan also includes a feature under which maximum aggregate borrowings 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 and our unsecured notes indentures and their supplements provide for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as, in the case of our credit agreement, a change of control of us, which includes The RMR Group LLC, or RMR LLC, 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 indentures and their supplements also contain a number of covenants, including covenants that restrict our ability to incur debts or to make distributions under certain circumstances and generally require us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of our credit agreement for our unsecured revolving credit facility and unsecured term loan and our senior unsecured notes indentures and their supplements at March 31, 2016. On February 3, 2016, we issued $750,000 aggregate principal a mou nt of un secure d senior notes in public offerings, which included $400,000 aggregate principal amount of 4.25% unsecured senior notes due 2021 and $350,000 aggregate principal amount 5.25% unsecured senior notes due 2026. Net proceeds from these offerings were $731,523 after original issue discounts and offering expenses. On March 11, 2016, we redeemed at par all of our outstanding 6.30% senior notes due 2016 for $275,000 and unpaid interest (an aggregate of $279,139) using cash on hand and borrowings under our unsecured revolving credit facility . As a result of the redemption, we recorded a loss on early extinguishment of debt of $70 in the three months ended March 31, 2016 which represented the unamortized discounts and issuance costs of these notes.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2016
Real Estate Properties
Real Estate Properties	Note 7. Real Estate Properties At March 31, 2016, we owned 305 hotels and 19 4 travel centers which are operated under 14 agreements. During the three months ended March 31, 2016, we fun ded $33, 157 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 $2, 547 . See Notes 10 and 11 for further information about our management and lease agreements and our fundings of improvements to certain of our properties. During the three months ended March 31, 2016, we acquired three hotels and one travel center. Our allocation of the purchase price of these acquisitions based on the estimated fair value of the acquired assets is presented in the table below. The allocations of purchase prices are based on preliminary estimates and may change upon completion of third party ap pra isals . Acquisition Date Location P urchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment 2/1/2016 Various (2) (3) $ $ $ $ $ 3/16/2016 Portland, OR (2) (4) 3/31/2016 Hillsb oro, TX (5) - $ $ $ $ $ (1) Excludes a c q uisiti on r elated costs. (2) We accounted for these transactions as business combinations. The pro forma impact of including the results of operations of these acquisitions from the beginning of the year is not material to our condensed consolidated financial statements. (3) On February 1, 2016, we acquired two extended stay hotels with 262 suites in Cleveland and Westlake, OH for an aggregate purchase price of $ 12,000 , excl uding acquisition related costs. We converted these hotels to the Sonesta ES Suites ® brand and entered management agreements for these hotels with Sonesta International Hotels Corporation, or Sonesta. See Notes 10 and 11 for further information regarding our Sonesta agreements. (4) On March 16, 2016, we acquired the Kimpton Hotel Monaco, a full service lifestyle hotel with 221 rooms located in Portland, OR, for a purchase price of $114,000 , excluding acquisition related costs. We added this hotel to our agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 11 for further information regarding our InterContinental agreement. (5) On March 31, 2016, we acquired a newly developed travel center in Hillsboro, TX for $19,683 . We added this TA branded travel center to our TA No. 4 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 qualification for taxation as a REIT. 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 (or benefit) included in our condensed consolidated statements of co mpr ehensive income includes the income tax provision (or benefit) related to the operations of our TRSs and certain state and foreign income taxes incurred by us despite our qualification for taxation as a REIT . During the three months ended March 31, 2016, we recognized income tax expense of $ 375 , which includes $ 32 of foreign taxes, $53 of federal taxes and $ 290 of state taxes. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
Segment Information
Segment Information	Note 9. Segment Information We operate in two reportable business segments: hotel investments and travel center investments. For the Three Months Ended March 31, 2016 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ $ - $ - $ Rental income - FF&E reserve income - - Total revenues - Hotel operating expenses - - Depreciation and amortization - General and administrative - - Acquisition related costs - - Total expenses Operating income (loss) Interest income - - Interest expense - - Loss on early extinguishment of debt - - Income (loss) before income taxes and equity in earnings of an investee Income tax expense - - Equity in earnings of an investee - - Net income (loss) $ $ $ $ As of March 31, 2016 Hotels Travel Centers Corporate Consolidated Total assets $ $ $ $ For the Three Months Ended March 31, 2015 Hotels Travel Centers Corporate Consolidated H otel operat ing revenues $ $ - $ - $ Rental income - FF&E reserve income - - Total revenues - Hotel operating expenses - - Depreciation and amortization - General and administrative - - Acquisition related costs - - Total expenses Operating income (loss) Interest income - - Interest expense - - Income (loss) before income taxes and equity in earnings of an investee Income tax expense - - Equity in earnings of an investee - - Net income (loss) $ $ $ $ As of December 31, 2015 Hotels Travel Centers Corporate Consolidated Total assets $ $ $ $

Related Person Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2016
Related Person Transactions
Related Person Transactions	Note 10. Related Person Transactions We have relationships and historical and continuing transactions with TA, RMR LLC, Sonesta and others related to them, including other companies to which RMR LLC provides management services and which have trustees, directors and officers who are also our trustees or officers. For further information about these and other such relationships and certain other related person transactions, please refer to our 2015 Annual Report. TA : TA was our 100% owned subsidiary until we distributed its common shares to our shareholders in 2007. We are TA’s largest shareholder. As of March 31, 2016, we owned 3,420,000 of TA’s common shares, representing approximately 8.8% of TA’s outstanding common shares. TA is our largest tenant and property operator, leasing 36% of our gross carrying value of real estate properties as of March 31, 2016. In June 2015, we entered a transaction agreement with TA pursuant to which, among other things, we agreed to purchase from TA five travel centers upon the completion of their development at a purchase price equal to their development costs, including the cost of the land, and we agreed to leaseback these development properties to TA. On March 31, 2016, we purchased one of these development properties from TA, a travel center located in Hillsboro, TX, for $19,683 , and we amended our TA No. 4 lease to add this property. The annual minimum rent payable to us under our TA No. 4 lease increased by $1,673 as a result of the completion of this purchase and leaseback. Our purchase and leaseback of the remaining four development properties is subject to a maximum aggregate purchase price o f $95,000 and we are not obligated to purchase any development property that is not substantially complete prior to June 30, 2017. TA has recently stated that it may not be able to complete development of one these properties prior to June 30, 2017. As of March 31, 2016, we leased to TA a total of 194 travel centers. As of March 31, 2016, the number of travel centers leased, the term, the annual minimum rent and the deferred rent balances under each of our TA leases were as follows: Number of Travel Center s Initial Term End (1) Minimum Annual Rent as of March 31, 2016 Deferred Rent (2) TA No. 1 Lease 39 December 31, 2029 $ $ TA No. 2 Lease 38 December 31, 2028 TA No. 3 Lease 38 December 31, 2026 TA No. 4 Lease 39 December 31, 2030 TA No. 5 Lease 40 June 30, 2024 194 $ $ (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Deferred rent is subject to acceleration at our option upon an uncured default or a change in control of TA. We recognized rental income from TA of $68,117 and $56,691 for the three months ended March 31, 2016 and 2015, respectively. Rental income for the three months ended March 31, 2016 and 2015 includes $3,644 and $415 , respectively, of adjustments necessary to record the deferred rent obligations under our TA leases 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, 2016 and December 31, 2015, we had accruals for unpaid amounts owed to us by TA (and straight line rent a djustments ) of $55,345 and $40,988 , respectively; these amounts are included in due from related persons on our condensed consolidated balance sheets. We funded $20,575 and $20,181 of qualifying capital improvements for the three months ended March 31, 2016 and 2015, respectively, under our TA leases, and, as a result, TA’s annual minimum rent payable to us increased by approximately $1,749 , and $1,715 , respectively. We determine percentage rent due under our TA leases annually and recognize any resulting amount as rental income when all contingencies are met. We had aggregate deferred percentage rent under our TA leases of $250 and $1,240 for the three months ended March 31, 2016 and 2015, respectively, which amounts are net of any waived amounts. We waived $311 and $259 of percentage rent for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, we have cumulatively waived $2,439 of th e $2,500 of percentage rent we previously agreed to waive. RMR LLC : Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $ 13,781 and $ 18,987 for the three months ended March 31, 2016 and 2015, respectively. The business management fees for the three months ended March 31, 2016 include estimated 2016 incentive fees of $5,316 based on our common share total return as of March 31, 2016. The actual amount of incentive fees payable to RMR LLC for 2016, if any, will be based on our common share total return for the three year period ending December 31, 2016, and will be payable in 2017. The net business management fees we recognized for the three months ended March 31, 2015 included $ 9,027 of then estimated 2015 incentive fees; in January 2016, we paid RMR LLC an incentive fee of $62,263 for 2015. The net business management fees we recognized for the 2016 and 2015 periods are included in general and administrative expenses in our condensed consolidated statements of comprehensive income. In accordance with the terms of our business management agreement, we issued 30,974 of our common shares to RMR LLC for the three months ended March 31, 2015 as payment for a part of the business management fee we recognized for that period. Beginning June 1, 2015, all management fees under our business management agreement are paid in cash. Pursuant to our property management agreement with RMR LLC, we recognized property management fees of $14 and $ 9 for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in hotel operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. We are generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf. We reimbursed RMR L LC $38 and $33 for property management related expenses related to the office building component of one of our hotels for the three months ended March 31, 2016 and 2015, respectively; these amounts are included in hotel operating expenses in our condensed consolidated statements of comprehensive income. We have historica lly awarded share grants to certain RMR LLC employees under our equity compensation plans. In addition, under our business management agreement we reimburse RMR LLC for our allocable costs for internal audit services. The amounts recognized as expense for share grants to RMR LLC employees and internal audit costs were $ 488 and $ 798 for the three months ended March 31, 2016 and 2015, respectively; these amounts are included in general and administrative expenses in our condensed consolidated statements of comprehensive income. We lease office space to RMR LLC in the office building component of our property located in Baltimore, MD. Pursuant to our lease agreement with RMR LLC, we recognized rental income from RMR LLC for leased office space of approximately $9 for each of the three months ended March 31, 2016 and 2015. RMR Inc. : In June 2015, we and three other real estate investment trusts, or REITs, to which RMR LLC provides management services, or collectively, the Other REITs, participated in a transaction whereby we and the Other REITs each acquired shares of class A common stock of The RMR Group Inc., or RMR Inc., and simultaneously amended our business and property managements with RMR LLC to, among other things, provide for continuing 20 year terms. RMR Inc. is the managing member of RMR LLC and RMR LLC is a subsidiary of RMR Inc. The controlling shareholder of RMR Inc., ABP Trust, is owned by our Managing Trustees. In connection with our acquisition of shares of class A common stock of RMR Inc., we recorded a liability for the amount by which the estimated fair value of these shares exceeded the price we paid for these shares; this liability is included in accounts payable and other liabilities in our condensed consolidated balance sheets. We are amortizing this liability ratably through December 31, 2035 as a reduction to our business management fees expense. For the three months ended March 31, 2016, we amortized $896 of this liability, which is reflected in the net business management fees for the period. As of March 31, 2016, the unamortized amount of this liability was $70,866 . As of March 31, 2016, we own 2,503,777 shares of class A common stock of RMR Inc. We receive dividends on these shares as declared and paid by RMR Inc. to all holders of shares of RMR Inc. class A common stock. We did not receive any dividends on these shares during the three months ended March 31, 2016. However, on April 13, 2016, RMR Inc. declared a dividend of $0.2993 on its shares of class A common stock payable to shareholders of record on April 25, 2016. RMR Inc. has stated that this dividend represents a regular quarterly dividend of $0.25 per share of class A common stock for the quarter ended March 31, 2016 plus a pro rata dividend of $0.0493 per share of class A common stock for the period from December 14, 2015 to December 31, 2015. RMR Inc. has stated that it expects to pay this dividend on or about May 19, 2016. Sonesta : Sonesta is owned by our Managing Trustees. As of March 31, 2016 , Sonesta managed 33 of our hotels pursuant to management and pooling agreements. On February 1, 2016, we acquired two extended stay hotels with 262 suites located in Cleveland and Westlake, OH for $12,000 , excluding acquisition related costs, and entered into a long term management agreement with Sonesta for each hotel on terms substantially consistent with those of our existing management agreements with Sonesta for extended stay hotels. These management agreements were added to our existing pooling agreement with Sonesta. Pursuant to our Sonesta agreement, we incurred management, system, reservation fees and reimbursement of certain guest loyalty, marketing program and third party reservation transmission fees from Sonesta of $ 5,300 and $ 4,514 for the three months ended March 31, 2016 and 2015, respectively, and procurement and construction supervision fees of $ 343 and $ 353 for the three months ended March 31, 2016 and 2015, respectively. These amounts are included in hotel operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. On January 4, 2016, we and Sonesta amended our pooling agreement and management agreements. Under the amended pooling agreement, a hotel may be designated as “non-economic” and removed from the pooling agreement and subject to sale and we have an early termination right under each management agreement, in each case if the applicable hotel does not meet certain criteria for the stipulated measurement period. Pursuant to the amendment, these stipulated measurement periods begin on the later of January 1, 2017 and January 1st of the year beginning at least 18 months following the effective date of the applicable management agreement. The amendment to the pooling agreement and management agreements with Sonesta were negotiated and recommended by a Special Committee of our Board of Trustees comprised solely of our Independent Trustees, and were approved by our Independent Trustees and also by our Board of Trustees. AIC : We and six other companies to which RMR LLC provides management services each own in equal amounts AIC . We and the other AIC shareholders participate in a combined property insurance program arranged and reinsured in part by AIC. As of March 31, 2016, our investment in AIC had a carrying value of $6,963; this amount is included in other assets in our condensed consolidated balance sheets. We recognized income of $77 and $72 related to our investment in AIC for the three months ended March 31, 2016 and 2015, respectively. Our other comprehensive income includes our proportionate part of unrealized gains on securities which are owned by AIC of $52 and $45 for the three months ended March 31, 2016 and 2015, respectively. For additional information about our agreements with TA and Sonesta, please see Note 11 below.

Hotel Management Agreements and

Hotel Management Agreements and Leases	3 Months Ended
	Mar. 31, 2016
Hotel Management Agreements and Leases
Hotel Management Agreements and Leases	Note 11. Hotel Management Agreements and Leases As of March 31, 2016, 302 of our hotels are leased to our TRSs and managed by independent hotel operating companies and three of our hotels 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, 2016 we are paid an annual minimum return of $68, 400 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 our minimum returns from the 53 hotels included in our Marriott No. 1 agreement. Accordingly, the minimum 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. Marriott’s base and incentive management fees are only earned after we receive our minimum returns. We realized minimum returns of $17, 093 and $17, 006 during the three months ended March 31, 2016 and 2015, respectively, under this agreement. We also realized additional retur ns of $839 during the three months ended March 31, 2016, which represents our share of hotel cash flows in excess of the minimum returns due to us for the period. We did not realize any additional returns during the three months ended March 31, 2015. We funded $ 441 for capital improvements at certain of the hotels included in our Marriott No. 1 agreement during the three months ended March 31, 2016. We currently expect t o fund $2,559 for capital improvements during the remainder of 2016 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, 2016 we are paid an annual minimum return of $ 106,243 . We realized minimum returns of $26,560 and $ 25,006 during the three months ended March 31, 2016 and 2015, respectively, under this agreement. Pursuant to our Marriott No. 234 agreement, Marriott has provided us with a security deposit to cover minimum return payment shortfalls, if any. Under this agreement, this security deposit may be replenished and increas ed up to $64,700 from the hotel cash flows in excess of the minimum returns due to us and certain management fees. Marriott’s base and incentive management fees are only earned after we receive our minimum returns. During the three months ended March 31, 2016, our available security deposit was replenished by $772 from the hotel cash flows in excess of the minimum returns due to us for the period. The available balance of this deposit was $7,024 as of March 31, 2016. Pursuant to our Marriott No. 234 agreement, Marriott has also provided us with a limited guarantee which expires in 2019 for shortfalls up to 90% of our minimum returns, if and after the available security deposit has been depleted. The available balance of the guarantee was $30,672 as of March 31, 2016. We c urrently expe ct to fund $8,000 for capital improvements to certain hotels under our Marriott No. 234 agreement during the remainder of 2016. We did not make any funding for capital improvements to these hotels during the three months ended March 31, 2016. As we fund these improvements, the annual minimum returns payable to us increas e by 9% of the amounts funded. Marriott No. 5 agreement . We lease one hotel in Kauai, HI to Marriott. This lease is guaranteed by Marriott and we realized $2,529 of rent for this hotel during each of the three months ended March 31, 2016 and 2015. The guarantee provided by Marriott with respect to this leased hotel is unlimited. InterContinental agreement. Our management agreement with InterContinental for 9 4 hotels provides that as of March 31, 2016, we are paid annual minimum returns and rents of $160,338 . We realized minimum returns and rents of $38,203 and $3 5,314 during the three months ended March 31, 2016 and 2015, respectively, under this agreement. We also realized additional returns of $329 under this agreement during the three months ended March 31, 2016 from the hotel cash flows in excess of our minimum returns and rents due for the period. We did not realize any additional returns during the three months ended March 31, 2015. Pursuant to our InterContinental agreement, InterContinental has provided us with a security deposit to cover minimum payment shortfalls, if any. Under this agreement, InterContinental is required to maintain a minimum security deposit of $37,000 and t his s ecurity deposit may be replenished and increase d up to $100,000 from future cash flows from the hotels, in excess of our minimum returns and certain management fees. On March 16, 2016, we a mende d our management agreement with InterContinental in connection with our acquisition of the Kimpton Hotel Monaco located in Portland, OR. See Note 7 for further information regarding this acquisition. As a result of the amendment, the annual minimum returns due to us increased by an aggregate of 8% of our investment in the hot el ($9,120) and InterContinental provided us $9,000 to supplement the existing security deposit. During the three months ended March 31, 2016, the available security deposit was r eplenish ed by $480 from the hotels’ cash flows in excess of the minimum payments due to us for the period. The available balance of this security deposit was $56,696 as of March 31, 2016. We did not make any fundings for capital improvements to our InterContinental hotels during the three months ended March 31, 2016. We currently expect to fund $ 17,800 for capital improvements to certain hotels under our InterContinental agreement during the remainder of 2016. As we fund these improvements, the annual minimum returns and rents payable to us increase by 8% of the amounts funded. Sonesta agreement. Our Sonesta agreement provides that we are paid an annual minimum return ( $84,004 as of March 31, 2016) equal to 8% of our invested capital, as defined in the agreement, to the extent that gross revenues of the hotels, after payment of hotel operating expenses, including certain 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 currently 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 $8,766 and $8,061 during the three months ended March 31, 2016 and 2015, 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 $11,393 for renovations and other capital improvements to hotels included in our Sonesta agreement during the three months ended March 31, 2016 . We currently expect to fund $36,607 for renovations and other capital improvements during the remainder of 2016 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 agreements . Our management agreement with Wyndham Hotel Group, or Wyndham, for 22 hotels provides that as of March 31, 2016, we are paid annual minimum returns of $26,659 . Pursuant to our Wyndham agreement, Wyndham has provided us with a guarantee, which is limited to $35,656 , subject to an annual payment limit of $17,828 and expires on July 28, 2020. As of December 31, 2015, $4,008 remained available to cover payment shortfalls of our minimum returns due under the management agreement. During the three months ended March 31, 2016, the hotels under this agreement generated cash flows that were less than the minimum returns due to us and the remaining guaranty was depleted. This guaranty may be replenished from future cash flows from these hotels in excess of our minimum returns. We currently expect that for the year ended December 31, 2016, the hotels under this agreement will generate cash flows in excess of the minimum returns due to us under the management agreement. We also lease 48 vacation units in one of our hotels to Wyndham Vacation Resorts, Inc., a subsidiary of Wyndham, or Wyndham Vacation, which requires we are paid annual minimum rents of $1,366 . The guarantee provided by Wyndham with respect to the lease with Wyndham Vacation for part of one hotel is unlimited. We realized returns and rents of $6,995 and $6,863 during the three months ended March 31, 2016 and 2015, respectively, under our Wyndham agreements. As of May 9, 2016, Wyndham has paid all of the minimum returns and rents due to us. Under our Wyndham agreement, the FF&E reserve funding required for all hotels included in the agreement is subject to available cash flow after payment of our minimum return. The reserve amount is 4% of total hotel sales in 2016 and increases to 5% of total hotel sales in 2017 through the end of the agreement term in 2038. No FF&E escrow deposits were required during the three months ended March 31, 2016. We funded $618 for capital improvements to certain hotels included in our Wyndham agreement during the three months ended March 31, 2016. We currently expect to fund $3, 982 for capital improvements to certain hotels during the remainder of 2016 under this agreement. As we fund these improvements, the annual minimum returns payable to us increase by 8% of the amounts funded. TA agreements. O ur 194 owned travel centers are leased to and operated by a subsidiary of TA under five agreements. Our TA Nos. 1 and 4 leases for 39 trav el centers expire in 2029 and 2030, respectively, and each have two 15 year renewal options. Our TA Nos. 2 and 3 leases for 38 travel centers expire in 2028 and 2026, respectively, and each have two 15 year renewal options. Our TA No. 5 lease for 40 travel centers expires in 2024 and ha s two 15 year renewal options. TA has guaranteed its subsidiary tenants’ obligations under these leases. Our travel center leases with TA do not require FF&E escrow deposits. However, TA is required to maintain the leased travel centers, including structural and non ‑structural components. Under all of our TA leases, TA may request that we fund additional amounts for capital improvements to the leased facilities in return for minimum rent increases. We funded $20,575 for capital improvements to our travel center properties during the three months ended March 31, 2016. We currently expect to fun d approxima tely $129,425 for renovations and other capital improvements during the remainder of 2016. As we fund these improvements, the annual minimum returns payable to us increase by 8.5% of the amounts funded. See Note 10 for information about our TA leases. TA is not obligated to request and we are not obligated to fund any such improvements. Other management agreement and lease matters. As of May 9, 2016, 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 ( $15,501 remaining at March 31, 2016). The guarantee provided by Carlson Hotels Worldwide, or Carlson, with respect to the 11 hotels managed by Carlson is limited to $40,000 ( $ 25,180 remaining at March 31, 2016). Guarantees and security deposits generally . When we reduce the amounts of the security deposits we hold for payment deficiencies at our managed and leased hotels, we record income equal to the amounts by which this deposit is reduced up to the minimum return or minimum rent due to us. However, 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. Under these agreements, any amount of the security deposits which are applied to payment deficits may be replenished from future cash flows from the applicable hotel operations pursuant to the terms of the respective agreements. Certain of our managed hotel portfolios had net operating results that were, in the aggregate $16,429 and $15, 492 less than the minimum returns due to us for the three months ended March 31, 2016 and 2015, respectively. When the managers of these hotels fund these 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 comprehensive income as a reduction of hotel operating expenses. The reduction to hotel operating expenses was $4,377 and $4,006 in the three months ended March 31, 2016 and 2015, respectively, as a result of such fundings. 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 $12,052 and $ 11,486 in the three months ended March 31, 2016 and 2015, respectively, which represent the unguaranteed portions of our minimum returns from Sonesta. Certain of our managed hotel portfolios had net operating results that were in the aggregate $8, 363 and $6,568 more than the minimum returns due to us in the three months ended March 31, 2016 and 2015, respectively. Certain of our guarantees and our security deposits may be replenished by future cash flows from the applicable hotel operations in excess of the minimum returns due to us pursuant to the terms of the respective agreements. When our guarantees and our security deposits are replenished by cash flows from hotel operations, we reflect such replenishments in our condensed consolidated statements of comprehensive income as an increase to hotel operating expenses. Hotel operating expenses were increased by $2, 522 and $3,351 in the three months ended March 31, 2016 and 2015, respectively, as a result of such replenishments.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
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, 2016, 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 March 31, 2016 Using Quoted Prices in Active Markets for Significant Other Significant Carrying Value at Identical Assets Observable Inputs Unobservable Inputs Description March 31, 2016 (Level 1) (Level 2) (Level 3) Investment in TA (1) $ $ $ - $ - Investment in RMR Inc. (2) $ $ $ - $ - (1) Our 3,420,000 common 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 as of March 31, 2016. The unrealized gain of $5,746 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed consolidated balance sheets. (2) Our 2,503,777 shares of class A common stock of RMR Inc., 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 shares is $66,374 as of March 31, 2016. The unrealized loss of $3,755 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed consolidated balance sheets. We evaluated the decline in the fair value of the RMR Inc. shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a forecasted recovery of fair value, we do not consider the investment to be other-than-temporarily impaired at March 31, 2016. 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, 2016 and December 31, 2015, 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 follow s : March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior U nsecure d Notes, due 2016 at 6.30% $ - $ - $ $ Senior Unsecured Notes, due 2017 at 5.625% Senior Unsecured N otes, due 2018 at 6.70% Senior Unsecured Notes, due 2021 at 4.25% - - Senior Unsecured Notes, due 2022 at 5.00% Senior Unsecured Notes, due 2023 at 4.50% Senior Unsecured Notes, due 2024 at 4.65% Senior Unsecured Notes, due 2025 at 4.50% Senior Unsecured Notes, due 2026 at 5.25% - - Convertible Senior Unsecured Notes, due 2027 at 3.8% Total financial liabilities $ $ $ $ (1) Carrying value includes unamortized discounts and certain issuance costs. At March 31, 2016 , 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 2 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 or other observable inputs for these notes were available at March 31, 2016 and December 31, 2015.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2016
Weighted Average Common Shares
Schedule of reconciliation weighted average common shares to calculate basic and diluted earnings per share	For the Three Months Ended March 31, 2016 2015 (in thousands) Weighted average common shares for basic earnings per share Effect of dilutive securities: Contingently issuable common shares - Unvested share awards Weighted average common shares for diluted earnings per share

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2016
Real Estate Properties
Schedule of allocation of the acquisition cost to the estimated fair value of assets acquired	Acquisition Date Location P urchase Price (1) Land Land Improvements Building and Improvements Furniture, Fixtures and Equipment 2/1/2016 Various (2) (3) $ $ $ $ $ 3/16/2016 Portland, OR (2) (4) 3/31/2016 Hillsb oro, TX (5) - $ $ $ $ $ (1) Excludes a c q uisiti on r elated costs. (2) We accounted for these transactions as business combinations. The pro forma impact of including the results of operations of these acquisitions from the beginning of the year is not material to our condensed consolidated financial statements. (3) On February 1, 2016, we acquired two extended stay hotels with 262 suites in Cleveland and Westlake, OH for an aggregate purchase price of $ 12,000 , excl uding acquisition related costs. We converted these hotels to the Sonesta ES Suites ® brand and entered management agreements for these hotels with Sonesta International Hotels Corporation, or Sonesta. See Notes 10 and 11 for further information regarding our Sonesta agreements. (4) On March 16, 2016, we acquired the Kimpton Hotel Monaco, a full service lifestyle hotel with 221 rooms located in Portland, OR, for a purchase price of $114,000 , excluding acquisition related costs. We added this hotel to our agreement with InterContinental Hotels Group, plc, or InterContinental. See Note 11 for further information regarding our InterContinental agreement. On March 31, 2016, we acquired a newly developed travel center in Hillsboro, TX for $19,683 . We added this TA branded travel center to our TA No. 4 lease. See Notes 10 and 11 for further information regarding this transaction and our TA leases. We accounted for this transaction as an asset acquisition.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Information
Schedule of segment information	For the Three Months Ended March 31, 2016 Hotels Travel Centers Corporate Consolidated Hotel operating revenues $ $ - $ - $ Rental income - FF&E reserve income - - Total revenues - Hotel operating expenses - - Depreciation and amortization - General and administrative - - Acquisition related costs - - Total expenses Operating income (loss) Interest income - - Interest expense - - Loss on early extinguishment of debt - - Income (loss) before income taxes and equity in earnings of an investee Income tax expense - - Equity in earnings of an investee - - Net income (loss) $ $ $ $ As of March 31, 2016 Hotels Travel Centers Corporate Consolidated Total assets $ $ $ $ For the Three Months Ended March 31, 2015 Hotels Travel Centers Corporate Consolidated H otel operat ing revenues $ $ - $ - $ Rental income - FF&E reserve income - - Total revenues - Hotel operating expenses - - Depreciation and amortization - General and administrative - - Acquisition related costs - - Total expenses Operating income (loss) Interest income - - Interest expense - - Income (loss) before income taxes and equity in earnings of an investee Income tax expense - - Equity in earnings of an investee - - Net income (loss) $ $ $ $ As of December 31, 2015 Hotels Travel Centers Corporate Consolidated Total assets $ $ $ $

Related Person Transactions (Ta

Related Person Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Person Transactions
Schedule of Rent	Number of Travel Center s Initial Term End (1) Minimum Annual Rent as of March 31, 2016 Deferred Rent (2) TA No. 1 Lease 39 December 31, 2029 $ $ TA No. 2 Lease 38 December 31, 2028 TA No. 3 Lease 38 December 31, 2026 TA No. 4 Lease 39 December 31, 2030 TA No. 5 Lease 40 June 30, 2024 194 $ $ (1) TA has two renewal options of 15 years each under each of our TA leases. (2) Deferred rent is subject to acceleration at our option upon an uncured default or a change in control of TA.

Fair Value of Assets and Liab23

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Using Quoted Prices in Active Markets for Significant Other Significant Carrying Value at Identical Assets Observable Inputs Unobservable Inputs Description March 31, 2016 (Level 1) (Level 2) (Level 3) Investment in TA (1) $ $ $ - $ - Investment in RMR Inc. (2) $ $ $ - $ - (1) Our 3,420,000 common 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 as of March 31, 2016. The unrealized gain of $5,746 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed consolidated balance sheets. (2) Our 2,503,777 shares of class A common stock of RMR Inc., 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 shares is $66,374 as of March 31, 2016. The unrealized loss of $3,755 for these shares as of March 31, 2016 is included in cumulative other comprehensive income (loss) in our condensed consolidated balance sheets. We evaluated the decline in the fair value of the RMR Inc. shares and determined that based on the severity and duration of the decline, and our ability and intent to hold the investment for a reasonable period of time sufficient for a forecasted recovery of fair value, we do not consider the investment to be other-than-temporarily impaired at March 31, 2016.
Schedule of fair value of additional financial instruments	March 31, 2016 December 31, 2015 Carrying Fair Carrying Fair Value (1) Value Value (1) Value Senior U nsecure d Notes, due 2016 at 6.30% $ - $ - $ $ Senior Unsecured Notes, due 2017 at 5.625% Senior Unsecured N otes, due 2018 at 6.70% Senior Unsecured Notes, due 2021 at 4.25% - - Senior Unsecured Notes, due 2022 at 5.00% Senior Unsecured Notes, due 2023 at 4.50% Senior Unsecured Notes, due 2024 at 4.65% Senior Unsecured Notes, due 2025 at 4.50% Senior Unsecured Notes, due 2026 at 5.25% - - Convertible Senior Unsecured Notes, due 2027 at 3.8% Total financial liabilities $ $ $ $ (1) Carrying value includes unamortized discounts and certain issuance costs.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Basis of Presentation
Ownership interest in subsidiaries (as a percent)	100.00%
Assets of TRSs	$ 32,880	$ 26,559
Liabilities of TRSs	$ 69,146	$ 68,921

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Unsecured term loan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 2,244
Senior unsecured notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 10,556

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Revenue Recognition
Number of operating leases for which rental income is not recognized on straight line basis over the term of the lease agreements | item	1
Adjustments necessary to record rent on straight line basis	$ 3,752	$ 545
Due from related persons	32,766		$ 29,122
Straight line rent receivables	1,949		1,841
Deferred percentage rent	$ 260		$ 1,240

Weighted Average Common Share27

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Weighted average common shares outstanding (basic)	151,402	149,792
Weighted average common shares outstanding (diluted)	151,415	150,906
Contingently Issuable Common Shares
Weighted Average Number Diluted Shares Outstanding Adjustment		1,091
Unvested Share Awards
Weighted Average Number Diluted Shares Outstanding Adjustment	13	23

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 15, 2016	Apr. 13, 2016	Feb. 23, 2016	Jan. 15, 2016	Mar. 31, 2015
Series D
Common Share Issuances
Preferred Stock, Dividends, Per Share, Cash Paid	$ 0.4453			$ 0.4453
Dividends, Preferred Stock, Cash	$ 5,166			$ 5,166
Common shares
Common Share Issuances
Common Stock, Dividends, Per Share, Cash Paid		$ 0.51	$ 0.50
Dividends, Common Stock, Cash		$ 77,289	$ 75,774
RMR LLC
Common Share Issuances
Common shares issued for services rendered by RMR					30,974

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Shareholders' Equity
Aggregate liquidation preference (in dollars)	$ 290,000		$ 290,000
Common Share Distributions
Cash distributions paid or payable (in dollars)	$ 75,774	$ 73,466

Indebtedness - Activity (Detail

Indebtedness - Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	May. 09, 2016
Indebtedness
Unsecured revolving credit facility	$ 230,000		$ 465,000
Convertible senior unsecured notes	8,478		$ 8,478
Unsecured revolving credit facility
Indebtedness
Unsecured revolving credit facility	230,000			$ 139,000
Unsecured revolving credit facility maximum borrowing capacity	$ 1,000,000
Interest rate (as a percent)	1.53%
Weighted average interest rate for borrowings (as a percent)	1.53%	1.27%
Unsecured revolving credit facility | LIBOR
Indebtedness
Margin over base rate, in basis points (as a percent)	110.00%
Interest rate payable for facility fees (as a percent)	20.00%
Unsecured term loan
Indebtedness
Unsecured term loan outstanding	$ 400,000
Extendable term of credit facility	1 year
Margin over base rate, in basis points (as a percent)	120.00%
Interest rate (as a percent)	1.64%
Weighted average interest rate for borrowings (as a percent)	1.62%		1.37%
Senior unsecured notes
Indebtedness
Unsecured senior notes	$ 2,900,000
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% | Senior unsecured notes
Indebtedness
Convertible senior unsecured notes	$ 8,478

Indebtedness - Issuances and Pr

Indebtedness - Issuances and Principal Repayment (Details) - USD ($) $ in Thousands	Mar. 11, 2016	Feb. 03, 2016	Mar. 31, 2016	Dec. 31, 2015
Indebtedness
Issuance of senior notes			$ 2,861,294	$ 2,403,439
Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses			737,612
Write off of Deferred Debt Issuance Cost			$ 70
Unsecured revolving credit facility
Indebtedness
Interest rate (as a percent)			1.53%
Unsecured term loan
Indebtedness
Interest rate (as a percent)			1.64%
Senior unsecured notes
Indebtedness
Issuance of senior notes		$ 750,000
Proceeds from issuance of senior notes, net of underwriting discounts and other offering expenses		731,523
Senior Notes, due 2021 at 4.25 %
Indebtedness
Interest rate stated percentage			4.25%	4.25%
Senior Notes, due 2021 at 4.25 % | Senior unsecured notes
Indebtedness
Issuance of senior notes		$ 400,000
Interest rate stated percentage		4.25%
Senior Unsecured Notes, due 2026 at 5.25%
Indebtedness
Interest rate stated percentage			5.25%	5.25%
Senior Unsecured Notes, due 2026 at 5.25% | Senior unsecured notes
Indebtedness
Issuance of senior notes		$ 350,000
Interest rate stated percentage		5.25%
Senior Notes, due 2016 at 6.3%
Indebtedness
Interest rate stated percentage	6.30%		6.30%	6.30%
Principal balance of debt repaid	$ 275,000
Aggregate debt amount	$ 279,139
Write off of Deferred Debt Issuance Cost			$ 70

Real Estate Properties (Details

Real Estate Properties (Details) $ in Thousands	Mar. 31, 2016USD ($)agreementpropertyitem	Mar. 16, 2016USD ($)room	Feb. 01, 2016USD ($)roomproperty	Mar. 31, 2016USD ($)agreementpropertyitem	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Real estate properties
Number of operating agreements | item	14			14
Capital improvements from leased facilities, funded				$ 32,716	$ 35,009
Asset acquisition
Total real estate properties, gross	$ 8,443,808			8,443,808		$ 8,269,427
Land	1,544,954			1,544,954		$ 1,529,004
Acquisition related costs				612	$ 338
Various locations acquired in June
Real estate properties
Payments to Acquire Businesses, Gross				145,683
Land acquired	15,951			15,951
Land improvements, acquired	1,501			1,501
Building and improvements, acquired	120,964			120,964
Furniture, fixtures and equipment, acquired	7,267			7,267
Various locations acquired in February
Real estate properties
Purchase price, business combination			$ 12,000
Land			2,416
Land improvements			643
Building and improvements			7,722
Furniture, fixtures and equipment			$ 1,219
Portland, OR
Real estate properties
Purchase price, business combination		$ 114,000
Land		5,751
Land improvements		3
Building and improvements		102,198
Furniture, fixtures and equipment		$ 6,048
Hillsboro, TX
Real estate properties
Payments to Acquire Businesses, Gross	19,683
Land acquired	7,784			7,784
Land improvements, acquired	855			855
Building and improvements, acquired	$ 11,044			$ 11,044
Hotels
Real estate properties
Number of properties owned | property	305			305
Number of properties acquired | property				3
Hotels | Portland, OR
Real estate properties
Number of rooms | room		221
Hotels | Cleveland and Westlake, OH | Various locations acquired in February
Real estate properties
Number of properties acquired | property			2
Number of hotel suites | room			262
Travel centers
Real estate properties
Number of properties owned | property	194			194
Number of properties acquired | property				1
Number of operating agreements | agreement	5			5
Hotels and travel centers
Real estate properties
Capital improvements from leased facilities, funded				$ 33,157
Increase (decrease) in annual minimum returns and rents				$ 2,547

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Components of provision for income taxes
Income tax expense	$ 375	$ 291
Current-
Current- Federal	53
Current- State	290	268
Current- Foreign	$ 32	$ 23

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment Information
Hotel operating revenues	$ 396,503	$ 369,596
Rental income	76,259	64,751
FF&E reserve income	1,356	1,165
Total revenues	474,118	435,512
Hotel operating expenses	276,305	257,658
Depreciation and amortization	87,271	78,969
General and administrative	16,023	21,304
Acquisition related costs	612	338
Total expenses	380,211	358,269
Operating income (loss)	93,907	77,243
Interest income	98	11
Interest expense	(41,586)	(35,454)
Loss on early extinguishment of debt	(70)
Income before income taxes and equity in earnings of an investee	52,349	41,800
Income tax expense	(375)	(291)
Equity in earnings of an investee	77	72
Net income	52,051	41,581
Total assets	6,532,140		$ 6,394,797
Corporate
Segment Information
General and administrative	16,023	21,304
Total expenses	16,023	21,304
Operating income (loss)	(16,023)	(21,304)
Interest income	98	11
Interest expense	(41,586)	(35,454)
Loss on early extinguishment of debt	(70)
Income before income taxes and equity in earnings of an investee	(57,581)	(56,747)
Income tax expense	(375)	(291)
Equity in earnings of an investee	77	72
Net income	(57,879)	(56,966)
Total assets	90,394		62,088
Hotels
Segment Information
Hotel operating revenues	396,503	369,596
Rental income	8,142	8,060
FF&E reserve income	1,356	1,165
Total revenues	406,001	378,821
Hotel operating expenses	276,305	257,658
Depreciation and amortization	55,084	52,396
Acquisition related costs	612	338
Total expenses	332,001	310,392
Operating income (loss)	74,000	68,429
Income before income taxes and equity in earnings of an investee	74,000	68,429
Net income	74,000	68,429
Total assets	3,997,596		3,892,316
Travel Centers
Segment Information
Rental income	68,117	56,691
Total revenues	68,117	56,691
Depreciation and amortization	32,187	26,573
Total expenses	32,187	26,573
Operating income (loss)	35,930	30,118
Income before income taxes and equity in earnings of an investee	35,930	30,118
Net income	35,930	$ 30,118
Total assets	$ 2,444,150		$ 2,440,393

Related Person Transactions - T

Related Person Transactions - TA Transaction Agreement (Details) $ in Thousands	Mar. 31, 2016USD ($)agreementitemshares	Jun. 30, 2015property	Mar. 31, 2016USD ($)agreementpropertyitemshares	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2007
Related Party Transaction [Line Items]
Number of Management Agreements or Leases | item	14		14
Straight Line Rent Adjustments			$ 3,752	$ 545
Capital improvements from leased facilities, funded			$ 32,716	35,009
Hillsboro, TX
Related Party Transaction [Line Items]
Aggregate purchase price advanced	$ 19,683
Travel centers
Related Party Transaction [Line Items]
Number of Management Agreements or Leases | agreement	5		5
Number of properties acquired | property			1
Travel Centers of America LLC
Related Party Transaction [Line Items]
Percentage of ownership formerly held in subsidiary						100.00%
Number of common shares owned | shares	3,420,000		3,420,000
Common shares of TA held by company as a percent of total TA shares outstanding	8.80%		8.80%
Lessee as percentage of gross carrying value of real estate	36.00%		36.00%
Annual percentage rent waived			$ 311	259
Straight Line Rent Adjustments			3,644	415
Accruals for unpaid rent, excluding any deferred rents	$ 55,345		55,345		$ 40,988
Capital improvements from leased facilities, funded			20,575	20,181
Travel Centers of America LLC | TA New Leases
Related Party Transaction [Line Items]
Increase (decrease) in minimum annual rent			1,749	1,715
Amount of percentage rent recognized			250	$ 1,240
Annual percentage rent waived			2,439
Aggregate amount of percentage rent to be waived	$ 2,500		2,500
Travel Centers of America LLC | TA No. 4
Related Party Transaction [Line Items]
Increase (decrease) in minimum annual rent			$ 1,673
Travel Centers of America LLC | Travel centers
Related Party Transaction [Line Items]
Number of renewal options available | item			2
Term of renewal option			15 years
Number of Sites | item	194		194
Number of properties acquired and leased back to the acquiree | property		5	4
Minimum Annual Rent	$ 261,145		$ 261,145
Deferred Rent	150,000		$ 150,000
Travel Centers of America LLC | Travel centers | Hillsboro, TX
Related Party Transaction [Line Items]
Aggregate purchase price advanced	$ 19,683
Travel Centers of America LLC | Travel centers | TA No. 1
Related Party Transaction [Line Items]
Number of Sites | item	39		39
Minimum Annual Rent	$ 49,198		$ 49,198
Deferred Rent	$ 27,421		$ 27,421
Travel Centers of America LLC | Travel centers | TA No. 2
Related Party Transaction [Line Items]
Number of Sites | item	38		38
Minimum Annual Rent	$ 47,392		$ 47,392
Deferred Rent	$ 29,107		$ 29,107
Travel Centers of America LLC | Travel centers | TA No. 3
Related Party Transaction [Line Items]
Number of Sites | item	38		38
Minimum Annual Rent	$ 50,630		$ 50,630
Deferred Rent	$ 29,324		$ 29,324
Travel Centers of America LLC | Travel centers | TA No. 4
Related Party Transaction [Line Items]
Number of Sites | item	39		39
Minimum Annual Rent	$ 48,596		$ 48,596
Deferred Rent	$ 21,233		$ 21,233
Travel Centers of America LLC | Travel centers | TA No. 5
Related Party Transaction [Line Items]
Number of Sites | item	40		40
Minimum Annual Rent	$ 65,329		$ 65,329
Deferred Rent	$ 42,915		42,915
Maximum | Travel Centers of America LLC | Travel centers
Related Party Transaction [Line Items]
Purchase price equal to estimate of development costs, including the cost of land			$ 95,000

Related Person Transactions - U

Related Person Transactions - Up-C Transaction (Details) - RMR Inc - Class A common shares - $ / shares	Apr. 13, 2016	Dec. 31, 2015	Mar. 31, 2016
Related Party Transaction [Line Items]
Shares holding			2,503,777
Cash dividend received (per share)			$ 0
Dividend declared per share	$ 0.2993
Quarterly dividends declared			$ 0.25
Pro rata dividend		$ 0.0493

Related Person Transactions - R

Related Person Transactions - RMR LLC Management Fees and Reimbursements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Rental income		$ 76,259	$ 64,751
Travel Centers of America LLC
Related Party Transaction [Line Items]
Rental income		68,117	56,691
RMR LLC
Related Party Transaction [Line Items]
Business management fees incurred		13,781	$ 18,987
Shares issued under the business management agreement			30,974
Incentive fees paid	$ 62,263
Employee share grants and internal audit costs		488	$ 798
Estimated incentive fees recorded		5,316		$ 9,027
Rental income		9	9
Business and property management agreement expenses		14	9
Related party reimbursement expenses		$ 38	$ 33

Related Person Transactions -38

Related Person Transactions - REITs, for which RMR LLC provides Management Services (Details) $ in Thousands	Jan. 01, 2017	Feb. 01, 2016USD ($)item	Jun. 30, 2015item	Mar. 31, 2016USD ($)companypropertyitem	Mar. 31, 2015USD ($)
Related Party Transaction [Line Items]
Income (losses) recognized related to equity investments				$ 77	$ 72
Travel centers
Related Party Transaction [Line Items]
Number of properties acquired | property				1
Hotels
Related Party Transaction [Line Items]
Number of properties acquired | property				3
RMR Inc
Related Party Transaction [Line Items]
Amortization of other liabilities to reduce business and property management fees				$ 896
Unamortized balance of the liability				$ 70,866
Number of entities to whom RMR provides management services | item			3
Term of business and property management service				20 years
AIC
Related Party Transaction [Line Items]
Equity method investments, carrying value				$ 6,963
Income (losses) recognized related to equity investments				$ 77	72
Number of other companies owning outstanding shares | company				6
Equity in unrealized (loss) gain of an investee				$ 52	45
Sonesta Int'l Hotels Corp
Related Party Transaction [Line Items]
Management agreement fees and expenses				5,300	4,514
Procurement and construction supervision fees				$ 343	$ 353
Number of hotel suites | item		262
Purchase price excluding acquisition cost		$ 12,000
Number of real estate properties leased or managed | item				33
Real Estate Aggregate Purchase Price		$ 12,000
Sonesta Int'l Hotels Corp | Subsequent event
Related Party Transaction [Line Items]
Threshold stipulated measurement period for termination rights	18 months
Sonesta Int'l Hotels Corp | Hotels
Related Party Transaction [Line Items]
Number of properties acquired | item		2

Hotel Management Agreements a39

Hotel Management Agreements and Leases (Details) $ in Thousands	Mar. 16, 2016USD ($)	Mar. 31, 2016USD ($)Optionagreementpropertyitem	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Management Agreements and Leases
Number of management agreements or leases | item		14
Capital improvements from leased facilities, funded		$ 32,716	$ 35,009
Net book value		6,153,742			$ 6,050,928
Guarantee provided to the entity, remaining amount		15,501
Security deposit balance		$ 63,831			53,579
Marriott No. 234 agreement
Management Agreements and Leases
Percentage increase in minimum returns		9.00%
TA agreements
Management Agreements and Leases
Number of Real Estate Properties | property		194
Hotels
Management Agreements and Leases
Number of Real Estate Properties | property		305
Number of properties leased to TRSs | property		302
Number of properties leased to third parties | property		3
Number of hotels acquired | property		3
Amount by which the cash flow available to pay the entity's minimum rent or return was less than the minimum amount		$ 16,429	15,492
Reduction of hotel operating expenses		4,377	4,006
Shortfalls due to unguaranteed portions of minimum returns		12,052	11,486
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount		8,363	6,568
Increase in guarantee provided to the entity		$ 2,522	3,351
Hotels | Marriott No. 1 agreement
Management Agreements and Leases
Number of real estate properties leased or managed | property		53
Operating agreement annual rent and return		$ 68,400
Capital improvements from leased facilities, funded		2,559
Additional returns realized		$ 839
Percentage increase in minimum returns		10.00%
Amount funded for renovation		$ 441
Hotels | Marriott No. 234 agreement
Management Agreements and Leases
Number of real estate properties leased or managed | item		68
Operating agreement annual rent and return		$ 106,243
Realized returns and rents		26,560	25,006
Capital improvements from leased facilities, funded		$ 8,000
Guaranty payments threshold as percentage of minimum returns		90.00%
Guarantee provided to the entity, remaining amount		$ 30,672
Security deposit balance		7,024
Aggregate amount of replenished available security deposit		$ 772
Hotels | InterContinental agreement
Management Agreements and Leases
Number of real estate properties leased or managed | item		94
Operating agreement annual rent and return		$ 160,338
Realized returns and rents		38,203	35,314
Capital improvements from leased facilities, funded		17,800
Additional returns realized		329
Hotel management agreement fixed minimum return as percentage of investment	8.00%
Amount of hotel management agreement fixed minimum return as percentage of investment	$ 9,120
Supplement on existing security deposit	$ 9,000
Security deposit balance required to be maintained with the entity		37,000
Security deposit balance		56,696
Aggregate amount of replenished available security deposit		480
Hotels | Sonesta agreements
Management Agreements and Leases
Operating agreement annual rent and return		84,004
Realized returns and rents		8,766	8,061
Capital improvements from leased facilities, funded		$ 36,607
Fixed minimum return as a percentage of invested capital		8.00%
Percentage increase in minimum returns		8.00%
Amount funded for renovation		$ 11,393
Hotels | Wyndham agreement
Management Agreements and Leases
Number of real estate properties leased or managed | property		22
Operating agreement annual rent and return		$ 26,659
Capital improvements from leased facilities, funded		$ 3,982
Percentage increase in minimum returns		8.00%
Guarantee provided to the entity, remaining amount					$ 4,008
FF&E reserve funding requirements as a percentage of total sales in 2016		4.00%
FF&E reserve funding requirements as a percentage of total sales in 2017		5.00%
Amount funded for renovation		$ 618
Guarantee provided to the entity, maximum		35,656
Annual guarantee provided to the entity, maximum		$ 17,828
Hotels | Hyatt Hotels Corporation
Management Agreements and Leases
Number of real estate properties leased or managed | item		22
Guarantee provided to the entity, maximum		$ 50,000
Hotels | Carlson
Management Agreements and Leases
Number of real estate properties leased or managed | item		11
Guarantee provided to the entity, remaining amount		$ 25,180
Guarantee provided to the entity, maximum		$ 40,000
Hotels | Marriott No 5 contract
Management Agreements and Leases
Number of real estate properties leased or managed | property		1
Realized returns and rents		$ 2,529
Travel centers
Management Agreements and Leases
Number of Real Estate Properties | property		194
Number of management agreements or leases | agreement		5
Number of hotels acquired | property		1
Travel centers | TA agreements
Management Agreements and Leases
Capital improvements from leased facilities, funded		$ 20,575
Percentage increase in minimum returns after funding for capital improvements		8.50%
Travel centers | TA Nos 1 and 4
Management Agreements and Leases
Number of Real Estate Properties | property		39
Number of renewal options available | Option		2
Term of renewal option		15 years
Travel centers | TA Nos 2 and 3
Management Agreements and Leases
Number of Real Estate Properties | property		38
Number of renewal options available | Option		2
Term of renewal option		15 years
Travel centers | TA No. 5
Management Agreements and Leases
Number of Real Estate Properties | property		40
Number of renewal options available | Option		2
Term of renewal option		15 years
Vacation units | Wyndham agreement
Management Agreements and Leases
Number of properties leased to third parties | property		1
Number of units leased | item		48
Operating agreement annual rent and return		$ 1,366
Realized returns and rents		6,995	6,863
Forecast | Travel centers | TA agreements
Management Agreements and Leases
Capital improvements from leased facilities, funded				$ 129,425
Minimum | Hotels | Marriott No. 1 agreement
Management Agreements and Leases
Realized returns and rents		17,093	$ 17,006
Maximum | Hotels | Marriott No. 234 agreement
Management Agreements and Leases
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount		64,700
Maximum | Hotels | InterContinental agreement
Management Agreements and Leases
Amount by which the cash flow available to pay the entity's minimum rent or return was more than the minimum amount		$ 100,000

Fair Value of Assets and Liab40

Fair Value of Assets and Liabilities Recurring and Non-Recurring (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)shares
Travel Centers of America LLC
Fair Value of Assets and Liabilities
Shares included in investment securities | shares	3,420,000
Unrealized gain (loss) on securities included in cumulative other comprehensive income	$ 5,746
RMR Inc
Fair Value of Assets and Liabilities
Unrealized gain (loss) on securities included in cumulative other comprehensive income	$ 3,755
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 | shares	3,420,000
Historical cost of securities	$ 17,407
Quoted Prices in Active Markets for Identical Assets (Level 1) | RMR Inc
Fair Value of Assets and Liabilities
Shares included in investment securities | shares	2,503,777
Historical cost of securities	$ 66,374
Recurring | Travel Centers of America LLC
Fair Value of Assets and Liabilities
Investment securities	23,153
Recurring | RMR Inc
Fair Value of Assets and Liabilities
Investment securities	62,619
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Travel Centers of America LLC
Fair Value of Assets and Liabilities
Investment securities	23,153
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | RMR Inc
Fair Value of Assets and Liabilities
Investment securities	$ 62,619

Fair Value of Assets and Liab41

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 11, 2016	Dec. 31, 2015
Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Interest rate stated percentage	6.30%	6.30%	6.30%
Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.625%		5.625%
Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Interest rate stated percentage	6.70%		6.70%
Senior Notes, due 2021 at 4.25 %
Fair Value of Assets and Liabilities
Interest rate stated percentage	4.25%		4.25%
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%
Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Interest rate stated percentage	5.25%		5.25%
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
Financial liabilities, Fair Value	$ 2,869,771		$ 2,411,918
Carrying Amount | Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Financial liabilities			274,869
Carrying Amount | Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Financial liabilities	299,666		299,576
Carrying Amount | Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Financial liabilities	348,962		348,821
Carrying Amount | Senior Notes, due 2021 at 4.25 %
Fair Value of Assets and Liabilities
Financial liabilities	392,985
Carrying Amount | Senior Notes, due 2022 at 5.0%
Fair Value of Assets and Liabilities
Financial liabilities	492,278		491,975
Carrying Amount | Senior Notes, due 2023 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities	297,917		297,845
Carrying Amount | Senior Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Financial liabilities	346,775		346,674
Carrying Amount | Senior Notes, due 2025 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities	343,852		343,680
Carrying Amount | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Financial liabilities	338,858
Carrying Amount | Convertible Senior Notes, due 2027 at 3.8%
Fair Value of Assets and Liabilities
Financial liabilities	8,478		8,478
Fair Value
Fair Value of Assets and Liabilities
Financial liabilities, Fair Value	2,953,436		2,462,034
Fair Value | Senior Notes, due 2016 at 6.3%
Fair Value of Assets and Liabilities
Financial liabilities			275,813
Fair Value | Senior Notes, due 2017 at 5.625%
Fair Value of Assets and Liabilities
Financial liabilities	310,418		311,181
Fair Value | Senior Notes, due 2018 at 6.7%
Fair Value of Assets and Liabilities
Financial liabilities	367,199		370,438
Fair Value | Senior Notes, due 2021 at 4.25 %
Fair Value of Assets and Liabilities
Financial liabilities	404,708
Fair Value | Senior Notes, due 2022 at 5.0%
Fair Value of Assets and Liabilities
Financial liabilities	522,773		515,760
Fair Value | Senior Notes, due 2023 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities	298,449		295,709
Fair Value | Senior Notes, due 2024 at 4.65%
Fair Value of Assets and Liabilities
Financial liabilities	349,122		346,010
Fair Value | Senior Notes, due 2025 at 4.5%
Fair Value of Assets and Liabilities
Financial liabilities	339,477		338,426
Fair Value | Senior Unsecured Notes, due 2026 at 5.25%
Fair Value of Assets and Liabilities
Financial liabilities	352,725
Fair Value | Convertible Senior Notes, due 2027 at 3.8%
Fair Value of Assets and Liabilities
Financial liabilities	$ 8,565		$ 8,697