Exhibit 99.1
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Sub 7C, | AGH Upreit, | MeriStar Sub 5N, LLC | MeriStar Sub 8A, | MeriStar L.P. | MeriStar Sub 8G, | MeriStar Sub 6H, | MeriStar Sub 8B, | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 20,670 | 1,448,950 | — | — | 3,671 | — | 12,369 | — | 10,867 | 88,656 | ||||||||||||||||
Accumulated depreciation | (15,956 | ) | (274,941 | ) | — | — | (637 | ) | — | (3,013 | ) | — | (626 | ) | (14,073 | ) | ||||||||||
4,714 | 1,174,009 | — | — | 3,034 | — | 9,356 | — | 10,241 | 74,583 | |||||||||||||||||
Assets held for sale | — | 1 | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in affiliate | 2,440,576 | 7,993 | 32 | 2,989 | — | — | — | 72 | — | — | ||||||||||||||||
Due to/from subsidiaries | (993,038 | ) | 518,596 | — | 73 | 4,749 | — | 7,441 | 9 | 7,643 | 30,201 | |||||||||||||||
Note receivable from subsidiaries | 190,537 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | 40,161 | (2,179 | ) | — | — | (39 | ) | — | (69 | ) | — | (8 | ) | (86 | ) | |||||||||||
Insurance claim receivable | 3,071 | 19,991 | — | — | 422 | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 30,071 | 1,000 | — | — | — | — | — | — | — | — | ||||||||||||||||
Restricted cash | 56,904 | 1,860 | — | — | — | — | 115 | — | — | — | ||||||||||||||||
Cash and cash equivalents - unrestricted | 97,317 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
1,870,313 | 1,721,271 | 32 | 3,062 | 8,166 | — | 16,843 | 81 | 17,876 | 104,698 | |||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||
Long-term debt | 844,128 | 474,263 | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 207,658 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 14,983 | 8,721 | — | — | 56 | — | (9 | ) | — | 65 | (198 | ) | ||||||||||||||
Accrued interest | 33,830 | 2,283 | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | 15,727 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | 3,426 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Total liabilities | 1,119,752 | 485,267 | — | — | 56 | — | (9 | ) | — | 65 | (198 | ) | ||||||||||||||
Minority interests | 2,432 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | 12,523 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 735,606 | 1,236,004 | 32 | 3,062 | 8,110 | — | 16,852 | 81 | 17,811 | 104,896 | ||||||||||||||||
1,870,313 | 1,721,271 | 32 | 3,062 | 8,166 | — | 16,843 | 81 | 17,876 | 104,698 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, | MeriStar Sub 8E, | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Property and equipment | 27,204 | 15,814 | 9,181 | 11,534 | 17,537 | — | 18,177 | 48,613 | 3,782 | 19,890 | ||||||||||||||||||||
Accumulated depreciation | (6,942 | ) | (3,471 | ) | (339 | ) | (615 | ) | (4,222 | ) | — | (3,272 | ) | (11,171 | ) | — | (4,432 | ) | ||||||||||||
20,262 | 12,343 | 8,842 | 10,919 | 13,315 | — | 14,905 | 37,442 | 3,782 | 15,458 | |||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Investments in affiliate | — | — | — | — | — | 43 | — | — | — | — | ||||||||||||||||||||
Due to/from subsidiaries | (4,014 | ) | 7,353 | 3,871 | 4,605 | 6,315 | (43 | ) | 9,046 | 22,762 | 4,119 | 15,750 | ||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | (183 | ) | (22 | ) | (9 | ) | (65 | ) | 9 | — | (17 | ) | (78 | ) | (46 | ) | (71 | ) | ||||||||||||
Insurance claim receivable | — | — | — | 543 | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 96 | — | — | 96 | ||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
16,065 | 19,674 | 12,704 | 16,002 | 19,639 | — | 24,030 | 60,126 | 7,855 | 31,233 | |||||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | 33 | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued expenses | 68 | (59 | ) | 178 | 72 | 309 | — | (14 | ) | (106 | ) | 184 | 23 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total liabilities | 68 | (59 | ) | 178 | 72 | 309 | — | (14 | ) | (106 | ) | 184 | 56 | |||||||||||||||||
Minority interests | — | — | — | — | — | —�� | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 15,997 | 19,733 | 12,526 | 15,930 | 19,330 | — | 24,044 | 60,232 | 7,671 | 31,177 | ||||||||||||||||||||
16,065 | 19,674 | 12,704 | 16,002 | 19,639 | — | 24,030 | 60,126 | 7,855 | 31,233 | |||||||||||||||||||||
2
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 19,337 | 23,521 | — | — | — | 20,350 | 22,933 | 6,984 | — | — | ||||||||||||||||
Accumulated depreciation | (633 | ) | (5,558 | ) | — | — | — | (3,801 | ) | (7,579 | ) | — | — | — | ||||||||||||
18,704 | 17,963 | — | — | — | 16,549 | 15,354 | 6,984 | — | — | |||||||||||||||||
Assets held for sale | — | — | — | — | 1 | — | — | — | — | — | ||||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 9,731 | 8,502 | 11,439 | — | 3,413 | 5,448 | 9,316 | 8,269 | 9,944 | — | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | (152 | ) | (29 | ) | — | — | — | (19 | ) | (37 | ) | (99 | ) | — | — | |||||||||||
Insurance claim receivable | 2,308 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | (44 | ) | — | |||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
30,591 | 26,436 | 11,439 | — | 3,414 | 21,978 | 24,633 | 15,154 | 9,900 | — | |||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 183 | (12 | ) | — | — | — | 42 | 136 | 35 | — | — | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Total liabilities | 183 | (12 | ) | — | — | — | 42 | 136 | 35 | — | — | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 30,408 | 26,448 | 11,439 | — | 3,414 | 21,936 | 24,497 | 15,119 | 9,900 | — | ||||||||||||||||
30,591 | 26,436 | 11,439 | — | 3,414 | 21,978 | 24,633 | 15,154 | 9,900 | — | |||||||||||||||||
3
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | |||||||||||||||
Assets | ||||||||||||||||||||||||
Property and equipment | — | — | — | — | — | 3,916 | — | 19,891 | 69,212 | — | ||||||||||||||
Accumulated depreciation | — | — | — | — | — | (791 | ) | — | (4,185 | ) | (13,740 | ) | — | |||||||||||
— | — | — | — | — | 3,125 | — | 15,706 | 55,472 | — | |||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to/from subsidiaries | 4,976 | 7,612 | — | — | 20,297 | 2,799 | — | 9,236 | 22,406 | (262 | ) | |||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | (19 | ) | — | 2 | (471 | ) | — | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | 178 | — | — | — | — | — | ||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
4,976 | 7,612 | — | — | 20,475 | 5,905 | — | 24,944 | 77,407 | (262 | ) | ||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | 120 | — | (10 | ) | 244 | — | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total liabilities | — | — | — | — | — | 120 | — | (10 | ) | 244 | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Partners’ capital | 4,976 | 7,612 | — | — | 20,475 | 5,785 | — | 24,954 | 77,163 | (262 | ) | |||||||||||||
4,976 | 7,612 | — | — | 20,475 | 5,905 | — | 24,944 | 77,407 | (262 | ) | ||||||||||||||
4
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | |||||||||||||||
Assets | ||||||||||||||||||||||||
Property and equipment | 54,737 | — | 11,688 | — | 42,307 | — | — | — | — | 34,628 | ||||||||||||||
Accumulated depreciation | (10,922 | ) | — | (2,523 | ) | — | (9,190 | ) | — | — | — | — | (6,637 | ) | ||||||||||
43,815 | — | 9,165 | — | 33,117 | — | — | — | — | 27,991 | |||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Investments in affiliate | — | — | — | — | 51,368 | — | — | — | — | — | ||||||||||||||
Due to/from subsidiaries | 27,628 | 2,370 | 2,908 | — | (5,849 | ) | — | — | — | — | 4,328 | |||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 82 | — | (12 | ) | — | (63 | ) | — | — | — | — | (5 | ) | |||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 1,043 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
72,568 | 2,370 | 12,061 | — | 78,573 | — | — | — | — | 32,314 | |||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||
Long-term debt | — | — | — | — | 24,000 | — | — | — | — | — | ||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable and accrued expenses | 4,253 | — | (177 | ) | — | 405 | — | — | — | — | 254 | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | (200 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total liabilities | 4,053 | — | (177 | ) | — | 24,405 | — | — | — | — | 254 | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Partners’ capital | 68,515 | 2,370 | 12,238 | — | 54,168 | — | — | — | — | 32,060 | ||||||||||||||
72,568 | 2,370 | 12,061 | — | 78,573 | — | — | — | — | 32,314 | |||||||||||||||
5
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 24,488 | 20,214 | — | 7,888 | — | — | — | — | 146,241 | 39 | |||||||||||||||||
Accumulated depreciation | (4,828 | ) | (2,223 | ) | — | (1,092 | ) | — | — | — | — | (28,258 | ) | (26 | ) | ||||||||||||
19,660 | 17,991 | — | 6,796 | — | — | — | — | 117,983 | 13 | ||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | 7,784 | — | — | — | |||||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | (804 | ) | 8,830 | — | 3,461 | 1,728 | (7,581 | ) | 9,814 | — | 43,814 | 3,674 | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (166 | ) | (102 | ) | — | (34 | ) | — | (8 | ) | (204 | ) | — | (302 | ) | (9 | ) | ||||||||||
Insurance claim receivable | 3,065 | 1,523 | — | 795 | — | — | — | — | 16,726 | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | 6 | — | — | — | 38 | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
21,755 | 28,242 | — | 11,018 | 1,728 | (7,583 | ) | 17,394 | — | 178,221 | 3,716 | |||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | 1,609 | 147 | — | 57 | — | (36 | ) | 259 | — | 864 | — | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 1,609 | 147 | — | 57 | — | (36 | ) | 259 | — | 864 | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital | 20,146 | 28,095 | — | 10,961 | 1,728 | (7,547 | ) | 17,135 | — | 177,357 | 3,716 | ||||||||||||||||
21,755 | 28,242 | — | 11,018 | 1,728 | (7,583 | ) | 17,394 | — | 178,221 | 3,716 | |||||||||||||||||
6
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Pentagon City, LLC | MeriStar Hotel | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 98,905 | 14,659 | 36,695 | — | 40,258 | 93,112 | 3,316 | 1,102,614 | — | 2,572,234 | |||||||||||||||||||
Accumulated depreciation | (17,379 | ) | (2,243 | ) | (11,484 | ) | — | (8,075 | ) | (2,174 | ) | (3,384 | ) | (199,538 | ) | — | (490,435 | ) | |||||||||||
81,526 | 12,416 | 25,211 | — | 32,183 | 90,938 | (68 | ) | 903,076 | — | 2,081,799 | |||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | 7,785 | — | 7,786 | |||||||||||||||||||
Investments in affiliate | — | — | 4,627 | — | — | — | 1,629 | 60,760 | (2,494,329 | ) | 15,000 | ||||||||||||||||||
Due to/from subsidiaries | 23,385 | 5,629 | 8,231 | 16,379 | 7,521 | 58,047 | 7,923 | 474,442 | — | — | |||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | (190,537 | ) | — | ||||||||||||||||||
Prepaid expenses and other assets | (648 | ) | (118 | ) | (67 | ) | — | (43 | ) | 512 | 8,729 | 6,034 | — | 44,016 | |||||||||||||||
Insurance claim receivable | 12,576 | 2,051 | — | — | — | — | — | 40,009 | — | 63,071 | |||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 359 | (8 | ) | (611 | ) | 38,792 | 39,945 | (6,612 | ) | 64,404 | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | 831 | 946 | — | 59,710 | |||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | 20,470 | 20,470 | — | 117,787 | |||||||||||||||||||
116,839 | 19,978 | 38,002 | 16,738 | 39,653 | 148,886 | 78,306 | 1,553,467 | (2,691,478 | ) | 2,453,573 | |||||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||||
Long-term debt | — | — | 23,609 | — | — | 55,684 | 142,928 | 246,254 | (190,537 | ) | 1,374,108 | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | 207,658 | |||||||||||||||||||
Accounts payable and accrued expenses | 892 | 71 | 545 | — | 225 | 15 | 53,202 | 63,892 | — | 87,596 | |||||||||||||||||||
Accrued interest | — | — | — | — | — | 269 | 6,612 | 6,881 | (6,612 | ) | 36,382 | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | 3,835 | 3,635 | — | 19,362 | |||||||||||||||||||
Other liabilities | — | — | — | — | — | — | 6,147 | 6,147 | — | 9,573 | |||||||||||||||||||
Total liabilities | 892 | 71 | 24,154 | — | 225 | 55,968 | 212,724 | 326,809 | (197,149 | ) | 1,734,679 | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | 2,432 | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | 12,523 | |||||||||||||||||||
Partners’ capital | 115,947 | 19,907 | 13,848 | 16,738 | 39,428 | 92,918 | (134,418 | ) | 1,226,658 | (2,494,329 | ) | 703,939 | |||||||||||||||||
116,839 | 19,978 | 38,002 | 16,738 | 39,653 | 148,886 | 78,306 | 1,553,467 | (2,691,478 | ) | 2,453,573 | |||||||||||||||||||
7
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 18,987 | 1,407,432 | — | — | 4,146 | — | 11,502 | — | 10,862 | 83,215 | ||||||||||||||||
Accumulated depreciation | (13,219 | ) | (246,091 | ) | — | — | (679 | ) | — | (2,521 | ) | — | (157 | ) | (12,270 | ) | ||||||||||
5,768 | 1,161,341 | — | — | 3,467 | — | 8,981 | — | 10,705 | 70,945 | |||||||||||||||||
Assets held for sale | — | 4,273 | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in affiliate | 2,208,641 | 8,200 | 32 | 2,989 | — | — | — | 72 | — | — | ||||||||||||||||
Due to/from subsidiaries | (838,258 | ) | 397,837 | — | 133 | 4,243 | — | 7,012 | 10 | 6,814 | 30,981 | |||||||||||||||
Note receivable from subsidiaries | 120,855 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | 34,658 | (1,612 | ) | — | — | (18 | ) | — | (28 | ) | — | 1 | (26 | ) | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 18,220 | 956 | — | — | — | — | — | — | — | — | ||||||||||||||||
Restricted cash | 39,932 | 2,476 | — | — | — | — | 115 | — | — | — | ||||||||||||||||
Cash and cash equivalents - unrestricted | 218,646 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
1,808,462 | 1,573,471 | 32 | 3,122 | 7,692 | — | 16,080 | 82 | 17,520 | 101,900 | |||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||
Long-term debt | 917,232 | 436,778 | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 256,473 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 14,806 | 5,517 | — | — | (11 | ) | — | 67 | — | 161 | 2,502 | |||||||||||||||
Accrued interest | 43,396 | 2,639 | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | 6,923 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | 1,750 | (304 | ) | — | — | — | — | — | — | — | — | |||||||||||||||
Total liabilities | 1,240,580 | 444,630 | — | — | (11 | ) | — | 67 | — | 161 | 2,502 | |||||||||||||||
Minority interests | 2,496 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | 35,926 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 529,460 | 1,128,841 | 32 | 3,122 | 7,703 | — | 16,013 | 82 | 17,359 | 99,398 | ||||||||||||||||
1,808,462 | 1,573,471 | 32 | 3,122 | 7,692 | — | 16,080 | 82 | 17,520 | 101,900 | |||||||||||||||||
8
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 1C, L.P. | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Property and equipment | 26,641 | 15,493 | 7,293 | 11,841 | 17,498 | — | 17,449 | 45,155 | 5,047 | 18,656 | ||||||||||||||||||||
Accumulated depreciation | (5,900 | ) | (3,024 | ) | (97 | ) | (645 | ) | (3,696 | ) | — | (2,893 | ) | (9,963 | ) | (76 | ) | (4,064 | ) | |||||||||||
20,741 | 12,469 | 7,196 | 11,196 | 13,802 | — | 14,556 | 35,192 | 4,971 | 14,592 | |||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Investments in affiliate | — | — | — | — | — | 43 | — | — | — | — | ||||||||||||||||||||
Due to/from subsidiaries | (3,881 | ) | 6,688 | 5,122 | 4,239 | 5,062 | (43 | ) | 8,445 | 21,931 | 3,545 | 15,375 | ||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | (88 | ) | (10 | ) | (1 | ) | (24 | ) | 28 | — | (7 | ) | (33 | ) | (17 | ) | (32 | ) | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 103 | — | — | 96 | ||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
16,772 | 19,147 | 12,317 | 15,411 | 18,892 | — | 23,097 | 57,090 | 8,499 | 30,031 | |||||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | 33 | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued expenses | 88 | (32 | ) | 208 | (15 | ) | 140 | — | 38 | (208 | ) | 351 | 39 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total liabilities | 88 | (32 | ) | 208 | (15 | ) | 140 | — | 38 | (208 | ) | 351 | 72 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 16,684 | 19,179 | 12,109 | 15,426 | 18,752 | — | 23,059 | 57,298 | 8,148 | 29,959 | ||||||||||||||||||||
16,772 | 19,147 | 12,317 | 15,411 | 18,892 | — | 23,097 | 57,090 | 8,499 | 30,031 | |||||||||||||||||||||
9
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 17,410 | 22,578 | — | — | 4,929 | 18,569 | 22,682 | 11,514 | 5,881 | — | |||||||||||||||||||
Accumulated depreciation | (198 | ) | (5,014 | ) | — | — | (130 | ) | (3,323 | ) | (7,036 | ) | (2,928 | ) | (121 | ) | — | ||||||||||||
17,212 | 17,564 | — | — | 4,799 | 15,246 | 15,646 | 8,586 | 5,760 | — | ||||||||||||||||||||
Assets held for sale | — | — | 5,530 | — | — | — | — | — | — | — | |||||||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to/from subsidiaries | 12,431 | 6,988 | 5,557 | — | (791 | ) | 6,367 | 8,459 | 7,330 | 5,021 | (7,036 | ) | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (63 | ) | (12 | ) | 117 | — | (8 | ) | (8 | ) | (16 | ) | (56 | ) | 1 | — | |||||||||||||
Insurance claim receviable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | — | 2,345 | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
29,580 | 24,540 | 11,204 | — | 4,000 | 21,605 | 24,089 | 15,860 | 10,782 | (4,691 | ) | |||||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable and accrued expenses | 97 | (69 | ) | (306 | ) | — | 178 | 74 | 30 | (17 | ) | 150 | (8 | ) | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Total liabilities | 97 | (69 | ) | (306 | ) | — | 178 | 74 | 30 | (17 | ) | 150 | (8 | ) | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 29,483 | 24,609 | 11,510 | — | 3,822 | 21,531 | 24,059 | 15,877 | 10,632 | (4,683 | ) | ||||||||||||||||||
29,580 | 24,540 | 11,204 | — | 4,000 | 21,605 | 24,089 | 15,860 | 10,782 | (4,691 | ) | |||||||||||||||||||
10
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 3,197 | — | — | — | — | 3,850 | — | 19,530 | 68,709 | 4,806 | |||||||||||||||||
Accumulated depreciation | (51 | ) | — | — | — | — | (686 | ) | — | (3,776 | ) | (12,036 | ) | (156 | ) | ||||||||||||
3,146 | — | — | — | — | 3,164 | — | 15,754 | 56,673 | 4,650 | ||||||||||||||||||
Assets held for sale | — | 3,301 | — | — | 12,395 | — | — | — | — | — | |||||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 1,904 | 4,573 | 2,930 | (9,934 | ) | 6,238 | 2,538 | 5,088 | 7,636 | 19,511 | (3,011 | ) | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 1 | (9 | ) | 3 | — | 15 | (4 | ) | — | 23 | (209 | ) | 1 | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 2,002 | — | — | — | — | — | — | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
5,051 | 7,865 | 2,933 | (7,932 | ) | 18,648 | 5,698 | 5,088 | 23,413 | 75,975 | 1,640 | |||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | 161 | 342 | — | (8 | ) | 25 | 96 | — | (216 | ) | (91 | ) | 1,080 | ||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 161 | 342 | — | (8 | ) | 25 | 96 | — | (216 | ) | (91 | ) | 1,080 | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital | 4,890 | 7,523 | 2,933 | (7,924 | ) | 18,623 | 5,602 | 5,088 | 23,629 | 76,066 | 560 | ||||||||||||||||
5,051 | 7,865 | 2,933 | (7,932 | ) | 18,648 | 5,698 | 5,088 | 23,413 | 75,975 | 1,640 | |||||||||||||||||
11
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | |||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Property and equipment | 52,417 | 1,901 | 10,802 | — | 42,105 | — | — | — | — | 32,615 | ||||||||||||||||||
Accumulated depreciation | (9,771 | ) | — | (2,188 | ) | — | (8,102 | ) | — | — | — | — | (5,809 | ) | ||||||||||||||
42,646 | 1,901 | 8,614 | — | 34,003 | — | — | — | — | 26,806 | |||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Investments in affiliate | — | — | — | — | 51,368 | — | — | — | — | — | ||||||||||||||||||
Due to/from subsidiaries | 25,422 | 365 | 3,137 | 1,609 | (6,600 | ) | 36,579 | 9,567 | 25,579 | (6,223 | ) | 5,237 | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | 192 | — | (5 | ) | — | (17 | ) | 1 | — | 1 | — | 13 | ||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 1,326 | — | — | — | — | 46 | 43 | — | 1,166 | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
69,586 | 2,266 | 11,746 | 1,609 | 78,754 | 36,626 | 9,610 | 25,580 | (5,057 | ) | 32,056 | ||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | 24,000 | — | — | — | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 4,169 | (6 | ) | (107 | ) | (61 | ) | 12 | (2 | ) | — | — | (1 | ) | 370 | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | (200 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total liabilities | 3,969 | (6 | ) | (107 | ) | (61 | ) | 24,012 | (2 | ) | — | — | (1 | ) | 370 | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital | 65,617 | 2,272 | 11,853 | 1,670 | 54,742 | 36,628 | 9,610 | 25,580 | (5,056 | ) | 31,686 | |||||||||||||||||
69,586 | 2,266 | 11,746 | 1,609 | 78,754 | 36,626 | 9,610 | 25,580 | (5,057 | ) | 32,056 | ||||||||||||||||||
12
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | |||||||||||||||||||||
Assets | �� | |||||||||||||||||||||||||||||
Property and equipment | 28,386 | 22,056 | — | 8,741 | — | — | 9,086 | — | 164,273 | 39 | ||||||||||||||||||||
Accumulated depreciation | (5,206 | ) | (2,355 | ) | — | (1,144 | ) | — | — | — | — | (30,502 | ) | (23 | ) | |||||||||||||||
23,180 | 19,701 | — | 7,597 | — | — | 9,086 | — | 133,771 | 16 | |||||||||||||||||||||
Assets held for sale | — | — | — | — | 7,158 | 9,415 | — | — | — | — | ||||||||||||||||||||
Investments in affiliate | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to/from subsidiaries | (365 | ) | 7,852 | 24,172 | 3,077 | (4,789 | ) | 5,673 | 8,806 | 9,336 | 42,679 | 3,088 | ||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | (74 | ) | (48 | ) | (1 | ) | (15 | ) | (4 | ) | (240 | ) | (89 | ) | (3 | ) | (255 | ) | (4 | ) | ||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | 198 | — | — | — | — | — | — | 38 | ||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
22,741 | 27,505 | 24,369 | 10,659 | 2,365 | 14,848 | 17,803 | 9,333 | 176,195 | 3,138 | |||||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | 19,731 | — | — | — | — | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued expenses | 3,028 | — | 14 | (8 | ) | 410 | 257 | 488 | — | 775 | — | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total liabilities | 3,028 | — | 14 | (8 | ) | 410 | 19,988 | 488 | — | 775 | — | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 19,713 | 27,505 | 24,355 | 10,667 | 1,955 | (5,140 | ) | 17,315 | 9,333 | 175,420 | 3,138 | |||||||||||||||||||
22,741 | 27,505 | 24,369 | 10,659 | 2,365 | 14,848 | 17,803 | 9,333 | 176,195 | 3,138 | |||||||||||||||||||||
13
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2003
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 110,406 | 16,737 | 35,707 | — | 38,463 | 3,146 | 1,055,333 | — | 2,481,752 | ||||||||||||||||||
Accumulated depreciation | (16,816 | ) | (2,269 | ) | (10,686 | ) | — | (7,127 | ) | (3,284 | ) | (186,722 | ) | — | (446,032 | ) | |||||||||||
93,590 | 14,468 | 25,021 | — | 31,336 | (138 | ) | 868,611 | — | 2,035,720 | ||||||||||||||||||
Assets held for sale | — | — | — | 9,097 | — | — | 46,896 | — | 51,169 | ||||||||||||||||||
Investments in affiliate | — | — | 4,627 | — | — | 1,629 | 60,760 | (2,262,601 | ) | 15,000 | |||||||||||||||||
Due to/from subsidiaries | 21,963 | 4,637 | 6,562 | 8,303 | 7,469 | (189 | ) | 440,421 | — | — | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | (120,855 | ) | — | |||||||||||||||||
Prepaid expenses and other assets | (370 | ) | (53 | ) | (29 | ) | 14 | (19 | ) | 15,471 | 13,987 | — | 47,033 | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | (13 | ) | 38,183 | 45,533 | — | 64,709 | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | 115 | — | 42,523 | ||||||||||||||||||
Cash and cash equivalents - unrestricted | — | — | — | — | — | 12,230 | 12,230 | — | 230,876 | ||||||||||||||||||
115,183 | 19,052 | 36,181 | 17,414 | 38,773 | 67,186 | 1,488,553 | (2,383,456 | ) | 2,487,030 | ||||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||
Long-term debt | — | — | 23,609 | — | — | 81,027 | 148,400 | (120,855 | ) | 1,381,555 | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | 256,473 | ||||||||||||||||||
Accounts payable and accrued expenses | 131 | (189 | ) | (195 | ) | (183 | ) | 81 | 45,862 | 59,691 | — | 80,014 | |||||||||||||||
Accrued interest | — | — | — | — | — | 778 | 778 | — | 46,813 | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | 9,688 | 9,488 | — | 16,411 | ||||||||||||||||||
Other liabilities | — | — | — | — | — | 9,599 | 9,599 | — | 11,045 | ||||||||||||||||||
Total liabilities | 131 | (189 | ) | 23,414 | (183 | ) | 81 | 146,954 | 227,956 | (120,855 | ) | 1,792,311 | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | 2,496 | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | 35,926 | ||||||||||||||||||
Partners’ capital | 115,052 | 19,241 | 12,767 | 17,597 | 38,692 | (79,768 | ) | 1,260,597 | (2,262,601 | ) | 656,297 | ||||||||||||||||
115,183 | 19,052 | 36,181 | 17,414 | 38,773 | 67,186 | 1,488,553 | (2,383,456 | ) | 2,487,030 | ||||||||||||||||||
14
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | (13 | ) | 611 | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | — | 34,788 | — | — | 72 | — | 601 | — | 321 | 1,864 | |||||||||||||
Total revenue | (13 | ) | 35,399 | — | — | 72 | — | 601 | — | 321 | 1,864 | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 287 | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | (4 | ) | — | — | — | — | — | — | — | (2,612 | ) | |||||||||||
General and administrative, corporate | 2,462 | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 1,707 | 13,002 | — | — | 35 | — | 164 | — | 157 | 618 | |||||||||||||
Property taxes, insurance and other | 1 | 4,929 | — | — | 26 | — | 167 | — | 25 | 280 | |||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | 908 | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 4,170 | 19,122 | — | — | 61 | — | 331 | — | 182 | (1,714 | ) | ||||||||||||
Preferred return on investment in MIP | 1,600 | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | (2,583 | ) | 16,277 | — | — | 11 | — | 270 | — | 139 | 3,578 | ||||||||||||
Minority interest | 40 | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (17,916 | ) | (8,955 | ) | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | (7,403 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (27,862 | ) | 7,322 | — | — | 11 | — | 270 | — | 139 | 3,578 | ||||||||||||
Income tax benefit | 212 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | (27,650 | ) | 7,322 | — | — | 11 | — | 270 | — | 139 | 3,578 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | 77 | 626 | — | — | — | — | — | — | — | — | |||||||||||||
Income tax benefit | 32 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | 109 | 626 | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | (27,541 | ) | 7,948 | — | — | 11 | — | 270 | — | 139 | 3,578 | ||||||||||||
15
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | 7 | — | — | 1 | — | 41 | — | 1 | — | ||||||||||||
Participating lease revenue | 162 | 372 | 208 | 104 | 414 | — | 447 | 1,563 | 360 | 566 | ||||||||||||
Total revenue | 162 | 379 | 208 | 104 | 415 | — | 488 | 1,563 | 361 | 566 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 345 | 149 | 73 | 38 | 177 | — | 106 | 382 | 71 | 119 | ||||||||||||
Property taxes, insurance and other | 149 | 53 | 32 | 38 | 102 | — | 76 | 141 | (10 | ) | 42 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 40 | — | ||||||||||||
Operating expenses | 494 | 202 | 105 | 76 | 279 | — | 182 | 523 | 101 | 161 | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | (332 | ) | 177 | 103 | 28 | 136 | — | 306 | 1,040 | 260 | 405 | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (332 | ) | 177 | 103 | 28 | 136 | — | 306 | 1,040 | 260 | 405 | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (332 | ) | 177 | 103 | 28 | 136 | — | 306 | 1,040 | 260 | 405 | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | (332 | ) | 177 | 103 | 28 | 136 | — | 306 | 1,040 | 260 | 405 | |||||||||||
16
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5F, | MeriStar Sub 6G, | MeriStar Sub 8C, | MeriStar Sub 4C, | MeriStar Sub 4H, | MeriStar Sub 7E, | MeriStar Sub 3D, | MeriStar Sub 1A, | MeriStar Sub 7A | MeriStar Sub 2B, | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 361 | 769 | — | — | — | 345 | 425 | 422 | — | — | ||||||||||||
Total revenue | 361 | 769 | — | — | — | 345 | 425 | 422 | — | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | 15 | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 196 | 183 | — | — | — | 165 | 160 | — | — | — | ||||||||||||
Property taxes, insurance and other | 89 | 97 | — | — | — | 51 | 61 | 101 | — | — | ||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 897 | — | — | ||||||||||||
Operating expenses | 285 | 280 | — | — | — | 216 | 221 | 1,013 | — | — | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | 76 | 489 | — | — | — | 129 | 204 | (591 | ) | — | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 76 | 489 | — | — | — | 129 | 204 | (591 | ) | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 76 | 489 | — | — | — | 129 | 204 | (591 | ) | — | — | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | (19 | ) | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | (19 | ) | — | |||||||||||
Net (loss) income | 76 | 489 | — | — | — | 129 | 204 | (591 | ) | (19 | ) | — | ||||||||||
17
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | |||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | 78 | — | ||||||||||
Participating lease revenue | — | — | — | — | — | 126 | — | 714 | 1,359 | — | ||||||||||
Total revenue | — | — | — | — | — | 126 | — | 714 | 1,437 | — | ||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | 23 | — | ||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | 5 | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | — | — | — | — | 35 | — | 137 | 568 | — | ||||||||||
Property taxes, insurance and other | — | — | — | — | — | 35 | — | 74 | 345 | — | ||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | — | — | — | 70 | — | 211 | 941 | — | ||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating (loss) income | — | — | — | — | — | 56 | — | 503 | 496 | — | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | 56 | — | 503 | 496 | — | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | — | — | — | — | 56 | — | 503 | 496 | — | ||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | �� | — | — | |||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | — | — | — | — | 56 | — | 503 | 496 | — | ||||||||||
18
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 636 | — | — | — | — | — | — | — | — | 4 | ||||||||||||
Participating lease revenue | 1,447 | — | 309 | — | 596 | — | — | — | — | 492 | ||||||||||||
Total revenue | 2,083 | — | 309 | — | 596 | — | — | — | — | 496 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | 251 | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 352 | — | 111 | — | 351 | — | — | — | — | 276 | ||||||||||||
Property taxes, insurance and other | (354 | ) | — | 56 | — | 49 | — | — | — | — | 93 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 249 | — | 167 | — | 400 | — | — | — | — | 369 | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | 1,834 | — | 142 | — | 196 | — | — | — | — | 127 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | (356 | ) | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 1,834 | — | 142 | — | (160 | ) | — | — | — | — | 127 | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 1,834 | — | 142 | — | (160 | ) | — | — | — | — | 127 | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | 1,834 | — | 142 | — | (160 | ) | — | — | — | — | 127 | |||||||||||
19
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | 7 | — | ||||||||||||||
Participating lease revenue | 435 | 158 | — | 71 | — | — | — | — | 2,379 | 99 | ||||||||||||||
Total revenue | 435 | 158 | — | 71 | — | — | — | — | 2,386 | 99 | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 324 | 118 | — | 58 | — | — | — | — | 1,594 | 1 | ||||||||||||||
Property taxes, insurance and other | 89 | 66 | — | 25 | — | — | — | — | 391 | 2 | ||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 413 | 184 | — | 83 | — | — | — | — | 1,985 | 3 | ||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating (loss) income | 22 | (26 | ) | — | (12 | ) | — | — | — | — | 401 | 96 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 22 | (26 | ) | — | (12 | ) | — | — | — | — | 401 | 96 | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 22 | (26 | ) | — | (12 | ) | — | — | — | — | 401 | 96 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | (1,597 | ) | (509 | ) | — | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | (1,597 | ) | (509 | ) | — | — | — | ||||||||||||
Net (loss) income | 22 | (26 | ) | — | (12 | ) | — | (1,597 | ) | (509 | ) | — | 401 | 96 | ||||||||||
20
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Pentagon City, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | 128,309 | 128,309 | — | 128,309 | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | 47,043 | 47,043 | — | 47,043 | |||||||||||||||||
Other hotel operations | — | — | — | — | — | — | 13,981 | 13,981 | — | 13,981 | |||||||||||||||||
Office rental, parking and other revenue | — | — | 18 | — | 53 | — | (1 | ) | 845 | — | 1,443 | ||||||||||||||||
Participating lease revenue | 1,094 | 227 | 1,430 | — | 791 | 2,315 | — | 23,418 | (58,206 | ) | — | ||||||||||||||||
Total revenue | 1,094 | 227 | 1,448 | — | 844 | 2,315 | 189,332 | 213,596 | (58,206 | ) | 190,776 | ||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | 35,295 | 35,295 | — | 35,295 | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | 37,966 | 37,966 | — | 37,966 | |||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | 9,676 | 9,676 | — | 9,676 | |||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | 121 | — | — | 395 | — | 682 | |||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | 28 | — | 2 | — | — | 8 | 34,760 | 32,206 | — | 32,202 | |||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | 58 | 58 | — | 2,520 | |||||||||||||||||
Property operating costs | — | — | — | — | — | — | 31,299 | 31,299 | — | 31,299 | |||||||||||||||||
Depreciation and amortization | 1,422 | 147 | 266 | — | 316 | 1,819 | 14 | 11,047 | — | 25,756 | |||||||||||||||||
Property taxes, insurance and other | 335 | 50 | 194 | — | 81 | 494 | 63,336 | 66,881 | (58,206 | ) | 13,605 | ||||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | (5,345 | ) | (5,345 | ) | — | (5,345 | ) | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 937 | — | 1,845 | |||||||||||||||||
Operating expenses | 1,785 | 197 | 462 | — | 518 | 2,321 | 207,059 | 220,415 | (58,206 | ) | 185,501 | ||||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | 1,600 | |||||||||||||||||
Operating (loss) income | (691 | ) | 30 | 986 | — | 326 | (6 | ) | (17,727 | ) | (6,819 | ) | — | 6,875 | |||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | 40 | |||||||||||||||||
Interest expense, net | — | — | (708 | ) | — | — | (807 | ) | (2,252 | ) | (4,123 | ) | — | (30,994 | ) | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | 7,403 | — | |||||||||||||||||
(Loss) income before income taxes and discontinued operations | (691 | ) | 30 | 278 | — | 326 | (813 | ) | (19,979 | ) | (10,942 | ) | 7,403 | (24,079 | ) | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | 212 | |||||||||||||||||
(Loss) income from continuing operations | (691 | ) | 30 | 278 | — | 326 | (813 | ) | (19,979 | ) | (10,942 | ) | 7,403 | (23,867 | ) | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | 1,000 | — | — | (3,281 | ) | (4,406 | ) | — | (3,703 | ) | ||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | 32 | |||||||||||||||||
(Loss) income from discontinued operations | — | — | — | 1,000 | — | — | (3,281 | ) | (4,406 | ) | — | (3,671 | ) | ||||||||||||||
Net (loss) income | (691 | ) | 30 | 278 | 1,000 | 326 | (813 | ) | (23,260 | ) | (15,348 | ) | 7,403 | (27,538 | ) | ||||||||||||
21
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | |||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 21 | (240 | ) | — | — | — | — | — | — | — | |||||||||||
Participating lease revenue | — | 29,884 | — | — | 165 | — | 587 | — | 317 | ||||||||||||
Total revenue | 21 | 29,644 | — | — | 165 | — | 587 | — | 317 | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | 78 | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | (503 | ) | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | 2,279 | 258 | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | (359 | ) | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | 2,162 | 11,914 | — | — | 34 | — | 162 | — | 160 | ||||||||||||
Property taxes, insurance and other | (397 | ) | 3,463 | — | — | 27 | — | 156 | — | 24 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | 1,100 | — | — | — | — | — | — | 500 | ||||||||||||
Operating expenses | 3,182 | 16,813 | — | — | 61 | — | 318 | — | 684 | ||||||||||||
Preferred return on investment in MIP | 1,600 | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | (1,561 | ) | 12,831 | — | — | 104 | — | 269 | — | (367 | ) | ||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | (26,896 | ) | (6,503 | ) | — | — | — | — | — | — | — | ||||||||||
Gain on early extinguishment of debt | 4,574 | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss from consolidated entities | (27,554 | ) | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | (51,437 | ) | 6,328 | — | — | 104 | — | 269 | — | (367 | ) | ||||||||||
Income tax benefit | 120 | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (51,317 | ) | 6,328 | — | — | 104 | — | 269 | — | (367 | ) | ||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations | 90 | 4,042 | — | — | — | — | — | — | — | ||||||||||||
Income tax benefit | 184 | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | 274 | 4,042 | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | (51,043 | ) | 10,370 | — | — | 104 | — | 269 | — | (367 | ) | ||||||||||
22
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | ||||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | — | — | 6 | — | — | — | — | 15 | — | |||||||||||
Participating lease revenue | 1,818 | 178 | 362 | 269 | 254 | 347 | — | 497 | 1,193 | |||||||||||
Total revenue | 1,818 | 178 | 368 | 269 | 254 | 347 | — | 512 | 1,193 | |||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | 601 | 254 | 143 | 99 | 34 | 176 | — | 137 | 397 | |||||||||||
Property taxes, insurance and other | 346 | 180 | 55 | 41 | 38 | 99 | — | 92 | 194 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on asset impairments | — | — | — | 400 | — | — | — | — | — | |||||||||||
Operating expenses | 947 | 434 | 198 | 540 | 72 | 275 | — | 229 | 591 | |||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | |||||||||||
Operating (loss) income | 871 | (256 | ) | 170 | (271 | ) | 182 | 72 | — | 283 | 602 | |||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | |||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | 871 | (256 | ) | 170 | (271 | ) | 182 | 72 | — | 283 | 602 | |||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | 871 | (256 | ) | 170 | (271 | ) | 182 | 72 | — | 283 | 602 | |||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | |||||||||||
Net (loss) income | 871 | (256 | ) | 170 | (271 | ) | 182 | 72 | — | 283 | 602 | |||||||||
23
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | |||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 1 | 340 | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 351 | 695 | 669 | 615 | — | — | — | 336 | 407 | ||||||||||||
Total revenue | 352 | 1,035 | 669 | 615 | — | — | — | 336 | 407 | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 81 | 122 | 209 | 204 | — | — | — | 153 | 191 | ||||||||||||
Property taxes, insurance and other | 113 | 17 | 107 | 95 | — | — | — | 49 | 60 | ||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | 736 | — | 2,000 | — | — | — | — | — | — | ||||||||||||
Operating expenses | 930 | 139 | 2,316 | 299 | — | — | — | 202 | 251 | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | (578 | ) | 896 | (1,647 | ) | 316 | — | — | — | 134 | 156 | ||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | ||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (578 | ) | 896 | (1,647 | ) | 316 | — | — | — | 134 | 156 | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (578 | ) | 896 | (1,647 | ) | 316 | — | — | — | 134 | 156 | ||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | 176 | — | (15 | ) | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | 176 | — | (15 | ) | — | — | |||||||||||
Net (loss) income | (578 | ) | 896 | (1,647 | ) | 316 | 176 | — | (15 | ) | 134 | 156 | |||||||||
24
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | |||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 526 | — | — | — | — | — | — | — | 126 | ||||||||||||
Total revenue | 526 | — | — | — | — | — | — | — | 126 | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 113 | — | — | — | — | — | — | — | 35 | ||||||||||||
Property taxes, insurance and other | 111 | — | — | — | — | — | — | — | 35 | ||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 224 | — | — | — | — | — | — | — | 70 | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | 302 | — | — | — | — | — | — | — | 56 | ||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | ||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 302 | — | — | — | — | — | — | — | 56 | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 302 | — | — | — | — | — | — | — | 56 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations | — | 189 | (70 | ) | (595 | ) | 159 | — | (140 | ) | 361 | — | |||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | 189 | (70 | ) | (595 | ) | 159 | — | (140 | ) | 361 | — | |||||||||
Net (loss) income | 302 | 189 | (70 | ) | (595 | ) | 159 | — | (140 | ) | 361 | 56 | |||||||||
25
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | |||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | �� | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | — | 191 | — | 1,403 | — | — | — | — | ||||||||||||||
Participating lease revenue | — | 569 | 973 | — | 610 | — | 275 | — | 510 | ||||||||||||||
Total revenue | — | 569 | 1,164 | — | 2,013 | — | 275 | — | 510 | ||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | 31 | — | 586 | — | — | — | — | ||||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | (25 | ) | — | (177 | ) | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | — | 138 | 559 | — | 430 | — | 105 | — | 365 | ||||||||||||||
Property taxes, insurance and other | — | 68 | 412 | — | 538 | — | 50 | — | 57 | ||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | — | 206 | 977 | — | 1,377 | — | 155 | — | 422 | ||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating (loss) income | — | 363 | 187 | — | 636 | — | 120 | — | 88 | ||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (267 | ) | |||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 363 | 187 | — | 636 | — | 120 | — | (179 | ) | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | — | 363 | 187 | — | 636 | — | 120 | — | (179 | ) | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | 151 | — | — | 158 | — | (8 | ) | — | (116 | ) | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | 151 | — | — | 158 | — | (8 | ) | — | (116 | ) | — | ||||||||||||
Net (loss) income | 151 | 363 | 187 | 158 | 636 | (8 | ) | 120 | (116 | ) | (179 | ) | |||||||||||
26
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | ||||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | — | — | — | — | 4 | — | — | — | — | |||||||||||
Participating lease revenue | — | — | — | — | 459 | 471 | 304 | — | 136 | |||||||||||
Total revenue | — | — | — | — | 463 | 471 | 304 | — | 136 | |||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | — | — | — | 272 | 322 | 118 | — | 57 | |||||||||||
Property taxes, insurance and other | — | — | — | — | 88 | 98 | 70 | — | 26 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | — | — | — | 360 | 420 | 188 | — | 83 | |||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | |||||||||||
Operating (loss) income | — | — | — | — | 103 | 51 | 116 | — | 53 | |||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | |||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 103 | 51 | 116 | — | 53 | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | — | — | — | 103 | 51 | 116 | — | 53 | |||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations | (1,599 | ) | 153 | (32 | ) | 106 | — | — | — | 388 | — | |||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | (1,599 | ) | 153 | (32 | ) | 106 | — | — | — | 388 | — | |||||||||
Net (loss) income | (1,599 | ) | 153 | (32 | ) | 106 | 103 | 51 | 116 | 388 | 53 | |||||||||
27
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | |||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | — | — | 11 | — | — | — | 32 | ||||||||||||||
Participating lease revenue | — | — | — | — | 2,313 | 267 | 1,822 | 363 | 1,351 | ||||||||||||||
Total revenue | — | — | — | — | 2,324 | 267 | 1,822 | 363 | 1,383 | ||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | — | — | — | — | 1,571 | 1 | 871 | 140 | 257 | ||||||||||||||
Property taxes, insurance and other | — | — | — | — | 486 | 2 | 391 | 57 | 179 | ||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | — | — | — | — | 2,057 | 3 | 1,262 | 197 | 436 | ||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating (loss) income | — | — | — | — | 267 | 264 | 560 | 166 | 947 | ||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (708 | ) | |||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 267 | 264 | 560 | 166 | 239 | ||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | — | — | — | — | 267 | 264 | 560 | 166 | 239 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | (542 | ) | (286 | ) | (312 | ) | (1,150 | ) | — | — | — | — | — | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | (542 | ) | (286 | ) | (312 | ) | (1,150 | ) | — | — | — | — | — | ||||||||||
Net (loss) income | (542 | ) | (286 | ) | (312 | ) | (1,150 | ) | 267 | 264 | 560 | 166 | 239 | ||||||||||
28
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2003
(Dollars in thousands)
MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||
Revenue: | ||||||||||||||||||
Hotel operations: | ||||||||||||||||||
Rooms | — | — | 121,037 | 121,037 | — | 121,037 | ||||||||||||
Food and beverage | — | — | 44,250 | 44,250 | — | 44,250 | ||||||||||||
Other hotel operations | — | — | 15,696 | 15,696 | — | 15,696 | ||||||||||||
Office rental, parking and other revenue | — | 174 | — | 2,177 | — | 1,958 | ||||||||||||
Participating lease revenue | — | 683 | — | 20,818 | (50,702 | ) | — | |||||||||||
Total revenue | — | 857 | 180,983 | 203,978 | (50,702 | ) | 182,941 | |||||||||||
Hotel operating expenses: | ||||||||||||||||||
Rooms | — | — | 32,856 | 32,856 | — | 32,856 | ||||||||||||
Food and beverage | — | — | 35,171 | 35,171 | — | 35,171 | ||||||||||||
Other hotel operating expenses | — | — | 9,584 | 9,584 | — | 9,584 | ||||||||||||
Office rental, parking and other expenses | — | 238 | — | 855 | — | 933 | ||||||||||||
Other operating expenses: | ||||||||||||||||||
General and administrative, hotel | — | (48 | ) | 30,766 | 30,516 | — | 30,013 | |||||||||||
General and administrative, corporate | — | — | 84 | 84 | 2,621 | |||||||||||||
Property operating costs | — | — | 30,664 | 30,664 | — | 30,305 | ||||||||||||
Depreciation and amortization | — | 312 | 267 | 9,090 | — | 23,166 | ||||||||||||
Property taxes, insurance and other | — | 74 | 58,161 | 62,596 | (50,702 | ) | 14,960 | |||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | 3,636 | — | 4,736 | ||||||||||||
Operating expenses | — | 576 | 197,553 | 215,052 | (50,702 | ) | 184,345 | |||||||||||
Preferred return on investment in MIP | — | — | — | — | — | 1,600 | ||||||||||||
Operating (loss) income | — | 281 | (16,570 | ) | (11,074 | ) | — | 196 | ||||||||||
Minority interest expense | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | (825 | ) | (1,800 | ) | — | (35,199 | ) | |||||||||
Gain on early extinguishment of debt | — | — | — | — | — | 4,574 | ||||||||||||
Equity in loss from consolidated entities | — | — | — | — | 27,554 | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | — | 281 | (17,395 | ) | (12,874 | ) | 27,554 | (30,429 | ) | |||||||||
Income tax benefit | — | — | — | — | — | 120 | ||||||||||||
(Loss) income from continuing operations | — | 281 | (17,395 | ) | (12,874 | ) | 27,554 | (30,309 | ) | |||||||||
Discontinued operations: | ||||||||||||||||||
(Loss) income from discontinued operations | (15,767 | ) | — | (6,261 | ) | (25,052 | ) | — | (20,920 | ) | ||||||||
Income tax benefit | — | — | — | — | — | 184 | ||||||||||||
(Loss) income from discontinued operations | (15,767 | ) | — | (6,261 | ) | (25,052 | ) | — | (20,736 | ) | ||||||||
Net (loss) income | (15,767 | ) | 281 | (23,656 | ) | (37,926 | ) | 27,554 | (51,045 | ) | ||||||||
29
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | 14 | 1,906 | — | — | — | — | — | — | — | — | |||||||||||||
Participating lease revenue | — | 102,640 | — | — | 591 | — | 1,803 | — | 996 | 5,591 | |||||||||||||
Total revenue | 14 | 104,546 | — | — | 591 | — | 1,803 | — | 996 | 5,591 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 849 | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | 19 | — | — | — | — | — | — | — | (2,612 | ) | ||||||||||||
General and administrative, corporate | 9,477 | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 7,944 | 37,839 | — | — | 104 | — | 493 | — | 470 | 1,815 | |||||||||||||
Property taxes, insurance and other | (355 | ) | 14,757 | — | — | 78 | — | 472 | — | 75 | 836 | ||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | 1,218 | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 17,066 | 54,682 | — | — | 182 | — | 965 | — | 545 | 39 | |||||||||||||
Preferred return on investment in MIP | 4,800 | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | (12,252 | ) | 49,864 | — | — | 409 | — | 838 | — | 451 | 5,552 | ||||||||||||
Minority interest | 65 | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (60,242 | ) | (25,623 | ) | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | (7,903 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | (1,389 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (81,721 | ) | 24,241 | — | — | 409 | — | 838 | — | 451 | 5,552 | ||||||||||||
Income tax benefit | 537 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | (81,184 | ) | 24,241 | — | — | 409 | — | 838 | — | 451 | 5,552 | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | 524 | 2,776 | — | — | — | — | — | — | — | — | |||||||||||||
Income tax benefit | 183 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | 707 | 2,776 | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | (80,477 | ) | 27,017 | — | — | 409 | — | 838 | — | 451 | 5,552 | ||||||||||||
30
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | 23 | — | — | 2 | — | 131 | — | 4 | (4 | ) | ||||||||||||
Participating lease revenue | 888 | 1,114 | 758 | 734 | 1,429 | — | 1,461 | 4,570 | 1,080 | 1,689 | |||||||||||||
Total revenue | 888 | 1,137 | 758 | 734 | 1,431 | — | 1,592 | 4,570 | 1,084 | 1,685 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 1,042 | 447 | 243 | 115 | 533 | — | 379 | 1,207 | 220 | 368 | |||||||||||||
Property taxes, insurance and other | 528 | 137 | 93 | 114 | 304 | — | 228 | 429 | 304 | 97 | |||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 1,021 | — | |||||||||||||
Operating expenses | 1,570 | 584 | 336 | 229 | 837 | — | 607 | 1,636 | 1,545 | 465 | |||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | (682 | ) | 553 | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | (682 | ) | 553 | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | (682 | ) | 553 | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | |||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | (682 | ) | 553 | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | |||||||||||
31
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | ||||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | 1 | — | — | — | |||||||||||||
Participating lease revenue | 1,790 | 2,682 | — | — | — | 1,034 | 1,179 | 1,267 | — | |||||||||||||
Total revenue | 1,790 | 2,682 | — | — | — | 1,035 | 1,179 | 1,267 | — | |||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | 79 | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 587 | 545 | — | — | — | 478 | 542 | 197 | — | |||||||||||||
Property taxes, insurance and other | 276 | 294 | — | — | — | 151 | 187 | 308 | — | |||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 1,441 | — | |||||||||||||
Operating expenses | 863 | 839 | — | — | — | 629 | 729 | 2,025 | — | |||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | 927 | 1,843 | — | — | — | 406 | 450 | (758 | ) | — | ||||||||||||
�� | ||||||||||||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 927 | 1,843 | — | — | — | 406 | 450 | (758 | ) | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 927 | 1,843 | — | — | — | 406 | 450 | (758 | ) | — | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | (61 | ) | — | (403 | ) | — | — | — | (732 | ) | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | (61 | ) | — | (403 | ) | — | — | — | (732 | ) | ||||||||||
Net (loss) income | 927 | 1,843 | (61 | ) | — | (403 | ) | 406 | 450 | (758 | ) | (732 | ) | |||||||||
32
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | ||||||||||
Revenue: | ||||||||||||||||||
Hotel operations: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | |||||||||
Participating lease revenue | — | — | — | — | — | — | 389 | — | 1,964 | |||||||||
Total revenue | — | — | — | — | — | — | 389 | — | 1,964 | |||||||||
Hotel operating expenses: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||
Other operating expenses: | ||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||
Depreciation and amortization | — | — | — | — | — | — | 105 | — | 418 | |||||||||
Property taxes, insurance and other | — | — | — | — | — | — | 98 | — | 220 | |||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | |||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||
Operating expenses | — | — | — | — | — | — | 203 | — | 638 | |||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | |||||||||
Operating (loss) income | — | — | — | — | — | — | 186 | — | 1,326 | |||||||||
Minority interest | — | — | — | — | — | — | — | — | — | |||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | |||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | — | 186 | — | 1,326 | |||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income from continuing operations | — | — | — | — | — | — | 186 | — | 1,326 | |||||||||
Discontinued operations: | ||||||||||||||||||
(Loss) income from discontinued operations | — | 89 | 97 | — | — | 1,852 | — | — | — | |||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income from discontinued operations | — | 89 | 97 | — | — | 1,852 | — | — | — | |||||||||
Net (loss) income | — | 89 | 97 | — | — | 1,852 | 186 | — | 1,326 | |||||||||
33
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 218 | — | 1,346 | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 3,872 | — | 4,382 | — | 902 | — | 1,697 | — | — | — | ||||||||||||
Total revenue | 4,090 | — | 5,728 | — | 902 | — | 1,697 | — | — | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | 86 | — | 666 | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | 5 | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 1,704 | — | 1,214 | — | 335 | — | 1,089 | — | — | — | ||||||||||||
Property taxes, insurance and other | 1,152 | — | 951 | — | 168 | — | 151 | — | — | — | ||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 2,947 | — | 2,831 | — | 503 | — | 1,240 | — | — | — | ||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | 1,143 | — | 2,897 | — | 399 | — | 457 | — | — | — | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | (1,003 | ) | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 1,143 | — | 2,897 | — | 399 | — | (546 | ) | — | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 1,143 | — | 2,897 | — | 399 | — | (546 | ) | — | — | — | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations | — | (787 | ) | — | 103 | — | — | — | — | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | (787 | ) | — | 103 | — | — | — | — | — | — | |||||||||||
Net (loss) income | 1,143 | (787 | ) | 2,897 | 103 | 399 | — | (546 | ) | — | — | — | ||||||||||
34
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | |||||||||||
Revenue: | ||||||||||||||||||
Hotel operations: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | 14 | — | — | — | — | — | — | ||||||||||
Participating lease revenue | — | 1,476 | 1,698 | 1,149 | — | 542 | — | — | ||||||||||
Total revenue | — | 1,490 | 1,698 | 1,149 | — | 542 | — | — | ||||||||||
Hotel operating expenses: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | ||||||||||
Other operating expenses: | ||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | 828 | 972 | 356 | — | 172 | — | — | ||||||||||
Property taxes, insurance and other | — | 280 | 275 | 201 | — | 77 | — | — | ||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | 1,108 | 1,247 | 557 | — | 249 | — | — | ||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | ||||||||||
Operating (loss) income | — | 382 | 451 | 592 | — | 293 | — | — | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | 382 | 451 | 592 | — | 293 | — | — | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | 382 | 451 | 592 | — | 293 | — | — | ||||||||||
Discontinued operations: | ||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | (217 | ) | (3,242 | ) | ||||||||
Income tax benefit | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | (217 | ) | (3,242 | ) | ||||||||
Net (loss) income | — | 382 | 451 | 592 | — | 293 | (217 | ) | (3,242 | ) | ||||||||
35
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Pentagon City, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | — | 21 | — | — | — | 78 | — | 157 | — | |||||||||||||
Participating lease revenue | — | — | 7,885 | 587 | 6,380 | 1,314 | 4,545 | — | 2,144 | 3,721 | |||||||||||||
Total revenue | — | — | 7,906 | 587 | 6,380 | 1,314 | 4,623 | — | 2,301 | 3,721 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | 337 | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | 28 | — | 2 | — | — | 12 | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | — | — | 4,744 | 3 | 4,232 | 441 | 798 | — | 948 | 2,173 | |||||||||||||
Property taxes, insurance and other | — | — | 1,210 | 5 | 1,208 | 204 | 584 | — | 253 | 671 | |||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | — | — | 5,954 | 8 | 5,468 | 645 | 1,384 | — | 1,538 | 2,856 | |||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | — | — | 1,952 | 579 | 912 | 669 | 3,239 | — | 763 | 865 | |||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | (2,125 | ) | — | — | (816 | ) | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | 1,952 | 579 | 912 | 669 | 1,114 | — | 763 | 49 | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | — | — | 1,952 | 579 | 912 | 669 | 1,114 | — | 763 | 49 | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations | (168 | ) | — | — | — | — | — | — | 143 | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | (168 | ) | — | — | — | — | — | — | 143 | — | — | ||||||||||||
Net (loss) income | (168 | ) | — | 1,952 | 579 | 912 | 669 | 1,114 | 143 | 763 | 49 | ||||||||||||
36
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||
Revenue: | ||||||||||||
Hotel operations: | ||||||||||||
Rooms | 401,815 | 401,815 | — | 401,815 | ||||||||
Food and beverage | 156,261 | 156,261 | — | 156,261 | ||||||||
Other hotel operations | 48,194 | 48,194 | — | 48,194 | ||||||||
Office rental, parking and other revenue | 160 | 2,151 | — | 4,071 | ||||||||
Participating lease revenue | — | 75,303 | (177,943 | ) | — | |||||||
Total revenue | 606,430 | 683,724 | (177,943 | ) | 610,341 | |||||||
Hotel operating expenses: | ||||||||||||
Rooms | 102,072 | 102,072 | — | 102,072 | ||||||||
Food and beverage | 117,109 | 117,109 | — | 117,109 | ||||||||
Other hotel operating expenses | 30,645 | 30,645 | — | 30,645 | ||||||||
Office rental, parking and other expenses | — | 1,089 | — | 1,938 | ||||||||
Other operating expenses: | ||||||||||||
General and administrative, hotel | 99,639 | 97,153 | — | 97,172 | ||||||||
General and administrative, corporate | 148 | 148 | — | 9,625 | ||||||||
Property operating costs | 93,056 | 93,056 | — | 93,056 | ||||||||
Depreciation and amortization | 98 | 30,415 | — | 76,198 | ||||||||
Property taxes, insurance and other | 196,880 | 209,499 | (177,943 | ) | 45,958 | |||||||
Hurricane cost recoveries, net of expenses | (5,345 | ) | (5,345 | ) | — | (5,345 | ) | |||||
Loss on asset impairments | — | 2,462 | — | 3,680 | ||||||||
Operating expenses | 634,302 | 678,303 | (177,943 | ) | 572,108 | |||||||
Preferred return on investment in MIP | — | — | 4,800 | |||||||||
Operating (loss) income | (27,872 | ) | 5,421 | — | 43,033 | |||||||
Minority interest | — | — | — | 65 | ||||||||
Interest expense, net | (5,777 | ) | (9,721 | ) | — | (95,586 | ) | |||||
Loss on early extinguishments of debt | — | — | — | (7,903 | ) | |||||||
Equity in income from consolidated entities | — | — | 1,389 | — | ||||||||
(Loss) income before income taxes and discontinued operations | (33,649 | ) | (4,300 | ) | 1,389 | (60,391 | ) | |||||
Income tax benefit | — | — | — | 537 | ||||||||
(Loss) income from continuing operations | (33,649 | ) | (4,300 | ) | 1,389 | (59,854 | ) | |||||
Discontinued operations: | ||||||||||||
(Loss) income from discontinued operations | (20,778 | ) | (24,104 | ) | — | (20,804 | ) | |||||
Income tax benefit | — | — | — | 183 | ||||||||
(Loss) income from discontinued operations | (20,778 | ) | (24,104 | ) | — | (20,621 | ) | |||||
Net (loss) income | (54,427 | ) | (28,404 | ) | 1,389 | (80,475 | ) | |||||
37
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar SUB 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, L.P. | ||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | 52 | 2,153 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | — | 92,787 | — | — | 680 | — | 1,759 | — | 886 | 5,454 | 1,012 | |||||||||||||||
Total revenue | 52 | 94,940 | — | — | 680 | — | 1,759 | — | 886 | 5,454 | 1,012 | |||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | 20 | 887 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | (648 | ) | (8 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | 8,526 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | (363 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 7,412 | 35,507 | — | — | 103 | — | 423 | — | 412 | 1,821 | 762 | |||||||||||||||
Property taxes, insurance and other | 866 | 14,715 | — | — | 79 | — | 401 | — | 71 | 1,038 | 554 | |||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on asset impairments | — | 14,935 | — | — | — | — | — | — | 500 | — | — | |||||||||||||||
Operating expenses | 15,813 | 66,036 | — | — | 182 | — | 824 | — | 983 | 2,859 | 1,316 | |||||||||||||||
Preferred return on investment in MIP | 5,769 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | (9,992 | ) | 28,904 | — | — | 498 | — | 935 | — | (97 | ) | 2,595 | (304 | ) | ||||||||||||
Minority interest expense | (6 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | (77,777 | ) | (19,753 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Gain on early extinguishment of debt | 4,574 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in loss from consolidated entities | (257,756 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | (340,957 | ) | 9,151 | — | — | 498 | — | 935 | — | (97 | ) | 2,595 | (304 | ) | ||||||||||||
Income tax (expense) benefit | (1,783 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | (342,740 | ) | 9,151 | — | — | 498 | — | 935 | — | (97 | ) | 2,595 | (304 | ) | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations | (370 | ) | (99,132 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax benefit | 2,212 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | 1,842 | (99,132 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (loss) income | (340,898 | ) | (89,981 | ) | — | — | 498 | — | 935 | — | (97 | ) | 2,595 | (304 | ) | |||||||||||
38
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | |||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Office rental, parking and other revenue | 16 | — | — | — | — | 23 | — | 4 | 341 | — | — | ||||||||||||||||
Participating lease revenue | 1,086 | 721 | 801 | 1,316 | — | 1,460 | 3,984 | 1,054 | 1,969 | 2,156 | 1,863 | ||||||||||||||||
Total revenue | 1,102 | 721 | 801 | 1,316 | — | 1,483 | 3,984 | 1,058 | 2,310 | 2,156 | 1,863 | ||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Depreciation and amortization | 434 | 328 | 103 | 532 | — | 410 | 1,219 | 502 | 406 | 743 | 634 | ||||||||||||||||
Property taxes, insurance and other | 163 | 122 | 99 | 296 | — | 251 | 516 | 336 | 111 | 305 | 284 | ||||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on asset impairments | — | 2,037 | — | — | — | — | — | 15,347 | — | 9,231 | — | ||||||||||||||||
Operating expenses | 597 | 2,487 | 202 | 828 | — | 661 | 1,735 | 16,185 | 517 | 10,279 | 918 | ||||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating (loss) income | 505 | (1,766 | ) | 599 | 488 | — | 822 | 2,249 | (15,127 | ) | 1,793 | (8,123 | ) | 945 | |||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Interest expense, net | — | — | (2 | ) | — | — | — | — | — | (10 | ) | — | — | ||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income before income taxes and discontinued operations | 505 | (1,766 | ) | 597 | 488 | — | 822 | 2,249 | (15,127 | ) | 1,783 | (8,123 | ) | 945 | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from continuing operations | 505 | (1,766 | ) | 597 | 488 | — | 822 | 2,249 | (15,127 | ) | 1,783 | (8,123 | ) | 945 | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net (loss) income | 505 | (1,766 | ) | 597 | 488 | — | 822 | 2,249 | (15,127 | ) | 1,783 | (8,123 | ) | 945 | |||||||||||||
39
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, L.P. | |||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Office rental, parking and other revenue | — | — | — | — | 1 | — | — | — | — | — | — | ||||||||||||||||||
Participating lease revenue | — | — | — | 1,009 | 1,133 | 1,421 | — | — | — | — | — | ||||||||||||||||||
Total revenue | — | — | — | 1,009 | 1,134 | 1,421 | — | — | — | — | — | ||||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Depreciation and amortization | — | — | — | 462 | 583 | 338 | — | — | — | — | — | ||||||||||||||||||
Property taxes, insurance and other | — | — | — | 148 | 177 | 321 | — | — | — | — | — | ||||||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Operating expenses | — | — | — | 610 | 760 | 659 | — | — | — | — | — | ||||||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Operating (loss) income | — | — | — | 399 | 374 | 762 | — | — | — | — | — | ||||||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | 399 | 374 | 762 | — | — | — | — | — | ||||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Loss) income from continuing operations | — | — | — | 399 | 374 | 762 | — | — | — | — | — | ||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (4,758 | ) | — | (5,414 | ) | — | — | — | (5,026 | ) | (5,041 | ) | (1,994 | ) | (942 | ) | (939 | ) | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Loss) income from discontinued operations | (4,758 | ) | — | (5,414 | ) | — | — | — | (5,026 | ) | (5,041 | ) | (1,994 | ) | (942 | ) | (939 | ) | |||||||||||
Net (loss) income | (4,758 | ) | — | (5,414 | ) | 399 | 374 | 762 | (5,026 | ) | (5,041 | ) | (1,994 | ) | (942 | ) | (939 | ) | |||||||||||
40
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | ||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | 197 | — | 1,403 | — | — | — | |||||||||||||||||
Participating lease revenue | — | — | 379 | — | 1,620 | 3,402 | — | 4,275 | — | 825 | — | |||||||||||||||||
Total revenue | — | — | 379 | — | 1,620 | 3,599 | — | 5,678 | — | 825 | — | |||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | 78 | — | 776 | — | — | — | |||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation and amortization | — | — | 104 | — | 440 | 1,707 | — | 1,292 | — | 337 | — | |||||||||||||||||
Property taxes, insurance and other | — | — | 105 | — | 198 | 1,247 | — | 1,663 | — | 150 | — | |||||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating expenses | — | — | 209 | — | 638 | 3,032 | — | 3,731 | — | 487 | — | |||||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating (loss) income | — | — | 170 | — | 982 | 567 | — | 1,947 | — | 338 | — | |||||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Interest expense, net | — | — | — | — | 2 | — | — | — | — | — | — | |||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | 170 | — | 984 | 567 | — | 1,947 | — | 338 | — | |||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from continuing operations | — | — | 170 | — | 984 | 567 | — | 1,947 | — | 338 | — | |||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations | (3,361 | ) | (12,720 | ) | — | (6,918 | ) | — | — | (10,033 | ) | — | (7,539 | ) | — | (1,600 | ) | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from discontinued operations | (3,361 | ) | (12,720 | ) | — | (6,918 | ) | — | — | (10,033 | ) | — | (7,539 | ) | — | (1,600 | ) | |||||||||||
Net (loss) income | (3,361 | ) | (12,720 | ) | 170 | (6,918 | ) | 984 | 567 | (10,033 | ) | 1,947 | (7,539 | ) | 338 | (1,600 | ) | |||||||||||
41
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | ||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | 11 | — | — | — | — | — | |||||||||||||||||
Participating lease revenue | 1,534 | — | — | — | — | 1,440 | 1,730 | 1,280 | — | 576 | — | |||||||||||||||||
Total revenue | 1,534 | — | — | — | — | 1,451 | 1,730 | 1,280 | — | 576 | — | |||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation and amortization | 1,095 | — | — | — | — | 828 | 966 | 354 | — | 171 | — | |||||||||||||||||
Property taxes, insurance and other | 169 | — | — | — | — | 261 | 285 | 201 | — | 78 | — | |||||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating expenses | 1,264 | — | — | — | — | 1,089 | 1,251 | 555 | — | 249 | — | |||||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating (loss) income | 270 | — | — | — | — | 362 | 479 | 725 | — | 327 | — | |||||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Interest expense, net | (911 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income before income taxes and discontinued operations | (641 | ) | — | — | — | — | 362 | 479 | 725 | — | 327 | — | ||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from continuing operations | (641 | ) | — | — | — | — | 362 | 479 | 725 | — | 327 | — | ||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations | — | (18,966 | ) | (933 | ) | (929 | ) | (8,807 | ) | — | — | — | 927 | — | (1,114 | ) | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from discontinued operations | — | (18,966 | ) | (933 | ) | (929 | ) | (8,807 | ) | — | — | — | 927 | — | (1,114 | ) | ||||||||||||
Net (loss) income | (641 | ) | (18,966 | ) | (933 | ) | (929 | ) | (8,807 | ) | 362 | 479 | 725 | 927 | 327 | (1,114 | ) | |||||||||||
42
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | ||||||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | — | — | — | 36 | — | — | — | 88 | — | |||||||||||||||
Participating lease revenue | — | — | — | 7,636 | 953 | 7,191 | 1,561 | 4,232 | — | |||||||||||||||
Total revenue | — | — | — | 7,672 | 953 | 7,191 | 1,561 | 4,320 | — | |||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | — | — | — | 4,716 | 3 | 2,612 | 420 | 1,028 | — | |||||||||||||||
Property taxes, insurance and other | — | — | — | 1,441 | 6 | 1,130 | 166 | 534 | — | |||||||||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | — | — | — | 6,157 | 9 | 3,742 | 586 | 1,562 | — | |||||||||||||||
Preferred return on investment in MIP | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | — | — | — | 1,515 | 944 | 3,449 | 975 | 2,758 | — | |||||||||||||||
Minority interest expense | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | — | — | — | (3 | ) | — | (2,125 | ) | — | |||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in loss from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | 1,515 | 944 | 3,446 | 975 | 633 | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | — | — | — | 1,515 | 944 | 3,446 | 975 | 633 | — | |||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations | (16,292 | ) | (8,053 | ) | (2,034 | ) | — | — | — | — | — | (15,429 | ) | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | (16,292 | ) | (8,053 | ) | (2,034 | ) | — | — | — | — | — | (15,429 | ) | |||||||||||
Net (loss) income | (16,292 | ) | (8,053 | ) | (2,034 | ) | 1,515 | 944 | 3,446 | 975 | 633 | (15,429 | ) | |||||||||||
43
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine Months Ended September 30, 2003
(Dollars in Thousands)
MeriStar Sub 4J, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||
Revenue: | ||||||||||||||
Hotel operations: | ||||||||||||||
Rooms | — | 384,329 | 384,329 | — | 384,329 | |||||||||
Food and beverage | — | 150,842 | 150,842 | — | 150,842 | |||||||||
Other hotel operations | — | 51,314 | 51,314 | — | 51,314 | |||||||||
Office rental, parking and other revenue | 177 | — | 2,297 | — | 4,502 | |||||||||
Participating lease revenue | 2,313 | — | 70,711 | (163,498 | ) | — | ||||||||
Total revenue | 2,490 | 586,485 | 659,493 | (163,498 | ) | 590,987 | ||||||||
Hotel operating expenses: | ||||||||||||||
Rooms | — | 95,097 | 95,097 | — | 95,097 | |||||||||
Food and beverage | — | 110,131 | 110,131 | — | 110,131 | |||||||||
Other hotel operating expenses | — | 29,798 | 29,798 | — | 29,798 | |||||||||
Office rental, parking and other expenses | 400 | — | 1,254 | — | 2,161 | |||||||||
Other operating expenses: | ||||||||||||||
General and administrative, hotel | — | 92,794 | 92,794 | — | 92,138 | |||||||||
General and administrative, corporate | — | 195 | 195 | — | 8,721 | |||||||||
Property operating costs | — | 89,256 | 87,256 | — | 88,893 | |||||||||
Depreciation and amortization | 955 | 800 | 28,043 | — | 70,962 | |||||||||
Property taxes, insurance and other | 234 | 183,678 | 196,818 | (163,498 | ) | 48,901 | ||||||||
Hurricane cost recoveries, net of expenses | — | — | — | — | — | |||||||||
Loss on asset impairments | — | — | 27,115 | — | 42,050 | |||||||||
Operating expenses | 1,589 | 601,749 | 670,501 | (163,498 | ) | 588,852 | ||||||||
Preferred return on investment in MIP | — | — | — | — | 5,769 | |||||||||
Operating (loss) income | 901 | (15,264 | ) | (11,008 | ) | — | 7,904 | |||||||
Minority interest expense | — | — | — | — | (6 | ) | ||||||||
Interest expense, net | — | (1,807 | ) | (4,856 | ) | — | (102,386 | ) | ||||||
Gain on early extinguishment of debt | — | — | — | — | 4,574 | |||||||||
Equity in loss from consolidated entities | — | — | — | 257,756 | — | |||||||||
(Loss) income before income taxes and discontinued operations | 901 | (17,071 | ) | (15,864 | ) | 257,756 | (89,914 | ) | ||||||
Income tax (expense) benefit | — | — | — | — | (1,783 | ) | ||||||||
(Loss) income from continuing operations | 901 | (17,071 | ) | (15,864 | ) | 257,756 | (91,697 | ) | ||||||
Discontinued operations: | ||||||||||||||
(Loss) income from discontinued operations | — | (13,996 | ) | (151,911 | ) | — | (251,413 | ) | ||||||
Income tax benefit | — | — | — | — | 2,212 | |||||||||
(Loss) income from discontinued operations | — | (13,996 | ) | (151,911 | ) | — | (249,201 | ) | ||||||
Net (loss) income | 901 | (31,067 | ) | (167,775 | ) | 257,756 | (340,898 | ) | ||||||
44
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, L.P. | MeriStar Sub 8E, LLC | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net (loss) income | (80,477 | ) | 27,017 | — | — | 409 | — | 838 | — | 451 | 5,552 | (682 | ) | 553 | ||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 7,944 | 38,929 | — | — | 104 | — | 493 | — | 470 | 1,815 | 1,042 | 447 | ||||||||||||||||||||
Equity in earnings from consolidated entities | 1,389 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on asset impairments | — | 4,671 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on sale of assets, before tax effect | 149 | (968 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loss on early extinguishments of debt | 7,903 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Minority interests | (65 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | (3,845 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Deferred income taxes | (357 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable | (14,922 | ) | 1,133 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (2,113 | ) | 2,294 | — | — | 21 | — | 41 | — | 9 | 48 | 95 | 12 | |||||||||||||||||||
Due from/to Interstate Hotels & Resorts | (3,205 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (16,458 | ) | 804 | — | — | 67 | — | (76 | ) | — | (96 | ) | (2,700 | ) | (20 | ) | (27 | ) | ||||||||||||||
Due from/to subsidiaries | 100,461 | (45,945 | ) | — | — | (509 | ) | — | (429 | ) | — | (829 | ) | 726 | 128 | (664 | ) | |||||||||||||||
Net cash (used in) provided by operating activities | (3,596 | ) | 27,935 | — | — | 92 | — | 867 | — | 5 | 5,441 | 563 | 321 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | (91,251 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | (2,622 | ) | (40,437 | ) | — | — | (92 | ) | — | (867 | ) | — | (5 | ) | (5,441 | ) | (563 | ) | (321 | ) | ||||||||||||
Deposit on investment in hotel | (7,500 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | — | 51,675 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
(Increase) decrease in restricted cash | (16,972 | ) | 616 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Costs associated with disposition program and other, net | 84 | (2,021 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | (27,010 | ) | (81,418 | ) | — | — | (92 | ) | — | (867 | ) | — | (5 | ) | (5,441 | ) | (563 | ) | (321 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Prepayments on long-term debt | (85,318 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on long-term debt | (5,600 | ) | (1,275 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | (334 | ) | 54,758 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | (61,901 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Distributions to minority investors | (141 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Contributions from partners | 72,261 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Purchase of limited partnership units | (8,690 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other | (367 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | (90,090 | ) | 53,483 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (632 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (121,328 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 218,645 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, end of period | 97,317 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
45
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | |||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||
Net (loss) income | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | 927 | 1,843 | (61 | ) | — | ||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 242 | 115 | 533 | — | 379 | 1,207 | 220 | 368 | 587 | 544 | — | — | ||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | 1,021 | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | 110 | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable | — | — | — | — | 7 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 8 | 41 | 11 | — | 10 | 45 | 29 | 39 | 89 | 17 | 117 | — | ||||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (30 | ) | 87 | 169 | — | (52 | ) | 102 | (167 | ) | (16 | ) | 86 | 57 | 306 | — | ||||||||||||||||||
Due from/to subsidiaries | 1,246 | (367 | ) | (1,268 | ) | — | (601 | ) | (830 | ) | (590 | ) | (377 | ) | 2,698 | (1,518 | ) | (6,002 | ) | — | ||||||||||||||
Net cash (used in) provided by operating activities | 1,888 | 381 | 39 | — | 728 | 3,458 | 52 | 1,234 | 4,387 | 943 | (5,530 | ) | — | |||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Capital expenditures for property and equipment | (1,888 | ) | (381 | ) | (39 | ) | — | (728 | ) | (3,458 | ) | (52 | ) | (1,234 | ) | (4,387 | ) | (943 | ) | 643 | — | |||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | 5,000 | — | ||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | �� | — | — | (113 | ) | — | ||||||||||||||||||||
Net cash (used in) provided by investing activities | (1,888 | ) | (381 | ) | (39 | ) | — | (728 | ) | (3,458 | ) | (52 | ) | (1,234 | ) | (4,387 | ) | (943 | ) | 5,530 | — | |||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — �� | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
46
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | |||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||
Net (loss) income | (403 | ) | 406 | 450 | (758 | ) | (732 | ) | — | 89 | 97 | — | — | 1,852 | 186 | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 43 | 478 | 542 | 197 | 121 | — | 51 | — | — | — | — | 105 | ||||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on asset impairments | — | — | — | 1,441 | 1,005 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | 365 | — | — | — | 55 | — | (20 | ) | 45 | — | — | (1,827 | ) | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts receivable | — | — | — | — | 44 | 2,345 | — | — | — | 2,002 | (178 | ) | — | |||||||||||||||||||||||
Prepaid expenses and other assets | (8 | ) | 11 | 21 | 43 | 1 | — | 1 | (9 | ) | 3 | — | 15 | 15 | ||||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (178 | ) | (32 | ) | 106 | 52 | (150 | ) | 8 | (161 | ) | (342 | ) | — | 8 | (25 | ) | 24 | ||||||||||||||||||
Due from/to subsidiaries | (4,747 | ) | 918 | (868 | ) | (719 | ) | (4,977 | ) | (2,353 | ) | (3,157 | ) | (3,092 | ) | (3 | ) | (2,010 | ) | (12,232 | ) | (264 | ) | |||||||||||||
Net cash (used in) provided by operating activities | (4,928 | ) | 1,781 | 251 | 256 | (4,633 | ) | — | (3,197 | ) | (3,301 | ) | — | — | (12,395 | ) | 66 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Capital expenditures for property and equipment | 469 | (1,781 | ) | (251 | ) | (256 | ) | (12 | ) | — | 138 | (20 | ) | — | — | (1,911 | ) | (66 | ) | |||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from sales of assets | 4,650 | — | — | — | 4,850 | — | 3,300 | 3,575 | — | — | 14,775 | — | ||||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Costs associated with disposition program and other, net | (191 | ) | — | — | — | (205 | ) | — | (241 | ) | (254 | ) | — | — | (469 | ) | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | 4,928 | (1,781 | ) | (251 | ) | (256 | ) | 4,633 | — | 3,197 | 3,301 | — | — | 12,395 | (66 | ) | ||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Purchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
47
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | ||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||
Net (loss) income | — | 1,326 | 1,143 | (787 | ) | 2,897 | 103 | 399 | — | (546 | ) | — | — | — | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 418 | 1,704 | 99 | 1,214 | 49 | 335 | — | 1,089 | — | — | — | |||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 1,035 | — | (39 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accounts receivable | — | — | — | — | 283 | — | — | — | — | 46 | 43 | — | |||||||||||||||||||||||
Prepaid expenses and other assets | — | 11 | 262 | 1 | 47 | — | 7 | — | 46 | 1 | — | 1 | |||||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | 206 | 335 | (1,080 | ) | 84 | 6 | (70 | ) | 61 | 393 | 2 | — | — | |||||||||||||||||||||
Due from/to subsidiaries | — | (1,600 | ) | (2,941 | ) | (4,074 | ) | (2,205 | ) | (2,020 | ) | 215 | (61 | ) | (780 | ) | (49 | ) | (43 | ) | (1 | ) | |||||||||||||
Net cash (used in) provided by operating activities | — | 361 | 503 | (4,806 | ) | 2,320 | (1,901 | ) | 886 | — | 202 | — | — | — | |||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | (361 | ) | (503 | ) | 711 | (2,320 | ) | (38 | ) | (886 | ) | — | (202 | ) | — | — | — | |||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | 4,500 | — | 2,300 | — | — | — | — | — | — | |||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (405 | ) | — | (361 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (361 | ) | (503 | ) | 4,806 | (2,320 | ) | 1,901 | (886 | ) | — | (202 | ) | — | — | — | ||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Purchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
48
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | |||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||
Net (loss) income | — | 382 | 451 | 592 | — | 293 | (217 | ) | (3,242 | ) | (168 | ) | — | 1,952 | 579 | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 828 | 972 | 356 | — | 172 | — | — | 333 | — | 4,744 | 3 | ||||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 903 | 981 | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | 215 | 2,210 | — | — | — | — | ||||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts receivable | 1,166 | — | — | — | 198 | — | — | (6 | ) | — | — | — | — | |||||||||||||||||||||||
Prepaid expenses and other assets | — | 18 | 92 | 54 | (1 | ) | 19 | (4 | ) | (232 | ) | 115 | (3 | ) | 47 | 5 | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 1 | (116 | ) | (1,419 | ) | 147 | (14 | ) | 65 | (410 | ) | (293 | ) | (229 | ) | — | 89 | — | ||||||||||||||||||
Due from/to subsidiaries | (1,167 | ) | 901 | 421 | (980 | ) | (183 | ) | (383 | ) | (6,742 | ) | 12,076 | (1,241 | ) | 3 | (1,150 | ) | (587 | ) | ||||||||||||||||
Net cash (used in) provided by operating activities | — | 2,013 | 517 | 169 | — | 166 | (7,158 | ) | 11,416 | (209 | ) | — | 5,682 | — | ||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Capital expenditures for property and equipment | — | (2,013 | ) | (517 | ) | (169 | ) | — | (166 | ) | 140 | 573 | 209 | — | (5,682 | ) | — | |||||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | 7,500 | 8,398 | — | — | — | — | ||||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | (482 | ) | (656 | ) | — | — | — | — | ||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (2,013 | ) | (517 | ) | (169 | ) | — | (166 | ) | 7,158 | 8,315 | 209 | — | (5,682 | ) | — | |||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | (19,731 | ) | — | — | — | — | |||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Purchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | (19,731 | ) | — | — | — | — | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
49
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2004 Unaudited (Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Pentagon City, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net (loss) income | 912 | 669 | 1,114 | 143 | 763 | 49 | (54,427 | ) | (28,404 | ) | 1,389 | (80,475 | ) | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,232 | 441 | 798 | — | 948 | 2,174 | 98 | 31,110 | — | 77,983 | ||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | (1,389 | ) | — | |||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 5,351 | — | 10,022 | ||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 899 | — | — | 11,533 | 14,581 | — | 13,762 | ||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | 7,903 | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | (65 | ) | |||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | (3,845 | ) | |||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | (357 | ) | |||||||||||||||||||
Changes in operating assets and liabilities: | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable | — | — | — | (359 | ) | (5 | ) | 2,671 | (609 | ) | 7,648 | 6,612 | 471 | |||||||||||||||||
Prepaid expenses and other assets | 278 | 65 | 38 | 14 | 24 | (92 | ) | 7,266 | 8,804 | — | 8,985 | |||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | (5,853 | ) | (5,853 | ) | — | (9,058 | ) | |||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 761 | 260 | 740 | 183 | 144 | (3,784 | ) | 9,722 | 2,784 | (6,612 | ) | (19,482 | ) | |||||||||||||||||
Due from/to subsidiaries | (1,439 | ) | (994 | ) | (1,702 | ) | (9,977 | ) | (79 | ) | 35,347 | (20,391 | ) | (54,516 | ) | — | — | |||||||||||||
Net cash (used in) provided by operating activities | 4,744 | 441 | 988 | (9,097 | ) | 1,795 | 36,365 | (52,661 | ) | (18,495 | ) | — | 5,844 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | (91,124 | ) | — | (91,124 | ) | — | (182,375 | ) | |||||||||||||||||
Capital expenditures for property and equipment | (4,744 | ) | (441 | ) | (988 | ) | 636 | (1,795 | ) | (401 | ) | (170 | ) | (42,573 | ) | — | (85,632 | ) | ||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | (7,500 | ) | |||||||||||||||||||
Proceeds from sales of assets | — | — | — | 8,800 | — | — | — | 67,648 | — | 119,323 | ||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | (831 | ) | (831 | ) | — | (17,187 | ) | |||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (339 | ) | — | — | — | (3,716 | ) | — | (5,653 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | (4,744 | ) | (441 | ) | (988 | ) | 9,097 | (1,795 | ) | (91,525 | ) | (1,001 | ) | (70,596 | ) | — | (179,024 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | (19,731 | ) | — | (105,049 | ) | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | (116 | ) | — | (116 | ) | — | (6,991 | ) | |||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | 55,276 | — | 55,276 | — | 109,700 | ||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | 61,901 | 61,901 | — | — | ||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | (141 | ) | |||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | 72,261 | ||||||||||||||||||||
Purchase of limited partnership units | — | — | — | — | — | — | — | — | — | (8,690 | ) | |||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | (367 | ) | |||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | 55,160 | 61,901 | 97,330 | — | 60,723 | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | (632 | ) | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | 8,239 | 8,239 | — | (113,089 | ) | |||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | 12,231 | 12,231 | — | 230,876 | ||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | 20,470 | 20,470 | — | 117,787 | ||||||||||||||||||||
50
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, L.P. | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net (loss) income | (340,898 | ) | (89,981 | ) | — | — | 498 | — | 935 | — | (97 | ) | 2,595 | (304 | ) | |||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 6,573 | 41,025 | — | — | 103 | — | 423 | — | 412 | 1,821 | 762 | |||||||||||||||||||
Equity in earnings from consolidated entities | 257,756 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loss on asset impairments | — | 119,639 | — | — | — | — | — | — | 500 | — | — | |||||||||||||||||||
Loss on sale of assets, before tax effect | — | (577 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Gain on early extinguishment of debt | (4,574 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | 6 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | 2,380 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Change in value of interest rate swaps | (3,977 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | (1,848 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Accounts receivable | (4,448 | ) | 204 | — | — | — | (17 | ) | (28 | ) | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | (575 | ) | 1,302 | — | — | 10 | — | 17 | — | (1 | ) | 4 | 43 | |||||||||||||||||
Due from/to Interstate Hotels & Resorts | 424 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (2,062 | ) | (7,528 | ) | — | — | 31 | 36 | (135 | ) | — | 51 | (91 | ) | (140 | ) | ||||||||||||||
Due from/to subsidiaries | 173,158 | (72,381 | ) | — | — | (622 | ) | (19 | ) | (1,182 | ) | — | (849 | ) | (3,508 | ) | (154 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 81,915 | (8,297 | ) | — | — | 20 | — | 30 | — | 16 | 821 | 207 | ||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | (1,146 | ) | (7,371 | ) | — | — | (20 | ) | — | (30 | ) | — | (16 | ) | (821 | ) | (207 | ) | ||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | — | 21,900 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Purchases of marketable securities | (18,040 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of marketable securities | 17,040 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | 42,052 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
(Increase) decrease in restricted cash | (17,714 | ) | (324 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Costs associated with disposition program and other, net | — | (299 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | 22,192 | 13,906 | — | — | (20 | ) | — | (30 | ) | — | (16 | ) | (821 | ) | (207 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on long-term debt | (219,650 | ) | (5,609 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from debt issuance, net of issuance costs | 263,491 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Distributions to minority investors | (424 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Contributions from partners | 82,920 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Purchase of limited partnership unit | (65 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | 126,272 | (5,609 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (304 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 230,075 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 21,372 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, end of period | 251,447 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
51
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | ||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net (loss) income | 505 | (1,766 | ) | 597 | 488 | — | 822 | 2,249 | (15,127 | ) | 1,783 | (8,123 | ) | 945 | ||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 434 | 328 | 103 | 532 | — | 410 | 1,219 | 502 | 406 | 743 | 634 | |||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Loss on asset impairments | — | 2,037 | — | — | — | — | — | 15,347 | — | 9,231 | — | |||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | — | — | 28 | — | — | (14 | ) | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | 6 | (1 | ) | 14 | 6 | — | 5 | 20 | 15 | 20 | 42 | 7 | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (73 | ) | 57 | 15 | 31 | — | (56 | ) | (235 | ) | (162 | ) | 17 | 108 | (246 | ) | ||||||||||||||||
Due from/to subsidiaries | (790 | ) | (621 | ) | (652 | ) | (1,001 | ) | — | (1,158 | ) | (2,985 | ) | (441 | ) | (2,074 | ) | (1,853 | ) | (1,194 | ) | |||||||||||
Net cash provided by (used in) operating activities | 82 | 34 | 105 | 56 | — | 9 | 268 | 134 | 152 | 148 | 146 | |||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Capital expenditures for property and equipment | (82 | ) | (34 | ) | (105 | ) | (56 | ) | — | (9 | ) | (268 | ) | (134 | ) | (141 | ) | (148 | ) | (146 | ) | |||||||||||
Deposit on investment in hotel | — | — | ��� | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) investing activities | (82 | ) | (34 | ) | (105 | ) | (56 | ) | — | (9 | ) | (268 | ) | (134 | ) | (141 | ) | (148 | ) | (146 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | (11 | ) | — | — | ||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchase of limited partnership unit | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | (11 | ) | — | — | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
52
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, L.P. | |||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||
Net (loss) income | (4,758 | ) | — | (5,414 | ) | 399 | 374 | 762 | (5,026 | ) | (5,041 | ) | (1,994 | ) | (942 | ) | (939 | ) | |||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 535 | — | 330 | 462 | 583 | 338 | 275 | 292 | 186 | 31 | 55 | ||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on asset impairments | 5,213 | — | 5,187 | — | — | — | 5,478 | 4,670 | 2,137 | 1,455 | 1,004 | ||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts receivable | — | 1 | 14 | — | — | — | — | 2 | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | (35 | ) | — | 4 | 5 | 10 | 31 | 6 | (4 | ) | 3 | 7 | (3 | ) | |||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (332 | ) | (130 | ) | (28 | ) | (56 | ) | 103 | (91 | ) | (110 | ) | — | (23 | ) | (61 | ) | (112 | ) | |||||||||||||
Due from/to subsidiaries | (613 | ) | 129 | 19 | (571 | ) | (945 | ) | (859 | ) | (485 | ) | 85 | (279 | ) | (232 | ) | (2,984 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 10 | — | 112 | 239 | 125 | 181 | 138 | 4 | 30 | 258 | (2,979 | ) | |||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Capital expenditures for property and equipment | (10 | ) | — | (112 | ) | (239 | ) | (125 | ) | (181 | ) | (138 | ) | (25 | ) | (30 | ) | (258 | ) | (91 | ) | ||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | 3,070 | ||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (10 | ) | — | (112 | ) | (239 | ) | (125 | ) | (181 | ) | (138 | ) | (25 | ) | (30 | ) | (258 | ) | 2,979 | |||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | 21 | — | — | — | ||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of limited partnership unit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | 21 | — | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
53
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | |||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||
Net (loss) income | (3,361 | ) | (12,720 | ) | 170 | (6,918 | ) | 984 | 567 | (10,033 | ) | 1,947 | (7,539 | ) | 338 | (1,600 | ) | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 233 | 561 | 104 | 349 | 440 | 1,707 | 398 | 1,292 | 412 | 337 | 223 | ||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on asset impairments | 2,828 | 13,286 | — | 7,187 | — | — | 10,288 | — | 7,416 | — | 1,259 | ||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | (4 | ) | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | (6 | ) | 5 | 8 | 89 | 5 | 122 | 8 | 20 | 6 | 1 | (5 | ) | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (41 | ) | (73 | ) | (15 | ) | (30 | ) | (160 | ) | (53 | ) | (242 | ) | (910 | ) | (91 | ) | (61 | ) | (79 | ) | |||||||||||
Due from/to subsidiaries | 317 | (1,005 | ) | (256 | ) | (574 | ) | (1,227 | ) | (2,178 | ) | (344 | ) | (2,288 | ) | (117 | ) | (479 | ) | 247 | |||||||||||||
Net cash provided by (used in) operating activities | (30 | ) | 54 | 11 | 103 | 42 | 165 | 75 | 57 | 87 | 136 | 45 | |||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Capital expenditures for property and equipment | (4 | ) | (54 | ) | (11 | ) | (103 | ) | (42 | ) | (165 | ) | (75 | ) | (57 | ) | (87 | ) | (136 | ) | (45 | ) | |||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (4 | ) | (54 | ) | (11 | ) | (103 | ) | (42 | ) | (165 | ) | (75 | ) | (57 | ) | (87 | ) | (136 | ) | (45 | ) | |||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | �� | — | ||||||||||||||||||||||
Scheduled payments on long-term debt | 34 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of limited partnership unit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 34 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
54
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | |||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||
Net (loss) income | (641 | ) | (18,966 | ) | (933 | ) | (929 | ) | (8,807 | ) | 362 | 479 | 725 | 927 | 327 | (1,114 | ) | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,095 | 1,178 | 140 | — | 319 | 828 | 966 | 354 | 237 | 171 | 413 | ||||||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on asset impairments | — | 18,075 | 1,383 | 1,787 | 8,685 | — | — | — | — | — | 638 | ||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | 1,827 | — | 318 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 19 | — | (2 | ) | — | (2 | ) | 6 | 43 | 29 | 13 | 9 | 5 | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 41 | (148 | ) | (69 | ) | (107 | ) | (97 | ) | (109 | ) | (1,115 | ) | 82 | (139 | ) | 37 | (90 | ) | ||||||||||||||
Due from/to subsidiaries | (480 | ) | (28,315 | ) | (492 | ) | (14,769 | ) | (124 | ) | (612 | ) | (192 | ) | (1,171 | ) | (1,018 | ) | (536 | ) | 261 | ||||||||||||
Net cash provided by (used in) operating activities | 34 | (26,349 | ) | 27 | (13,700 | ) | (26 | ) | 475 | 181 | 19 | 20 | 8 | 113 | |||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Capital expenditures for property and equipment | (34 | ) | (901 | ) | (27 | ) | (800 | ) | (14 | ) | (475 | ) | (181 | ) | (19 | ) | (20 | ) | (8 | ) | (113 | ) | |||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from sales of assets | — | 27,250 | — | 14,500 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (34 | ) | 26,349 | (27 | ) | 13,700 | (14 | ) | (475 | ) | (181 | ) | (19 | ) | (20 | ) | (8 | ) | (113 | ) | |||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | 40 | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of limited partnership unit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | 40 | — | — | — | — | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
55
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | (16,292 | ) | (8,053 | ) | (2,034 | ) | 1,515 | 944 | 3,446 | 975 | 633 | (15,429 | ) | ||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 697 | 584 | 259 | 4,716 | 3 | 2,612 | 420 | 1,028 | 747 | ||||||||||||||||||
Equity in earnings from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on asset impairments | 15,255 | 8,500 | 1,064 | — | — | — | — | — | 16,128 | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | 1,204 | — | — | — | — | — | — | ||||||||||||||||||
Gain on early extinguishment of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Change in value of interest rate swaps | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | 19 | 52 | 3 | 151 | 2 | 227 | 31 | 18 | 6 | ||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (97 | ) | (178 | ) | (173 | ) | 699 | (4 | ) | 220 | 25 | 359 | (49 | ) | |||||||||||||
Due from/to subsidiaries | 497 | (851 | ) | (6,475 | ) | (6,504 | ) | (945 | ) | (4,160 | ) | (1,278 | ) | (1,639 | ) | (1,019 | ) | ||||||||||
Net cash provided by (used in) operating activities | 79 | 54 | (6,152 | ) | 577 | — | 2,345 | 173 | 399 | 384 | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Capital expenditures for property and equipment | (11 | ) | (54 | ) | (1,598 | ) | (577 | ) | — | (2,345 | ) | (173 | ) | (399 | ) | (384 | ) | ||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from sales of assets | — | — | 7,750 | — | — | — | — | — | — | ||||||||||||||||||
Purchases of marketable securities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Sales of marketable securities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) investing activities | (11 | ) | (54 | ) | 6,152 | (577 | ) | — | (2,345 | ) | (173 | ) | (399 | ) | (384 | ) | |||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | (68 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchase of limited partnership unit | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | (68 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
56
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
For the Nine Months ended September 30, 2003 (Dollars in Thousands)
MeriStar Sub 4J, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||
Operating activities: | |||||||||||||||
Net (loss) income | 901 | (31,067 | ) | (167,775 | ) | 257,756 | (340,898 | ) | |||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 955 | 800 | 36,497 | — | 84,095 | ||||||||||
Equity in earnings from consolidated entities | — | — | — | (257,756 | ) | — | |||||||||
Loss on asset impairments | — | — | 166,038 | — | 285,677 | ||||||||||
Loss on sale of assets, before tax effect | — | — | 3,349 | — | 2,772 | ||||||||||
Gain on early extinguishment of debt | — | — | — | — | (4,574 | ) | |||||||||
Minority interests | — | — | — | — | 6 | ||||||||||
Amortization of unearned and adjustment to stock-based compensation | — | — | — | — | 2,380 | ||||||||||
Change in value of interest rate swaps | — | — | — | — | (3,977 | ) | |||||||||
Deferred income taxes | — | — | — | — | (1,848 | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (8 | ) | (3,371 | ) | (3,397 | ) | — | (7,641 | ) | ||||||
Prepaid expenses and other assets | 12 | 911 | 2,036 | — | 2,763 | ||||||||||
Due from/to Interstate Hotels & Resorts | — | (4,955 | ) | (4,955 | ) | — | (4,531 | ) | |||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 22 | (5,636 | ) | (9,913 | ) | — | (19,503 | ) | |||||||
Due from/to subsidiaries | (1,805 | ) | 4,592 | (100,777 | ) | — | — | ||||||||
Net cash provided by (used in) operating activities | 77 | (38,726 | ) | (78,897 | ) | — | (5,279 | ) | |||||||
Investing activities: | |||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | ||||||||||
Capital expenditures for property and equipment | (77 | ) | (894 | ) | (13,309 | ) | — | (21,826 | ) | ||||||
Deposit on investment in hotel | — | — | — | — | — | ||||||||||
Proceeds from sales of assets | — | — | 52,570 | — | 74,470 | ||||||||||
Purchases of marketable securities | — | — | — | — | (18,040 | ) | |||||||||
Sales of marketable securities | — | — | — | — | 17,040 | ||||||||||
Net payments from (advances to) Interstate Hotels & Resorts | — | — | — | — | 42,052 | ||||||||||
(Increase) decrease in restricted cash | — | — | — | — | (18,038 | ) | |||||||||
Costs associated with disposition program and other, net | — | — | — | — | (299 | ) | |||||||||
Net cash provided by (used in) investing activities | (77 | ) | (894 | ) | 39,261 | — | 75,359 | ||||||||
Financing activities: | |||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | ||||||||||
Scheduled payments on long-term debt | — | 45,934 | 45,950 | — | (179,309 | ) | |||||||||
Proceeds from debt issuance, net of issuance costs | — | (4 | ) | (4 | ) | — | 263,487 | ||||||||
Distributions to minority investors | — | — | — | — | (424 | ) | |||||||||
Contributions from partners | — | — | — | — | 82,920 | ||||||||||
Purchase of limited partnership unit | — | — | — | — | (65 | ) | |||||||||
Other | — | — | — | — | — | ||||||||||
Net cash provided by (used in) financing activities | — | 45,930 | 45,946 | — | 166,609 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | (304 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents | — | 6,310 | 6,310 | — | 236,385 | ||||||||||
Cash and cash equivalents, beginning of period | — | 12,517 | 12,517 | — | 33,889 | ||||||||||
Cash and cash equivalents, end of period | — | 18,827 | 18,827 | — | 270,274 | ||||||||||
57