Exhibit 99.1
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(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 | ||||||||||||||||
Assets | ||||||||||||||||||||||||
Property and equipment | 176,550 | 1,351,730 | — | — | — | 10,908 | 14,080 | 97,509 | 18,000 | |||||||||||||||
Accumulated depreciation | (44,688 | ) | (261,500 | ) | — | — | — | (1,231 | ) | (3,660 | ) | (16,509 | ) | — | ||||||||||
131,862 | 1,090,230 | — | — | — | 9,677 | 10,420 | 81,000 | 18,000 | ||||||||||||||||
Assets held for sale | 23,058 | — | — | — | — | — | — | — | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | 2,344,223 | 15,272 | 32 | 72 | 2,989 | — | — | — | — | |||||||||||||||
Due to/from subsidiaries | (1,047,601 | ) | 495,855 | — | 9 | 73 | 8,760 | 7,781 | 27,903 | (4,396 | ) | |||||||||||||
Note receivable from subsidiaries | 282,704 | — | — | — | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | 24,717 | 1,900 | — | — | — | 15 | 7 | — | 51 | |||||||||||||||
Insurance claim receivable | 37,070 | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 20,410 | 523 | — | — | — | — | — | 63 | — | |||||||||||||||
Restricted cash | 7,683 | 5,656 | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents | 14,372 | — | — | — | — | — | — | — | — | |||||||||||||||
1,838,498 | 1,609,436 | 32 | 81 | 3,062 | 18,452 | 18,208 | 108,966 | 13,655 | ||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||
Debt | 797,181 | 597,041 | — | — | — | — | — | — | — | |||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 170,000 | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable and accrued expenses | 14,524 | 6,814 | — | — | — | 65 | 6 | (79 | ) | 52 | ||||||||||||||
Accrued interest | 27,068 | 2,482 | — | — | — | — | — | — | — | |||||||||||||||
Due to Interstate Hotels & Resorts | 13,030 | — | — | — | — | — | — | — | — | |||||||||||||||
Other liabilities | 701 | — | — | — | — | — | 214 | — | — | |||||||||||||||
Total liabilities | 1,022,504 | 606,337 | — | — | — | 65 | 220 | (79 | ) | 52 | ||||||||||||||
Minority interests | 2,382 | — | — | — | — | — | — | — | — | |||||||||||||||
Redeemable OP units at redemption value | 20,620 | — | — | — | — | — | — | — | — | |||||||||||||||
Partners’ capital | 792,992 | 1,003,099 | 32 | 81 | 3,062 | 18,387 | 17,988 | 109,045 | 13,603 | |||||||||||||||
1,838,498 | 1,609,436 | 32 | 81 | 3,062 | 18,452 | 18,208 | 108,966 | 13,655 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 16,337 | 9,968 | 13,007 | 18,185 | — | — | 18,527 | 52,702 | — | |||||||||||||||||
Accumulated depreciation | (4,029 | ) | (750 | ) | (795 | ) | (4,841 | ) | — | — | (3,699 | ) | (12,625 | ) | (1 | ) | ||||||||||
12,308 | 9,218 | 12,212 | 13,344 | — | — | 14,828 | 40,077 | (1 | ) | |||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | 43 | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 8,817 | 4,718 | 4,293 | 8,562 | (43 | ) | — | 11,124 | 57,293 | 7,074 | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 5 | 6 | — | 20 | — | — | — | 788 | — | |||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 108 | — | — | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | 3,032 | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||||
21,130 | 13,942 | 16,505 | 21,926 | — | — | 26,060 | 101,190 | 7,073 | ||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||
Debt | 628 | 636 | — | 1,129 | — | — | — | 37,650 | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | (37 | ) | 184 | 66 | 305 | — | — | 23 | (20 | ) | — | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | 183 | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 591 | 820 | 66 | 1,434 | — | — | 23 | 37,813 | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital | 20,539 | 13,122 | 16,439 | 20,492 | — | — | 26,037 | 63,377 | 7,073 | |||||||||||||||||
21,130 | 13,942 | 16,505 | 21,926 | — | — | 26,060 | 101,190 | 7,073 | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(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 | ||||||||||||||
Assets | ||||||||||||||||||||||
Property and equipment | 21,646 | 38,000 | 25,514 | — | — | — | 20,388 | 12,000 | — | |||||||||||||
Accumulated depreciation | (5,006 | ) | (1,053 | ) | (6,248 | ) | — | — | — | (4,420 | ) | — | — | |||||||||
16,640 | 36,947 | 19,266 | — | — | — | 15,968 | 12,000 | — | ||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | |||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to/from subsidiaries | 18,213 | (5,279 | ) | 10,101 | 11,439 | — | 3,414 | 6,612 | 9,498 | 14,099 | ||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | |||||||||||||
Prepaid expenses and other assets | 2 | 9 | — | — | — | — | 5 | 7 | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 96 | — | — | — | — | — | — | — | — | |||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||
34,951 | 31,677 | 29,367 | 11,439 | — | 3,414 | 22,585 | 21,505 | 14,099 | ||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||
Debt | 2,247 | — | — | — | — | — | — | — | — | |||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable and accrued expenses | 81 | 187 | (32 | ) | — | — | — | 50 | 114 | 13 | ||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | |||||||||||||
Total liabilities | 2,328 | 187 | (32 | ) | — | — | — | 50 | 114 | 13 | ||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | |||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | |||||||||||||
Partners’ capital | 32,623 | 31,490 | 29,399 | 11,439 | — | 3,414 | 22,535 | 21,391 | 14,086 | |||||||||||||
34,951 | 31,677 | 29,367 | 11,439 | — | 3,414 | 22,585 | 21,505 | 14,099 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | |||||||||||
Assets | |||||||||||||||||||
Property and equipment | — | — | — | — | — | — | — | 4,038 | — | ||||||||||
Accumulated depreciation | — | — | — | — | — | — | — | (981 | ) | — | |||||||||
— | — | — | — | — | — | — | 3,057 | — | |||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | ||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Due to/from subsidiaries | 9,900 | — | 4,976 | — | — | — | 20,298 | 3,012 | — | ||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | — | 9 | — | ||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | ||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 178 | — | — | ||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||
9,900 | — | 4,976 | — | — | — | 20,476 | 6,078 | — | |||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||
Debt | — | — | — | — | — | — | — | — | — | ||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | ||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | — | 67 | — | ||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | ||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||
Total liabilities | — | — | — | — | — | — | — | 67 | — | ||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | ||||||||||
Partners’ capital | 9,900 | — | 4,976 | — | — | — | 20,476 | 6,011 | — | ||||||||||
9,900 | — | 4,976 | — | — | — | 20,476 | 6,078 | — | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | 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 | |||||||||||||||
Assets | |||||||||||||||||||||||
Property and equipment | 20,345 | 71,139 | — | 56,581 | — | 12,452 | — | 42,765 | — | ||||||||||||||
Accumulated depreciation | (4,679 | ) | (15,872 | ) | — | (12,272 | ) | — | (2,931 | ) | — | (10,516 | ) | — | |||||||||
15,666 | 55,267 | — | 44,309 | — | 9,521 | — | 32,249 | — | |||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | ||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | 51,368 | — | ||||||||||||||
Due to/from subsidiaries | 11,771 | 27,732 | — | 31,813 | 2,370 | 3,201 | — | (6,141 | ) | — | |||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 10 | — | — | 77 | — | — | — | 17 | — | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 1,300 | — | — | — | — | — | ||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
27,447 | 82,999 | — | 77,499 | 2,370 | 12,722 | — | 77,493 | — | |||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||
Debt | — | 3,182 | — | 2,482 | — | — | — | 24,000 | — | ||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable and accrued expenses | 120 | 231 | — | 2,972 | — | (118 | ) | — | 404 | — | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | (200 | ) | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total liabilities | 120 | 3,413 | — | 5,254 | — | (118 | ) | — | 24,404 | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | ||||||||||||||
Partners’ capital | 27,327 | 79,586 | — | 72,245 | 2,370 | 12,840 | — | 53,089 | — | ||||||||||||||
27,447 | 82,999 | — | 77,499 | 2,370 | 12,722 | — | 77,493 | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | |||||||||||||
Assets | |||||||||||||||||||||
Property and equipment | — | — | — | 36,222 | — | 21,957 | — | 8,767 | — | ||||||||||||
Accumulated depreciation | — | — | — | (7,718 | ) | — | (1,463 | ) | — | (710 | ) | — | |||||||||
— | — | — | 28,504 | — | 20,494 | — | 8,057 | — | |||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | ||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Due to/from subsidiaries | — | — | — | 4,411 | 21,531 | 8,503 | — | 3,017 | — | ||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||
Prepaid expenses and other assets | — | — | — | 33 | — | — | — | — | — | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | — | ||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
— | — | — | 32,948 | 21,531 | 28,997 | — | 11,074 | — | |||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||
Debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts payable and accrued expenses | — | — | — | 200 | — | 155 | — | 55 | — | ||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | ||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||||
Total liabilities | — | — | — | 200 | — | 155 | — | 55 | — | ||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | ||||||||||||
Partners’ capital | — | — | — | 32,748 | 21,531 | 28,842 | — | 11,019 | — | ||||||||||||
— | — | — | 32,948 | 21,531 | 28,997 | — | 11,074 | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
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 | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | — | — | — | 175,401 | 4,925 | 39 | 97,991 | 15,298 | 38,077 | |||||||||||||||||
Accumulated depreciation | — | (1 | ) | — | (40,291 | ) | (347 | ) | (31 | ) | (17,551 | ) | (1,807 | ) | (12,567 | ) | ||||||||||
— | (1 | ) | — | 135,110 | 4,578 | 8 | 80,440 | 13,491 | 25,510 | |||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | 4,627 | |||||||||||||||||
Due to/from subsidiaries | (2,360 | ) | 16,930 | — | 46,573 | 3,793 | 4,174 | 32,684 | 7,267 | 10,122 | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | — | — | — | 290 | — | — | 138 | — | — | |||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | 38 | — | — | — | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(2,360 | ) | 16,929 | — | 181,973 | 8,371 | 4,220 | 113,262 | 20,758 | 40,259 | |||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||
Debt | — | — | — | — | — | — | — | — | 23,609 | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | — | — | — | 840 | 68 | — | 615 | 75 | 637 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | — | — | — | 840 | 68 | — | 615 | 75 | 24,246 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital | (2,360 | ) | 16,929 | — | 181,133 | 8,303 | 4,220 | 112,647 | 20,683 | 16,013 | ||||||||||||||||
(2,360 | ) | 16,929 | — | 181,973 | 8,371 | 4,220 | 113,262 | 20,758 | 40,259 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
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 | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | |||||||||||
Assets | |||||||||||||||||||
Property and equipment | — | 44,677 | — | — | — | — | — | — | — | ||||||||||
Accumulated depreciation | — | (9,383 | ) | — | — | — | — | — | — | — | |||||||||
— | 35,294 | — | — | — | — | — | — | — | |||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | ||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Due to/from subsidiaries | — | 7,002 | — | — | — | — | — | — | — | ||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | — | — | — | ||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | ||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | (15 | ) | — | — | — | — | — | — | — | |||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||
— | 42,281 | — | — | — | — | — | — | — | |||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||
Debt | — | 1,806 | — | — | — | — | — | — | — | ||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | ||||||||||
Accounts payable and accrued expenses | — | 242 | — | — | — | — | — | — | — | ||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | ||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | ||||||||||
Total liabilities | — | 2,048 | — | — | — | — | — | — | — | ||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | ||||||||||
Partners’ capital | — | 40,233 | — | — | — | — | — | — | — | ||||||||||
— | 42,281 | — | — | — | — | — | — | — | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | ||||||||||
Assets | ||||||||||||||
Property and equipment | — | 3,316 | 1,040,761 | — | 2,569,041 | |||||||||
Accumulated depreciation | — | (3,384 | ) | (207,371 | ) | — | (513,559 | ) | ||||||
— | (68 | ) | 833,390 | — | 2,055,482 | |||||||||
Assets held for sale | — | — | — | — | 23,058 | |||||||||
Investments in and advances to unconsolidated affiliates | — | 42,328 | 101,459 | (2,389,489 | ) | 71,465 | ||||||||
Due to/from subsidiaries | — | 69,102 | 551,746 | — | — | |||||||||
Note receivable from subsidiaries | — | — | — | (282,704 | ) | — | ||||||||
Prepaid expenses and other assets | — | 7,863 | 9,352 | — | 35,969 | |||||||||
Insurance claim receivable | — | — | — | — | 37,070 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 39,542 | 41,310 | (20,321 | ) | 41,922 | ||||||||
Restricted cash | — | 2,468 | 5,500 | — | 18,839 | |||||||||
Cash and cash equivalents | — | 20,917 | 20,917 | — | 35,289 | |||||||||
— | 182,152 | 1,563,674 | (2,692,514 | ) | 2,319,094 | |||||||||
Liabilities and Partners’ capital | ||||||||||||||
Debt | — | 235,095 | 332,464 | (282,704 | ) | 1,443,982 | ||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | 170,000 | |||||||||
Accounts payable and accrued expenses | — | 48,607 | 56,148 | — | 77,486 | |||||||||
Accrued interest | — | 20,321 | 20,504 | (20,321 | ) | 29,733 | ||||||||
Due to Interstate Hotels & Resorts | — | 4,051 | 3,851 | — | 16,881 | |||||||||
Other liabilities | — | 6,703 | 6,917 | — | 7,618 | |||||||||
Total liabilities | — | 314,777 | 419,884 | (303,025 | ) | 1,745,700 | ||||||||
Minority interests | — | — | — | — | 2,382 | |||||||||
Redeemable OP units at redemption value | — | — | — | — | 20,620 | |||||||||
Partners’ capital | — | (132,625 | ) | 1,143,790 | (2,389,489 | ) | 550,392 | |||||||
— | 182,152 | 1,563,674 | (2,692,514 | ) | 2,319,094 | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 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 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Property and equipment | 216,063 | 1,376,454 | — | — | — | 10,885 | 13,687 | 88,943 | 27,485 | 16,028 | 10,034 | 11,800 | |||||||||||||||||||||
Accumulated depreciation | (51,424 | ) | (253,348 | ) | — | — | — | (783 | ) | (3,179 | ) | (14,741 | ) | (7,319 | ) | (3,618 | ) | (413 | ) | (723 | ) | ||||||||||||
164,639 | 1,123,106 | — | — | — | 10,102 | 10,508 | 74,202 | 20,166 | 12,410 | 9,621 | 11,077 | ||||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Investments in and advances to unconsolidated affiliates | 2,492,499 | 17,479 | 32 | 72 | 2,989 | — | — | — | — | — | — | — | |||||||||||||||||||||
Due to/from subsidiaries | (953,735 | ) | 429,669 | — | 9 | 73 | 7,830 | 6,748 | 31,376 | (4,175 | ) | 7,517 | 3,135 | 5,022 | |||||||||||||||||||
Note receivable from subsidiaries | 221,704 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 30,645 | (2,733 | ) | — | — | — | (11 | ) | (81 | ) | (101 | ) | (190 | ) | (26 | ) | (12 | ) | (77 | ) | |||||||||||||
Insurance claim receivable | 76,056 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 9,356 | 933 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Restricted cash | 55,754 | 1,346 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents | 41,224 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
2,138,142 | 1,569,800 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | 15,801 | 19,901 | 12,744 | 16,022 | ||||||||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||||||||
Debt | 841,976 | 527,290 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 203,977 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Accounts payable and accrued expenses | 14,892 | 5,286 | — | — | — | — | 6 | — | 59 | — | 153 | 1 | |||||||||||||||||||||
Accrued interest | 38,682 | 2,483 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Due to Interstate Hotels & Resorts | 11,347 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Other liabilities | 5,382 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Total liabilities | 1,116,256 | 535,059 | — | — | — | — | 6 | — | 59 | — | 153 | 1 | |||||||||||||||||||||
Minority interests | 2,418 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Redeemable OP units at redemption value | 19,187 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Partners’ capital | 1,000,281 | 1,034,741 | 32 | 81 | 3,062 | 17,921 | 17,169 | 105,477 | 15,742 | 19,901 | 12,591 | 16,021 | |||||||||||||||||||||
2,138,142 | 1,569,800 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | 15,801 | 19,901 | 12,744 | 16,022 | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 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. | |||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||
Property and equipment | 17,581 | — | — | 18,367 | 49,971 | — | 20,404 | 18,560 | 24,167 | — | — | 1 | ||||||||||||||||||||
Accumulated depreciation | (4,384 | ) | — | — | (3,377 | ) | (11,560 | ) | (1 | ) | (4,557 | ) | (591 | ) | (5,738 | ) | — | — | — | |||||||||||||
13,197 | — | — | 14,990 | 38,411 | (1 | ) | 15,847 | 17,969 | 18,429 | — | — | 1 | ||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | 43 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to/from subsidiaries | 6,581 | (43 | ) | — | 9,328 | 22,758 | 7,015 | 15,571 | 12,510 | 8,688 | 11,439 | — | 3,413 | |||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | 2 | — | — | (21 | ) | (93 | ) | — | (83 | ) | (178 | ) | (35 | ) | — | — | — | |||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 124 | — | 64 | 96 | — | — | — | — | — | ||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
19,780 | — | — | 24,421 | 61,076 | 7,078 | 31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | |||||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||||
Debt | — | — | — | — | — | — | 33 | — | — | — | — | — | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued expenses | 211 | — | — | (21 | ) | (20 | ) | 5 | (7 | ) | (4 | ) | 61 | — | — | — | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total liabilities | 211 | — | — | (21 | ) | (20 | ) | 5 | 26 | (4 | ) | 61 | — | — | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 19,569 | — | — | 24,442 | 61,096 | 7,073 | 31,405 | 30,305 | 27,021 | 11,439 | — | 3,414 | ||||||||||||||||||||
19,780 | — | — | 24,421 | 61,076 | 7,078 | 31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating 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, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 20,118 | 22,986 | 5,500 | — | — | — | — | — | — | — | 3,955 | — | |||||||||||||||||
Accumulated depreciation | (3,974 | ) | (7,740 | ) | (2 | ) | — | — | — | — | — | — | — | (840 | ) | — | |||||||||||||
16,144 | 15,246 | 5,498 | — | — | — | — | — | — | — | 3,115 | — | ||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 6,024 | 9,411 | 8,518 | 9,944 | — | 4,976 | 7,612 | — | — | 20,297 | 2,879 | — | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (22 | ) | (43 | ) | (96 | ) | — | — | — | — | — | — | — | (24 | ) | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | (44 | ) | — | — | — | — | — | 178 | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
22,146 | 24,614 | 13,920 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | ||||||||||||||||||
Liabilities and Partners’ capital | |||||||||||||||||||||||||||||
Debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | 88 | — | 2 | — | — | — | — | — | — | — | 75 | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 88 | — | 2 | — | — | — | — | — | — | — | 75 | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital | 22,058 | 24,614 | 13,918 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,895 | — | |||||||||||||||||
22,146 | 24,614 | 13,920 | 9,900 | — | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | 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 | |||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Property and equipment | 19,976 | 69,500 | — | 55,081 | — | 11,877 | — | 42,467 | — | — | — | — | ||||||||||||||||||
Accumulated depreciation | (4,320 | ) | (14,321 | ) | — | (11,258 | ) | — | (2,636 | ) | — | (9,533 | ) | — | — | — | — | |||||||||||||
15,656 | 55,179 | — | 43,823 | — | 9,241 | — | 32,934 | — | — | — | — | |||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | 51,368 | — | — | — | — | ||||||||||||||||||
Due to/from subsidiaries | 9,835 | 22,849 | (262 | ) | 26,640 | 2,370 | 2,976 | — | (6,151 | ) | — | — | — | — | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | (6 | ) | (550 | ) | — | 46 | — | (14 | ) | — | (77 | ) | — | — | — | — | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 1,169 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
25,485 | 77,478 | (262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | ||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||
Debt | — | — | — | — | — | — | — | 24,000 | — | — | — | — | ||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable and accrued expenses | 59 | — | — | 2,381 | — | (125 | ) | — | 165 | — | — | — | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | (200 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Total liabilities | 59 | — | — | 2,181 | — | (125 | ) | — | 24,165 | — | — | — | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Partners’ capital | 25,426 | 77,478 | (262 | ) | 69,497 | 2,370 | 12,328 | — | 53,909 | — | — | — | — | |||||||||||||||||
25,485 | 77,478 | (262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | 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 | 35,341 | — | 18,969 | — | 7,263 | — | — | — | — | 168,827 | 3,580 | 39 | ||||||||||||||||||||
Accumulated depreciation | (6,923 | ) | — | (1,607 | ) | — | (844 | ) | — | — | (1 | ) | — | (35,721 | ) | (448 | ) | (28 | ) | |||||||||||||
28,418 | — | 17,362 | — | 6,419 | — | — | (1 | ) | — | 133,106 | 3,132 | 11 | ||||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to/from subsidiaries | 4,108 | 21,531 | 10,741 | — | 4,524 | 1,728 | (2,360 | ) | 16,930 | — | 45,208 | 4,988 | 3,724 | |||||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Prepaid expenses and other assets | (10 | ) | — | (118 | ) | — | (39 | ) | — | — | — | — | (394 | ) | (45 | ) | (10 | ) | ||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | — | — | — | 38 | ||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
32,516 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,075 | 3,763 | ||||||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||||||
Debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Accounts payable and accrued expenses | 334 | — | — | — | — | — | — | — | — | — | 4 | — | ||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Total liabilities | 334 | — | — | — | — | — | — | — | — | — | 4 | — | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 32,182 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,071 | 3,763 | |||||||||||||||||||
32,516 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | 8,075 | 3,763 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating 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 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 | — | — | — | — | — | — | — | ||||||||||||||||
Accumulated depreciation | (14,819 | ) | (2,312 | ) | (11,767 | ) | — | (8,398 | ) | — | — | — | — | — | — | — | ||||||||||||
64,760 | 11,668 | 25,307 | — | 33,464 | — | — | — | — | — | — | — | |||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | 4,627 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 51,127 | 8,187 | 8,010 | 16,379 | 6,370 | — | — | — | — | — | — | — | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | (769 | ) | (137 | ) | (78 | ) | — | (51 | ) | — | — | — | — | — | — | — | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | 359 | (14 | ) | — | — | — | — | — | — | — | |||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
115,118 | 19,718 | 37,866 | 16,738 | 39,769 | — | — | — | — | — | — | — | |||||||||||||||||
Liabilities and Partners’ capital | ||||||||||||||||||||||||||||
Debt | — | — | 23,609 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 126 | (18 | ) | 114 | — | 152 | — | — | — | — | — | — �� | — | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Total liabilities | 126 | (18 | ) | 23,723 | — | 152 | — | — | — | — | — | — | — | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 114,992 | 19,736 | 14,143 | 16,738 | 39,617 | — | — | — | — | — | — | — | ||||||||||||||||
115,118 | 19,718 | 37,866 | 16,738 | 39,769 | — | — | — | — | — | — | — | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | ||||||||||
Assets | ||||||||||||||
Property and equipment | — | 3,316 | 989,203 | — | 2,581,720 | |||||||||
Accumulated depreciation | — | (3,384 | ) | (201,860 | ) | — | (506,632 | ) | ||||||
— | (68 | ) | 787,343 | — | 2,075,088 | |||||||||
Assets held for sale | — | — | — | — | — | |||||||||
Investments in and advances to unconsolidated affiliates | — | 42,290 | 101,421 | (2,526,603 | ) | 84,796 | ||||||||
Due to/from subsidiaries | — | 40,158 | 524,066 | — | — | |||||||||
Note receivable from subsidiaries | — | — | — | (221,704 | ) | — | ||||||||
Prepaid expenses and other assets | — | 9,661 | 6,318 | — | 34,230 | |||||||||
Insurance claim receivable | — | — | — | — | 76,056 | |||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 30,134 | 32,104 | (9,414 | ) | 32,979 | ||||||||
Restricted cash | — | 1,313 | 1,313 | — | 58,413 | |||||||||
Cash and cash equivalents | — | 19,309 | 19,309 | — | 60,533 | |||||||||
— | 142,797 | 1,471,874 | (2,757,721 | ) | 2,422,095 | |||||||||
Liabilities and Partners’ capital | ||||||||||||||
Debt | — | 174,095 | 221,737 | (221,704 | ) | 1,369,299 | ||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | 203,977 | |||||||||
Accounts payable and accrued expenses | — | 47,802 | 51,603 | — | 71,781 | |||||||||
Accrued interest | — | 9,414 | 9,414 | (9,414 | ) | 41,165 | ||||||||
Due to Interstate Hotels & Resorts | — | 10,652 | 10,452 | — | 21,799 | |||||||||
Other liabilities | — | 6,171 | 6,171 | — | 11,553 | |||||||||
Total liabilities | — | 248,134 | 299,377 | (231,118 | ) | 1,719,574 | ||||||||
Minority interests | — | — | — | — | 2,418 | |||||||||
Redeemable OP units at redemption value | — | — | — | — | 19,187 | |||||||||
Partners’ capital | — | (105,337 | ) | 1,172,497 | (2,526,603 | ) | 680,916 | |||||||
— | 142,797 | 1,471,874 | (2,757,721 | ) | 2,422,095 | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(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 | 51 | 639 | — | — | — | — | — | — | — | 8 | — | — | |||||||||||||||||
Participating lease revenue | 2,865 | 35,507 | — | — | — | 309 | 711 | 1,934 | 265 | 385 | 362 | 189 | |||||||||||||||||
Total revenue | 2,916 | 36,146 | — | — | — | 309 | 711 | 1,934 | 265 | 393 | 362 | 189 | |||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other expenses | — | 301 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||||
General and administrative, hotel | 2 | 21 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
General and administrative, corporate | 3,968 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation and amortization | 3,541 | 14,131 | — | — | — | 133 | 152 | 542 | 301 | 137 | 110 | 40 | |||||||||||||||||
Property taxes, insurance and other | 1,529 | 4,813 | — | — | — | 24 | 227 | 18 | 161 | 40 | 30 | 41 | |||||||||||||||||
Loss on asset impairments | 621 | 34,181 | — | — | — | — | — | — | 1,580 | — | — | — | |||||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating expenses | 9,661 | 53,447 | — | — | — | 157 | 379 | 560 | 2,042 | 177 | 140 | 81 | |||||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,245 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating (loss) income | (5,500 | ) | (17,301 | ) | — | — | — | 152 | 332 | 1,374 | (1,777 | ) | 216 | 222 | 108 | ||||||||||||||
Minority interest income | 34 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Interest expense, net | (14,353 | ) | (10,068 | ) | — | — | — | — | — | — | — | (11 | ) | (12 | ) | — | |||||||||||||
Loss on early extinguishments of debt | (10,662 | ) | (43,503 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | (88,087 | ) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income before income taxes and discontinued operations | (118,568 | ) | (70,872 | ) | — | — | — | 152 | 332 | 1,374 | (1,777 | ) | 205 | 210 | 108 | ||||||||||||||
Income tax expense | (16 | ) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from continuing operations | (118,584 | ) | (70,872 | ) | — | — | — | 152 | 332 | 1,374 | (1,777 | ) | 205 | 210 | 108 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 461 | (3,391 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from discontinued operations | 461 | (3,391 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net (loss) income | (118,123 | ) | (74,263 | ) | — | — | — | 152 | 332 | 1,374 | (1,777 | ) | 205 | 210 | 108 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(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 | — | — | 18 | — | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | 411 | — | — | 678 | 1,740 | — | 681 | 445 | 1,019 | — | — | — | |||||||||||||||
Total revenue | 412 | — | — | 696 | 1,740 | — | 681 | 445 | 1,019 | — | — | — | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | 2 | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 154 | — | — | 110 | 416 | — | 174 | 154 | 173 | — | — | — | |||||||||||||||
Property taxes, insurance and other | 96 | — | — | 78 | 141 | — | 47 | 118 | 100 | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 250 | — | — | 188 | 557 | — | 221 | 272 | 275 | — | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | 162 | — | — | 508 | 1,183 | — | 460 | 173 | 744 | — | — | — | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | (21 | ) | — | — | — | (532 | ) | — | (41 | ) | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | 141 | — | — | 508 | 651 | — | 419 | 173 | 744 | — | — | — | |||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | 141 | — | — | 508 | 651 | — | 419 | 173 | 744 | — | — | — | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | 141 | — | — | 508 | 651 | — | 419 | 173 | 744 | — | — | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(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, LLC | 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 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Participating lease revenue | 358 | 436 | — | — | — | — | — | — | — | — | 84 | — | |||||||||||||
Total revenue | 358 | 436 | — | — | — | — | — | — | — | — | 84 | — | |||||||||||||
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 | 158 | 158 | — | — | — | — | — | — | — | — | 43 | — | |||||||||||||
Property taxes, insurance and other | 50 | 48 | — | — | — | — | — | — | — | — | 32 | — | |||||||||||||
Loss on asset impairments | — | 3,961 | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 208 | 4,167 | — | — | — | — | — | — | — | — | 75 | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | 150 | (3,731 | ) | — | — | — | — | — | — | — | — | 9 | — | ||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 150 | (3,731 | ) | — | — | — | — | — | — | — | — | 9 | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 150 | (3,731 | ) | — | — | — | — | — | — | — | — | 9 | — | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | 42 | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | 42 | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | 150 | (3,731 | ) | 42 | — | — | — | — | — | — | — | 9 | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | 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 | — | 95 | — | 854 | — | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | 782 | 1,731 | — | 1,516 | — | 354 | — | 428 | — | — | — | — | |||||||||||||||
Total revenue | 782 | 1,826 | — | 2,370 | — | 354 | — | 428 | — | — | — | — | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | 37 | — | 458 | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 120 | 508 | — | 365 | — | 93 | — | 306 | — | — | — | — | |||||||||||||||
Property taxes, insurance and other | 76 | 381 | — | 552 | — | 70 | — | (30 | ) | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 196 | 926 | — | 1,375 | — | 163 | — | 276 | — | — | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | 586 | 900 | — | 995 | — | 191 | — | 152 | — | — | — | — | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | (58 | ) | — | (46 | ) | — | — | — | (424 | ) | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | 586 | 842 | — | 949 | — | 191 | — | (272 | ) | — | — | — | — | ||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | 586 | 842 | — | 949 | — | 191 | — | (272 | ) | — | — | — | — | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | 586 | 842 | — | 949 | — | 191 | — | (272 | ) | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | 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 | |||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 7 | — | — | — | — | — | — | — | — | 11 | — | — | ||||||||||||
Participating lease revenue | 510 | — | 386 | — | 157 | — | — | — | — | 2,092 | 206 | 376 | ||||||||||||
Total revenue | 517 | — | 386 | — | 157 | — | — | — | — | 2,103 | 206 | 376 | ||||||||||||
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 | 293 | — | 62 | — | 32 | — | — | — | — | 1,467 | 17 | 1 | ||||||||||||
Property taxes, insurance and other | 1 | — | 79 | — | 28 | — | — | — | — | 476 | 38 | 2 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 294 | — | 141 | — | 60 | — | — | — | — | 1,943 | 55 | 3 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating (loss) income | 223 | — | 245 | — | 97 | — | — | — | — | 160 | 151 | 373 | ||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 223 | — | 245 | — | 97 | — | — | — | — | 160 | 151 | 373 | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 223 | — | 245 | — | 97 | — | — | — | — | 160 | 151 | 373 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | 223 | — | 245 | — | 97 | — | — | — | — | 160 | 151 | 373 | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar 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 | ||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | — | — | 20 | — | 54 | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | — | 434 | 1,841 | — | 729 | — | — | — | — | — | — | — | |||||||||||||||
Total revenue | — | 434 | 1,861 | — | 783 | — | — | — | — | — | — | — | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | 149 | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | 1 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 910 | 108 | 275 | — | 335 | — | — | — | — | — | — | — | |||||||||||||||
Property taxes, insurance and other | — | — | 180 | — | 86 | — | — | — | — | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 911 | 108 | 455 | — | 570 | — | — | — | — | — | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | (911 | ) | 326 | 1,406 | — | 213 | — | — | — | — | — | — | — | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | (708 | ) | — | (33 | ) | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | (911 | ) | 326 | 698 | — | 180 | — | — | — | — | — | — | — | ||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | (911 | ) | 326 | 698 | — | 180 | — | — | — | — | — | — | — | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | (911 | ) | 326 | 698 | — | 180 | — | — | — | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | ||||||||||
Revenue: | ||||||||||||||
Hotel operations: | ||||||||||||||
Rooms | — | 130,674 | 130,674 | — | 130,674 | |||||||||
Food and beverage | — | 48,035 | 48,035 | — | 48,035 | |||||||||
Other hotel operations | — | 12,036 | 12,036 | — | 12,036 | |||||||||
Office rental, parking and other revenue | — | 150 | 1,218 | — | 1,908 | |||||||||
Participating lease revenue | — | — | 21,549 | (59,921 | ) | — | ||||||||
Total revenue | — | 190,895 | 213,512 | (59,921 | ) | 192,653 | ||||||||
Hotel operating expenses: | ||||||||||||||
Rooms | — | 33,041 | 33,041 | — | 33,041 | |||||||||
Food and beverage | — | 36,323 | 36,323 | — | 36,323 | |||||||||
Other hotel operating expenses | — | 7,708 | 7,708 | — | 7,708 | |||||||||
Office rental, parking and other expenses | — | — | 644 | — | 945 | |||||||||
Other operating expenses: | ||||||||||||||
General and administrative, hotel | — | 32,302 | 32,305 | — | 32,328 | |||||||||
General and administrative, corporate | — | 32 | 32 | — | 4,000 | |||||||||
Property operating costs | — | 30,947 | 30,947 | — | 30,947 | |||||||||
Depreciation and amortization | — | — | 7,847 | — | 25,519 | |||||||||
Property taxes, insurance and other | — | 61,481 | 64,671 | (59,921 | ) | 11,092 | ||||||||
Loss on asset impairments | — | — | 5,541 | — | 40,343 | |||||||||
Contract termination costs | — | 1,081 | 1,081 | — | 1,081 | |||||||||
Operating expenses | — | 202,915 | 220,140 | (59,921 | ) | 223,327 | ||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | 1,437 | 1,437 | — | 2,682 | |||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | |||||||||
Operating (loss) income | — | (10,583 | ) | (5,191 | ) | — | (27,992 | ) | ||||||
Minority interest income | — | — | — | — | 34 | |||||||||
Interest expense, net | — | (3,845 | ) | (5,731 | ) | — | (30,152 | ) | ||||||
Loss on early extinguishments of debt | — | — | — | — | (54,165 | ) | ||||||||
Equity in income from consolidated entities | — | — | — | 88,087 | — | |||||||||
(Loss) income before income taxes and discontinued operations | — | (14,428 | ) | (10,922 | ) | 88,087 | (112,275 | ) | ||||||
Income tax expense | — | — | — | — | (16 | ) | ||||||||
(Loss) income from continuing operations | — | (14,428 | ) | (10,922 | ) | 88,087 | (112,291 | ) | ||||||
Discontinued operations: | ||||||||||||||
(Loss) income from discontinued operations before income tax | — | (2,944 | ) | (2,902 | ) | — | (5,832 | ) | ||||||
Income tax (expense) benefit | — | — | — | — | — | |||||||||
(Loss) income from discontinued operations | — | (2,944 | ) | (2,902 | ) | — | (5,832 | ) | ||||||
Net (loss) income | — | (17,372 | ) | (13,824 | ) | 88,087 | (118,123 | ) | ||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | ||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | (90 | ) | 669 | — | — | — | — | — | — | — | 7 | — | ||||||||||||||
Participating lease revenue | 6,560 | 34,404 | — | — | — | 321 | 601 | 1,864 | 162 | 372 | 208 | |||||||||||||||
Total revenue | 6,470 | 35,073 | — | — | — | 321 | 601 | 1,864 | 162 | 379 | 208 | |||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | 282 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | 9 | — | — | — | — | — | (2,612 | ) | — | — | — | ||||||||||||||
General and administrative, corporate | 2,462 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 3,289 | 12,454 | — | — | — | 157 | 164 | 618 | 345 | 149 | 73 | |||||||||||||||
Property taxes, insurance and other | 4,907 | 4,660 | — | — | — | 25 | 167 | 280 | 149 | 53 | 32 | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 10,658 | 17,405 | — | — | — | 182 | 331 | (1,714 | ) | 494 | 202 | 105 | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,600 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating income (loss) | (2,588 | ) | 17,668 | — | — | — | 139 | 270 | 3,578 | (332 | ) | 177 | 103 | |||||||||||||
Minority interest income | 40 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | (18,354 | ) | (9,324 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | (6,806 | ) | (62 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | (27,708 | ) | 8,282 | — | — | — | 139 | 270 | 3,578 | (332 | ) | 177 | 103 | |||||||||||||
Income tax benefit | 218 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | (27,490 | ) | 8,282 | — | — | — | 139 | 270 | 3,578 | (332 | ) | 177 | 103 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (74 | ) | 791 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Income tax (expense) benefit | 26 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | (48 | ) | 791 | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (loss) income | (27,538 | ) | 9,073 | — | — | — | 139 | 270 | 3,578 | (332 | ) | 177 | 103 | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(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. | |||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | 1 | — | — | 42 | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 104 | 414 | — | — | 447 | 1,563 | — | 566 | 361 | 769 | — | — | ||||||||||||
Total revenue | 104 | 415 | — | — | 489 | 1,563 | — | 566 | 361 | 769 | — | — | ||||||||||||
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 | 38 | 177 | — | — | 106 | 382 | — | 119 | 196 | 182 | — | — | ||||||||||||
Property taxes, insurance and other | 38 | 102 | — | — | 76 | 141 | — | 42 | 89 | 98 | — | — | ||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 76 | 279 | — | — | 182 | 523 | — | 161 | 285 | 280 | — | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 28 | 136 | — | — | 307 | 1,040 | — | 405 | 76 | 489 | — | — | ||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 28 | 136 | — | — | 307 | 1,040 | — | 405 | 76 | 489 | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 28 | 136 | — | — | 307 | 1,040 | — | 405 | 76 | 489 | — | — | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | 260 | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | 260 | — | — | — | — | — | ||||||||||||
Net (loss) income | 28 | 136 | — | — | 307 | 1,040 | 260 | 405 | 76 | 489 | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | — | 345 | 425 | — | — | — | — | — | — | — | — | 126 | ||||||||||||||
Total revenue | — | 345 | 425 | — | — | — | — | — | — | — | — | 126 | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | — | 165 | 160 | — | — | — | — | — | — | — | — | 35 | ||||||||||||||
Property taxes, insurance and other | — | 51 | 61 | — | — | — | — | — | — | — | — | 35 | ||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | — | 216 | 221 | — | — | — | — | — | — | — | — | 70 | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | — | 129 | 204 | — | — | — | — | — | — | — | — | 56 | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 129 | 204 | — | — | — | — | — | — | — | — | 56 | ||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | — | 129 | 204 | — | — | — | — | — | — | — | — | 56 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (591 | ) | (19 | ) | — | — | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | (591 | ) | (19 | ) | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | — | 129 | 204 | (591 | ) | (19 | ) | — | — | — | — | — | — | 56 | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | 78 | — | 637 | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | — | 714 | 1,359 | — | 1,448 | — | 309 | — | 596 | — | — | — | ||||||||||||||
Total revenue | — | 714 | 1,437 | — | 2,085 | — | 309 | — | 596 | — | — | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | 28 | — | 251 | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | — | 137 | 568 | — | 353 | — | 111 | — | 351 | — | — | — | ||||||||||||||
Property taxes, insurance and other | — | 74 | 345 | — | (354 | ) | — | 56 | — | 49 | — | — | — | |||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | — | 211 | 941 | — | 250 | — | 167 | — | 400 | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | — | 503 | 496 | — | 1,835 | — | 142 | — | 196 | — | — | — | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (356 | ) | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 503 | �� | 496 | — | 1,835 | — | 142 | — | (160 | ) | — | — | — | ||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | — | 503 | 496 | — | 1,835 | — | 142 | — | (160 | ) | — | — | — | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (loss) income | — | 503 | 496 | — | 1,835 | — | 142 | — | (160 | ) | — | — | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | 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 | — | 4 | — | — | — | — | — | — | — | — | 7 | — | ||||||||||||||||
Participating lease revenue | — | 492 | — | 158 | — | 71 | — | — | — | — | 2,379 | 72 | ||||||||||||||||
Total revenue | — | 496 | — | 158 | — | 71 | — | — | — | — | 2,386 | 72 | ||||||||||||||||
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 | — | 276 | — | 118 | — | 58 | — | — | — | — | 1,594 | 35 | ||||||||||||||||
Property taxes, insurance and other | — | 93 | — | 66 | — | 24 | — | — | — | — | 391 | 26 | ||||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating expenses | — | 369 | — | 184 | — | 82 | — | — | — | — | 1,985 | 61 | ||||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating income (loss) | — | 127 | — | (26 | ) | — | (11 | ) | — | — | — | — | 401 | 11 | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 127 | — | (26 | ) | — | (11 | ) | — | — | — | — | 401 | 11 | ||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from continuing operations | — | 127 | — | (26 | ) | — | (11 | ) | — | — | — | — | 401 | 11 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | 22 | — | — | — | — | (1,598 | ) | (509 | ) | — | — | — | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from discontinued operations | — | — | 22 | — | — | — | — | (1,598 | ) | (509 | ) | — | — | — | ||||||||||||||
Net (loss) income | — | 127 | 22 | (26 | ) | — | (11 | ) | — | (1,598 | ) | (509 | ) | — | 401 | 11 | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(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 Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | — | 18 | — | 53 | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 99 | 1,094 | 227 | 1,430 | — | 791 | — | — | — | — | — | — | ||||||||||||||
Total revenue | 99 | 1,094 | 227 | 1,448 | — | 844 | — | — | — | — | — | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | 121 | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | 28 | — | 2 | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 1 | 1,422 | 147 | 266 | — | 316 | — | — | — | — | — | — | ||||||||||||||
Property taxes, insurance and other | 2 | 335 | 50 | 194 | — | 81 | — | — | — | — | — | — | ||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 3 | 1,785 | 197 | 462 | — | 518 | — | — | — | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | 96 | (691 | ) | 30 | 986 | — | 326 | — | — | — | — | — | — | |||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | (708 | ) | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 96 | (691 | ) | 30 | 278 | — | 326 | — | — | — | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 96 | (691 | ) | 30 | 278 | — | 326 | — | — | — | — | — | — | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | 1,000 | — | — | — | — | — | — | — | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | 1,000 | — | — | — | — | — | — | — | ||||||||||||||
Net (loss) income | 96 | (691 | ) | 30 | 278 | 1,000 | 326 | — | — | — | — | — | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Three months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||
Revenue: | ||||||||||||||||
Hotel operations: | ||||||||||||||||
Rooms | — | — | 121,053 | 121,053 | — | 121,053 | ||||||||||
Food and beverage | — | — | 44,483 | 44,483 | — | 44,483 | ||||||||||
Other hotel operations | — | — | 12,518 | 12,518 | — | 12,518 | ||||||||||
Office rental, parking and other revenue | — | — | — | 847 | — | 1,426 | ||||||||||
Participating lease revenue | — | — | — | 19,887 | (60,851 | ) | — | |||||||||
Total revenue | — | — | 178,054 | 198,788 | (60,851 | ) | 179,480 | |||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | — | — | 32,000 | 32,000 | — | 32,000 | ||||||||||
Food and beverage | — | — | 34,762 | 34,762 | — | 34,762 | ||||||||||
Other hotel operating expenses | — | — | 8,182 | 8,182 | — | 8,182 | ||||||||||
Office rental, parking and other expenses | — | — | — | 400 | — | 682 | ||||||||||
Other operating expenses: | ||||||||||||||||
General and administrative, hotel | — | — | 31,343 | 28,761 | — | 28,770 | ||||||||||
General and administrative, corporate | — | — | 58 | 58 | — | 2,520 | ||||||||||
Property operating costs | — | — | 28,292 | 28,292 | — | 28,292 | ||||||||||
Depreciation and amortization | — | — | 14 | 8,833 | — | 24,576 | ||||||||||
Property taxes, insurance and other | — | — | 60,980 | 63,851 | (60,851 | ) | 12,567 | |||||||||
Contract termination costs | — | — | — | — | — | — | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | 195,631 | 205,139 | (60,851 | ) | 172,351 | |||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | 1,600 | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | — | (17,577 | ) | (6,351 | ) | — | 8,729 | ||||||||
Minority interest income | — | — | — | — | — | 40 | ||||||||||
Interest expense, net | — | — | (2,252 | ) | (3,316 | ) | — | (30,994 | ) | |||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | 6,868 | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | (19,829 | ) | (9,667 | ) | 6,868 | (22,225 | ) | |||||||
Income tax benefit | — | — | — | — | — | 218 | ||||||||||
(Loss) income from continuing operations | — | — | (19,829 | ) | (9,667 | ) | 6,868 | (22,007 | ) | |||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | (4,839 | ) | (6,274 | ) | — | (5,557 | ) | |||||||
Income tax (expense) benefit | — | — | — | — | — | 26 | ||||||||||
(Loss) income from discontinued operations | — | — | (4,839 | ) | (6,274 | ) | — | (5,531 | ) | |||||||
Net (loss) income | — | — | (24,668 | ) | (15,941 | ) | 6,868 | (27,538 | ) | |||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(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 | 105 | 1,924 | — | — | — | — | — | — | — | 25 | — | — | |||||||||||||||||
Participating lease revenue | 12,667 | 106,547 | — | — | — | 986 | 2,049 | 5,803 | 922 | 1,156 | 969 | 654 | |||||||||||||||||
Total revenue | 12,772 | 108,471 | — | — | — | 986 | 2,049 | 5,803 | 922 | 1,181 | 969 | 654 | |||||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Office rental, parking and other expenses | — | 856 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||||
General and administrative, hotel | 2 | 99 | — | — | — | — | — | — | 23 | — | — | — | |||||||||||||||||
General and administrative, corporate | 10,256 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Depreciation and amortization | 10,211 | 38,807 | — | — | — | 447 | 481 | 1,768 | 914 | 411 | 337 | 121 | |||||||||||||||||
Property taxes, insurance and other | 7,540 | 14,317 | — | — | — | 72 | 749 | 468 | 546 | 122 | 90 | 115 | |||||||||||||||||
Loss on asset impairments | 621 | 34,181 | — | — | — | — | — | — | 1,580 | — | — | — | |||||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating expenses | 28,630 | 88,260 | — | — | — | 519 | 1,230 | 2,236 | 3,063 | 533 | 427 | 236 | |||||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 2,996 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Operating (loss) income | (12,862 | ) | 20,211 | — | — | — | 467 | 819 | 3,567 | (2,141 | ) | 648 | 542 | 418 | |||||||||||||||
Minority interest income | 36 | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Interest expense, net | (47,573 | ) | (28,201 | ) | — | — | — | — | — | — | — | (11 | ) | (12 | ) | — | |||||||||||||
Loss on early extinguishments of debt | (11,669 | ) | (43,503 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | (57,355 | ) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income before income taxes and discontinued operations | (129,423 | ) | (51,493 | ) | — | — | — | 467 | 819 | 3,567 | (2,141 | ) | 637 | 530 | 418 | ||||||||||||||
Income tax expense | (303 | ) | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from continuing operations | (129,726 | ) | (51,493 | ) | — | — | — | 467 | 819 | 3,567 | (2,141 | ) | 637 | 530 | 418 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (732 | ) | (2,967 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Loss) income from discontinued operations | (732 | ) | (2,967 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | (130,458 | ) | (54,460 | ) | — | — | — | 467 | 819 | 3,567 | (2,141 | ) | 637 | 530 | 418 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(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 | 2 | — | — | 45 | — | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | 1,693 | — | — | 2,108 | 5,294 | — | 1,850 | 1,971 | 3,192 | — | — | — | |||||||||||||||
Total revenue | 1,695 | — | — | 2,153 | 5,294 | — | 1,850 | 1,971 | 3,192 | — | — | — | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | 4 | — | (3 | ) | — | 2 | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 464 | — | — | 321 | 1,118 | — | 448 | 462 | 510 | — | — | — | |||||||||||||||
Property taxes, insurance and other | 288 | — | — | 236 | 420 | — | 144 | 324 | 302 | — | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 752 | — | — | 557 | 1,542 | — | 589 | 786 | 814 | — | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | 943 | — | — | 1,596 | 3,752 | — | 1,261 | 1,185 | 2,378 | — | — | — | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | (21 | ) | — | — | — | (1,470 | ) | — | (43 | ) | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | 922 | — | — | 1,596 | 2,282 | — | 1,218 | 1,185 | 2,378 | — | — | — | |||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | 922 | — | — | 1,596 | 2,282 | — | 1,218 | 1,185 | 2,378 | — | — | — | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | 922 | — | — | 1,596 | 2,282 | — | 1,218 | 1,185 | 2,378 | — | — | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(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, LLC | 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 | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Participating lease revenue | 1,073 | 1,361 | — | — | — | — | — | — | — | — | 353 | — | |||||||||||||
Total revenue | 1,073 | 1,361 | — | — | — | — | — | — | — | — | 353 | — | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||||
General and administrative, hotel | — | 5 | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 446 | 481 | — | — | — | — | — | — | — | — | 141 | — | |||||||||||||
Property taxes, insurance and other | 151 | 137 | — | — | — | — | — | — | — | — | 95 | — | |||||||||||||
Loss on asset impairments | — | 3,961 | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 597 | 4,584 | — | — | — | — | — | — | — | — | 236 | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | 476 | (3,223 | ) | — | — | — | — | — | — | — | — | 117 | — | ||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 476 | (3,223 | ) | — | — | — | — | — | — | — | — | 117 | — | ||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 476 | (3,223 | ) | — | — | — | — | — | — | — | — | 117 | — | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | 168 | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | 168 | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | 476 | (3,223 | ) | 168 | — | — | — | — | — | — | — | 117 | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | |||||||||||||||
Revenue: | |||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | 342 | — | 1,859 | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 2,498 | 4,620 | — | 4,549 | — | 997 | — | 1,565 | — | — | — | ||||||||||||||
Total revenue | 2,498 | 4,962 | — | 6,408 | — | 997 | — | 1,565 | — | — | — | ||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | 126 | — | 1,014 | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | 3 | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 369 | 1,550 | — | 1,076 | — | 296 | — | 985 | — | — | — | ||||||||||||||
Property taxes, insurance and other | 228 | 1,118 | — | 1,524 | — | 190 | — | 137 | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 597 | 2,794 | — | 3,614 | — | 486 | — | 1,125 | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating (loss) income | 1,901 | 2,168 | — | 2,794 | — | 511 | — | 440 | — | — | — | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | (58 | ) | — | (46 | ) | — | — | — | (1,262 | ) | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 1,901 | 2,110 | — | 2,748 | — | 511 | — | (822 | ) | — | — | — | |||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 1,901 | 2,110 | — | 2,748 | — | 511 | — | (822 | ) | — | — | — | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (loss) income | 1,901 | 2,110 | — | 2,748 | — | 511 | — | (822 | ) | — | — | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | 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 | — | 15 | — | — | — | — | — | — | — | — | 23 | — | |||||||||||||
Participating lease revenue | — | 1,532 | — | 1,158 | — | 261 | — | — | — | — | 9,070 | 343 | |||||||||||||
Total revenue | — | 1,547 | — | 1,158 | — | 261 | — | — | — | — | 9,093 | 343 | |||||||||||||
Hotel operating expenses: | �� | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||||
General and administrative, hotel | — | (1 | ) | — | — | — | — | — | — | — | — | 8 | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | — | 796 | — | 195 | — | 101 | — | — | — | — | 4,569 | 54 | |||||||||||||
Property taxes, insurance and other | — | 185 | — | 106 | — | 46 | — | — | — | — | 1,303 | 57 | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | — | 980 | — | 301 | — | 147 | — | — | — | — | 5,880 | 111 | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | — | 567 | — | 857 | — | 114 | — | — | — | — | 3,213 | 232 | |||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | — | 567 | — | 857 | — | 114 | — | — | — | — | 3,213 | 232 | |||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | — | 567 | — | 857 | — | 114 | — | — | — | — | 3,213 | 232 | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | — | 567 | — | 857 | — | 114 | — | — | — | — | 3,213 | 232 | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(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 Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | ||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | — | 227 | — | 62 | — | 162 | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | 467 | — | 1,301 | 5,318 | — | 2,119 | — | — | — | — | — | — | |||||||||||||||
Total revenue | 467 | 227 | 1,301 | 5,380 | — | 2,281 | — | — | — | — | — | — | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | 385 | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | 1 | — | 1 | — | — | — | — | — | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 3 | 2,731 | 354 | 800 | — | 985 | — | — | — | — | — | — | |||||||||||||||
Property taxes, insurance and other | 6 | (162 | ) | — | 585 | — | 262 | — | — | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 9 | 2,570 | 354 | 1,386 | — | 1,632 | — | — | — | — | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | 458 | (2,343 | ) | 947 | 3,994 | — | 649 | — | — | — | — | — | — | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | — | (2,125 | ) | — | (33 | ) | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | 458 | (2,343 | ) | 947 | 1,869 | — | 616 | — | — | — | — | — | — | ||||||||||||||
Income tax expense | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | 458 | (2,343 | ) | 947 | 1,869 | — | 616 | — | — | — | — | — | — | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | 458 | (2,343 | ) | 947 | 1,869 | — | 616 | — | — | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Nine months ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||
Revenue: | ||||||||||||||||
Hotel operations: | ||||||||||||||||
Rooms | — | — | 389,870 | 389,870 | — | 389,870 | ||||||||||
Food and beverage | — | — | 158,322 | 158,322 | — | 158,322 | ||||||||||
Other hotel operations | — | — | 34,787 | 34,787 | — | 34,787 | ||||||||||
Office rental, parking and other revenue | — | — | 150 | 2,912 | — | 4,941 | ||||||||||
Participating lease revenue | — | — | — | 67,232 | (186,446 | ) | — | |||||||||
Total revenue | — | — | 583,129 | 653,123 | (186,446 | ) | 587,920 | |||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | — | — | 95,766 | 95,766 | — | 95,766 | ||||||||||
Food and beverage | — | — | 112,613 | 112,613 | — | 112,613 | ||||||||||
Other hotel operating expenses | — | — | 22,124 | 22,124 | — | 22,124 | ||||||||||
Office rental, parking and other expenses | — | — | — | 1,525 | — | 2,381 | ||||||||||
Other operating expenses: | ||||||||||||||||
General and administrative, hotel | — | — | 93,499 | 93,542 | — | 93,643 | ||||||||||
General and administrative, corporate | — | — | 105 | 105 | — | 10,361 | ||||||||||
Property operating costs | — | — | 89,622 | 89,622 | — | 89,622 | ||||||||||
Depreciation and amortization | — | — | — | 23,734 | — | 72,752 | ||||||||||
Property taxes, insurance and other | — | — | 188,184 | 198,028 | (186,446 | ) | 33,439 | |||||||||
Loss on asset impairments | — | — | — | 5,541 | — | 40,343 | ||||||||||
Contract termination costs | — | — | 1,081 | 1,081 | — | 1,081 | ||||||||||
Operating expenses | — | — | 602,994 | 643,681 | (186,446 | ) | 574,125 | |||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | 4,261 | 4,261 | — | 7,257 | ||||||||||
Hurricane business interruption insurance gain | — | — | 4,290 | 4,290 | — | 4,290 | ||||||||||
Operating (loss) income | — | — | (11,314 | ) | 17,993 | — | 25,342 | |||||||||
Minority interest income | — | — | — | — | — | 36 | ||||||||||
Interest expense, net | — | — | (10,708 | ) | (15,789 | ) | — | (91,563 | ) | |||||||
Loss on early extinguishments of debt | — | — | — | — | — | (55,172 | ) | |||||||||
Equity in income from consolidated entities | — | — | — | — | 57,355 | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | (22,022 | ) | 2,204 | 57,355 | (121,357 | ) | ||||||||
Income tax expense | — | — | (126 | ) | (126 | ) | — | (429 | ) | |||||||
(Loss) income from continuing operations | — | — | (22,148 | ) | 2,078 | 57,355 | (121,786 | ) | ||||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | (5,141 | ) | (4,973 | ) | — | (8,672 | ) | |||||||
Income tax (expense) benefit | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | (5,141 | ) | (4,973 | ) | — | (8,672 | ) | |||||||
Net (loss) income | — | — | (27,289 | ) | (2,895 | ) | 57,355 | (130,458 | ) | |||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(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 | ||||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | 97 | 1,860 | — | — | — | — | — | — | — | 24 | — | |||||||||||||||
Participating lease revenue | 27,902 | 93,628 | — | — | — | 996 | 1,803 | 5,591 | 888 | 1,113 | 758 | |||||||||||||||
Total revenue | 27,999 | 95,488 | — | — | — | 996 | 1,803 | 5,591 | 888 | 1,137 | 758 | |||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | 849 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | 20 | 31 | — | — | — | — | — | (2,612 | ) | — | — | — | ||||||||||||||
General and administrative, corporate | 9,458 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | 12,679 | 32,895 | — | — | — | 470 | 493 | 1,815 | 1,042 | 447 | 243 | |||||||||||||||
Property taxes, insurance and other | 22,716 | 12,843 | — | — | — | 75 | 472 | 836 | 528 | 137 | 93 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 44,873 | 46,618 | — | — | — | 545 | 965 | 39 | 1,570 | 584 | 336 | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 4,800 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | (12,074 | ) | 48,870 | — | — | — | 451 | 838 | 5,552 | (682 | ) | 553 | 422 | |||||||||||||
Minority interest income | 65 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | (61,550 | ) | (25,130 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||
Loss on early extinguishments of debt | (7,903 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | (2,243 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | (83,705 | ) | 23,740 | — | — | — | 451 | 838 | 5,552 | (682 | ) | 553 | 422 | |||||||||||||
Income tax benefit | 604 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | (83,101 | ) | 23,740 | — | — | — | 451 | 838 | 5,552 | (682 | ) | 553 | 422 | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 2,510 | 2,470 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Income tax (expense) benefit | 116 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | 2,626 | 2,470 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (loss) income | (80,475 | ) | 26,210 | — | — | — | 451 | 838 | 5,552 | (682 | ) | 553 | 422 | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(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. | ||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | — | 2 | — | — | 47 | — | — | (4 | ) | — | — | — | — | ||||||||||||||
Participating lease revenue | 734 | 1,429 | — | — | 1,545 | 4,570 | — | 1,689 | 1,790 | 2,682 | — | — | |||||||||||||||
Total revenue | 734 | 1,431 | — | — | 1,592 | 4,570 | — | 1,685 | 1,790 | 2,682 | — | — | |||||||||||||||
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 | 115 | 533 | — | — | 379 | 1,207 | — | 368 | 587 | 545 | — | — | |||||||||||||||
Property taxes, insurance and other | 114 | 304 | — | — | 228 | 429 | — | 97 | 276 | 294 | — | — | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | 229 | 837 | — | — | 607 | 1,636 | — | 465 | 863 | 839 | — | — | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | 505 | 594 | — | — | 985 | 2,934 | — | 1,220 | 927 | 1,843 | — | — | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | 505 | 594 | — | — | 985 | 2,934 | — | 1,220 | 927 | 1,843 | — | — | |||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | 505 | 594 | — | — | 985 | 2,934 | — | 1,220 | 927 | 1,843 | — | — | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | (461 | ) | — | — | — | (61 | ) | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | (461 | ) | — | — | — | (61 | ) | — | |||||||||||||
Net (loss) income | 505 | 594 | — | — | 985 | 2,934 | (461 | ) | 1,220 | 927 | 1,843 | (61 | ) | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | ||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other revenue | — | 1 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Participating lease revenue | — | 1,034 | 1,179 | — | — | — | — | — | — | — | — | 389 | |||||||||||||||
Total revenue | — | 1,035 | 1,179 | — | — | — | — | — | — | — | — | 389 | |||||||||||||||
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 | — | 478 | 542 | — | — | — | — | — | — | — | — | 105 | |||||||||||||||
Property taxes, insurance and other | — | 151 | 187 | — | — | — | — | — | — | — | — | 98 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | — | 629 | 729 | — | — | — | — | — | — | — | — | 203 | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | — | 406 | 450 | — | — | — | — | — | — | — | — | 186 | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 406 | 450 | — | — | — | — | — | — | — | — | 186 | |||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | — | 406 | 450 | — | — | — | — | — | — | — | — | 186 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (403 | ) | — | — | (758 | ) | (732 | ) | — | 89 | 97 | — | — | 1,852 | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | (403 | ) | — | — | (758 | ) | (732 | ) | — | 89 | 97 | — | — | 1,852 | — | ||||||||||||
Net (loss) income | (403 | ) | 406 | 450 | (758 | ) | (732 | ) | — | 89 | 97 | — | — | 1,852 | 186 | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, L.P. | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | |||||||||||||||
Revenue: | ||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other revenue | — | — | 218 | — | 1,346 | — | — | — | — | — | — | — | ||||||||||||||
Participating lease revenue | — | 1,964 | 3,872 | — | 4,382 | — | 902 | — | 1,697 | — | — | — | ||||||||||||||
Total revenue | — | 1,964 | 4,090 | — | 5,728 | — | 902 | — | 1,697 | — | — | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | 86 | — | 666 | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||
General and administrative, hotel | — | — | 5 | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | — | 418 | 1,704 | — | 1,214 | — | 335 | — | 1,089 | — | — | — | ||||||||||||||
Property taxes, insurance and other | — | 220 | 1,152 | — | 951 | — | 168 | — | 151 | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | — | 638 | 2,947 | — | 2,831 | — | 503 | — | 1,240 | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating (loss) income | — | 1,326 | 1,143 | — | 2,897 | — | 399 | — | 457 | — | — | — | ||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (1,003 | ) | — | — | — | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 1,326 | 1,143 | — | 2,897 | — | 399 | — | (546 | ) | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | — | 1,326 | 1,143 | — | 2,897 | — | 399 | — | (546 | ) | — | — | — | |||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (787 | ) | — | 103 | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | — | — | (787 | ) | — | 103 | — | — | — | — | — | — | |||||||||||||
Net (loss) income | — | 1,326 | 1,143 | (787 | ) | 2,897 | 103 | 399 | — | (546 | ) | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, L.P. | 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 | — | 14 | — | — | — | — | — | — | — | — | 21 | — | |||||||||||||||
Participating lease revenue | — | 1,476 | — | 1,149 | — | 542 | — | — | — | — | 7,885 | 591 | |||||||||||||||
Total revenue | — | 1,490 | — | 1,149 | — | 542 | — | — | — | — | 7,906 | 591 | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Depreciation and amortization | — | 828 | — | 356 | — | 172 | — | — | — | — | 4,744 | 104 | |||||||||||||||
Property taxes, insurance and other | — | 280 | — | 201 | — | 77 | — | — | — | — | 1,210 | 78 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating expenses | — | 1,108 | — | 557 | — | 249 | — | — | — | — | 5,954 | 182 | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Operating (loss) income | — | 382 | — | 592 | — | 293 | — | — | — | — | 1,952 | 409 | |||||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | — | 382 | — | 592 | — | 293 | — | — | — | — | 1,952 | 409 | |||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from continuing operations | — | 382 | — | 592 | — | 293 | — | — | — | — | 1,952 | 409 | |||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | 451 | — | — | — | (217 | ) | (3,242 | ) | (168 | ) | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Loss) income from discontinued operations | — | — | 451 | — | — | — | (217 | ) | (3,242 | ) | (168 | ) | — | — | — | ||||||||||||
Net (loss) income | — | 382 | 451 | 592 | — | 293 | (217 | ) | (3,242 | ) | (168 | ) | �� | — | 1,952 | 409 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(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 Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | — | — | 78 | — | 157 | — | — | — | — | — | — | |||||||||||||
Participating lease revenue | 587 | 6,380 | 1,314 | 4,545 | — | 2,144 | — | — | — | — | — | — | |||||||||||||
Total revenue | 587 | 6,380 | 1,314 | 4,623 | — | 2,301 | — | — | — | — | — | — | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | 337 | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||||
General and administrative, hotel | — | 28 | — | 2 | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 3 | 4,232 | 441 | 798 | — | 948 | — | — | — | — | — | — | |||||||||||||
Property taxes, insurance and other | 5 | 1,208 | 204 | 584 | — | 253 | — | — | — | — | — | — | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Contract termination costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 8 | 5,468 | 645 | 1,384 | — | 1,538 | — | — | — | — | — | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating (loss) income | 579 | 912 | 669 | 3,239 | — | 763 | — | — | — | — | — | — | |||||||||||||
Minority interest income | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | (2,125 | ) | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 579 | 912 | 669 | 1,114 | — | 763 | — | — | — | — | — | — | |||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 579 | 912 | 669 | 1,114 | — | 763 | — | — | — | — | — | — | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | 143 | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | 143 | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | 579 | 912 | 669 | 1,114 | 143 | 763 | — | — | — | — | — | — | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidated Statement of Operations
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | |||||||||||
Revenue: | ||||||||||||||||
Hotel operations: | ||||||||||||||||
Rooms | — | — | 378,807 | 378,807 | — | 378,807 | ||||||||||
Food and beverage | — | — | 147,936 | 147,936 | — | 147,936 | ||||||||||
Other hotel operations | — | — | 43,100 | 43,100 | — | 43,100 | ||||||||||
Office rental, parking and other revenue | — | — | 160 | 2,064 | — | 4,021 | ||||||||||
Participating lease revenue | — | — | — | 67,620 | (189,150 | ) | — | |||||||||
Total revenue | — | — | 570,003 | 639,527 | (189,150 | ) | 573,864 | |||||||||
Hotel operating expenses: | ||||||||||||||||
Rooms | — | — | 94,565 | 94,565 | — | 94,565 | ||||||||||
Food and beverage | — | — | 109,284 | 109,284 | — | 109,284 | ||||||||||
Other hotel operating expenses | — | — | 27,290 | 27,290 | — | 27,290 | ||||||||||
Office rental, parking and other expenses | — | — | — | 1,089 | — | 1,938 | ||||||||||
Other operating expenses: | ||||||||||||||||
General and administrative, hotel | — | — | 91,476 | 88,899 | — | 88,950 | ||||||||||
General and administrative, corporate | — | — | 167 | 167 | — | 9,625 | ||||||||||
Property operating costs | — | — | 85,796 | 85,796 | — | 85,796 | ||||||||||
Depreciation and amortization | — | — | 98 | 26,853 | — | 72,427 | ||||||||||
Property taxes, insurance and other | — | — | 185,867 | 196,928 | (189,150 | ) | 43,337 | |||||||||
Loss on asset impairments | — | — | — | — | — | — | ||||||||||
Contract termination costs | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | 594,543 | 630,871 | (189,150 | ) | 533,212 | |||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | 4,800 | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | ||||||||||
Operating (loss) income | — | — | (24,540 | ) | 8,656 | — | 45,452 | |||||||||
Minority interest income | — | — | — | — | — | 65 | ||||||||||
Interest expense, net | — | — | (5,778 | ) | (8,906 | ) | — | (95,586 | ) | |||||||
Loss on early extinguishments of debt | — | — | — | — | — | (7,903 | ) | |||||||||
Equity in income from consolidated entities | — | — | — | — | 2,243 | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | (30,318 | ) | (250 | ) | 2,243 | (57,972 | ) | |||||||
Income tax benefit | — | — | — | — | — | 604 | ||||||||||
(Loss) income from continuing operations | — | — | (30,318 | ) | (250 | ) | 2,243 | (57,368 | ) | |||||||
Discontinued operations: | ||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | (24,109 | ) | (28,203 | ) | — | (23,223 | ) | |||||||
Income tax (expense) benefit | — | — | — | — | — | 116 | ||||||||||
(Loss) income from discontinued operations | — | — | (24,109 | ) | (28,203 | ) | — | (23,107 | ) | |||||||
Net (loss) income | — | — | (54,427 | ) | (28,453 | ) | 2,243 | (80,475 | ) | |||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(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 | MeriStar Sub 7F, LLC | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net (loss) income | (130,458 | ) | (54,460 | ) | — | — | — | 467 | 819 | 3,567 | (2,141 | ) | 637 | 530 | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 11,670 | 39,333 | — | — | — | 447 | 481 | 1,768 | 914 | 411 | 337 | |||||||||||||||||||
Equity in earnings of consolidated entities | 57,355 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loss on asset impairments | 3,228 | 37,817 | — | — | — | — | — | — | 1,580 | — | — | |||||||||||||||||||
Loss on sale of assets, before tax effect | 53 | 372 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loss on early extinguishments of debt | 433 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Minority interests | (36 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliate | 1,342 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned stock-based compensation | 848 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | 40,895 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | (20,663 | ) | 1,106 | — | — | — | — | — | (63 | ) | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 2,023 | 2,703 | — | — | — | (26 | ) | (88 | ) | (101 | ) | (241 | ) | (31 | ) | (18 | ) | |||||||||||||
Receivables from unconsolidated affiliates | 12,128 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | 801 | (597 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (11,018 | ) | 1,226 | — | — | — | 65 | 214 | (79 | ) | (7 | ) | (37 | ) | 31 | |||||||||||||||
Due to/from subsidiaries | 104,600 | (49,371 | ) | — | — | — | (930 | ) | (1,033 | ) | 3,474 | 222 | (1,299 | ) | (1,582 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 73,201 | (21,871 | ) | — | — | — | 23 | 393 | 8,566 | 327 | (319 | ) | (702 | ) | ||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | (31,857 | ) | (50,416 | ) | — | — | — | (23 | ) | (393 | ) | (8,566 | ) | (327 | ) | (309 | ) | 66 | ||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | 25,325 | 14,700 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | 7,700 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Decrease (increase) in restricted cash | 48,071 | (986 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | (845 | ) | (448 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | 48,394 | (37,150 | ) | — | — | — | (23 | ) | (393 | ) | (8,566 | ) | (327 | ) | (309 | ) | 66 | |||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on debt | (84,461 | ) | (298,110 | ) | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on debt | — | (16,056 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | 39,565 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from debt issuance, net of financing costs | — | 320,704 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | (2,481 | ) | 12,918 | — | — | — | — | — | — | — | 628 | 636 | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | (61,000 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | 346 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of OP units under employee stock plans | (851 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | (148,447 | ) | 59,021 | — | — | — | — | — | — | — | 628 | 636 | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (26,852 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | 41,224 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, end of period | 14,372 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(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 | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net (loss) income | 418 | 922 | — | — | 1,596 | 2,282 | — | 1,218 | 1,185 | 2,378 | — | |||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | 121 | 464 | — | — | 321 | 1,118 | — | 448 | 462 | 510 | — | |||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
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 affiliate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | 254 | — | — | — | 16 | — | 64 | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (77 | ) | (18 | ) | — | — | (21 | ) | (40 | ) | — | (85 | ) | (187 | ) | (35 | ) | — | ||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 65 | 94 | — | — | 44 | 183 | (5 | ) | 88 | 191 | (93 | ) | — | |||||||||||||||||
Due to/from subsidiaries | 729 | (1,987 | ) | — | — | (1,796 | ) | (34,589 | ) | (59 | ) | (2,641 | ) | 17,789 | (1,413 | ) | — | |||||||||||||
Net cash provided by (used in) operating activities | 1,510 | (525 | ) | — | — | 160 | (31,046 | ) | — | (972 | ) | 19,440 | 1,347 | — | ||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | (1,510 | ) | (604 | ) | — | — | (160 | ) | (2,731 | ) | — | (1,242 | ) | (19,440 | ) | (1,347 | ) | — | ||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | (32 | ) | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | (1,510 | ) | (604 | ) | — | — | (160 | ) | (2,763 | ) | — | (1,242 | ) | (19,440 | ) | (1,347 | ) | — | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | (5 | ) | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | 33,809 | — | — | — | — | — | |||||||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | 1,129 | — | — | — | — | — | 2,219 | — | — | — | |||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | — | 1,129 | — | — | — | 33,809 | — | 2,214 | — | — | — | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(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 | |||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | — | — | 476 | (3,223 | ) | 168 | — | — | — | — | — | — | |||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | — | — | 446 | 481 | 126 | — | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on asset impairments | — | — | — | 3,961 | 403 | — | — | — | — | — | — | ||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | 37 | — | — | — | — | — | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | (44 | ) | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | — | — | (27 | ) | (50 | ) | (96 | ) | — | — | — | — | — | — | |||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | (585 | ) | — | — | — | — | — | — | |||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | (38 | ) | 114 | (26 | ) | — | — | — | — | — | — | ||||||||||||||
Due to/from subsidiaries | — | (1 | ) | (587 | ) | (87 | ) | (5,124 | ) | 44 | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) operating activities | — | (1 | ) | 270 | 1,196 | (5,097 | ) | — | — | — | — | — | — | ||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Capital expenditures for property and equipment | — | 1 | (270 | ) | (1,196 | ) | 105 | — | — | — | — | — | — | ||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from sales of assets | — | — | — | — | 5,800 | — | — | — | — | — | — | ||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | (808 | ) | — | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by investing activities | — | 1 | (270 | ) | (1,196 | ) | 5,097 | — | — | — | — | — | — | ||||||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||
Net (loss) income | — | 117 | — | 1,901 | 2,110 | — | 2,748 | — | 511 | — | (822 | ) | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||
Depreciation and amortization | — | 141 | — | 369 | 1,550 | — | 1,076 | — | 296 | — | 985 | |||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
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 affiliate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | (131 | ) | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | — | (33 | ) | — | (16 | ) | (550 | ) | — | (31 | ) | — | (14 | ) | — | (94 | ) | |||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | (8 | ) | — | 61 | 231 | — | 591 | — | 7 | — | 239 | ||||||||||||||||
Due to/from subsidiaries | — | (134 | ) | — | (1,946 | ) | (4,884 | ) | — | (5,235 | ) | — | (225 | ) | — | (10 | ) | |||||||||||
Net cash provided by (used in) operating activities | — | 83 | — | 369 | (1,543 | ) | — | (982 | ) | — | 575 | — | 298 | |||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Capital expenditures for property and equipment | — | (83 | ) | — | (369 | ) | (1,639 | ) | — | (1,500 | ) | — | (575 | ) | — | (298 | ) | |||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | — | (83 | ) | — | (369 | ) | (1,639 | ) | — | (1,500 | ) | — | (575 | ) | — | (298 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | 3,182 | — | 2,482 | — | — | — | — | |||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | 3,182 | — | 2,482 | — | — | — | — | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | |||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net (loss) income | — | — | — | — | 567 | — | 857 | — | 114 | — | — | ||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 796 | — | 195 | — | 101 | — | — | ||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
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 affiliate | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | 1,691 | — | 1,269 | — | — | ||||||||||||||
Prepaid expenses and other assets | — | — | — | — | (43 | ) | — | (118 | ) | — | (39 | ) | — | — | |||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | — | (134 | ) | — | 155 | — | 55 | — | — | |||||||||||||
Due to/from subsidiaries | — | — | — | — | (305 | ) | — | 2,239 | — | 1,507 | — | — | |||||||||||||
Net cash provided by (used in) operating activities | — | — | — | — | 881 | — | 5,019 | — | 3,007 | — | — | ||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | (881 | ) | — | (5,019 | ) | — | (3,007 | ) | — | — | |||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | — | — | — | (881 | ) | — | (5,019 | ) | — | (3,007 | ) | — | — | |||||||||||
Financing activities: | |||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(Dollars in thousands)
MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | 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 | ||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||
Net (loss) income | — | — | 3,213 | 232 | 458 | (2,343 | ) | 947 | 1,869 | — | 616 | — | ||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||
Depreciation and amortization | — | — | 4,569 | 54 | 3 | 2,731 | 354 | 800 | — | 985 | — | |||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
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 affiliate | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | 880 | — | — | 4,819 | — | 359 | 1 | — | |||||||||||||||||||
Prepaid expenses and other assets | — | — | (684 | ) | (45 | ) | (10 | ) | (907 | ) | (137 | ) | (78 | ) | — | (51 | ) | — | ||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | 840 | 64 | — | 489 | 93 | 523 | — | 90 | — | |||||||||||||||||||
Due to/from subsidiaries | — | — | (1,364 | ) | 1,196 | (451 | ) | 18,442 | 920 | (2,111 | ) | (359 | ) | (632 | ) | — | ||||||||||||||
Net cash provided by (used in) operating activities | — | — | 6,574 | 2,381 | — | 18,412 | 6,996 | 1,003 | — | 1,009 | — | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | — | — | (6,574 | ) | (2,381 | ) | — | (18,412 | ) | (6,996 | ) | (1,003 | ) | — | (2,815 | ) | — | |||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (6,574 | ) | (2,381 | ) | — | (18,412 | ) | (6,996 | ) | (1,003 | ) | — | (2,815 | ) | — | |||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | 1,806 | — | |||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | 1,806 | — | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine Months Ended September 30, 2005 Unaudited
(Dollars in thousands)
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 | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Consolidation Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||
Net (loss) income | — | — | — | — | — | — | — | (27,289 | ) | (2,895 | ) | 57,355 | (130,458 | ) | ||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | — | 52 | 23,912 | — | 74,915 | |||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | (57,355 | ) | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 5,944 | — | 46,989 | |||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | 2,065 | 2,102 | — | 2,527 | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | 433 | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | (36 | ) | ||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | 1,342 | |||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | 848 | |||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | 40,895 | |||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | (9,408 | ) | (293 | ) | 10,907 | (8,943 | ) | ||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | — | 1,798 | (2,193 | ) | — | 2,533 | ||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | 12,128 | |||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | (6,601 | ) | (7,186 | ) | — | (6,982 | ) | ||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | — | — | — | — | 12,244 | 16,344 | (10,907 | ) | (4,355 | ) | |||||||||||||
Due to/from subsidiaries | — | — | — | — | — | — | — | (31,007 | ) | (55,229 | ) | — | — | |||||||||||||
Net cash provided by (used in) operating activities | — | — | — | — | — | — | — | (58,146 | ) | (19,494 | ) | — | 31,836 | |||||||||||||
Investing activities: | ||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | — | — | — | — | (89,498 | ) | — | (171,771 | ) | |||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | 5,800 | — | 45,825 | |||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | 7,700 | |||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | (1,155 | ) | (1,187 | ) | — | 45,898 | |||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | (91 | ) | (899 | ) | — | (2,192 | ) | ||||||||||||
Net cash (used in) provided by investing activities | — | — | — | — | — | — | — | (1,246 | ) | (85,784 | ) | — | (74,540 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | (382,571 | ) | ||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | (5 | ) | — | (16,061 | ) | |||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | 33,809 | — | 73,374 | |||||||||||||||
Proceeds from debt issuance, net of financing costs | — | — | — | — | — | — | — | — | — | — | 320,704 | |||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | 12,082 | — | 22,519 | |||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | 61,000 | 61,000 | — | — | |||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | 346 | |||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | (851 | ) | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | 61,000 | 106,886 | — | 17,460 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | 1,608 | 1,608 | — | (25,244 | ) | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | 19,309 | 19,309 | — | 60,533 | |||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | 20,917 | 20,917 | — | 35,289 | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | AGH Upreit, LLC | MeriStar Sub 5N, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 8F, L.P. | MeriStar Sub 8G, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, L.P. | MeriStar Sub 8E, LLC | |||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net (loss) income | (80,475 | ) | 26,210 | — | — | 409 | — | 838 | — | 451 | 5,552 | (682 | ) | 553 | ||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 7,944 | 41,103 | — | — | 104 | — | 493 | — | 470 | 1,815 | 1,042 | 447 | ||||||||||||||||||||
Equity in earnings of consolidated entities | 2,243 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on asset impairments | 4,671 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on sale of assets, before tax effect | (358 | ) | (461 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on early extinguishments of debt | 7,903 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Minority interests | (65 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Amortization of unearned stock-based compensation | (3,845 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | (357 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | (3,071 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | (7,051 | ) | 3,804 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (2,113 | ) | 2,202 | — | — | 21 | — | 41 | — | 9 | 48 | 95 | 12 | |||||||||||||||||||
Receivables from unconsolidated affiliates | (4,800 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | (3,205 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (16,458 | ) | (2,980 | ) | — | — | 67 | — | (76 | ) | — | (96 | ) | (2,700 | ) | (20 | ) | (27 | ) | |||||||||||||
Due to/from subsidiaries | 53,112 | 36,751 | — | — | (509 | ) | — | (429 | ) | — | (829 | ) | 726 | 128 | (664 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | (45,925 | ) | 106,629 | — | — | 92 | — | 867 | — | 5 | 5,441 | 563 | 321 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | (182,375 | ) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Capital expenditures for property and equipment | (2,622 | ) | (40,838 | ) | — | — | (92 | ) | — | (867 | ) | — | (5 | ) | (5,441 | ) | (563 | ) | (321 | ) | ||||||||||||
Deposit on investment in hotel | (7,500 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from sales of assets | 43,675 | 8,000 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Decrease (increase) in restricted cash | (16,972 | ) | 616 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Costs associated with disposition program and other, net | (1,596 | ) | (341 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | 14,985 | (214,938 | ) | — | — | (92 | ) | — | (867 | ) | — | (5 | ) | (5,441 | ) | (563 | ) | (321 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Prepayments on debt | (85,318 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Scheduled payments on debt | (5,600 | ) | (1,391 | ) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | 109,700 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Distributions to minority investors | (141 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Loans to/from subsidiaries | (61,901 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | 72,261 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Purchase of subsidiary partnership interests | (8,690 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of OP units under employee stock plans | (160 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other | (207 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net cash (used in) provided by financing activities | (89,756 | ) | 108,309 | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (632 | ) | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (121,328 | ) | — | — | — | — | — | — | — | — | — | — | —�� | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 218,645 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Cash and cash equivalents, end of period | 97,317 | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | |||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||
Net (loss) income | 422 | 505 | 594 | — | 985 | 2,934 | (461 | ) | 1,220 | 927 | 1,843 | (61 | ) | — | ||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||
Depreciation and amortization | 242 | 115 | 533 | — | 379 | 1,207 | 220 | 368 | 587 | 544 | — | — | ||||||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | 1,021 | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | — | 110 | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | 7 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 8 | 41 | 11 | — | 10 | 45 | 29 | 39 | 89 | 17 | 117 | — | ||||||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (30 | ) | 87 | 169 | — | (52 | ) | 102 | (167 | ) | (16 | ) | 86 | 57 | 306 | — | ||||||||||||||||||
Due to/from subsidiaries | 1,246 | (367 | ) | (1,268 | ) | — | (601 | ) | (830 | ) | (590 | ) | (377 | ) | 2,698 | (1,518 | ) | (6,002 | ) | — | ||||||||||||||
Net cash provided by (used in) operating activities | 1,888 | 381 | 39 | — | 728 | 3,458 | 52 | 1,234 | 4,387 | 943 | (5,530 | ) | — | |||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Capital expenditures for property and equipment | (1,888 | ) | (381 | ) | (39 | ) | — | (728 | ) | (3,458 | ) | (52 | ) | (1,234 | ) | (4,387 | ) | (943 | ) | 643 | — | |||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | — | 5,000 | — | ||||||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | — | (113 | ) | — | |||||||||||||||||||||
Net cash (used in) provided by investing activities | (1,888 | ) | (381 | ) | (39 | ) | — | (728 | ) | (3,458 | ) | (52 | ) | (1,234 | ) | (4,387 | ) | (943 | ) | 5,530 | — | |||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LLC | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | |||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||
Net (loss) income | (403 | ) | 406 | 450 | (758 | ) | (732 | ) | — | 89 | 97 | — | — | 1,852 | 186 | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 43 | 478 | 542 | 197 | 121 | — | 51 | — | — | — | — | 105 | ||||||||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on asset impairments | — | — | — | 1,441 | 1,005 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | 365 | — | — | — | 55 | — | (20 | ) | 45 | — | — | (1,827 | ) | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | 44 | 2,345 | — | — | — | 2,002 | (178 | ) | — | |||||||||||||||||||||||
Prepaid expenses and other assets | (8 | ) | 11 | 21 | 43 | 1 | — | 1 | (9 | ) | 3 | — | 15 | 15 | ||||||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (178 | ) | (32 | ) | 106 | 52 | (150 | ) | 8 | (161 | ) | (342 | ) | — | 8 | (25 | ) | 24 | ||||||||||||||||||
Due to/from subsidiaries | (4,747 | ) | 918 | (868 | ) | (719 | ) | (4,977 | ) | (2,353 | ) | (3,157 | ) | (3,092 | ) | (3 | ) | (2,010 | ) | (12,232 | ) | (264 | ) | |||||||||||||
Net cash provided by (used in) operating activities | (4,928 | ) | 1,781 | 251 | 256 | (4,633 | ) | — | (3,197 | ) | (3,301 | ) | — | — | (12,395 | ) | 66 | |||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Capital expenditures for property and equipment | 469 | (1,781 | ) | (251 | ) | (256 | ) | (12 | ) | — | 138 | (20 | ) | — | — | (1,911 | ) | (66 | ) | |||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from sales of assets | 4,650 | — | — | — | 4,850 | — | 3,300 | 3,575 | — | — | 14,775 | — | ||||||||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Costs associated with disposition program and other, net | (191 | ) | — | — | — | (205 | ) | — | (241 | ) | (254 | ) | — | — | (469 | ) | — | |||||||||||||||||||
Net cash (used in) provided by investing activities | 4,928 | (1,781 | ) | (251 | ) | (256 | ) | 4,633 | — | 3,197 | 3,301 | — | — | 12,395 | (66 | ) | ||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | ||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||||||||
Net (loss) income | — | 1,326 | 1,143 | (787 | ) | 2,897 | 103 | 399 | — | (546 | ) | — | — | — | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 418 | 1,704 | 99 | 1,214 | 49 | 335 | — | 1,089 | — | — | — | |||||||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 1,035 | — | (39 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | 283 | — | — | — | — | 46 | 43 | — | |||||||||||||||||||||||
Prepaid expenses and other assets | — | 11 | 262 | 1 | 47 | — | 7 | — | 46 | 1 | — | 1 | |||||||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | 206 | 335 | (1,080 | ) | 84 | 6 | (70 | ) | 61 | 393 | 2 | — | — | |||||||||||||||||||||
Due to/from subsidiaries | — | (1,600 | ) | (2,941 | ) | (4,074 | ) | (2,205 | ) | (2,020 | ) | 215 | (61 | ) | (780 | ) | (49 | ) | (43 | ) | (1 | ) | |||||||||||||
Net cash provided by (used in) operating activities | — | 361 | 503 | (4,806 | ) | 2,320 | (1,901 | ) | 886 | — | 202 | — | — | — | |||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Capital expenditures for property and equipment | — | (361 | ) | (503 | ) | 711 | (2,320 | ) | (38 | ) | (886 | ) | — | (202 | ) | — | — | — | |||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | 4,500 | — | 2,300 | — | — | — | — | — | — | |||||||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (405 | ) | — | (361 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (361 | ) | (503 | ) | 4,806 | (2,320 | ) | 1,901 | (886 | ) | — | (202 | ) | — | — | — | ||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5P, LLC | |||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||
Net (loss) income | — | 382 | 451 | 592 | — | 293 | (217 | ) | (3,242 | ) | (168 | ) | — | 1,952 | 579 | |||||||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 828 | 972 | 356 | — | 172 | — | — | 333 | — | 4,744 | 3 | ||||||||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 903 | 981 | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | 215 | 2,210 | — | — | — | — | ||||||||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts receivable, net | 1,166 | — | — | — | 198 | — | — | (6 | ) | — | — | — | — | |||||||||||||||||||||||
Prepaid expenses and other assets | — | 18 | 92 | 54 | (1 | ) | 19 | (4 | ) | (232 | ) | 115 | (3 | ) | 47 | 5 | ||||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 1 | (116 | ) | (1,419 | ) | 147 | (14 | ) | 65 | (410 | ) | (293 | ) | (229 | ) | — | 89 | — | ||||||||||||||||||
Due to/from subsidiaries | (1,167 | ) | 901 | 421 | (980 | ) | (183 | ) | (383 | ) | (6,742 | ) | 12,076 | (1,241 | ) | 3 | (1,150 | ) | (587 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | — | 2,013 | 517 | 169 | — | 166 | (7,158 | ) | 11,416 | (209 | ) | — | 5,682 | — | ||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Capital expenditures for property and equipment | — | (2,013 | ) | (517 | ) | (169 | ) | — | (166 | ) | 140 | 573 | 209 | — | (5,682 | ) | — | |||||||||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | 7,500 | 8,398 | — | — | — | — | ||||||||||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | (482 | ) | (656 | ) | — | — | — | — | ||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | (2,013 | ) | (517 | ) | (169 | ) | — | (166 | ) | 7,158 | 8,315 | 209 | — | (5,682 | ) | — | |||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | (19,731 | ) | — | — | — | — | |||||||||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | (19,731 | ) | — | — | — | — | |||||||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar 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 | ||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||||
Net (loss) income | 912 | 669 | 1,114 | 143 | 763 | — | — | — | — | — | — | — | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,232 | 441 | 798 | — | 948 | — | — | — | — | — | — | — | |||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
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 affiliate | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net | — | — | — | (359 | ) | (5 | ) | — | — | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | 278 | 65 | 38 | 14 | 24 | — | — | — | — | — | — | — | |||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 761 | 260 | 740 | 183 | 144 | — | — | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | (1,439 | ) | (994 | ) | (1,702 | ) | (9,977 | ) | (79 | ) | — | — | — | — | — | — | — | ||||||||||||
Net cash provided by (used in) operating activities | 4,744 | 441 | 988 | (9,097 | ) | 1,795 | — | — | — | — | — | — | — | ||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Capital expenditures for property and equipment | (4,744 | ) | (441 | ) | (988 | ) | 636 | (1,795 | ) | — | — | — | — | — | — | — | |||||||||||||
Deposit on investment in hotel | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from sales of assets | — | — | — | 8,800 | — | — | — | — | — | — | — | — | |||||||||||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Decrease (increase) in restricted cash | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (339 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (4,744 | ) | (441 | ) | (988 | ) | 9,097 | (1,795 | ) | — | — | — | — | — | — | — | |||||||||||||
Financing activities: | |||||||||||||||||||||||||||||
Prepayments on debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on debt | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Nine months ended September 30, 2004 Unaudited
(Dollars in thousands)
MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||
Operating activities: | ||||||||||||||
Net (loss) income | — | (54,427 | ) | (28,453 | ) | 2,243 | (80,475 | ) | ||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation and amortization | — | 98 | 28,936 | — | 77,983 | |||||||||
Equity in earnings of consolidated entities | — | — | — | (2,243 | ) | — | ||||||||
Loss on asset impairments | — | — | 5,351 | — | 10,022 | |||||||||
Loss on sale of assets, before tax effect | — | 11,533 | 14,581 | — | 13,762 | |||||||||
Loss on early extinguishments of debt | — | — | — | — | 7,903 | |||||||||
Minority interests | — | — | — | — | (65 | ) | ||||||||
Equity in loss of unconsolidated affiliate | — | — | — | |||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | (3,845 | ) | ||||||||
Deferred income taxes | — | — | — | — | (357 | ) | ||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | (3,071 | ) | ||||||||
Accounts receivable, net | — | (609 | ) | 4,977 | 6,612 | 8,342 | ||||||||
Prepaid expenses and other assets | — | 7,266 | 8,896 | — | 8,985 | |||||||||
Receivables from unconsolidated affiliates | — | — | — | — | (4,800 | ) | ||||||||
Due to Interstate Hotels & Resorts | — | (5,853 | ) | (5,853 | ) | — | (9,058 | ) | ||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | 9,722 | 6,568 | (6,612 | ) | (19,482 | ) | |||||||
Due to/from subsidiaries | — | (20,391 | ) | (89,863 | ) | — | — | |||||||
Net cash provided by (used in) operating activities | — | (52,661 | ) | (54,860 | ) | — | 5,844 | |||||||
Investing activities: | ||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | (182,375 | ) | ||||||||
Capital expenditures for property and equipment | — | (170 | ) | (42,172 | ) | — | (85,632 | ) | ||||||
Deposit on investment in hotel | — | — | — | — | (7,500 | ) | ||||||||
Proceeds from sales of assets | — | — | 67,648 | — | 119,323 | |||||||||
Estimated insurance proceeds related to capital expenditures | — | — | — | — | — | |||||||||
Decrease (increase) in restricted cash | — | (831 | ) | (831 | ) | — | (17,187 | ) | ||||||
Costs associated with disposition program and other, net | — | — | (3,716 | ) | — | (5,653 | ) | |||||||
Net cash (used in) provided by investing activities | — | (1,001 | ) | 20,929 | — | (179,024 | ) | |||||||
Financing activities: | ||||||||||||||
Prepayments on debt | — | — | (19,731 | ) | — | (105,049 | ) | |||||||
Scheduled payments on debt | — | — | — | — | (6,991 | ) | ||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | 109,700 | |||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | |||||||||
Net borrowings under credit facility revolver, net of financing costs | — | — | — | — | — | |||||||||
Distributions to minority investors | — | — | — | — | (141 | ) | ||||||||
Loans to/from subsidiaries | — | 61,901 | 61,901 | — | — | |||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | 72,261 | |||||||||
Purchase of subsidiary partnership interests | — | — | — | — | (8,690 | ) | ||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | (160 | ) | ||||||||
Other | — | — | — | — | (207 | ) | ||||||||
Net cash (used in) provided by financing activities | — | 61,901 | 42,170 | — | 60,723 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | (632 | ) | ||||||||
Net (decrease) increase in cash and cash equivalents | — | 8,239 | 8,239 | — | (113,089 | ) | ||||||||
Cash and cash equivalents, beginning of period | — | 12,231 | 12,231 | — | 230,876 | |||||||||
Cash and cash equivalents, end of period | — | 20,470 | 20,470 | — | 117,787 | |||||||||