Hospitality Properties Trust is managed by The RMR Group. The RMR Group was founded in 1986 to invest in real estate and manage real estate related businesses. The RMR Group's business primarily consists of providing management services to four publicly owned real estate investment trusts, or REITs, and three real estate operating companies. Since its founding, The RMR Group has substantially grown the amount of real estate assets under management and the number of real estate businesses it manages. As of June 30, 2016, The RMR Group had $23.4 billion of real estate assets under management, including more than 1,300 properties.
In addition to managing HPT, The RMR Group also manages Senior Housing Properties Trust (SNH), a publicly traded REIT that owns healthcare, senior living and medical office buildings, Government Properties Income Trust (GOV), a publicly traded REIT that primarily owns and leases office buildings that are majority leased to government tenants and Select Income REIT (SIR), a publicly traded REIT that is focused on owning and investing in net leased, single tenant properties. The RMR Group also provides management services to Five Star Quality Care, Inc., a senior living and healthcare services company which is a tenant of SNH and manages certain of SNH's senior living communities, and to Travel Centers of America, LLC, an operator of travel centers which is our largest tenant. An affiliate of The RMR Group, Sonesta International Hotels Corporation, is one of our hotel managers, and another affiliate of The RMR Group, RMR Advisors LLC (formerly RMR Advisors, Inc.), is the investment manager of publicly offered mutual funds, which principally invests in securities of unaffiliated real estate companies. The RMR Group is a member of the U.S. Green Building Council and an Energy Star Partner.
We believe that our relationships and arrangements with The RMR Group provide a competitive advantage to HPT because of The RMR Group's depth of management and experience in the real estate industry. We also believe The RMR Group is able to provide management services to HPT at costs that are lower than we would have to pay for comparable services. HPT’s corporate expenses have historically been lower than the average corporate expenses for many other hospitality REITs as measured both as a percentage of gross revenues and as a percentage of gross assets.