Exhibit 99.1
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Property and equipment | $ | 23,772 | 1,504,837 | — | — | — | — | — | 10,886 | 13,805 | 94,250 | 27,639 | 16,074 | ||||||||||||||||||||
Accumulated depreciation | (15,296 | ) | (299,876 | ) | — | — | — | — | — | (940 | ) | (3,343 | ) | (15,365 | ) | (7,672 | ) | (3,754 | ) | ||||||||||||||
8,476 | 1,204,961 | — | — | — | — | — | 9,946 | 10,462 | 78,885 | 19,967 | 12,320 | ||||||||||||||||||||||
Investments in affiliates | 2,406,629 | 7,992 | 41,590 | 8,146 | 32 | 72 | 2,989 | — | — | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 30,965 | (4,685 | ) | (10 | ) | 96 | — | — | — | (14 | ) | (94 | ) | (116 | ) | (228 | ) | (30 | ) | ||||||||||||||
Insurance claim receivable | 60,896 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Accounts receivable, net | 13,004 | 774 | — | — | — | — | — | — | — | 63 | — | — | |||||||||||||||||||||
Due to/from subsidiaries | (1,130,785 | ) | 537,290 | 1,670 | 655 | — | 9 | 73 | 8,122 | 7,107 | 27,702 | (4,041 | ) | 7,796 | |||||||||||||||||||
Note receivable from subsidiaries | 259,065 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Restricted cash | 57,926 | 1,478 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents | 24,971 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
$ | 1,731,147 | 1,747,810 | 43,250 | 8,897 | 32 | 81 | 3,062 | 18,054 | 17,475 | 106,534 | 15,698 | 20,086 | |||||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||||||||
Long-term debt | $ | 835,410 | 469,231 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 202,528 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Accounts payable and accrued expenses | 12,035 | 3,762 | — | — | — | — | — | 22 | 5 | 5 | 104 | (32 | ) | ||||||||||||||||||||
Accrued interest | 33,399 | 2,146 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Due to Interstate Hotels & Resorts | 11,808 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Other liabilities | 12,130 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
1,107,310 | 475,139 | — | — | — | — | — | 22 | 5 | 5 | 104 | (32 | ) | |||||||||||||||||||||
Minority interests | 2,422 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Redeemable OP units at redemption value | 16,085 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Partners’ capital - Common OP units | 605,330 | 1,272,671 | 43,250 | 8,897 | 32 | 81 | 3,062 | 18,032 | 17,470 | 106,529 | 15,594 | 20,118 | |||||||||||||||||||||
$ | 1,731,147 | 1,747,810 | 43,250 | 8,897 | 32 | 81 | 3,062 | 18,054 | 17,475 | 106,534 | 15,698 | 20,086 | |||||||||||||||||||||
1
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, 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 | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||
Property and equipment | 9,753 | 11,990 | 17,612 | — | — | 18,427 | 51,799 | — | 21,021 | 23,124 | 24,394 | — | ||||||||||||||||||||||
Accumulated depreciation | (547 | ) | (763 | ) | (4,538 | ) | — | — | (3,483 | ) | (11,940 | ) | (1 | ) | (4,684 | ) | (745 | ) | (5,905 | ) | — | |||||||||||||
9,206 | 11,227 | 13,074 | — | — | 14,944 | 39,859 | (1 | ) | 16,337 | 22,379 | 18,489 | — | ||||||||||||||||||||||
Investments in affiliates | — | — | — | 43 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | (14 | ) | (89 | ) | (4 | ) | — | — | (24 | ) | 694 | — | (95 | ) | (205 | ) | (40 | ) | — | |||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | 112 | 3 | — | 96 | — | — | — | ||||||||||||||||||||||
Due to/from subsidiaries | 3,659 | 5,125 | 7,299 | (43 | ) | — | 9,801 | 56,137 | 7,074 | 15,475 | 8,860 | 9,288 | 11,439 | |||||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | 3,000 | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
12,851 | 16,263 | 20,369 | — | — | 24,833 | 99,693 | 7,073 | 31,813 | 31,034 | 27,737 | 11,439 | |||||||||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | 37,650 | — | 28 | — | — | — | ||||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable and accrued expenses | 184 | 23 | 310 | — | — | (60 | ) | 121 | — | 30 | 61 | 5 | — | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
184 | 23 | 310 | — | — | (60 | ) | 37,771 | — | 58 | 61 | 5 | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital - Common OP units | 12,667 | 16,240 | 20,059 | — | — | 24,893 | 61,922 | 7,073 | 31,755 | 30,973 | 27,732 | 11,439 | ||||||||||||||||||||||
12,851 | 16,263 | 20,369 | — | — | 24,833 | 99,693 | 7,073 | 31,813 | 31,034 | 27,737 | 11,439 | |||||||||||||||||||||||
2
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
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, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | |||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Property and equipment | — | 1 | 20,248 | 23,435 | 5,522 | — | — | — | — | — | — | — | ||||||||||||||||
Accumulated depreciation | — | — | (4,139 | ) | (7,902 | ) | (75 | ) | — | — | — | — | — | — | — | |||||||||||||
— | 1 | 16,109 | 15,533 | 5,447 | — | — | — | — | — | — | — | |||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | — | — | (25 | ) | (50 | ) | (119 | ) | — | — | — | — | — | — | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | (44 | ) | — | — | — | — | — | 178 | |||||||||||||||
Due to/from subsidiaries | — | 3,413 | 6,193 | 9,381 | 8,842 | 9,944 | — | 4,976 | — | — | — | 20,297 | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
— | 3,414 | 22,277 | 24,864 | 14,170 | 9,900 | — | 4,976 | — | — | — | 20,475 | |||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | — | — | 78 | 30 | 23 | — | — | — | — | — | — | — | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
— | — | 78 | 30 | 23 | — | — | — | — | — | — | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital - Common OP units | — | 3,414 | 22,199 | 24,834 | 14,147 | 9,900 | — | 4,976 | — | — | — | 20,475 | ||||||||||||||||
— | 3,414 | 22,277 | 24,864 | 14,170 | 9,900 | — | 4,976 | — | — | — | 20,475 | |||||||||||||||||
3
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
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. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | |||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Property and equipment | 3,981 | — | 20,113 | 70,361 | — | 55,296 | — | 11,976 | — | 42,495 | — | — | ||||||||||||||||||
Accumulated depreciation | (889 | ) | — | (4,455 | ) | (14,906 | ) | — | (11,595 | ) | — | (2,748 | ) | — | (9,875 | ) | — | — | ||||||||||||
3,092 | — | 15,658 | 55,455 | — | 43,701 | — | 9,228 | — | 32,620 | — | — | |||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | — | 51,368 | — | — | ||||||||||||||||||
Prepaid expenses and other assets | (29 | ) | — | (13 | ) | (629 | ) | — | 10 | — | (16 | ) | — | (91 | ) | — | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | 1,469 | — | 22 | — | — | — | — | ||||||||||||||||||
Due to/from subsidiaries | 2,926 | — | 10,356 | 23,476 | — | 26,878 | 2,370 | 3,144 | — | (6,150 | ) | — | — | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
5,989 | — | 26,001 | 78,302 | — | 72,058 | 2,370 | 12,378 | — | 77,747 | — | — | |||||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | 24,000 | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 40 | — | 21 | 246 | — | 1,881 | — | (67 | ) | — | 234 | — | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | (200 | ) | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
40 | — | 21 | 246 | — | 1,681 | — | (67 | ) | — | 24,234 | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital - Common OP units | 5,949 | — | 25,980 | 78,056 | — | 70,377 | 2,370 | 12,445 | — | 53,513 | — | — | ||||||||||||||||||
5,989 | — | 26,001 | 78,302 | — | 72,058 | 2,370 | 12,378 | — | 77,747 | — | — | |||||||||||||||||||
4
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
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. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | |||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Property and equipment | — | — | 35,940 | — | 19,714 | — | 7,842 | — | — | — | — | 171,319 | ||||||||||||||||||
Accumulated depreciation | — | — | (7,206 | ) | — | (1,674 | ) | — | (878 | ) | — | — | (1 | ) | — | (37,273 | ) | |||||||||||||
— | — | 28,734 | — | 18,040 | — | 6,964 | — | — | (1 | ) | — | 134,046 | ||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | — | — | (16 | ) | — | (135 | ) | — | (45 | ) | — | — | — | — | (490 | ) | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to/from subsidiaries | — | — | 3,677 | 21,531 | 10,450 | — | 3,969 | — | (2,360 | ) | 16,930 | — | 46,755 | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
— | — | 32,395 | 21,531 | 28,355 | — | 10,888 | — | (2,360 | ) | 16,929 | — | 180,311 | ||||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | — | — | 84 | — | 51 | — | 19 | — | — | — | — | 289 | ||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
— | — | 84 | — | 51 | — | 19 | — | — | — | — | 289 | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital - Common OP units | — | — | 32,311 | 21,531 | 28,304 | — | 10,869 | — | (2,360 | ) | 16,929 | — | 180,022 | |||||||||||||||||
— | — | 32,395 | 21,531 | 28,355 | — | 10,888 | — | (2,360 | ) | 16,929 | — | 180,311 | ||||||||||||||||||
5
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
MeriStar Sub 5N, LLC | 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 | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | |||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 3,898 | 39 | 83,616 | 15,131 | 37,544 | — | 42,637 | 93,559 | — | — | — | ||||||||||||||||||
Accumulated depreciation | (467 | ) | (29 | ) | (15,730 | ) | (2,435 | ) | (12,037 | ) | — | (8,717 | ) | (4,782 | ) | — | — | — | |||||||||||
3,431 | 10 | 67,886 | 12,696 | 25,507 | — | 33,920 | 88,777 | — | — | — | |||||||||||||||||||
Investments in affiliates | — | — | — | — | 4,627 | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | (52 | ) | (11 | ) | (891 | ) | (156 | ) | (90 | ) | — | (58 | ) | 423 | — | — | — | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | 38 | 2 | — | — | — | (14 | ) | (908 | ) | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 4,695 | 3,809 | 47,765 | 7,519 | 8,514 | — | 5,962 | 60,732 | — | — | — | ||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
8,074 | 3,846 | 114,762 | 20,059 | 38,558 | — | 39,810 | 149,024 | — | — | — | |||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | 23,609 | — | — | 55,330 | — | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 22 | — | 362 | 12 | 283 | — | 97 | 545 | — | — | — | ||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | 267 | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
22 | — | 362 | 12 | 23,892 | — | 97 | 56,142 | — | — | — | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital - Common OP units | 8,052 | 3,846 | 114,400 | 20,047 | 14,666 | — | 39,713 | 92,882 | — | — | — | ||||||||||||||||||
8,074 | 3,846 | 114,762 | 20,059 | 38,558 | — | 39,810 | 149,024 | — | — | — | |||||||||||||||||||
6
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
March 31, 2005
(Dollars in thousands)
MeriStar Sub 5I, LLC | CapStar LLC | Meristar LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||
Assets | ||||||||||||||||||||
Property and equipment | — | — | — | — | — | 3,312 | — | 1,108,753 | — | $2,637,362 | ||||||||||
Accumulated depreciation | — | — | — | — | — | (3,384) | — | (214,877) | — | (530,049) | ||||||||||
— | — | — | — | — | (72) | — | 893,876 | — | 2,107,313 | |||||||||||
Investments in affiliates | — | — | — | — | — | 43,219 | (41,590) | 110,496 | (2,454,666) | 70,451 | ||||||||||
Prepaid expenses and other assets | — | — | — | — | — | 10,411 | 10 | 7,765 | — | 34,045 | ||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | 60,896 | ||||||||||
Accounts receivable, net | — | — | — | — | — | 38,395 | — | 39,412 | (12,684) | 40,506 | ||||||||||
Due to/from subsidiaries | — | — | — | — | — | 45,964 | (1,670) | 593,495 | — | — | ||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | (259,065) | — | ||||||||||
Restricted cash | — | — | — | — | — | 542 | — | 3,542 | — | 62,946 | ||||||||||
Cash and cash equivalents | — | — | — | — | — | 28,892 | — | 28,892 | — | 53,863 | ||||||||||
— | — | — | — | — | 167,351 | (43,250) | 1,677,478 | (2,726,415) | $2,430,020 | |||||||||||
Liabilities and Partners' Capital | ||||||||||||||||||||
Long-term debt | — | — | — | — | — | 211,456 | — | 352,073 | (259,065) | $1,397,649 | ||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | 202,528 | ||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | 45,319 | — | 50,347 | — | 66,144 | ||||||||||
Accrued interest | — | — | — | — | — | 12,684 | — | 12,951 | (12,684) | 35,812 | ||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | 6,437 | — | 6,237 | — | 18,045 | ||||||||||
Other liabilities | — | — | — | — | — | 8,116 | — | 8,116 | — | 20,246 | ||||||||||
— | — | — | — | — | 284,012 | — | 429,724 | (271,749) | 1,740,424 | |||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | 2,422 | ||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | 16,085 | ||||||||||
Partners' capital—Common OP units | — | — | — | — | — | (116,661) | (43,250) | 1,247,754 | (2,454,666) | 671,089 | ||||||||||
— | — | — | — | — | 167,351 | (43,250) | 1,677,478 | (2,726,415) | $2,430,020 | |||||||||||
7
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Property and equipment | $ | 22,301 | 1,476,952 | — | — | — | — | — | 10,885 | 13,687 | 88,943 | 27,485 | 16,028 | 10,034 | |||||||||||||||||||||
Accumulated depreciation | (14,642 | ) | (286,652 | ) | — | — | — | — | — | (783 | ) | (3,179 | ) | (14,741 | ) | (7,319 | ) | (3,618 | ) | (413 | ) | ||||||||||||||
7,659 | 1,190,300 | — | — | — | — | — | 10,102 | 10,508 | 74,202 | 20,166 | 12,410 | 9,621 | |||||||||||||||||||||||
Investments in affiliates | 2,492,499 | 7,992 | 40,661 | 9,487 | 32 | 72 | 2,989 | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 31,287 | (3,841 | ) | — | — | — | — | — | (11 | ) | (81 | ) | (101 | ) | (190 | ) | (26 | ) | (12 | ) | |||||||||||||||
Insurance claim receivable | 76,056 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | 9,596 | 1,054 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due to/from subsidiaries | (1,106,110 | ) | 522,427 | 1,181 | 750 | — | 9 | 73 | 7,830 | 6,748 | 31,376 | (4,175 | ) | 7,517 | 3,135 | ||||||||||||||||||||
Note receivable from subsidiaries | 221,704 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Restricted cash | 55,754 | 1,346 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents | 41,224 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
$ | 1,829,669 | 1,719,278 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | 15,801 | 19,901 | 12,744 | ||||||||||||||||||||||
Liabilities and Partners’ Capital |
| ||||||||||||||||||||||||||||||||||
Long-term debt | $ | 841,976 | 471,781 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 203,977 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable and accrued expenses | 14,777 | 5,128 | — | — | — | — | — | — | 6 | — | 59 | — | 153 | ||||||||||||||||||||||
Accrued interest | 38,683 | 2,214 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due to Interstate Hotels & Resorts | 11,347 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other liabilities | 5,382 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
1,116,142 | 479,123 | — | — | — | — | — | — | 6 | — | 59 | — | 153 | |||||||||||||||||||||||
Minority interests | 2,418 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | 19,187 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital - Common OP units | 691,922 | 1,240,155 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,169 | 105,477 | 15,742 | 19,901 | 12,591 | ||||||||||||||||||||||
$ | 1,829,669 | 1,719,278 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | 15,801 | 19,901 | 12,744 | ||||||||||||||||||||||
8
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, 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. | MeriStar Sub 4H, L.P. | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Property and equipment | 11,800 | 17,581 | — | — | 18,367 | 49,971 | — | 20,404 | 18,560 | 24,167 | — | — | 1 | ||||||||||||||||||||||
Accumulated depreciation | (723 | ) | (4,384 | ) | — | — | (3,377 | ) | (11,560 | ) | (1 | ) | (4,557 | ) | (591 | ) | (5,738 | ) | — | — | — | ||||||||||||||
11,077 | 13,197 | — | — | 14,990 | 38,411 | (1 | ) | 15,847 | 17,969 | 18,429 | — | — | 1 | ||||||||||||||||||||||
Investments in affiliates | — | — | 43 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | (77 | ) | 2 | — | — | (21 | ) | (93 | ) | — | (83 | ) | (178 | ) | (35 | ) | — | — | — | ||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | 124 | — | 64 | 96 | — | — | — | — | — | ||||||||||||||||||||||
Due to/from subsidiaries | 5,022 | 6,581 | (43 | ) | — | 9,328 | 22,758 | 7,015 | 15,571 | 12,510 | 8,688 | 11,439 | — | 3,413 | |||||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
16,022 | 19,780 | — | — | 24,421 | 61,076 | 7,078 | 31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | |||||||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | 33 | — | — | — | — | — | ||||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable and accrued expenses | 1 | 211 | — | — | (21 | ) | (20 | ) | 5 | (7 | ) | (4 | ) | 61 | — | — | — | ||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
1 | 211 | — | — | (21 | ) | (20 | ) | 5 | 26 | (4 | ) | 61 | — | — | — | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital - Common OP units | 16,021 | 19,569 | — | — | 24,442 | 61,096 | 7,073 | 31,405 | 30,305 | 27,021 | 11,439 | — | 3,414 | ||||||||||||||||||||||
16,022 | 19,780 | — | — | 24,421 | 61,076 | 7,078 | 31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | |||||||||||||||||||||||
9
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(Dollars in thousands)
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, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Property and equipment | 20,118 | 22,986 | 5,500 | — | — | — | — | — | — | — | 3,955 | — | 19,976 | |||||||||||||||||||
Accumulated depreciation | (3,974 | ) | (7,740 | ) | (2 | ) | — | — | — | — | — | — | — | (840 | ) | — | (4,320 | ) | ||||||||||||||
16,144 | 15,246 | 5,498 | — | — | — | — | — | — | — | 3,115 | — | 15,656 | ||||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (22 | ) | (43 | ) | (96 | ) | — | — | — | — | — | — | — | (24 | ) | — | (6 | ) | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | (44 | ) | — | — | — | — | — | 178 | — | — | — | ||||||||||||||||||
Due to/from subsidiaries | 6,024 | 9,411 | 8,518 | 9,944 | — | 4,976 | 7,612 | — | — | 20,297 | 2,879 | — | 9,835 | |||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
22,146 | 24,614 | 13,920 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | 25,485 | ||||||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable and accrued expenses | 88 | — | 2 | — | — | — | — | — | — | — | 75 | — | 59 | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
88 | — | 2 | — | — | — | — | — | — | — | 75 | — | 59 | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital - Common OP units | 22,058 | 24,614 | 13,918 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,895 | — | 25,426 | |||||||||||||||||||
22,146 | 24,614 | 13,920 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | 25,485 | ||||||||||||||||||||
10
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(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. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | ||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Property and equipment | 69,500 | — | 55,081 | — | 11,877 | — | 42,467 | — | — | — | — | 35,341 | — | |||||||||||||||||||
Accumulated depreciation | (14,321 | ) | — | (11,258 | ) | — | (2,636 | ) | — | (9,533 | ) | — | — | — | — | (6,923 | ) | — | ||||||||||||||
55,179 | — | 43,823 | — | 9,241 | — | 32,934 | — | — | — | — | 28,418 | — | ||||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | 51,368 | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (550 | ) | — | 46 | — | (14 | ) | — | (77 | ) | — | — | — | — | (10 | ) | — | |||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | 1,169 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to/from subsidiaries | 22,849 | (262 | ) | 26,640 | 2,370 | 2,976 | — | (6,151 | ) | — | — | — | — | 4,108 | 21,531 | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
77,478 | (262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | 32,516 | 21,531 | |||||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | 24,000 | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable and accrued expenses | — | — | 2,381 | — | (125 | ) | — | 165 | — | — | — | — | 334 | — | ||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | (200 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
— | — | 2,181 | — | (125 | ) | — | 24,165 | — | — | — | — | 334 | — | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital - Common OP units | 77,478 | (262 | ) | 69,497 | 2,370 | 12,328 | — | 53,909 | — | — | — | — | 32,182 | 21,531 | ||||||||||||||||||
77,478 | (262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | 32,516 | 21,531 | |||||||||||||||||||
11
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(Dollars in thousands)
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 5N, LLC | MeriStar Sub 5P, LLC | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 18,969 | — | 7,263 | — | — | — | — | 168,827 | 3,580 | 39 | |||||||||||||||||
Accumulated depreciation | (1,607 | ) | — | (844 | ) | — | — | (1 | ) | — | (35,721 | ) | (448 | ) | (28 | ) | |||||||||||
17,362 | — | 6,419 | — | — | (1 | ) | — | 133,106 | 3,132 | 11 | |||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (118 | ) | — | (39 | ) | — | — | — | — | (394 | ) | (45 | ) | (10 | ) | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | — | — | 38 | |||||||||||||||||
Due to/from subsidiaries | 10,741 | — | 4,524 | 1,728 | (2,360 | ) | 16,930 | — | 45,208 | 4,988 | 3,724 | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,075 | 3,763 | |||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | — | — | 4 | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | — | — | 4 | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital - Common OP units | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,071 | 3,763 | ||||||||||||||||
27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,075 | 3,763 | |||||||||||||||||
12
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(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 Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | |||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Property and equipment | 79,579 | 13,980 | 37,074 | — | 41,862 | 93,264 | — | — | — | — | — | — | — | ||||||||||||||||||
Accumulated depreciation | (14,819 | ) | (2,312 | ) | (11,767 | ) | — | (8,398 | ) | (3,478 | ) | — | — | — | — | — | — | — | |||||||||||||
64,760 | 11,668 | 25,307 | — | 33,464 | 89,786 | — | — | — | — | — | — | — | |||||||||||||||||||
Investments in affiliates | — | — | 4,627 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | (769 | ) | (137 | ) | (78 | ) | — | (51 | ) | 466 | — | — | — | — | — | — | — | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | — | — | 359 | (14 | ) | (361 | ) | — | — | — | — | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 51,127 | 8,187 | 8,010 | 16,379 | 6,370 | 58,867 | — | — | — | — | — | — | — | ||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
115,118 | 19,718 | 37,866 | 16,738 | 39,769 | 148,758 | — | — | — | — | — | — | — | |||||||||||||||||||
Liabilities and Partners’ Capital |
| ||||||||||||||||||||||||||||||
Long-term debt | — | — | 23,609 | — | — | 55,509 | — | — | — | — | — | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 126 | (18 | ) | 114 | — | 152 | 273 | — | — | — | — | — | — | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | 268 | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
126 | (18 | ) | 23,723 | — | 152 | 56,050 | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital - Common OP units | 114,992 | 19,736 | 14,143 | 16,738 | 39,617 | 92,708 | — | — | — | — | — | — | — | ||||||||||||||||||
115,118 | 19,718 | 37,866 | 16,738 | 39,769 | 148,758 | — | — | — | — | — | — | — | |||||||||||||||||||
13
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||||
Assets | ||||||||||||||||||
Property and equipment | — | 3,316 | — | 1,082,467 | — | $ | 2,581,720 | |||||||||||
Accumulated depreciation | — | (3,384 | ) | — | (205,338 | ) | — | (506,632 | ) | |||||||||
— | (68 | ) | — | 877,129 | — | 2,075,088 | ||||||||||||
Investments in affiliates | — | 42,290 | (40,661 | ) | 110,908 | (2,526,603 | ) | 84,796 | ||||||||||
Prepaid expenses and other assets | — | 9,661 | — | 6,784 | — | 34,230 | ||||||||||||
Insurance claim receivable | — | — | — | — | — | 76,056 | ||||||||||||
Accounts receivable, net | — | 30,134 | — | 31,743 | (9,414 | ) | 32,979 | |||||||||||
Due to/from subsidiaries | — | 40,158 | (1,181 | ) | 583,683 | — | — | |||||||||||
Note receivable from subsidiaries | — | — | — | — | (221,704 | ) | — | |||||||||||
Restricted cash | — | 1,313 | — | 1,313 | — | 58,413 | ||||||||||||
Cash and cash equivalents | — | 19,309 | — | 19,309 | — | 60,533 | ||||||||||||
— | 142,797 | (41,842 | ) | 1,630,869 | (2,757,721 | ) | $ | 2,422,095 | ||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||
Long-term debt | — | 174,095 | — | 277,246 | (221,704 | ) | $ | 1,369,299 | ||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | 203,977 | ||||||||||||
Accounts payable and accrued expenses | — | 47,802 | — | 51,876 | — | 71,781 | ||||||||||||
Accrued interest | — | 9,414 | — | 9,682 | (9,414 | ) | 41,165 | |||||||||||
Due to Interstate Hotels & Resorts | — | 10,652 | — | 10,452 | — | 21,799 | ||||||||||||
Other liabilities | — | 6,171 | — | 6,171 | — | 11,553 | ||||||||||||
— | 248,134 | — | 355,427 | (231,118 | ) | 1,719,574 | ||||||||||||
Minority interests | — | — | — | — | — | 2,418 | ||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | 19,187 | ||||||||||||
Partners’ capital - Common OP units | — | (105,337 | ) | (41,842 | ) | 1,275,442 | (2,526,603 | ) | 680,916 | |||||||||
— | 142,797 | (41,842 | ) | 1,630,869 | (2,757,721 | ) | $ | 2,422,095 | ||||||||||
14
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | $ | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | 1,434 | 129 | — | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | — | 35,598 | 1,408 | (1,341 | ) | — | — | — | 293 | 624 | 1,934 | |||||||||||||
Total revenue | 1,434 | 35,727 | 1,408 | (1,341 | ) | — | — | — | 293 | 624 | 1,934 | |||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | 346 | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | 3,500 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 2,012 | 13,257 | — | — | — | — | — | 157 | 165 | 623 | ||||||||||||||
Property taxes, insurance and other | 1,387 | 4,761 | — | — | — | — | — | 25 | 158 | 259 | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 6,899 | 18,364 | — | — | — | — | — | 182 | 323 | 882 | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,634 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | (3,831 | ) | 17,363 | 1,408 | (1,341 | ) | — | — | — | 111 | 301 | 1,052 | ||||||||||||
Minority interest income (expense) | (5 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (17,675 | ) | (7,669 | ) | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | (60 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | 7,822 | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | (13,749 | ) | 9,694 | 1,408 | (1,341 | ) | — | — | — | 111 | 301 | 1,052 | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | (13,749 | ) | 9,694 | 1,408 | (1,341 | ) | — | — | — | 111 | 301 | 1,052 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net income (loss) | $ | (13,749 | ) | 9,694 | 1,408 | (1,341 | ) | — | — | — | 111 | 301 | 1,052 | |||||||||||
15
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | 11 | — | — | 1 | — | — | 17 | 3 | — | ||||||||||||
Participating lease revenue | 414 | 385 | 242 | 293 | 748 | — | — | 618 | 1,561 | — | ||||||||||||
Total revenue | 414 | 396 | 242 | 293 | 749 | — | — | 635 | 1,564 | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | 3 | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 353 | 136 | 134 | 40 | 156 | — | — | 106 | 380 | — | ||||||||||||
Property taxes, insurance and other | 207 | 44 | 32 | 34 | 102 | — | — | 79 | 138 | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 563 | 180 | 166 | 74 | 258 | — | — | 185 | 518 | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | (149 | ) | 216 | 76 | 219 | 491 | — | — | 450 | 1,046 | — | |||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (220 | ) | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (149 | ) | 216 | 76 | 219 | 491 | — | — | 450 | 826 | — | |||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (149 | ) | 216 | 76 | 219 | 491 | — | — | 450 | 826 | — | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net income (loss) | (149 | ) | 216 | 76 | 219 | 491 | — | — | 450 | 826 | — | |||||||||||
16
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
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 | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | |||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 520 | 910 | 979 | — | — | — | 358 | 444 | 439 | — | — | ||||||||||||
Total revenue | 520 | 910 | 979 | — | — | — | 358 | 444 | 439 | — | — | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | (3 | ) | — | — | — | — | — | — | 5 | 36 | — | — | |||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 126 | 154 | 167 | — | — | — | 165 | 162 | 73 | — | — | ||||||||||||
Property taxes, insurance and other | 44 | 89 | 101 | — | — | — | 52 | 57 | 100 | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 167 | 243 | 268 | — | — | — | 217 | 224 | 209 | — | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 353 | 667 | 711 | — | — | — | 141 | 220 | 230 | — | — | ||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | (2 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 351 | 667 | 711 | — | — | — | 141 | 220 | 230 | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 351 | 667 | 711 | — | — | — | 141 | 220 | 230 | — | — | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net income (loss) | 351 | 667 | 711 | — | — | — | 141 | 220 | 230 | — | — | ||||||||||||
17
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 3A, LLC | MeriStar Sub 4A, LP | 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 | — | — | — | — | — | — | — | — | 4 | — | ||||||||||
Participating lease revenue | — | — | — | — | — | 134 | — | 768 | 1,581 | — | ||||||||||
Total revenue | — | — | — | — | — | 134 | — | 768 | 1,585 | — | ||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | 60 | — | ||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | — | — | — | — | 49 | — | 139 | 584 | — | ||||||||||
Property taxes, insurance and other | — | — | — | — | — | 31 | — | 76 | 363 | — | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | — | — | — | 80 | — | 215 | 1,007 | — | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | — | — | — | — | 54 | — | 553 | 578 | — | ||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | 54 | — | 553 | 578 | — | ||||||||||
Income tax expense | — | — | — | — | — | — | — | — | ��� | — | ||||||||||
(Loss) income from continuing operations | — | — | — | — | — | 54 | — | 553 | 578 | — | ||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Net income (loss) | — | — | — | — | — | 54 | — | 553 | 578 | — | ||||||||||
18
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(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 | — | — | — | — | — | — | — | — | — | 3 | ||||||||||||
Participating lease revenue | 2,176 | — | 267 | — | 442 | — | — | — | — | 511 | ||||||||||||
Total revenue | 2,176 | — | 267 | — | 442 | — | — | — | — | 514 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | 353 | — | — | — | 2 | — | — | — | — | (1 | ) | |||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 358 | — | 113 | — | 343 | — | — | — | — | 283 | ||||||||||||
Property taxes, insurance and other | 585 | — | 37 | — | 86 | — | — | — | — | 101 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 1,296 | — | 150 | — | 431 | — | — | — | — | 383 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 880 | — | 117 | — | 11 | — | — | — | — | 131 | ||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | (408 | ) | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 880 | — | 117 | — | (397 | ) | — | — | — | — | 131 | |||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 880 | — | 117 | — | (397 | ) | — | — | — | — | 131 | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net income (loss) | 880 | — | 117 | — | (397 | ) | — | — | — | — | 131 | |||||||||||
19
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(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 5N, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | 9 | — | ||||||||||||
Participating lease revenue | — | 386 | — | — | — | — | — | — | 3,989 | — | ||||||||||||
Total revenue | — | 386 | — | — | — | — | — | — | 3,998 | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | 8 | — | ||||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | — | 67 | — | 35 | — | — | — | — | 1,551 | 19 | ||||||||||||
Property taxes, insurance and other | — | — | — | — | — | — | — | — | 336 | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | — | 67 | — | 35 | — | — | — | — | 1,895 | 19 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | — | 319 | — | (35 | ) | — | — | — | — | 2,103 | (19 | ) | ||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | — | 319 | — | (35 | ) | — | — | — | — | 2,103 | (19 | ) | ||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | — | 319 | — | (35 | ) | — | — | — | — | 2,103 | (19 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net income (loss) | — | 319 | — | (35 | ) | — | — | — | — | 2,103 | (19 | ) | ||||||||||
20
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
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 | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | 227 | — | 18 | — | 2 | — | — | — | — | |||||||||||||
Participating lease revenue | 85 | — | 434 | 1,696 | — | 630 | 2,878 | — | — | — | |||||||||||||
Total revenue | 85 | 227 | 434 | 1,714 | — | 632 | 2,878 | — | — | — | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 1 | — | 1 | — | 122 | — | — | — | — | |||||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 1 | 911 | 123 | 270 | — | 318 | 1,323 | — | — | — | |||||||||||||
Property taxes, insurance and other | 1 | (93 | ) | — | 211 | — | 96 | 578 | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 2 | 819 | 123 | 482 | — | 536 | 1,901 | — | — | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption income | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | 83 | (592 | ) | 311 | 1,232 | — | 96 | 977 | — | — | — | ||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | (708 | ) | — | — | (803 | ) | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 83 | (592 | ) | 311 | 524 | — | 96 | 174 | — | — | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 83 | (592 | ) | 311 | 524 | — | 96 | 174 | — | — | — | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net income (loss) | 83 | (592 | ) | 311 | 524 | — | 96 | 174 | — | — | — | ||||||||||||
21
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | 125,995 | — | 125,995 | — | $ | 125,995 | |||||||||||||||
Food and beverage | — | — | — | — | — | 51,858 | — | 51,858 | — | 51,858 | ||||||||||||||||
Other hotel operations | — | — | — | — | — | 11,384 | — | 11,384 | — | 11,384 | ||||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | 295 | — | 1,858 | ||||||||||||||||
Participating lease revenue | — | — | — | — | — | 1,408 | (1,408 | ) | 26,806 | (62,404 | ) | — | ||||||||||||||
Total revenue | — | — | — | — | — | 190,645 | (1,408 | ) | 216,338 | (62,404 | ) | 191,095 | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | 31,359 | — | 31,359 | — | 31,359 | ||||||||||||||||
Food and beverage | — | — | — | — | — | 37,509 | — | 37,509 | — | 37,509 | ||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | 7,116 | — | 7,116 | — | 7,116 | ||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | (109 | ) | — | 478 | — | 824 | |||||||||||||||
Other operating expenses: | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
General and administrative, hotel | — | — | — | — | — | 32,105 | — | 32,105 | — | 32,105 | ||||||||||||||||
General and administrative, corporate | — | — | — | — | — | 33 | — | 33 | — | 3,533 | ||||||||||||||||
Property operating costs | — | — | — | — | — | 29,682 | — | 29,682 | — | 29,682 | ||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | — | 9,584 | — | 24,853 | ||||||||||||||||
Property taxes, insurance and other | — | — | — | — | — | 63,316 | — | 67,245 | (62,404 | ) | 10,989 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating expenses | — | — | — | — | — | 201,011 | — | 215,111 | (62,404 | ) | 177,970 | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | 1,634 | ||||||||||||||||
Hurricane business interruption income | — | — | — | — | — | 2,281 | — | 2,281 | — | 2,281 | ||||||||||||||||
Operating income (loss) | — | — | — | — | — | (8,085 | ) | (1,408 | ) | 3,508 | — | 17,040 | ||||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | (5 | ) | |||||||||||||||
Interest expense, net | — | — | — | — | — | (3,229 | ) | — | (5,370 | ) | — | (30,714 | ) | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | (60 | ) | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | (7,822 | ) | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | (11,314 | ) | (1,408 | ) | (1,862 | ) | (7,822 | ) | (13,739 | ) | |||||||||||
Income tax expense | — | — | — | — | — | (10 | ) | — | (10 | ) | — | (10 | ) | |||||||||||||
(Loss) income from continuing operations | — | — | — | — | — | (11,324 | ) | (1,408 | ) | (1,872 | ) | (7,822 | ) | (13,749 | ) | |||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net income (loss) | — | — | — | — | — | (11,324 | ) | (1,408 | ) | (1,872 | ) | (7,822 | ) | $ | (13,749 | ) | ||||||||||
22
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor Subsidiaries | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | |||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||
Rooms | $ | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Office rental, parking and other revenue | 4 | 634 | — | — | — | — | — | — | — | 9 | — | — | ||||||||||||||||
Participating lease revenue | — | 33,982 | — | — | — | 302 | 601 | 1,864 | 422 | 371 | 245 | 377 | ||||||||||||||||
Total revenue | 4 | 34,616 | — | — | — | 302 | 601 | 1,864 | 422 | 380 | 245 | 377 | ||||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Office rental, parking and other expenses | — | 290 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
General and administrative, corporate | 3,831 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Depreciation and amortization | 2,521 | 12,529 | — | — | — | 157 | 164 | 595 | 356 | 149 | 97 | 38 | ||||||||||||||||
Property taxes, insurance and other | — | 5,735 | — | — | — | 24 | 123 | 306 | 210 | 62 | 29 | 40 | ||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Write-off of deferred financing fees | 856 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating expenses | 7,208 | 18,554 | — | — | — | 181 | 287 | 901 | 566 | 211 | 126 | 78 | ||||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,600 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating income (loss) | (5,604 | ) | 16,062 | — | — | — | 121 | 314 | 963 | (144 | ) | 169 | 119 | 299 | ||||||||||||||
Minority interest income (expense) | 4 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Interest expense, net | (23,430 | ) | (8,415 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | (5,923 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | (6,866 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | (41,819 | ) | 7,647 | — | — | — | 121 | 314 | 963 | (144 | ) | 169 | 119 | 299 | ||||||||||||||
Income tax benefit | 390 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from continuing operations | (41,429 | ) | 7,647 | — | — | — | 121 | 314 | 963 | (144 | ) | 169 | 119 | 299 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | 477 | (56 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax benefit | 65 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from discontinued operations | 542 | (56 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net income (loss) | $ | (40,887 | ) | 7,591 | — | — | — | 121 | 314 | 963 | (144 | ) | 169 | 119 | 299 | |||||||||||||
23
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar SUB 8A, 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. | MeriStar Sub 4H, L.P. | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | 1 | — | — | 49 | — | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 583 | — | — | 432 | 1,413 | — | 604 | 692 | 829 | — | — | — | ||||||||||||||
Total revenue | 584 | — | — | 481 | 1,413 | — | 604 | 692 | 829 | — | — | — | ||||||||||||||
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 | 178 | — | — | 137 | 410 | — | 128 | 196 | 209 | — | — | — | ||||||||||||||
Property taxes, insurance and other | 109 | — | — | 78 | 153 | — | 47 | 98 | 105 | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 287 | — | — | 215 | 563 | — | 175 | 294 | 314 | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | 297 | — | — | 266 | 850 | — | 429 | 398 | 515 | — | — | — | ||||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 297 | — | — | 266 | 850 | — | 429 | 398 | 515 | — | — | — | ||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 297 | — | — | 266 | 850 | — | 429 | 398 | 515 | — | — | — | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | 165 | — | — | — | (203 | ) | — | (403 | ) | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | 165 | — | — | — | (203 | ) | — | (403 | ) | ||||||||||||
Net income (loss) | 297 | — | — | 266 | 850 | 165 | 429 | 398 | 515 | (203 | ) | — | (403 | ) | ||||||||||||
24
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
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, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | 1 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 345 | 376 | 422 | — | — | — | — | — | — | — | 130 | — | ||||||||||||||
Total revenue | 346 | 376 | 422 | — | — | — | — | — | — | — | 130 | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | — | 34 | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 152 | 192 | 113 | — | — | — | — | — | — | — | 23 | — | ||||||||||||||
Property taxes, insurance and other | 52 | 65 | 108 | — | — | — | — | — | — | — | 29 | — | ||||||||||||||
Loss on asset impairments | — | — | 184 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 204 | 257 | 439 | — | — | — | — | — | — | — | 52 | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | 142 | 119 | (17 | ) | — | — | — | — | — | — | — | 78 | — | |||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 142 | 119 | (17 | ) | — | — | — | — | — | — | — | 78 | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 142 | 119 | (17 | ) | — | — | — | — | — | — | — | 78 | — | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | (664 | ) | — | 89 | 96 | — | — | 1,852 | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | (664 | ) | — | 89 | 96 | — | — | 1,852 | — | — | |||||||||||||
Net income (loss) | 142 | 119 | (17 | ) | (664 | ) | — | 89 | 96 | — | — | 1,852 | 78 | — | ||||||||||||
25
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
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. | MeriStar Sub 2D, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | 85 | — | 436 | — | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 496 | 1,389 | — | 1,461 | — | 237 | — | 459 | — | — | — | — | ||||||||||||||
Total revenue | 496 | 1,474 | — | 1,897 | — | 237 | — | 459 | — | — | — | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | 28 | — | 199 | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 141 | 569 | — | 431 | — | 112 | — | 369 | — | — | — | — | ||||||||||||||
Property taxes, insurance and other | 75 | 418 | — | 658 | — | 58 | — | 53 | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 216 | 1,015 | — | 1,288 | — | 170 | — | 422 | — | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | 280 | 459 | — | 609 | — | 67 | — | 37 | — | — | — | — | ||||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | (307 | ) | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 280 | 459 | — | 609 | — | 67 | — | (270 | ) | — | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 280 | 459 | — | 609 | — | 67 | — | (270 | ) | — | — | — | — | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | (284 | ) | — | 47 | — | — | — | — | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | (284 | ) | — | 47 | — | — | — | — | — | — | — | |||||||||||||
Net income (loss) | 280 | 459 | (284 | ) | 609 | 47 | 67 | — | (270 | ) | — | — | — | — | ||||||||||||
26
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
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. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 4 | — | — | — | — | — | — | — | — | 7 | ||||||||||||
Participating lease revenue | 492 | — | 569 | — | 261 | — | — | — | — | 3,062 | ||||||||||||
Total revenue | 496 | — | 569 | — | 261 | — | — | — | — | 3,069 | ||||||||||||
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 | 277 | — | 118 | — | 57 | — | — | — | — | 1,572 | ||||||||||||
Property taxes, insurance and other | 89 | — | 71 | — | 27 | — | — | — | — | 426 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 366 | — | 189 | — | 84 | — | — | — | — | 1,998 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 130 | — | 380 | — | 177 | — | — | — | — | 1,071 | ||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 130 | — | 380 | — | 177 | — | — | — | — | 1,071 | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 130 | — | 380 | — | 177 | — | — | — | — | 1,071 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | 264 | — | — | — | (216 | ) | (978 | ) | 85 | — | — | ||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | 264 | — | — | — | (216 | ) | (978 | ) | 85 | — | — | ||||||||||
Net income (loss) | 130 | 264 | 380 | — | 177 | (216 | ) | (978 | ) | 85 | — | 1,071 | ||||||||||
27
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 5N, LLC | 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 Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | — | — | — | 36 | — | 32 | — | — | — | ||||||||||||
Participating lease revenue | 308 | 167 | 2,675 | 571 | 1,631 | — | 654 | — | — | — | ||||||||||||
Total revenue | 308 | 167 | 2,675 | 571 | 1,667 | — | 686 | — | — | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | 68 | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 34 | 1 | 1,415 | 140 | 269 | — | 315 | — | — | — | ||||||||||||
Property taxes, insurance and other | 28 | 2 | 375 | 57 | 189 | — | 91 | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 62 | 3 | 1,790 | 197 | 458 | — | 474 | — | — | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 246 | 164 | 885 | 374 | 1,209 | — | 212 | — | — | — | ||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | (708 | ) | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 246 | 164 | 885 | 374 | 501 | — | 212 | — | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 246 | 164 | 885 | 374 | 501 | — | 212 | — | — | — | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | (857 | ) | — | — | — | — | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | (857 | ) | — | — | — | — | |||||||||||
Net income (loss) | 246 | 164 | 885 | 374 | 501 | (857 | ) | 212 | — | — | — | |||||||||||
28
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | 129,992 | 129,992 | — | $ | 129,992 | |||||||||||||
Food and beverage | — | — | — | — | — | 49,110 | 49,110 | — | 49,110 | ||||||||||||||
Other hotel operations | — | — | — | — | — | 15,340 | 15,340 | — | 15,340 | ||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | 70 | 730 | — | 1,368 | ||||||||||||||
Participating lease revenue | — | — | — | — | — | — | 24,440 | (58,422 | ) | — | |||||||||||||
Total revenue | — | — | — | — | — | 194,512 | 219,612 | (58,422 | ) | 195,810 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | 31,686 | 31,686 | — | 31,686 | ||||||||||||||
Food and beverage | — | — | — | — | — | 36,907 | 36,907 | — | 36,907 | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | 9,475 | 9,475 | — | 9,475 | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | 295 | — | 585 | ||||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | 32,230 | 32,264 | — | 32,264 | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | 51 | 51 | — | 3,882 | ||||||||||||||
Property operating costs | — | — | — | — | — | 29,735 | 29,735 | — | 29,735 | ||||||||||||||
Depreciation and amortization | — | — | — | — | — | 39 | 9,153 | — | 24,203 | ||||||||||||||
Property taxes, insurance and other | — | — | — | — | — | 64,766 | 69,021 | (58,422 | ) | 16,334 | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | 184 | — | 184 | ||||||||||||||
Write-off of deferred financing fees | — | — | — | — | — | — | — | — | 856 | ||||||||||||||
Operating expenses | — | — | — | — | — | 204,889 | 218,771 | (58,422 | ) | 186,111 | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | 1,600 | ||||||||||||||
Operating income (loss) | — | — | — | — | — | (10,377 | ) | 841 | — | 11,299 | |||||||||||||
Minority interest income (expense) | — | — | — | — | — | — | — | — | 4 | ||||||||||||||
Interest expense, net | — | — | — | — | — | (1,642 | ) | (2,657 | ) | — | (34,502 | ) | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | (5,923 | ) | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | 6,866 | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | (12,019 | ) | (1,816 | ) | 6,866 | (29,122 | ) | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | 390 | ||||||||||||||
(Loss) income from continuing operations | — | — | — | — | — | (12,019 | ) | (1,816 | ) | 6,866 | (28,732 | ) | |||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income taxes | — | — | — | — | — | (11,634 | ) | (12,641 | ) | — | (12,220 | ) | |||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | 65 | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | (11,634 | ) | (12,641 | ) | — | (12,155 | ) | |||||||||||
Net income (loss) | — | — | — | — | — | (23,653 | ) | (14,457 | ) | 6,866 | $ | (40,887 | ) | ||||||||||
29
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | $ | (13,749 | ) | 9,694 | 1,408 | (1,341 | ) | — | — | — | 111 | 301 | 1,052 | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | 2,012 | 13,257 | — | (29 | ) | — | — | — | 157 | 165 | 623 | |||||||||||||||||
Loss on early extinguishments of debt | 60 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss (income) of unconsolidated affiliates | (7,822 | ) | — | — | 1,370 | — | — | — | — | — | — | |||||||||||||||||
Amortization of unearned stock-based compensation | 277 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | 11,752 | 280 | — | — | — | — | — | — | — | (63 | ) | |||||||||||||||||
Prepaid expenses and other assets | 25 | 844 | 10 | (96 | ) | — | — | — | 3 | 13 | 15 | |||||||||||||||||
Receivables from unconsolidated affiliates | 13,933 | — | 1,229 | (2,158 | ) | — | — | — | — | — | — | |||||||||||||||||
Due from/to Interstate Hotels & Resorts | 461 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (7,005 | ) | (1,434 | ) | — | — | — | — | — | 22 | (1 | ) | 5 | |||||||||||||||
Due from/to subsidiaries | 202,954 | 5,866 | (1,624 | ) | 913 | — | — | — | (292 | ) | (360 | ) | 3,675 | |||||||||||||||
Net cash provided by (used in) operating activities | 202,903 | 28,507 | 1,023 | (1,341 | ) | — | — | — | 1 | 118 | 5,307 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (1,472 | ) | (27,830 | ) | (929 | ) | 1,341 | — | — | — | (1 | ) | (118 | ) | (5,307 | ) | ||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | (2,172 | ) | (132 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (3,644 | ) | (27,962 | ) | (929 | ) | 1,341 | — | — | — | (1 | ) | (118 | ) | (5,307 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | (1,531 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on long-term debt | (2,003 | ) | (545 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | (41 | ) | — | (94 | ) | — | — | — | — | — | — | — | ||||||||||||||||
Loans to/from subsidiaries | (211,456 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Repurchase of limited partnership units | (507 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | 26 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | (215,512 | ) | (545 | ) | (94 | ) | — | — | — | — | — | — | — | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | (16,253 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, beginning of period | 41,224 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 24,971 | — | — | — | — | — | — | — | — | — | |||||||||||||||||
30
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 1C, | MeriStar Sub 8E, | MeriStar Sub 7F, | MeriStar Sub 5L, | MeriStar Sub 3C, | MeriStar Sub 5R, | MeriStar Sub 8A, | MeriStar Sub 6D, | MeriStar Sub 6E, | MeriStar Sub 4E, | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | (149 | ) | 216 | 76 | 219 | 491 | — | — | 450 | 826 | — | |||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | 353 | 136 | 134 | 40 | 156 | — | — | 106 | 380 | — | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | 12 | (3 | ) | 64 | |||||||||||||||||
Prepaid expenses and other assets | 38 | 4 | 2 | 12 | 6 | — | — | 3 | (787 | ) | — | |||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 45 | (32 | ) | 31 | 22 | 99 | — | — | (39 | ) | 141 | (5 | ) | |||||||||||||||
Due from/to subsidiaries | (133 | ) | (278 | ) | (525 | ) | (104 | ) | (722 | ) | — | — | (472 | ) | (32,578 | ) | (59 | ) | ||||||||||
Net cash provided by (used in) operating activities | 154 | 46 | (282 | ) | 189 | 30 | — | — | 60 | (32,021 | ) | — | ||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (154 | ) | (46 | ) | 282 | (189 | ) | (30 | ) | — | — | (60 | ) | (1,828 | ) | — | ||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | (3,000 | ) | — | |||||||||||||||||
Net cash (used in) provided by investing activities | (154 | ) | (46 | ) | 282 | (189 | ) | (30 | ) | — | — | (60 | ) | (4,828 | ) | — | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | 36,849 | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | 36,849 | — | ||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
31
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
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 | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | |||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||
Net income (loss) | 351 | 667 | 711 | — | — | — | 141 | 220 | 230 | — | ||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 126 | 154 | 167 | — | — | — | 165 | 162 | 73 | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | 12 | 27 | 5 | — | — | — | 3 | 7 | 23 | — | ||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 37 | 65 | (56 | ) | — | — | — | (10 | ) | 30 | 21 | — | ||||||||||||||
Due from/to subsidiaries | 97 | 3,651 | (600 | ) | — | — | — | (169 | ) | 31 | (325 | ) | — | |||||||||||||
Net cash provided by (used in) operating activities | 623 | 4,564 | 227 | — | — | — | 130 | 450 | 22 | — | ||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||
Capital expenditures for property and equipment | (618 | ) | (4,564 | ) | (227 | ) | — | — | — | (130 | ) | (450 | ) | (22 | ) | — | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (618 | ) | (4,564 | ) | (227 | ) | — | — | — | (130 | ) | (450 | ) | (22 | ) | — | ||||||||||
Financing activities: | ||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Scheduled payments on long-term debt | (5 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash provided by (used in) financing activities | (5 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
32
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LP | 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 | ||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | 54 | — | 553 | 578 | |||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | 49 | — | 139 | 584 | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | 5 | — | 7 | 79 | |||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | — | — | — | (35 | ) | — | (38 | ) | 246 | |||||||||||
Due from/to subsidiaries | — | — | — | — | — | — | (47 | ) | — | (524 | ) | (574 | ) | ||||||||||
Net cash provided by (used in) operating activities | — | — | — | — | — | — | 26 | — | 137 | 913 | |||||||||||||
Investing activities: | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | — | — | (26 | ) | — | (137 | ) | (913 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net cash (used in) provided by investing activities | — | — | — | — | — | — | (26 | ) | — | (137 | ) | (913 | ) | ||||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||
33
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
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. | MeriStar Sub 2D, LLC | ||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net income (loss) | — | 880 | — | 117 | — | (397 | ) | — | — | — | — | ||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | — | 358 | — | 113 | — | 343 | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | — | (300 | ) | — | (22 | ) | — | — | — | — | — | — | |||||||||||
Prepaid expenses and other assets | — | 36 | — | 2 | — | 14 | — | — | — | — | |||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | (500 | ) | — | 58 | — | 69 | — | — | — | — | ||||||||||||
Due from/to subsidiaries | — | (259 | ) | — | (169 | ) | — | (1 | ) | — | — | — | — | ||||||||||
Net cash provided by (used in) operating activities | — | 215 | — | 99 | — | 28 | — | — | — | — | |||||||||||||
Investing activities: | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | (215 | ) | — | (99 | ) | — | (28 | ) | — | — | — | — | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net cash (used in) provided by investing activities | — | (215 | ) | — | (99 | ) | — | (28 | ) | — | — | — | — | ||||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||
34
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
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. | |||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net income (loss) | 131 | — | 319 | — | (35 | ) | — | — | — | — | 2,103 | |||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 283 | — | 67 | — | 35 | — | — | — | — | 1,551 | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 6 | — | 17 | — | 6 | — | — | — | — | 96 | ||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (250 | ) | — | 51 | — | 19 | — | — | — | — | 289 | |||||||||||||
Due from/to subsidiaries | 429 | — | 291 | — | 554 | — | — | — | — | (1,548 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 599 | — | 745 | — | 579 | — | — | — | — | 2,491 | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Capital expenditures for property and equipment | (599 | ) | — | (745 | ) | — | (579 | ) | — | — | — | — | (2,491 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (599 | ) | — | (745 | ) | — | (579 | ) | — | — | — | — | (2,491 | ) | ||||||||||
Financing activities: | ||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
35
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 5N, LLC | 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 | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | (19 | ) | 83 | (592 | ) | 311 | 524 | — | 96 | 174 | — | — | ||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | 19 | 1 | 911 | 123 | 270 | — | 318 | 1,323 | — | — | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | — | — | (2 | ) | — | — | 359 | — | 547 | — | — | |||||||||||||||||
Prepaid expenses and other assets | 7 | 1 | 122 | 19 | 12 | — | 7 | 43 | — | — | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 18 | — | 236 | 30 | 169 | — | (55 | ) | 271 | — | — | |||||||||||||||||
Due from/to subsidiaries | 293 | (85 | ) | 3,362 | 668 | (505 | ) | (359 | ) | 409 | (1,885 | ) | — | — | ||||||||||||||
Net cash provided by (used in) operating activities | 318 | — | 4,037 | 1,151 | 470 | — | 775 | 473 | — | — | ||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (318 | ) | — | (4,037 | ) | (1,151 | ) | (470 | ) | — | (775 | ) | (295 | ) | — | — | ||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (318 | ) | — | (4,037 | ) | (1,151 | ) | (470 | ) | — | (775 | ) | (295 | ) | — | — | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | (178 | ) | — | — | |||||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | (178 | ) | — | — | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
36
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2005
(Dollars in thousands)
MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | MeriStar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | (11,324 | ) | (1,408 | ) | (1,872 | ) | (7,822 | ) | $ | (13,749 | ) | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | — | — | 9,555 | — | 24,824 | |||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | 60 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | 5 | |||||||||||||||||
Equity in loss (income) of unconsolidated affiliates | — | — | — | — | — | — | — | — | 1,370 | 7,822 | 1,370 | |||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | 277 | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | (8,261 | ) | — | (7,669 | ) | 3,270 | 7,633 | |||||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | (750 | ) | (10 | ) | (981 | ) | — | (112 | ) | |||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | 1,229 | (1,229 | ) | (929 | ) | — | 13,004 | |||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | (4,215 | ) | — | (4,215 | ) | — | (3,754 | ) | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | — | — | — | 2,732 | — | 3,685 | (3,270 | ) | (8,024 | ) | |||||||||||||||
Due from/to subsidiaries | — | — | — | — | — | — | (180,714 | ) | 1,718 | (208,820 | ) | — | — | |||||||||||||||
Net cash provided by (used in) operating activities | — | — | — | — | — | — | (201,303 | ) | (929 | ) | (209,876 | ) | — | 21,534 | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | — | — | (1,341 | ) | 929 | (26,340 | ) | — | (55,642 | ) | ||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | 771 | — | (2,229 | ) | — | (4,533 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | — | — | — | — | — | — | (570 | ) | 929 | (28,569 | ) | — | (60,175 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | (1,531 | ) | ||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | (183 | ) | — | (2,731 | ) | |||||||||||||||
Proceeds from incurrence of mortgage loan, net of financing costs | — | — | — | — | — | — | — | — | 36,755 | — | 36,714 | |||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | 211,456 | — | 211,456 | — | — | |||||||||||||||||
Repurchase of limited partnership units | — | — | — | — | — | — | — | — | — | — | (507 | ) | ||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | 26 | |||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | 211,456 | — | 248,028 | — | 31,971 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | 9,583 | — | 9,583 | — | (6,670 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | 19,309 | — | 19,309 | — | 60,533 | |||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | 28,892 | — | 28,892 | — | $ | 53,863 | ||||||||||||||||
37
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH UPREIT LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | $ | (40,887 | ) | 7,591 | — | — | — | 121 | 314 | 963 | (144 | ) | 169 | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | 3,377 | 13,358 | — | — | — | 157 | 164 | 595 | 356 | 149 | ||||||||||||||||||
Loss on asset impairments | — | 2,870 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | (68 | ) | (378 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on early extinguishments of debt | 5,923 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | (4 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in loss of unconsolidated affiliates | 6,866 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | 587 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | (358 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | 26 | 151 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | 1,187 | 1,972 | — | — | — | 4 | 16 | 19 | 19 | 5 | ||||||||||||||||||
Receivables from unconsolidated affiliates | (1,600 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due from/to Interstate Hotels & Resorts | 5,866 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (8,972 | ) | (3,129 | ) | — | — | — | (139 | ) | (66 | ) | 59 | 37 | (11 | ) | |||||||||||||
Due from/to subsidiaries | 86,165 | (36,539 | ) | — | — | — | (143 | ) | (428 | ) | 954 | (111 | ) | (256 | ) | |||||||||||||
Net cash provided by (used in) operating activities | 58,108 | (14,104 | ) | — | — | — | — | — | 2,590 | 157 | 56 | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (3,321 | ) | (9,189 | ) | — | — | — | — | — | (2,590 | ) | (157 | ) | (56 | ) | |||||||||||||
Proceeds from sales of assets | — | 26,475 | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | (1,127 | ) | 282 | — | — | — | — | — | — | — | — | |||||||||||||||||
Costs associated with disposition program and other, net | 84 | (1,157 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | (4,364 | ) | 16,411 | — | — | — | — | — | (2,590 | ) | (157 | ) | (56 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | (75,497 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on long-term debt | — | (2,307 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Loans to/from subsidiaries | (27,493 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Distributions to minority investors | (141 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | (77 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash provided by (used in) financing activities | (103,208 | ) | (2,307 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (150 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net decrease in cash and cash equivalents | (49,614 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, beginning of period | 218,646 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | 169,032 | — | — | — | — | — | — | — | — | — | |||||||||||||||||
38
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | |||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net income (loss) | 119 | 299 | 297 | — | — | 266 | 850 | 165 | 429 | 398 | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | 97 | 38 | 178 | — | — | 137 | 410 | 76 | 128 | 196 | ||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | (7 | ) | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 3 | 17 | 5 | — | — | 4 | 16 | 10 | 16 | 36 | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (24 | ) | 38 | 175 | — | — | (38 | ) | 328 | (255 | ) | (15 | ) | (39 | ) | |||||||||||||
Due from/to subsidiaries | (186 | ) | (357 | ) | (648 | ) | — | — | (312 | ) | (1,026 | ) | 13 | (311 | ) | (442 | ) | |||||||||||
Net cash provided by (used in) operating activities | 9 | 35 | 7 | — | — | 50 | 578 | 9 | 247 | 149 | ||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (9 | ) | (35 | ) | (7 | ) | — | — | (50 | ) | (578 | ) | (9 | ) | (247 | ) | (149 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (9 | ) | (35 | ) | (7 | ) | — | — | (50 | ) | (578 | ) | (9 | ) | (247 | ) | (149 | ) | ||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
39
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
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 | MeriStar Sub 3A, LLC | ||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net income (loss) | 515 | (203 | ) | — | (403 | ) | 142 | 119 | (17 | ) | (664 | ) | — | 89 | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 209 | — | — | 43 | 152 | 192 | 113 | 61 | — | 51 | |||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | 184 | 809 | — | — | |||||||||||||||||||
Loss on sale of assets, before tax effect | — | 253 | — | 365 | — | — | — | — | — | (20 | ) | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | — | — | — | 2,345 | — | |||||||||||||||||||
Prepaid expenses and other assets | 6 | 117 | — | (8 | ) | 4 | 8 | 26 | 7 | — | 1 | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 97 | 306 | — | (178 | ) | (13 | ) | 3 | 59 | (20 | ) | — | (161 | ) | |||||||||||||||
Due from/to subsidiaries | (742 | ) | (5,787 | ) | — | (4,192 | ) | 158 | (298 | ) | (361 | ) | (185 | ) | (2,345 | ) | (2,936 | ) | |||||||||||
Net cash provided by (used in) operating activities | 85 | (5,314 | ) | — | (4,373 | ) | 443 | 24 | 4 | 8 | — | (2,976 | ) | ||||||||||||||||
Investing activities: | �� | ||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (85 | ) | 569 | — | (86 | ) | (443 | ) | (24 | ) | (4 | ) | (8 | ) | — | (83 | ) | ||||||||||||
Proceeds from sales of assets | — | 5,000 | — | 4,650 | — | — | — | — | — | 3,300 | |||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Costs associated with disposition program and other, net | — | (255 | ) | — | (191 | ) | — | — | — | — | — | (241 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | (85 | ) | 5,314 | — | 4,373 | (443 | ) | (24 | ) | (4 | ) | (8 | ) | — | 2,976 | ||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
40
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 4A, LP | 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. | MeriStar Sub 7D, LLC | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net income (loss) | 96 | — | — | 1,852 | 78 | — | 280 | 459 | (284 | ) | 609 | |||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 23 | — | 141 | 569 | 98 | 431 | ||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on sale of assets, before tax effect | 46 | — | — | (1,827 | ) | — | — | — | — | 425 | — | |||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Accounts receivable | — | — | 2,002 | (178 | ) | — | 2 | — | — | — | (234 | ) | ||||||||||||||||||
Prepaid expenses and other assets | (9 | ) | 3 | — | 14 | 4 | (4 | ) | 4 | 105 | 7 | 17 | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (342 | ) | — | — | (25 | ) | 4 | — | 228 | 335 | (540 | ) | (166 | ) | ||||||||||||||||
Due from/to subsidiaries | (2,918 | ) | (3 | ) | (2,002 | ) | (13,823 | ) | (82 | ) | 2 | (560 | ) | (1,155 | ) | 328 | (326 | ) | ||||||||||||
Net cash provided by (used in) operating activities | (3,127 | ) | — | — | (13,987 | ) | 27 | — | 93 | 313 | 34 | 331 | ||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (194 | ) | — | — | (319 | ) | (27 | ) | — | (93 | ) | (313 | ) | (34 | ) | (331 | ) | |||||||||||||
Proceeds from sales of assets | 3,575 | — | — | 14,775 | — | — | — | — | — | — | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Costs associated with disposition program and other, net | (254 | ) | — | — | (469 | ) | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | 3,127 | — | — | 13,987 | (27 | ) | — | (93 | ) | (313 | ) | (34 | ) | (331 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
41
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
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. | MeriStar Sub 5K, LLC | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net income (loss) | 47 | 67 | — | (270 | ) | — | — | — | — | 130 | 264 | |||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 49 | 112 | — | 369 | — | — | — | — | 277 | 324 | ||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | — | 43 | — | 1,166 | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | 5 | 2 | — | 18 | 1 | — | 1 | — | 7 | 37 | ||||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 147 | 63 | 61 | 327 | — | — | — | — | (295 | ) | 44 | |||||||||||||||||||
Due from/to subsidiaries | (241 | ) | (81 | ) | (61 | ) | (346 | ) | (1 | ) | (43 | ) | (1 | ) | (1,166 | ) | 241 | (632 | ) | |||||||||||
Net cash provided by (used in) operating activities | 7 | 163 | — | 98 | — | — | — | — | 360 | 37 | ||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (7 | ) | (163 | ) | — | (98 | ) | — | — | — | — | (360 | ) | (37 | ) | |||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net cash (used in) provided by investing activities | (7 | ) | (163 | ) | — | (98 | ) | — | — | — | — | (360 | ) | (37 | ) | |||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
42
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
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 5N, LLC | MeriStar Sub 5P, LLC | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net income (loss) | 380 | — | 177 | (216 | ) | (978 | ) | 85 | — | 1,071 | 246 | 164 | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 118 | — | 57 | — | — | 112 | — | 1,572 | 34 | 1 | ||||||||||||||||||||
Loss on asset impairments | — | — | — | — | 903 | 245 | — | — | — | — | ||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 215 | — | — | — | — | — | — | ||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Accounts receivable | — | 198 | — | — | (7 | ) | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | 21 | (1 | ) | 8 | (4 | ) | 17 | 47 | — | 131 | 9 | 2 | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 49 | (14 | ) | 27 | (411 | ) | (119 | ) | (405 | ) | 22 | (761 | ) | 28 | — | |||||||||||||||
Due from/to subsidiaries | (548 | ) | (183 | ) | (264 | ) | (6,187 | ) | 251 | (83 | ) | (22 | ) | 567 | (300 | ) | (167 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 20 | — | 5 | (6,603 | ) | 67 | 1 | — | 2,580 | 17 | — | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Capital expenditures for property and equipment | (20 | ) | — | (5 | ) | (415 | ) | (67 | ) | (1 | ) | — | (2,580 | ) | (17 | ) | — | |||||||||||||
Proceeds from sales of assets | — | — | — | 7,500 | — | — | — | — | — | — | ||||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (482 | ) | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | (20 | ) | — | (5 | ) | 6,603 | (67 | ) | (1 | ) | — | (2,580 | ) | (17 | ) | — | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
43
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | ||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net income (loss) | 885 | 374 | 501 | (857 | ) | 212 | — | — | — | — | — | ||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,415 | 140 | 269 | — | 315 | — | — | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 899 | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Accounts receivable | — | — | — | (359 | ) | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 169 | 26 | 15 | 14 | 9 | — | — | — | — | — | |||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 154 | 28 | 370 | 183 | 12 | — | — | — | — | — | |||||||||||||||
Due from/to subsidiaries | (1,505 | ) | (510 | ) | (940 | ) | (7,983 | ) | (202 | ) | — | — | — | — | — | ||||||||||
Net cash provided by (used in) operating activities | 1,118 | 58 | 215 | (8,103 | ) | 346 | — | — | — | — | — | ||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Capital expenditures for property and equipment | (1,118 | ) | (58 | ) | (215 | ) | (358 | ) | (346 | ) | — | — | — | — | — | ||||||||||
Proceeds from sales of assets | — | — | — | 8,800 | — | — | — | — | — | — | |||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (339 | ) | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (1,118 | ) | (58 | ) | (215 | ) | 8,103 | (346 | ) | — | — | — | — | — | |||||||||||
Financing activities: | |||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net decrease in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
44
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Cash Flows
Three Months Ended March 31, 2004
(Dollars in thousands)
Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||
Operating activities: | |||||||||||||||||||
Net income (loss) | — | — | — | (23,653 | ) | (14,457 | ) | 6,866 | $ | (40,887 | ) | ||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||
Depreciation and amortization | — | — | — | 39 | 9,967 | — | 26,702 | ||||||||||||
Loss on asset impairments | — | — | — | — | 2,141 | — | 5,011 | ||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 7,036 | 7,392 | — | 6,946 | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | 5,923 | ||||||||||||
Minority interests | — | — | — | — | — | — | (4 | ) | |||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | (6,866 | ) | — | |||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | 587 | ||||||||||||
Deferred income taxes | — | — | — | — | — | — | (358 | ) | |||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||
Accounts receivable | — | — | — | (7,915 | ) | (2,944 | ) | — | (2,767 | ) | |||||||||
Prepaid expenses and other assets | — | — | — | 755 | 1,761 | — | 4,920 | ||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | (1,600 | ) | |||||||||||
Due from/to Interstate Hotels & Resorts | — | — | — | (11,327 | ) | (11,327 | ) | — | (5,461 | ) | |||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | 11,306 | 10,453 | — | (1,648 | ) | |||||||||||
Due from/to subsidiaries | — | — | — | 11,261 | (49,626 | ) | — | — | |||||||||||
Net cash provided by (used in) operating activities | — | — | — | (12,498 | ) | (46,640 | ) | — | (2,636 | ) | |||||||||
Investing activities: | |||||||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | (11,227 | ) | — | (23,737 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | 47,600 | — | 74,075 | ||||||||||||
(Increase) decrease in restricted cash | — | — | — | (1,288 | ) | (1,288 | ) | — | (2,133 | ) | |||||||||
Costs associated with disposition program and other, net | — | — | — | — | (2,231 | ) | — | (3,304 | ) | ||||||||||
Net cash (used in) provided by investing activities | — | — | — | (1,288 | ) | 32,854 | — | 44,901 | |||||||||||
Financing activities: | |||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | (75,497 | ) | |||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | (2,307 | ) | |||||||||||
Loans to/from subsidiaries | — | — | — | 27,493 | 27,493 | — | — | ||||||||||||
Distributions to minority investors | — | — | — | — | — | — | (141 | ) | |||||||||||
Other | — | — | — | — | — | — | (77 | ) | |||||||||||
Net cash provided by (used in) financing activities | — | — | — | 27,493 | 27,493 | — | (78,022 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (150 | ) | |||||||||||
Net decrease in cash and cash equivalents | — | — | — | 13,707 | 13,707 | — | (35,907 | ) | |||||||||||
Cash and cash equivalents, beginning of period | — | — | — | 12,230 | 12,230 | — | 230,876 | ||||||||||||
Cash and cash equivalents, end of period | — | — | — | 25,937 | 25,937 | — | $ | 194,969 | |||||||||||
45