Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document and Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'FCH | ' |
Entity Registrant Name | 'FelCor Lodging Trust Incorporated | ' |
Entity Central Index Key | '0000923603 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 124,125,625 |
FelCor Lodging LP [Member] | ' | ' |
Document and Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'FelCor Lodging LP | ' |
Entity Central Index Key | '0001048789 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Investment in hotels, net of accumulated depreciation of $931,375 and $929,298 at September 30, 2013 and December 31, 2012, respectively | $1,672,413 | $1,794,564 |
Hotel development | 195,919 | 146,079 |
Investment in unconsolidated entities | 51,069 | 55,082 |
Hotel held for sale | 9,684 | 0 |
Cash and cash equivalents | 68,589 | 45,745 |
Restricted cash | 78,134 | 77,927 |
Accounts receivable, net of allowance for doubtful accounts of $221 and $469 at September 30, 2013 and December 31, 2012, respectively | 38,892 | 25,383 |
Deferred expenses, net of accumulated amortization of $18,690 and $13,820 at September 30, 2013 and December 31, 2012, respectively | 30,921 | 34,262 |
Other assets | 26,741 | 23,391 |
Total assets | 2,172,362 | 2,202,433 |
Liabilities and Equity | ' | ' |
Debt, net of discount of $6,181 and $10,318 at September 30, 2013 and December 31, 2012, respectively | 1,648,165 | 1,630,525 |
Distributions payable | 8,545 | 8,545 |
Accrued expenses and other liabilities | 163,464 | 138,442 |
Total liabilities | 1,820,174 | 1,777,512 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in FelCor LP, 618 and 621 units issued and outstanding at September 30, 2013 and December 31, 2012 | 3,804 | 2,902 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Common stock, $0.01 par value, 200,000 shares authorized; 124,126 and 124,117 shares issued and outstanding at September 30, 2013, and December 31, 2012, respectively | 1,241 | 1,241 |
Additional paid-in capital | 2,355,086 | 2,353,581 |
Accumulated other comprehensive income | 25,447 | 26,039 |
Accumulated deficit | -2,535,640 | -2,464,968 |
Total FelCor stockholders’ equity | 324,908 | 394,667 |
Noncontrolling interests in other partnerships | 23,476 | 27,352 |
Total equity | 348,384 | 422,019 |
Total liabilities and equity | 2,172,362 | 2,202,433 |
FelCor Lodging LP [Member] | ' | ' |
Assets | ' | ' |
Investment in hotels, net of accumulated depreciation of $931,375 and $929,298 at September 30, 2013 and December 31, 2012, respectively | 1,672,413 | 1,794,564 |
Hotel development | 195,919 | 146,079 |
Investment in unconsolidated entities | 51,069 | 55,082 |
Hotel held for sale | 9,684 | 0 |
Cash and cash equivalents | 68,589 | 45,745 |
Restricted cash | 78,134 | 77,927 |
Accounts receivable, net of allowance for doubtful accounts of $221 and $469 at September 30, 2013 and December 31, 2012, respectively | 38,892 | 25,383 |
Deferred expenses, net of accumulated amortization of $18,690 and $13,820 at September 30, 2013 and December 31, 2012, respectively | 30,921 | 34,262 |
Other assets | 26,741 | 23,391 |
Total assets | 2,172,362 | 2,202,433 |
Liabilities and Equity | ' | ' |
Debt, net of discount of $6,181 and $10,318 at September 30, 2013 and December 31, 2012, respectively | 1,648,165 | 1,630,525 |
Distributions payable | 8,545 | 8,545 |
Accrued expenses and other liabilities | 163,464 | 138,442 |
Total liabilities | 1,820,174 | 1,777,512 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in FelCor LP, 618 and 621 units issued and outstanding at September 30, 2013 and December 31, 2012 | 3,804 | 2,902 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Accumulated other comprehensive income | 25,556 | 26,151 |
Total liabilities and equity | 2,172,362 | 2,202,433 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 478,774 | 478,774 |
Common units, 124,126 and 124,117 units issued and outstanding at September 30, 2013 and December 31, 2012, respectively | -179,422 | -110,258 |
Total FelCor LP partners' capital | 324,908 | 394,667 |
Noncontrolling interests | 23,476 | 27,352 |
Total partners' capital | 348,384 | 422,019 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,880 units issued and outstanding at September 30, 2013 and December 31, 2012 | ' | ' |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 309,362 | 309,362 |
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at September 30, 2013 and December 31, 2012 | ' | ' |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 169,412 | 169,412 |
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,011, issued and outstanding at September 30, 2013 and December 31, 2012 | ' | ' |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Cumulative Preferred Stock | 309,362 | 309,362 |
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at September 30, 2013 and December 31, 2012 | ' | ' |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Cumulative Preferred Stock | $169,412 | $169,412 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation | $931,375 | $929,298 |
Allowance for doubtful accounts | 221 | 469 |
Accumulated amortization of deferred expenses | 18,690 | 13,820 |
Debt discount | 6,181 | 10,318 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 618,000 | 621,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 618,000 | 621,000 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued and outstanding | 124,126,000 | 124,117,000 |
Series A Preferred Stock [Member] | ' | ' |
Preferred Stock, shares issued | 12,880,000 | 12,880,000 |
Preferred Stock, shares outstanding | 12,880,000 | 12,880,000 |
Preferred Stock, liquidation value | 322,011 | 322,011 |
Series C Preferred Stock [Member] | ' | ' |
Preferred Stock, shares issued | 68,000 | 68,000 |
Preferred Stock, shares outstanding | 68,000 | 68,000 |
Preferred Stock, liquidation value | 169,950 | 169,950 |
FelCor Lodging LP [Member] | ' | ' |
Accumulated depreciation | 931,375 | 929,298 |
Allowance for doubtful accounts | 221 | 469 |
Accumulated amortization of deferred expenses | 18,690 | 13,820 |
Debt discount | $6,181 | $10,318 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 617,542 | ' |
Units of redeemable units issued | 618,000 | 621,000 |
Units of redeemable units outstanding | 618,000 | 621,000 |
Common units issued and outstanding | 124,126,000 | 124,117,000 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ' | ' |
Series A Cumulative Convertible Preferred Units issued | 12,880,000 | 12,880,000 |
Series A Cumulative Convertible Preferred Units outstanding | 12,880,000 | 12,880,000 |
FelCor Lodging LP [Member] | Series C Preferred Units [Member] | ' | ' |
Series C Cumulative Redeemable Preferred Units issued | 68,000 | 68,000 |
Series C Cumulative Redeemable Preferred Units outstanding | 68,000 | 68,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Hotel operating revenue | $230,979 | $223,000 | $682,927 | $654,853 |
Other revenue | 1,584 | 1,441 | 3,034 | 2,672 |
Total revenues | 232,563 | 224,441 | 685,961 | 657,525 |
Expenses: | ' | ' | ' | ' |
Hotel departmental expenses | 82,609 | 80,144 | 249,752 | 236,986 |
Other property-related costs | 61,153 | 59,766 | 181,942 | 176,050 |
Management and franchise fees | 9,272 | 10,425 | 27,568 | 30,787 |
Taxes, insurance and lease expense | 25,957 | 24,771 | 73,209 | 70,257 |
Corporate expenses | 5,817 | 5,695 | 20,343 | 20,074 |
Depreciation and amortization | 30,124 | 30,050 | 90,407 | 87,305 |
Impairment loss | 0 | 0 | 24,441 | 0 |
Conversion Expenses | -81 | 0 | 1,134 | 0 |
Other expenses | 2,102 | 1,959 | 6,838 | 3,722 |
Total operating expenses | 216,953 | 212,810 | 675,634 | 625,181 |
Operating income (loss) | 15,610 | 11,631 | 10,327 | 32,344 |
Interest expense, net | -25,996 | -30,568 | -79,053 | -91,013 |
Debt extinguishment | 0 | -10,377 | 0 | -10,498 |
Gain On Involuntary Conversion, Net | 21 | 0 | 21 | 0 |
Loss before equity in income (loss) from unconsolidated entities | -10,365 | -29,314 | -68,705 | -69,167 |
Equity in income (loss) from unconsolidated entities | 2,100 | 1,536 | 4,095 | 2,674 |
Income (loss) from continuing operations | -8,265 | -27,778 | -64,610 | -66,493 |
Income (loss) from discontinued operations | 12,054 | 8,223 | 18,999 | 30,105 |
Net income (loss) | 3,789 | -19,555 | -45,611 | -36,388 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -591 | 386 | 3,621 | 440 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 32 | 144 | 352 | 329 |
Net income (loss) attributable to reporting entity | 3,230 | -19,025 | -41,638 | -35,619 |
Preferred dividends | -9,678 | -9,678 | -29,034 | -29,034 |
Net income (loss) attributable to FelCor common stockholders | -6,448 | -28,703 | -70,672 | -64,653 |
Basic and diluted per common share/unit data: | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.14) | ($0.30) | ($0.72) | ($0.76) |
Net income (loss) (in dollars per share) | ($0.05) | ($0.23) | ($0.57) | ($0.52) |
Basic and diluted weighted average common shares outstanding (in shares) | 123,817 | 123,640 | 123,815 | 123,648 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Hotel operating revenue | 230,979 | 223,000 | 682,927 | 654,853 |
Other revenue | 1,584 | 1,441 | 3,034 | 2,672 |
Total revenues | 232,563 | 224,441 | 685,961 | 657,525 |
Expenses: | ' | ' | ' | ' |
Hotel departmental expenses | 82,609 | 80,144 | 249,752 | 236,986 |
Other property-related costs | 61,153 | 59,766 | 181,942 | 176,050 |
Management and franchise fees | 9,272 | 10,425 | 27,568 | 30,787 |
Taxes, insurance and lease expense | 25,957 | 24,771 | 73,209 | 70,257 |
Corporate expenses | 5,817 | 5,695 | 20,343 | 20,074 |
Depreciation and amortization | 30,124 | 30,050 | 90,407 | 87,305 |
Impairment loss | 0 | 0 | 24,441 | 0 |
Conversion Expenses | -81 | 0 | 1,134 | 0 |
Other expenses | 2,102 | 1,959 | 6,838 | 3,722 |
Total operating expenses | 216,953 | 212,810 | 675,634 | 625,181 |
Operating income (loss) | 15,610 | 11,631 | 10,327 | 32,344 |
Interest expense, net | -25,996 | -30,568 | -79,053 | -91,013 |
Debt extinguishment | 0 | -10,377 | 0 | -10,498 |
Gain On Involuntary Conversion, Net | 21 | 0 | 21 | 0 |
Loss before equity in income (loss) from unconsolidated entities | -10,365 | -29,314 | -68,705 | -69,167 |
Equity in income (loss) from unconsolidated entities | 2,100 | 1,536 | 4,095 | 2,674 |
Income (loss) from continuing operations | -8,265 | -27,778 | -64,610 | -66,493 |
Income (loss) from discontinued operations | 12,054 | 8,223 | 18,999 | 30,105 |
Net income (loss) | 3,789 | -19,555 | -45,611 | -36,388 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -591 | 386 | 3,621 | 440 |
Net income (loss) attributable to reporting entity | 3,198 | -19,169 | -41,990 | -35,948 |
Preferred dividends | -9,678 | -9,678 | -29,034 | -29,034 |
Net income (loss) attributable to FelCor LP common unitholders | ($6,480) | ($28,847) | ($71,024) | ($64,982) |
Basic and diluted per common share/unit data: | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ($0.14) | ($0.30) | ($0.72) | ($0.76) |
Net income (loss) (in dollars per share) | ($0.05) | ($0.23) | ($0.57) | ($0.52) |
Basic and diluted weighted average common shares outstanding (in shares) | 124,435 | 124,266 | 124,435 | 124,278 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $3,789 | ($19,555) | ($45,611) | ($36,388) |
Foreign currency translation adjustment | 329 | 502 | -595 | 493 |
Comprehensive income (loss) | 4,118 | -19,053 | -46,206 | -35,895 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -591 | 386 | 3,621 | 440 |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 30 | 141 | 355 | 326 |
Comprehensive income (loss) attributable to reporting entity | 3,557 | -18,526 | -42,230 | -35,129 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Net income (loss) | 3,789 | -19,555 | -45,611 | -36,388 |
Foreign currency translation adjustment | 329 | 502 | -595 | 493 |
Comprehensive income (loss) | 4,118 | -19,053 | -46,206 | -35,895 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -591 | 386 | 3,621 | 440 |
Comprehensive income (loss) attributable to reporting entity | $3,527 | ($18,667) | ($42,585) | ($35,455) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | $1.4625 per Series A preferred share | $1.50 per Series C depositary preferred share | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Noncontrolling Interests in Other Parnerhsips | Comprehensive Loss |
In Thousands, unless otherwise specified | $1.4625 per Series A preferred share | $1.50 per Series C depositary preferred share | ||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2011 | $586,895 | ' | ' | $478,774 | $1,243 | $2,353,251 | $25,738 | ($2,297,468) | ' | ' | $25,357 | ' |
Shares, Issued - beginning balance at Dec. 31, 2011 | ' | ' | ' | 12,948 | 124,281 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock awards - Amortization | 630 | ' | ' | ' | ' | 630 | ' | ' | ' | ' | ' | ' |
Forfeiture of stock awards - shares | ' | ' | ' | ' | -63 | ' | ' | ' | ' | ' | ' | ' |
Forfeiture of stock awards - value | -7 | ' | ' | ' | -1 | 193 | ' | -199 | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - shares | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - value | 45 | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' |
Allocation to redeemable noncontrolling interests | -581 | ' | ' | ' | ' | -581 | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interests | 2,756 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,756 | ' |
Distribution to noncontrolling interests | -931 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -931 | ' |
Other | -4 | ' | ' | ' | ' | 0 | ' | -4 | ' | ' | ' | ' |
Preferred dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividends | ' | -18,837 | -10,197 | ' | ' | ' | ' | ' | -18,837 | -10,197 | ' | ' |
Comprehensive Loss (attributable to FelCor and noncontrolling interests in other partnerhips) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | ' | ' | ' | ' | 490 | ' | ' | ' | ' | 490 |
Net loss | ' | ' | ' | ' | ' | ' | ' | -35,619 | ' | ' | -440 | -36,059 |
Comprehensive loss | -35,569 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,569 |
Stockholders' Equity, ending balance at Sep. 30, 2012 | 524,200 | ' | ' | 478,774 | 1,242 | 2,353,538 | 26,228 | -2,362,324 | ' | ' | 26,742 | ' |
Shares, Issued - ending balance at Sep. 30, 2012 | ' | ' | ' | 12,948 | 124,229 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, beginning balance at Dec. 31, 2012 | 422,019 | ' | ' | 478,774 | 1,241 | 2,353,581 | 26,039 | -2,464,968 | ' | ' | 27,352 | ' |
Shares, Issued - beginning balance at Dec. 31, 2012 | ' | ' | ' | 12,948 | 124,117 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards - shares | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Stock awards - amortization and severance | 2,762 | ' | ' | ' | ' | 2,762 | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - shares | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - value | 23 | ' | ' | ' | ' | 23 | ' | ' | ' | ' | ' | ' |
Allocation to redeemable noncontrolling interests | -1,280 | ' | ' | ' | ' | -1,280 | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interests | 3,024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,024 | ' |
Distribution to noncontrolling interests | -3,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,279 | ' |
Preferred dividends: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividends | ' | -18,837 | -10,197 | ' | ' | ' | ' | ' | -18,837 | -10,197 | ' | ' |
Comprehensive Loss (attributable to FelCor and noncontrolling interests in other partnerhips) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | ' | ' | ' | ' | -592 | ' | ' | ' | ' | -592 |
Net loss | ' | ' | ' | ' | ' | ' | ' | -41,638 | ' | ' | -3,621 | -45,259 |
Comprehensive loss | -45,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,851 |
Stockholders' Equity, ending balance at Sep. 30, 2013 | $348,384 | ' | ' | $478,774 | $1,241 | $2,355,086 | $25,447 | ($2,535,640) | ' | ' | $23,476 | ' |
Shares, Issued - ending balance at Sep. 30, 2013 | ' | ' | ' | 12,948 | 124,126 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parentheticals) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Series A Preferred Stock [Member] | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $1.46 | $1.46 |
Series C Preferred Stock [Member] | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $1.50 | $1.50 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | FelCor Lodging LP [Member] |
In Thousands, unless otherwise specified | Preferred Units | Common units | Accumulated Other Comprehensive Income | Noncontrolling Interests | Comprehensive Loss | ||
Partners' Capital, Beginning Balance at Dec. 31, 2011 | ' | $586,895 | $478,774 | $56,916 | $25,848 | $25,357 | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
FelCor restricted stock compensation | ' | 623 | ' | 623 | ' | ' | ' |
Contributions | ' | 2,756 | ' | ' | ' | 2,756 | ' |
Distributions | ' | -29,965 | ' | -29,034 | ' | -931 | ' |
Allocation to redeemable units | ' | -210 | ' | -210 | ' | ' | ' |
Other | ' | -4 | ' | -4 | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | 493 | 493 | ' | ' | 493 | ' | 493 |
Net income (loss) | -36,388 | -36,388 | ' | -35,948 | ' | -440 | -36,388 |
Comprehensive income (loss) | -35,895 | -35,895 | ' | ' | ' | ' | -35,895 |
Partners' Capital, Ending Balance at Sep. 30, 2012 | ' | 524,200 | 478,774 | -7,657 | 26,341 | 26,742 | ' |
Partners' Capital, Beginning Balance at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | 502 | 502 | ' | ' | ' | ' | ' |
Net income (loss) | -19,555 | -19,555 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | -19,053 | -19,053 | ' | ' | ' | ' | ' |
Partners' Capital, Ending Balance at Sep. 30, 2012 | ' | 524,200 | 478,774 | ' | ' | ' | ' |
Partners' Capital, Beginning Balance at Dec. 31, 2012 | ' | 422,019 | 478,774 | -110,258 | 26,151 | 27,352 | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
FelCor restricted stock compensation | ' | 2,762 | ' | 2,762 | ' | ' | ' |
Contributions | ' | 3,024 | ' | ' | ' | 3,024 | ' |
Distributions | ' | -32,313 | ' | -29,034 | ' | -3,279 | ' |
Allocation to redeemable units | ' | -902 | ' | -902 | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | -595 | -595 | ' | ' | -595 | ' | -595 |
Net income (loss) | -45,611 | -45,611 | ' | -41,990 | ' | -3,621 | -45,611 |
Comprehensive income (loss) | -46,206 | -46,206 | ' | ' | ' | ' | -46,206 |
Partners' Capital, Ending Balance at Sep. 30, 2013 | ' | 348,384 | 478,774 | -179,422 | 25,556 | 23,476 | ' |
Partners' Capital, Beginning Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | 329 | 329 | ' | ' | ' | ' | ' |
Net income (loss) | 3,789 | 3,789 | ' | ' | ' | ' | ' |
Comprehensive income (loss) | 4,118 | 4,118 | ' | ' | ' | ' | ' |
Partners' Capital, Ending Balance at Sep. 30, 2013 | ' | $348,384 | $478,774 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net loss | ($45,611) | ($36,388) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 94,102 | 97,477 |
Gain on sale of hotels, net | -19,068 | -26,641 |
Gain On Involuntary Conversion, Net | -87 | 0 |
Amortization of deferred financing fees and debt discount | 8,224 | 13,646 |
Amortization of fixed stock and directors’ compensation | 4,547 | 3,748 |
Equity Based Severance | 822 | 0 |
Equity in loss (income) from unconsolidated entities | -4,095 | -2,674 |
Distributions of income from unconsolidated entities | 3,389 | 3,431 |
Debt extinguishment | 0 | 12,598 |
Impairment loss | 27,706 | 1,335 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -13,501 | -7,649 |
Other assets | -8,336 | -6,194 |
Accrued expenses and other liabilities | 20,279 | 20,118 |
Net cash flow provided by operating activities | 68,371 | 72,807 |
Cash flows from investing activities: | ' | ' |
Improvements and additions to hotels | -74,456 | -99,985 |
Hotel development | -46,724 | -16,707 |
Net proceeds from asset dispositions | 89,929 | 124,610 |
Change in restricted cash – investing | -670 | 2,598 |
Insurance proceeds | 218 | 0 |
Distributions from unconsolidated entities | 6,218 | 11,894 |
Contributions to unconsolidated entities | -1,500 | 0 |
Net cash flow provided by (used in) investing activities | -26,985 | 22,410 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 137,245 | 378,750 |
Repayment of borrowings | -123,741 | -395,355 |
Payment of deferred financing fees | -2,723 | -3,167 |
Distributions paid to noncontrolling interests | -3,279 | -931 |
Contributions from noncontrolling interests | 3,024 | 2,756 |
Distributions paid to preferred stockholders | -29,034 | -59,021 |
Net cash flow provided by (used in) financing activities | -18,508 | -76,968 |
Effect of exchange rate changes on cash | -34 | 112 |
Net change in cash and cash equivalents | 22,844 | 18,361 |
Cash and cash equivalents at beginning of periods | 45,745 | 93,758 |
Cash and cash equivalents at end of periods | 68,589 | 112,119 |
Supplemental cash flow information – interest paid, net of capitalized interest | 54,326 | 61,700 |
FelCor Lodging LP [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net loss | -45,611 | -36,388 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 94,102 | 97,477 |
Gain on sale of hotels, net | -19,068 | -26,641 |
Gain On Involuntary Conversion, Net | -87 | 0 |
Amortization of deferred financing fees and debt discount | 8,224 | 13,646 |
Amortization of fixed stock and directors’ compensation | 4,547 | 3,748 |
Equity Based Severance | 822 | 0 |
Equity in loss (income) from unconsolidated entities | -4,095 | -2,674 |
Distributions of income from unconsolidated entities | 3,389 | 3,431 |
Debt extinguishment | 0 | 12,598 |
Impairment loss | 27,706 | 1,335 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -13,501 | -7,649 |
Other assets | -8,336 | -6,194 |
Accrued expenses and other liabilities | 20,279 | 20,118 |
Net cash flow provided by operating activities | 68,371 | 72,807 |
Cash flows from investing activities: | ' | ' |
Improvements and additions to hotels | -74,456 | -99,985 |
Hotel development | -46,724 | -16,707 |
Net proceeds from asset dispositions | 89,929 | 124,610 |
Change in restricted cash – investing | -670 | 2,598 |
Insurance proceeds | 218 | 0 |
Distributions from unconsolidated entities | 6,218 | 11,894 |
Contributions to unconsolidated entities | -1,500 | 0 |
Net cash flow provided by (used in) investing activities | -26,985 | 22,410 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 137,245 | 378,750 |
Repayment of borrowings | -123,741 | -395,355 |
Payment of deferred financing fees | -2,723 | -3,167 |
Distributions paid to noncontrolling interests | -3,279 | -931 |
Contributions from noncontrolling interests | 3,024 | 2,756 |
Distributions paid to preferred unitholders | -29,034 | -59,021 |
Net cash flow provided by (used in) financing activities | -18,508 | -76,968 |
Effect of exchange rate changes on cash | -34 | 112 |
Net change in cash and cash equivalents | 22,844 | 18,361 |
Cash and cash equivalents at beginning of periods | 45,745 | 93,758 |
Cash and cash equivalents at end of periods | 68,589 | 112,119 |
Supplemental cash flow information – interest paid, net of capitalized interest | $54,326 | $61,700 |
Organization
Organization | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Organization [Abstract] | ' | |||||||
Organization | ' | |||||||
Organization | ||||||||
FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation, operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 61 hotels in continuing operations with 17,815 rooms at September 30, 2013. At September 30, 2013, we had an aggregate of 124,743,167 shares and units outstanding, consisting of 124,125,625 shares of FelCor common stock and 617,542 FelCor LP units not owned by FelCor. | ||||||||
Of the 61 hotels included in continuing operations, we owned a 100% interest in 44 hotels, a 90% interest in entities owning two hotels, an 82% interest in an entity owning one hotel, a 60% interest in an entity owning one hotel and a 50% interest in entities owning 13 hotels. We consolidate our real estate interests in the 48 hotels in which we held majority interests, and we record the real estate interests of the 13 hotels in which we held 50% interests using the equity method. We leased 60 of the 61 hotels in continuing operations to our taxable REIT subsidiaries, of which we own a controlling interest. One 50% owned hotel was operated without a lease. Because we owned controlling interests in these lessees, we consolidated our interests in these 60 hotels (which we refer to as our Consolidated Hotels) and reflect those hotels’ operating revenues and expenses in our statements of operations. Of our Consolidated Hotels, we owned 50% of the real estate interests in each of 12 hotels (we accounted for the ownership in our real estate interests of these hotels by the equity method) and majority real estate interests in each of the remaining 48 hotels (we consolidate our real estate interest in these hotels). | ||||||||
The following table illustrates the distribution of our 60 Consolidated Hotels at September 30, 2013: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 33 | 8,617 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,526 | ||||||
Holiday Inn® | 4 | 1,702 | ||||||
Sheraton® and Westin® | 4 | 1,604 | ||||||
DoubleTree by Hilton® and Hilton® | 5 | 1,206 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Fairmont® | 1 | 383 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 60 | 17,644 | ||||||
At September 30, 2013, our Consolidated Hotels were located in the United States (59 hotels in 21 states) and Canada (one hotel in Ontario), with concentrations in California (13 hotels), Florida (7 hotels) and Texas (7 hotels). Approximately 51% of our revenue was generated from hotels in these three states during the first nine months of 2013. | ||||||||
At September 30, 2013, of our 60 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 37 hotels, (ii) subsidiaries of Wyndham Worldwide Corporation, or Wyndham, managed eight hotels, (iii) subsidiaries of InterContinental Hotels Group, or IHG, managed four hotels, (iv) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed four hotels, (v) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (vi) a subsidiary of Fairmont Hotels and Resorts, or Fairmont, managed one hotel, (vii) a subsidiary of Morgans Hotel Group Corporation managed two hotels, and (viii) an independent management company managed one hotel. | ||||||||
1. Organization — (continued) | ||||||||
In addition to the above hotels, we own a 95% interest in a consolidated joint venture that owns the Knickerbocker Hotel, a former hotel and office building that is being redeveloped as a 4+ star hotel in midtown Manhattan and is expected to open in Summer 2014. | ||||||||
Effective January 1, 2013, our hotels managed by Marriott are accounted for on a 12-month calendar year basis as compared to a fiscal year comprised of 52 or 53 weeks ending on the Friday closest to December 31, as reported in 2012 and prior years. Our three and nine month periods ending September 30, 2013 are reported on a calendar basis for our Marriott-managed hotels, which is consistent with the reporting periods for our other managed hotels. However, our three and nine month periods ending September 30, 2012 include the results of operations for the Marriott-managed hotels for the 12 and 36 week periods, respectively, ending September 7, 2012. Prior year results have not been restated to reflect the reporting period transition as we do not believe the change in periods would result in a material difference for comparison of results year over year. | ||||||||
The information in our consolidated financial statements for the three and nine months ended September 30, 2013 and 2012 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three and nine months ended September 30, 2013 and 2012, include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair presentation of the results for the periods. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2012, included in our Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of actual operating results for the entire year. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | ' | |||||||||||||||||
Investment in Unconsolidated Entities | ' | |||||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||||
At September 30, 2013 and December 31, 2012, we owned 50% interests in joint ventures that owned 13 hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We do not have any majority-owned subsidiaries that are not consolidated in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures. | ||||||||||||||||||
The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 145,056 | $ | 155,888 | ||||||||||||||
Total assets | $ | 163,602 | $ | 170,477 | ||||||||||||||
Debt | $ | 146,872 | $ | 148,395 | ||||||||||||||
Total liabilities | $ | 152,500 | $ | 154,139 | ||||||||||||||
Equity | $ | 11,102 | $ | 16,338 | ||||||||||||||
2 | Investment in Unconsolidated Entities — (continued) | |||||||||||||||||
The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 21,844 | $ | 21,075 | $ | 55,995 | $ | 54,012 | ||||||||||
Net income | $ | 5,131 | $ | 4,002 | $ | 10,980 | $ | 8,138 | ||||||||||
Net income attributable to FelCor | $ | 2,565 | $ | 2,001 | $ | 5,490 | $ | 4,069 | ||||||||||
Depreciation of cost in excess of book value | (465 | ) | (465 | ) | (1,395 | ) | (1,395 | ) | ||||||||||
Equity in income from unconsolidated entities | $ | 2,100 | $ | 1,536 | $ | 4,095 | $ | 2,674 | ||||||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Hotel-related investments | $ | (3,243 | ) | $ | 246 | |||||||||||||
Cost in excess of book value of hotel investments | 45,518 | 46,913 | ||||||||||||||||
Land and condominium investments | 8,794 | 7,923 | ||||||||||||||||
$ | 51,069 | $ | 55,082 | |||||||||||||||
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Hotel investments | $ | 1,632 | $ | 1,055 | $ | 4,223 | $ | 2,746 | ||||||||||
Other investments | 468 | 481 | (128 | ) | (72 | ) | ||||||||||||
Equity in income from unconsolidated entities | $ | 2,100 | $ | 1,536 | $ | 4,095 | $ | 2,674 | ||||||||||
Debt
Debt | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
Debt | |||||||||||||||||
Consolidated debt consisted of the following (dollars in thousands): | |||||||||||||||||
Encumbered | Interest | Maturity | September 30, | December 31, | |||||||||||||
Hotels | Rate (%) | Date | 2013 | 2012 | |||||||||||||
Line of credit | 9 | LIBOR + 3.375 | June 2016(a) | $ | 73,000 | $ | 56,000 | ||||||||||
Hotel mortgage debt | |||||||||||||||||
Mortgage debt(b) | 5 | 6.66 | June - August 2014 | 63,877 | 65,431 | ||||||||||||
Mortgage debt | 1 | 5.81 | Jul-16 | 10,032 | 10,405 | ||||||||||||
Mortgage debt(b) | 4 | 4.95 | Oct-22 | 126,839 | 128,066 | ||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,832 | 32,176 | ||||||||||||
Senior notes | |||||||||||||||||
Senior secured notes | 11 | 10 | Oct-14 | 227,724 | 223,586 | ||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | ||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | ||||||||||||
Other(c) | — | LIBOR + 1.25 | May-16 | 64,861 | 64,861 | ||||||||||||
Total | 46 | $ | 1,648,165 | $ | 1,630,525 | ||||||||||||
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. | ||||||||||||||||
(b) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | ||||||||||||||||
(c) | This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. This loan, which allows us to borrow up to $85 million, can be extended for one year subject to satisfying certain conditions. | ||||||||||||||||
We reported $26.0 million and $30.6 million of interest expense for the three months ended September 30, 2013 and 2012, respectively, which is net of: (i) interest income of $15,000 and $34,000 and (ii) capitalized interest of $3.4 million and $3.1 million, respectively. We reported $79.1 million and $91.0 million of interest expense for the nine months ended September 30, 2013 and 2012, respectively, which is net of: (i) interest income of $60,000 and $116,000 and (ii) capitalized interest of $9.1 million and $9.7 million, respectively. |
Hotel_Operating_Revenue_Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | |||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | ' | |||||||||||||||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs | ||||||||||||||||||
Hotel operating revenue from continuing operations was comprised of the following (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Room revenue | $ | 185,281 | $ | 179,085 | $ | 533,618 | $ | 514,029 | ||||||||||
Food and beverage revenue | 33,460 | 31,968 | 113,380 | 103,578 | ||||||||||||||
Other operating departments | 12,238 | 11,947 | 35,929 | 37,246 | ||||||||||||||
Total hotel operating revenue | $ | 230,979 | $ | 223,000 | $ | 682,927 | $ | 654,853 | ||||||||||
Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts, which are recorded as a bad debt expense. | ||||||||||||||||||
Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Room | $ | 48,436 | 21 | % | $ | 47,095 | 21.1 | % | ||||||||||
Food and beverage | 28,513 | 12.3 | 27,609 | 12.4 | ||||||||||||||
Other operating departments | 5,660 | 2.5 | 5,440 | 2.4 | ||||||||||||||
Total hotel departmental expenses | $ | 82,609 | 35.8 | % | $ | 80,144 | 35.9 | % | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Room | $ | 141,701 | 20.7 | % | $ | 136,221 | 20.8 | % | ||||||||||
Food and beverage | 91,061 | 13.3 | 84,250 | 12.9 | ||||||||||||||
Other operating departments | 16,990 | 2.6 | 16,515 | 2.5 | ||||||||||||||
Total hotel departmental expenses | $ | 249,752 | 36.6 | % | $ | 236,986 | 36.2 | % | ||||||||||
4 | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) | |||||||||||||||||
Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Hotel general and administrative expense | $ | 20,228 | 8.8 | % | $ | 19,603 | 8.8 | % | ||||||||||
Marketing | 18,475 | 8 | 18,321 | 8.2 | ||||||||||||||
Repair and maintenance | 11,441 | 5 | 11,115 | 5 | ||||||||||||||
Utilities | 11,009 | 4.7 | 10,727 | 4.8 | ||||||||||||||
Total other property-related costs | $ | 61,153 | 26.5 | % | $ | 59,766 | 26.8 | % | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Hotel general and administrative expense | $ | 60,964 | 8.9 | % | $ | 58,891 | 9 | % | ||||||||||
Marketing | 57,494 | 8.4 | 55,257 | 8.4 | ||||||||||||||
Repair and maintenance | 34,489 | 5.1 | 33,405 | 5.1 | ||||||||||||||
Utilities | 28,995 | 4.2 | 28,497 | 4.4 | ||||||||||||||
Total other property-related costs | $ | 181,942 | 26.6 | % | $ | 176,050 | 26.9 | % | ||||||||||
In March 2013, we rebranded and transitioned management at eight core Holiday Inn hotels located in strategic markets to Wyndham brands. Wyndham's parent guaranteed a minimum level of net operating income for each year of the initial ten-year term, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. Amounts recorded under the guaranty will be accounted for, to the extent available, as a reduction in contractual management and other fees paid and payable to Wyndham. Any amounts in excess of those fees will be recorded as revenue when earned. For March through September 2013 (the first seven months during which Wyndham managed the hotels for FelCor), we have recorded a $5.2 million pro rata portion of the projected full-year guaranty (of which $2.4 million is for the three months ended September 30, 2013) as a reduction of Wyndham's contractual management and other fees. |
Taxes_Insurance_and_Lease_Expe
Taxes, Insurance and Lease Expense | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ' | |||||||||||||||
Taxes, Insurance and Lease Expense | ' | |||||||||||||||
Taxes, Insurance and Lease Expense | ||||||||||||||||
Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Hotel lease expense(a) | $ | 11,849 | $ | 10,910 | $ | 33,572 | $ | 31,339 | ||||||||
Land lease expense(b) | 3,313 | 3,381 | 8,478 | 8,568 | ||||||||||||
Real estate and other taxes | 8,596 | 7,937 | 24,022 | 23,012 | ||||||||||||
Property insurance, general liability insurance and other | 2,199 | 2,543 | 7,137 | 7,338 | ||||||||||||
Total taxes, insurance and lease expense | $ | 25,957 | $ | 24,771 | $ | 73,209 | $ | 70,257 | ||||||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $6.4 million and $5.5 million for the three months ended September 30, 2013 and 2012, respectively, and $17.2 million and $15.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
(b) | Land lease expense includes percentage rent of $1.9 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively, and $4.2 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Impairment
Impairment | 9 Months Ended | |
Sep. 30, 2013 | ||
Impairment Charges [Abstract] | ' | |
Impairment | ' | |
Impairment | ||
Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider each hotel to be a component for purposes of determining impairment charges and reporting discontinued operations. | ||
We may record impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and/or lodging industry weakens, or we shorten our contemplated holding period for additional hotels. In the second quarter of 2013, we recorded a $27.7 million impairment charge ($24.4 million related to two hotels included in continuing operations and $3.3 million related to one hotel included in discontinued operations). In the second quarter of 2012, we recorded a $1.3 million impairment charge related to one hotel included in discontinued operations. | ||
The $3.3 million impairment charge recorded in the second quarter of 2013, as well as the second quarter 2012 impairment charge, was based on third-party offers to purchase (a Level 2 input under authoritative guidance for fair value measurements) at prices below our previously estimated fair market values for those properties. These are hotels we had identified as sale candidates in prior years, reducing their estimated hold period at that time. | ||
6 | Impairment – (continued) | |
As part of our strategic plan, we may identify hotels that no longer meet our investment criteria. We identified two additional such hotels, thereby significantly reducing their respective estimated hold periods, resulting in impairments on both hotels during the second quarter of 2013. A portion ($24.4 million) of the second quarter 2013 impairment charges relates to these hotels and was determined using Level 3 inputs, as follows: | ||
• | with respect to one hotel, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3.0%, a discounted cash flow term of five years, a terminal capitalization rate of 8.0%, and a discount rate of 10.0%; and | |
• | with respect to the other hotel, we used information based on EBITDA multiples ranging from 10 to 12 times. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||
Discontinued Operations | ' | |||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||
We had one hotel held for sale at September 30, 2013. We designate a hotel as held for sale when the sale is probable within the next twelve months. We consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale, and we have received a substantial non-refundable deposit. | ||||||||||||||||||||
Discontinued operations primarily include results of operations for one hotel designated as held for sale at September 30, 2013, four hotels sold during the nine months ended September 30, 2013, and ten hotels sold in 2012. The following table summarizes the condensed financial information for those hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Hotel operating revenue | $ | 5,038 | $ | 19,353 | $ | 25,045 | $ | 86,968 | ||||||||||||
Operating expenses(a) | (4,859 | ) | (18,612 | ) | (25,180 | ) | (76,877 | ) | ||||||||||||
Operating income (loss) from discontinued operations | 179 | 741 | (135 | ) | 10,091 | |||||||||||||||
Interest expense, net | — | (1,031 | ) | — | (4,527 | ) | ||||||||||||||
Debt extinguishment | — | (1,409 | ) | — | (2,100 | ) | ||||||||||||||
Gain on involuntary conversion, net | 66 | — | 66 | — | ||||||||||||||||
Gain on sale of hotels, net | 11,809 | 9,922 | 19,068 | 26,641 | ||||||||||||||||
Income from discontinued operations | $ | 12,054 | $ | 8,223 | $ | 18,999 | $ | 30,105 | ||||||||||||
(a) Includes impairment charges of $3.3 million and $1.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Income_loss_Per_ShareUnit
Income (loss) Per Share/Unit | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Income (loss) Per Share/Unit | ' | |||||||||||||||
Loss Per Share/Unit | ||||||||||||||||
The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): | ||||||||||||||||
FelCor Loss Per Share | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor | $ | 3,230 | $ | (19,025 | ) | $ | (41,638 | ) | $ | (35,619 | ) | |||||
Discontinued operations attributable to FelCor | (11,121 | ) | (8,172 | ) | (17,945 | ) | (29,895 | ) | ||||||||
Loss from continuing operations attributable to FelCor | (7,891 | ) | (27,197 | ) | (59,583 | ) | (65,514 | ) | ||||||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | (29,034 | ) | (29,034 | ) | ||||||||
Numerator for continuing operations attributable to FelCor common stockholders | (17,569 | ) | (36,875 | ) | (88,617 | ) | (94,548 | ) | ||||||||
Discontinued operations attributable to FelCor | 11,121 | 8,172 | 17,945 | 29,895 | ||||||||||||
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ | (6,448 | ) | $ | (28,703 | ) | $ | (70,672 | ) | $ | (64,653 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic and diluted loss per share | 123,817 | 123,640 | 123,815 | 123,648 | ||||||||||||
Basic and diluted loss per share data: | ||||||||||||||||
Loss from continuing operations | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.72 | ) | $ | (0.76 | ) | ||||
Discontinued operations | $ | 0.09 | $ | 0.07 | $ | 0.14 | $ | 0.24 | ||||||||
Net loss | $ | (0.05 | ) | $ | (0.23 | ) | $ | (0.57 | ) | $ | (0.52 | ) | ||||
8 | Loss Per Share/Unit — (continued) | |||||||||||||||
FelCor LP Loss Per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor LP | $ | 3,198 | $ | (19,169 | ) | $ | (41,990 | ) | $ | (35,948 | ) | |||||
Discontinued operations attributable to FelCor LP | (11,176 | ) | (8,213 | ) | (18,033 | ) | (30,046 | ) | ||||||||
Loss from continuing operations attributable to FelCor LP | (7,978 | ) | (27,382 | ) | (60,023 | ) | (65,994 | ) | ||||||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | (29,034 | ) | (29,034 | ) | ||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | (17,656 | ) | (37,060 | ) | (89,057 | ) | (95,028 | ) | ||||||||
Discontinued operations attributable to FelCor LP | 11,176 | 8,213 | 18,033 | 30,046 | ||||||||||||
Numerator for basic and diluted loss attributable to FelCor common unitholders | $ | (6,480 | ) | $ | (28,847 | ) | $ | (71,024 | ) | $ | (64,982 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic and diluted loss per unit | 124,435 | 124,266 | 124,435 | 124,278 | ||||||||||||
Basic and diluted loss per unit data: | ||||||||||||||||
Loss from continuing operations | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.72 | ) | $ | (0.76 | ) | ||||
Discontinued operations | $ | 0.09 | $ | 0.07 | $ | 0.14 | $ | 0.24 | ||||||||
Net loss | $ | (0.05 | ) | $ | (0.23 | ) | $ | (0.57 | ) | $ | (0.52 | ) | ||||
Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted loss per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Series A convertible preferred shares/units | 9,985 | 9,985 | 9,985 | 9,985 | ||||||||||||
FelCor restricted stock units | 728 | — | 461 | — | ||||||||||||
Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended September 30, 2013 and 2012, and $18.8 million for the nine months ended September 30, 2013 and 2012. | ||||||||||||||||
In February 2013, our executive officers were granted restricted stock units providing them with the potential to earn up to 1,250,000 common shares, collectively, vesting in three increments over four years, based on total stockholder return relative to a group of 10 lodging REIT peers. The fixed cost of these grants is amortized over the vesting period, and the potential impact of these restricted stock units on our earnings per share, had they been dilutive, was calculated using the treasury stock method. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
Disclosures about fair value of our financial instruments are based on pertinent information available to management as of September 30, 2013. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. | |
Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our publicly-traded debt is based on observable market data (a Level 2 input) and has an estimated fair value of $1.3 billion at September 30, 2013 and December 31, 2012; and (iii) our debt that is not publicly-traded is based on a discounted cash flow model using effective borrowing rates for debt with similar terms, loan to estimated fair value of collateral and remaining maturities (a Level 3 input) and has an estimated fair value of $372.0 million and $369.6 million at September 30, 2013 and December 31, 2012, respectively. The estimated fair value of all our debt was $1.7 billion at September 30, 2013 and December 31, 2012. The carrying value of our debt was $1.6 billion at September 30, 2013 and December 31, 2012. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | ' | |||||||||
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | ||||||||||
We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period. | ||||||||||
At September 30, 2013, we had 617,542 limited partnership units outstanding carried at $3.8 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at September 30, 2013 ($6.16 per share). | ||||||||||
10 | Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units - (continued) | |||||||||
Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2013 and 2012 are shown below (in thousands): | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2013 | 2012 | |||||||||
Balance at beginning of period | $ | 2,902 | $ | 3,026 | ||||||
Conversion of units | (23 | ) | (45 | ) | ||||||
Redemption value allocation | 1,280 | 581 | ||||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | (3 | ) | 3 | |||||||
Net loss | (352 | ) | (329 | ) | ||||||
Balance at end of period | $ | 3,804 | $ | 3,236 | ||||||
FelCor_LPs_Consolidating_Finan
FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member]) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
FelCor Lodging LP [Member] | ' | |||||||||||||||||||
Guarantor Obligations [Line Items] | ' | |||||||||||||||||||
FelCor LP's Consolidating Financial Information | ' | |||||||||||||||||||
FelCor LP’s Consolidating Financial Information | ||||||||||||||||||||
Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor Baton Rouge Owner, L.L.C.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Lodging Holding Company, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor Copley Plaza, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Los Angeles International Airport Hotel Associates, a Texas L.P.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt. | ||||||||||||||||||||
The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (1) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, (2) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (3) a legal defeasance or covenant defeasance of the indenture, (4) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (5) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. | ||||||||||||||||||||
In the third quarter of 2013, we revised FelCor LP’s Consolidating Financial Information related to (1) the presentation of intercompany notes between a Subsidiary Guarantor, a Non-Guarantor Subsidiary, and FelCor LP and (2) the presentation of accumulated other comprehensive income and the related foreign currency translation adjustment in the consolidating statements as follows: | ||||||||||||||||||||
(1) Certain intercompany notes owed by a Subsidiary Guarantor to one of the Non-Guarantor Subsidiaries were historically included within equity as a component of common units. These amounts have been reclassified to properly reflect the notes as intercompany debt in the consolidating balance sheet of the Subsidiary Guarantor and as other assets in the consolidating balance sheet of the Non-Guarantor Subsidiary. The impact of this correction (which eliminates in consolidation) increases debt and total liabilities of the Subsidiary Guarantor and increases other assets and total assets of the Non-Guarantor Subsidiaries as follows (in millions): | ||||||||||||||||||||
31-Dec-11 | $ | 21 | ||||||||||||||||||
31-Dec-12 | $ | 11 | ||||||||||||||||||
31-Mar-13 | $ | 12 | ||||||||||||||||||
30-Jun-13 | $ | 11 | ||||||||||||||||||
In addition to the notes above, there were also intercompany notes at December 31, 2011 owed by a Non-Guarantor Subsidiary to FelCor LP that resulted in an increase in debt and a decrease in common units of $11 million for the Non-Guarantor Subsidiaries at December 31, 2011. | ||||||||||||||||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
Certain of these intercompany notes are denominated in foreign currency; accordingly, the Subsidiary Guarantor and Non-Guarantor Subsidiary also revised their accumulated other comprehensive income, or AOCI, and the condensed consolidating statement of comprehensive loss allocation to properly reflect the foreign currency translation adjustment related to the notes that were reclassified as discussed above. The result (which eliminates in consolidation) was to decrease AOCI for the Subsidiary Guarantor and to increase AOCI for the Non-Guarantor Subsidiary by the following amounts (in millions): | ||||||||||||||||||||
31-Dec-11 | $ | 21 | ||||||||||||||||||
31-Dec-12 | $ | 21 | ||||||||||||||||||
31-Mar-13 | $ | 21 | ||||||||||||||||||
30-Jun-13 | $ | 21 | ||||||||||||||||||
The impact to the statement of comprehensive loss (which also eliminates in consolidation) was to decrease (increase) the foreign currency translation adjustment in the Subsidiary Guarantor with an offsetting increase (decrease) in the Non-Guarantor Subsidiary as follows (in millions): | ||||||||||||||||||||
For the years ended: | ||||||||||||||||||||
31-Dec-12 | $ | 0.3 | ||||||||||||||||||
December 31, 2011 | $ | (0.8 | ) | |||||||||||||||||
December 31, 2010 | $ | 2 | ||||||||||||||||||
For the: | ||||||||||||||||||||
Three months ended March 31, 2013 | $ | (0.3 | ) | |||||||||||||||||
Three months ended March 31, 2012 | $ | 0.3 | ||||||||||||||||||
Three months ended June 30, 2013 | $ | (0.5 | ) | |||||||||||||||||
Three months ended June 30, 2012 | $ | (0.2 | ) | |||||||||||||||||
Three months ended September 30, 2012 | $ | 0.4 | ||||||||||||||||||
Six months ended June 30, 2013 | $ | (0.7 | ) | |||||||||||||||||
Six months ended June 30, 2012 | $ | — | ||||||||||||||||||
Nine months ended September 30, 2012 | $ | 0.4 | ||||||||||||||||||
(2) Historically, FelCor LP presented the accumulated other comprehensive income related to its subsidiaries within common units of FelCor LP. These amounts were reclassified to properly state accumulated other comprehensive income as a separate component of FelCor LP’s equity in the consolidating balance sheet. Similarly, the related foreign currency translation adjustment will be added as a foreign currency translation adjustment to FelCor LP in the consolidating statement of comprehensive income. The impact of these balance sheet revisions (which eliminate in consolidation | ||||||||||||||||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
and have no net effect on FelCor LP’s net equity) are to increase AOCI (and decrease common units) for FelCor LP as follows (in millions): | ||||||||||||||||||||
31-Dec-11 | $ | 26 | ||||||||||||||||||
31-Dec-12 | $ | 26 | ||||||||||||||||||
31-Mar-13 | $ | 26 | ||||||||||||||||||
30-Jun-13 | $ | 25 | ||||||||||||||||||
The impact of the revisions to the related condensed consolidating statement of comprehensive loss (which eliminate in consolidation) is to increase (decrease) foreign currency translation adjustment, comprehensive income (loss) and comprehensive income (loss) attributable to FelCor LP for FelCor LP as follows (in millions): | ||||||||||||||||||||
For the years ended: | ||||||||||||||||||||
31-Dec-12 | $ | 0.3 | ||||||||||||||||||
December 31, 2011 | $ | (0.7 | ) | |||||||||||||||||
December 31, 2010 | $ | 2.9 | ||||||||||||||||||
For the: | ||||||||||||||||||||
Three months ended March 31, 2013 | $ | (0.4 | ) | |||||||||||||||||
Three months ended March 31, 2012 | $ | 0.3 | ||||||||||||||||||
Three months ended June 30, 2013 | $ | (0.6 | ) | |||||||||||||||||
Three months ended June 30, 2012 | $ | (0.3 | ) | |||||||||||||||||
Three months ended September 30, 2012 | $ | 0.5 | ||||||||||||||||||
Six months ended June 30, 2013 | $ | (0.9 | ) | |||||||||||||||||
Six months ended June 30, 2012 | $ | — | ||||||||||||||||||
Nine months ended September 30, 2012 | $ | 0.5 | ||||||||||||||||||
Management evaluated the impact of the above corrections on all previously issued condensed consolidating financial statements and concluded the impact was not material. However, in order to present the above amounts appropriately in all comparative periods, the Company will revise previously issued condensed consolidating financial information to the extent the periods are included in future filings. | ||||||||||||||||||||
The following tables present consolidating information for the Subsidiary Guarantors. | ||||||||||||||||||||
11 | FelCor LP’s Consolidating Financial Information – (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | 47,869 | $ | 1,057,396 | $ | 567,148 | $ | — | $ | 1,672,413 | ||||||||||
Hotel development | — | — | 195,919 | — | 195,919 | |||||||||||||||
Equity investment in consolidated entities | 1,515,142 | — | — | (1,515,142 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 37,229 | 12,473 | 1,367 | — | 51,069 | |||||||||||||||
Hotel held for sale | 9,676 | 8 | — | — | 9,684 | |||||||||||||||
Cash and cash equivalents | 15,731 | 45,649 | 7,209 | — | 68,589 | |||||||||||||||
Restricted cash | — | 6,955 | 71,179 | — | 78,134 | |||||||||||||||
Accounts receivable, net | 160 | 38,186 | 546 | — | 38,892 | |||||||||||||||
Deferred expenses, net | 21,402 | — | 9,519 | — | 30,921 | |||||||||||||||
Other assets | 8,719 | 12,513 | 17,249 | (11,740 | ) | 26,741 | ||||||||||||||
Total assets | $ | 1,655,928 | $ | 1,173,180 | $ | 870,136 | $ | (1,526,882 | ) | $ | 2,172,362 | |||||||||
Debt, net | $ | 1,277,723 | $ | 11,740 | $ | 370,442 | $ | (11,740 | ) | $ | 1,648,165 | |||||||||
Distributions payable | 8,545 | — | — | — | 8,545 | |||||||||||||||
Accrued expenses and other liabilities | 40,948 | 109,426 | 13,090 | — | 163,464 | |||||||||||||||
Total liabilities | 1,327,216 | 121,166 | 383,532 | (11,740 | ) | 1,820,174 | ||||||||||||||
Redeemable units | 3,804 | — | — | — | 3,804 | |||||||||||||||
Preferred units | 478,774 | — | — | — | 478,774 | |||||||||||||||
Common units | (179,422 | ) | 1,047,816 | 441,770 | (1,489,586 | ) | (179,422 | ) | ||||||||||||
Accumulated other comprehensive income | 25,556 | 4,630 | 20,926 | (25,556 | ) | 25,556 | ||||||||||||||
Total FelCor LP partners’ capital | 324,908 | 1,052,446 | 462,696 | (1,515,142 | ) | 324,908 | ||||||||||||||
Noncontrolling interests | — | (432 | ) | 23,908 | — | 23,476 | ||||||||||||||
Total partners’ capital | 324,908 | 1,052,014 | 486,604 | (1,515,142 | ) | 348,384 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,655,928 | $ | 1,173,180 | $ | 870,136 | $ | (1,526,882 | ) | $ | 2,172,362 | |||||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | 66,945 | $ | 1,102,262 | $ | 625,357 | $ | — | $ | 1,794,564 | ||||||||||
Hotel development | — | — | 146,079 | — | 146,079 | |||||||||||||||
Equity investment in consolidated entities | 1,551,377 | — | — | (1,551,377 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 42,508 | 11,173 | 1,401 | — | 55,082 | |||||||||||||||
Cash and cash equivalents | 8,312 | 30,425 | 7,008 | — | 45,745 | |||||||||||||||
Restricted cash | — | 9,186 | 68,741 | — | 77,927 | |||||||||||||||
Accounts receivable, net | 96 | 24,432 | 855 | — | 25,383 | |||||||||||||||
Deferred expenses, net | 22,657 | — | 11,605 | — | 34,262 | |||||||||||||||
Other assets | 8,122 | 10,322 | 16,187 | (11,240 | ) | 23,391 | ||||||||||||||
Total assets | $ | 1,700,017 | $ | 1,187,800 | $ | 877,233 | $ | (1,562,617 | ) | $ | 2,202,433 | |||||||||
Debt, net | $ | 1,273,587 | $ | 11,240 | $ | 356,938 | $ | (11,240 | ) | $ | 1,630,525 | |||||||||
Distributions payable | 8,545 | — | — | — | 8,545 | |||||||||||||||
Accrued expenses and other liabilities | 20,316 | 95,986 | 22,140 | — | 138,442 | |||||||||||||||
Total liabilities | 1,302,448 | 107,226 | 379,078 | (11,240 | ) | 1,777,512 | ||||||||||||||
Redeemable units | 2,902 | — | — | — | 2,902 | |||||||||||||||
Preferred units | 478,774 | — | — | — | 478,774 | |||||||||||||||
Common units | (110,258 | ) | 1,076,067 | 449,159 | (1,525,226 | ) | (110,258 | ) | ||||||||||||
Accumulated other comprehensive income | 26,151 | 4,782 | 21,369 | (26,151 | ) | 26,151 | ||||||||||||||
Total FelCor LP partners’ capital | 394,667 | 1,080,849 | 470,528 | (1,551,377 | ) | 394,667 | ||||||||||||||
Noncontrolling interests | — | (275 | ) | 27,627 | — | 27,352 | ||||||||||||||
Total partners’ capital | 394,667 | 1,080,574 | 498,155 | (1,551,377 | ) | 422,019 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,700,017 | $ | 1,187,800 | $ | 877,233 | $ | (1,562,617 | ) | $ | 2,202,433 | |||||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 230,979 | $ | — | $ | — | $ | 230,979 | ||||||||||
Percentage lease revenue | 2,756 | — | 21,567 | (24,323 | ) | — | ||||||||||||||
Other revenue | 1 | 1,401 | 182 | — | 1,584 | |||||||||||||||
Total revenues | 2,757 | 232,380 | 21,749 | (24,323 | ) | 232,563 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 153,034 | — | — | 153,034 | |||||||||||||||
Taxes, insurance and lease expense | 1,066 | 45,836 | 3,378 | (24,323 | ) | 25,957 | ||||||||||||||
Corporate expenses | (212 | ) | 4,694 | 1,335 | — | 5,817 | ||||||||||||||
Depreciation and amortization | 1,004 | 18,045 | 11,075 | — | 30,124 | |||||||||||||||
Conversion expenses | — | (17 | ) | (64 | ) | — | (81 | ) | ||||||||||||
Other expenses | 105 | 1,174 | 823 | — | 2,102 | |||||||||||||||
Total operating expenses | 1,963 | 222,766 | 16,547 | (24,323 | ) | 216,953 | ||||||||||||||
Operating income | 794 | 9,614 | 5,202 | — | 15,610 | |||||||||||||||
Interest expense, net | (20,976 | ) | (317 | ) | (4,703 | ) | — | (25,996 | ) | |||||||||||
Gain on involuntary conversion, net | — | — | 21 | — | 21 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (20,182 | ) | 9,297 | 520 | — | (10,365 | ) | |||||||||||||
Equity in income from consolidated entities | 21,537 | — | — | (21,537 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 1,602 | 509 | (11 | ) | — | 2,100 | ||||||||||||||
Loss from continuing operations | 2,957 | 9,806 | 509 | (21,537 | ) | (8,265 | ) | |||||||||||||
Income from discontinued operations | 241 | 2,122 | 9,691 | — | 12,054 | |||||||||||||||
Net income | 3,198 | 11,928 | 10,200 | (21,537 | ) | 3,789 | ||||||||||||||
Income attributable to noncontrolling interests | — | 319 | (910 | ) | — | (591 | ) | |||||||||||||
Net income attributable to FelCor LP | 3,198 | 12,247 | 9,290 | (21,537 | ) | 3,198 | ||||||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (6,480 | ) | $ | 12,247 | $ | 9,290 | $ | (21,537 | ) | $ | (6,480 | ) | |||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 223,000 | $ | — | $ | — | $ | 223,000 | ||||||||||
Percentage lease revenue | 2,575 | — | 29,718 | (32,293 | ) | — | ||||||||||||||
Other revenue | 7 | 1,269 | 165 | — | 1,441 | |||||||||||||||
Total revenues | 2,582 | 224,269 | 29,883 | (32,293 | ) | 224,441 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 150,335 | — | — | 150,335 | |||||||||||||||
Taxes, insurance and lease expense | 319 | 52,721 | 4,024 | (32,293 | ) | 24,771 | ||||||||||||||
Corporate expenses | 139 | 3,643 | 1,913 | — | 5,695 | |||||||||||||||
Depreciation and amortization | 1,248 | 16,142 | 12,660 | — | 30,050 | |||||||||||||||
Other expenses | 88 | 1,584 | 287 | — | 1,959 | |||||||||||||||
Total operating expenses | 1,794 | 224,425 | 18,884 | (32,293 | ) | 212,810 | ||||||||||||||
Operating income | 788 | (156 | ) | 10,999 | — | 11,631 | ||||||||||||||
Interest expense, net | (21,532 | ) | (3,997 | ) | (5,039 | ) | — | (30,568 | ) | |||||||||||
Debt extinguishment | — | — | (10,377 | ) | — | (10,377 | ) | |||||||||||||
Loss before equity in income from unconsolidated entities | (20,744 | ) | (4,153 | ) | (4,417 | ) | — | (29,314 | ) | |||||||||||
Equity in income from consolidated entities | 559 | — | — | (559 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 1,040 | 507 | (11 | ) | — | 1,536 | ||||||||||||||
Loss from continuing operations | (19,145 | ) | (3,646 | ) | (4,428 | ) | (559 | ) | (27,778 | ) | ||||||||||
Income from discontinued operations | (24 | ) | (3,375 | ) | 11,622 | — | 8,223 | |||||||||||||
Net loss | (19,169 | ) | (7,021 | ) | 7,194 | (559 | ) | (19,555 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 286 | 100 | — | 386 | |||||||||||||||
Net loss attributable to FelCor LP | (19,169 | ) | (6,735 | ) | 7,294 | (559 | ) | (19,169 | ) | |||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (28,847 | ) | $ | (6,735 | ) | $ | 7,294 | $ | (559 | ) | $ | (28,847 | ) | ||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 682,927 | $ | — | $ | — | $ | 682,927 | ||||||||||
Percentage lease revenue | 5,633 | — | 67,918 | (73,551 | ) | — | ||||||||||||||
Other revenue | 6 | 2,653 | 375 | — | 3,034 | |||||||||||||||
Total revenues | 5,639 | 685,580 | 68,293 | (73,551 | ) | 685,961 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 459,262 | — | — | 459,262 | |||||||||||||||
Taxes, insurance and lease expense | 1,756 | 134,714 | 10,290 | (73,551 | ) | 73,209 | ||||||||||||||
Corporate expenses | 169 | 15,048 | 5,126 | — | 20,343 | |||||||||||||||
Depreciation and amortization | 3,439 | 53,534 | 33,434 | — | 90,407 | |||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | |||||||||||||||
Conversion expenses | 23 | 666 | 445 | — | 1,134 | |||||||||||||||
Other expenses | 2,883 | 2,533 | 1,422 | — | 6,838 | |||||||||||||||
Total operating expenses | 22,564 | 665,757 | 60,864 | (73,551 | ) | 675,634 | ||||||||||||||
Operating income | (16,925 | ) | 19,823 | 7,429 | — | 10,327 | ||||||||||||||
Interest expense, net | (63,961 | ) | (940 | ) | (14,152 | ) | — | (79,053 | ) | |||||||||||
Gain on involuntary conversion, net | — | — | 21 | — | 21 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (80,886 | ) | 18,883 | (6,702 | ) | — | (68,705 | ) | ||||||||||||
Equity in income from consolidated entities | 38,096 | — | — | (38,096 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 3,454 | 675 | (34 | ) | — | 4,095 | ||||||||||||||
Loss from continuing operations | (39,336 | ) | 19,558 | (6,736 | ) | (38,096 | ) | (64,610 | ) | |||||||||||
Income from discontinued operations | (2,654 | ) | 1,763 | 19,890 | — | 18,999 | ||||||||||||||
Net loss | (41,990 | ) | 21,321 | 13,154 | (38,096 | ) | (45,611 | ) | ||||||||||||
Loss attributable to noncontrolling interests | — | 558 | 3,063 | — | 3,621 | |||||||||||||||
Net loss attributable to FelCor LP | (41,990 | ) | 21,879 | 16,217 | (38,096 | ) | (41,990 | ) | ||||||||||||
Preferred distributions | (29,034 | ) | — | — | — | (29,034 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (71,024 | ) | $ | 21,879 | $ | 16,217 | $ | (38,096 | ) | $ | (71,024 | ) | |||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 654,853 | $ | — | $ | — | $ | 654,853 | ||||||||||
Percentage lease revenue | 5,401 | — | 85,866 | (91,267 | ) | — | ||||||||||||||
Other revenue | 12 | 2,311 | 349 | — | 2,672 | |||||||||||||||
Total revenues | 5,413 | 657,164 | 86,215 | (91,267 | ) | 657,525 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 443,823 | — | — | 443,823 | |||||||||||||||
Taxes, insurance and lease expense | 1,065 | 149,101 | 11,358 | (91,267 | ) | 70,257 | ||||||||||||||
Corporate expenses | 333 | 12,601 | 7,140 | — | 20,074 | |||||||||||||||
Depreciation and amortization | 3,523 | 46,667 | 37,115 | — | 87,305 | |||||||||||||||
Other expenses | 564 | 2,765 | 393 | — | 3,722 | |||||||||||||||
Total operating expenses | 5,485 | 654,957 | 56,006 | (91,267 | ) | 625,181 | ||||||||||||||
Operating income | (72 | ) | 2,207 | 30,209 | — | 32,344 | ||||||||||||||
Interest expense, net | (63,906 | ) | (12,078 | ) | (15,029 | ) | — | (91,013 | ) | |||||||||||
Debt extinguishment | (7 | ) | (26 | ) | (10,465 | ) | — | (10,498 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (63,985 | ) | (9,897 | ) | 4,715 | — | (69,167 | ) | ||||||||||||
Equity in income from consolidated entities | 26,048 | — | — | (26,048 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 2,058 | 650 | (34 | ) | — | 2,674 | ||||||||||||||
Loss from continuing operations | (35,879 | ) | (9,247 | ) | 4,681 | (26,048 | ) | (66,493 | ) | |||||||||||
Income from discontinued operations | (69 | ) | (7,488 | ) | 37,662 | — | 30,105 | |||||||||||||
Net loss | (35,948 | ) | (16,735 | ) | 42,343 | (26,048 | ) | (36,388 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 575 | (135 | ) | — | 440 | ||||||||||||||
Net loss attributable to FelCor LP | (35,948 | ) | (16,160 | ) | 42,208 | (26,048 | ) | (35,948 | ) | |||||||||||
Preferred distributions | (29,034 | ) | — | — | — | (29,034 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (64,982 | ) | $ | (16,160 | ) | $ | 42,208 | $ | (26,048 | ) | $ | (64,982 | ) | ||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 3,198 | $ | 11,928 | $ | 10,200 | $ | (21,537 | ) | $ | 3,789 | |||||||||
Foreign currency translation adjustment | 329 | 54 | 275 | (329 | ) | 329 | ||||||||||||||
Comprehensive income | 3,527 | 11,982 | 10,475 | (21,866 | ) | 4,118 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 319 | (910 | ) | — | (591 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 3,527 | $ | 12,301 | $ | 9,565 | $ | (21,866 | ) | $ | 3,527 | |||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (19,169 | ) | $ | (7,021 | ) | $ | 7,194 | $ | (559 | ) | $ | (19,555 | ) | ||||||
Foreign currency translation adjustment | 502 | 113 | 389 | (502 | ) | 502 | ||||||||||||||
Comprehensive loss | (18,667 | ) | (6,908 | ) | 7,583 | (1,061 | ) | (19,053 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 286 | 100 | — | 386 | |||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (18,667 | ) | $ | (6,622 | ) | $ | 7,683 | $ | (1,061 | ) | $ | (18,667 | ) | ||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (41,990 | ) | $ | 21,321 | $ | 13,154 | $ | (38,096 | ) | $ | (45,611 | ) | |||||||
Foreign currency translation adjustment | (595 | ) | (153 | ) | (442 | ) | 595 | (595 | ) | |||||||||||
Comprehensive loss | (42,585 | ) | 21,168 | 12,712 | (37,501 | ) | (46,206 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 558 | 3,063 | — | 3,621 | |||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (42,585 | ) | $ | 21,726 | $ | 15,775 | $ | (37,501 | ) | $ | (42,585 | ) | |||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (35,948 | ) | $ | (16,735 | ) | $ | 42,343 | $ | (26,048 | ) | $ | (36,388 | ) | ||||||
Foreign currency translation adjustment | 493 | 63 | 430 | (493 | ) | 493 | ||||||||||||||
Comprehensive loss | (35,455 | ) | (16,672 | ) | 42,773 | (26,541 | ) | (35,895 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 575 | (135 | ) | — | 440 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (35,455 | ) | $ | (16,097 | ) | $ | 42,638 | $ | (26,541 | ) | $ | (35,455 | ) | ||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (33,236 | ) | $ | 73,336 | $ | 28,271 | $ | — | $ | 68,371 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | 2,467 | (46,230 | ) | (30,693 | ) | — | (74,456 | ) | ||||||||||||
Hotel development | — | — | (46,724 | ) | — | (46,724 | ) | |||||||||||||
Net proceeds from asset dispositions | (24 | ) | 18,277 | 71,676 | — | 89,929 | ||||||||||||||
Distributions from unconsolidated entities | 5,343 | 875 | — | — | 6,218 | |||||||||||||||
Contributions to unconsolidated entities | — | (1,500 | ) | — | — | (1,500 | ) | |||||||||||||
Intercompany financing | 64,238 | — | — | (64,238 | ) | — | ||||||||||||||
Other | — | 2,006 | (2,458 | ) | — | (452 | ) | |||||||||||||
Cash flows from investing activities | 72,024 | (26,572 | ) | (8,199 | ) | (64,238 | ) | (26,985 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 137,245 | — | 137,245 | |||||||||||||||
Repayment of borrowings | — | — | (123,741 | ) | — | (123,741 | ) | |||||||||||||
Distributions paid to preferred unitholders | (29,034 | ) | — | — | — | (29,034 | ) | |||||||||||||
Intercompany financing | — | (31,907 | ) | (32,331 | ) | 64,238 | — | |||||||||||||
Other | (2,335 | ) | 401 | (1,044 | ) | — | (2,978 | ) | ||||||||||||
Cash flows from financing activities | (31,369 | ) | (31,506 | ) | (19,871 | ) | 64,238 | (18,508 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (34 | ) | — | — | (34 | ) | |||||||||||||
Change in cash and cash equivalents | 7,419 | 15,224 | 201 | — | 22,844 | |||||||||||||||
Cash and cash equivalents at beginning of period | 8,312 | 30,425 | 7,008 | — | 45,745 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 15,731 | $ | 45,649 | $ | 7,209 | $ | — | $ | 68,589 | ||||||||||
11. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (36,423 | ) | $ | 25,768 | $ | 83,462 | $ | — | $ | 72,807 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (7,158 | ) | (64,516 | ) | (28,311 | ) | — | (99,985 | ) | |||||||||||
Hotel development | — | — | (16,707 | ) | — | (16,707 | ) | |||||||||||||
Net proceeds from asset dispositions | (14 | ) | 7,931 | 116,693 | — | 124,610 | ||||||||||||||
Distributions from unconsolidated entities | 11,269 | 625 | — | — | 11,894 | |||||||||||||||
Intercompany financing | 140,154 | — | — | (140,154 | ) | — | ||||||||||||||
Other | — | 3,351 | (753 | ) | — | 2,598 | ||||||||||||||
Cash flows from investing activities | 144,251 | (52,609 | ) | 70,922 | (140,154 | ) | 22,410 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 378,750 | — | 378,750 | |||||||||||||||
Repayment of borrowings | (96 | ) | (16,452 | ) | (378,807 | ) | — | (395,355 | ) | |||||||||||
Distributions paid to preferred unitholders | (59,021 | ) | — | — | — | (59,021 | ) | |||||||||||||
Intercompany financing | — | 10,272 | (150,426 | ) | 140,154 | — | ||||||||||||||
Other | — | 1,796 | (3,138 | ) | — | (1,342 | ) | |||||||||||||
Cash flows from financing activities | (59,117 | ) | (4,384 | ) | (153,621 | ) | 140,154 | (76,968 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 112 | — | — | 112 | |||||||||||||||
Change in cash and cash equivalents | 48,711 | (31,113 | ) | 763 | — | 18,361 | ||||||||||||||
Cash and cash equivalents at beginning of period | 23,503 | 67,001 | 3,254 | — | 93,758 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 72,214 | $ | 35,888 | $ | 4,017 | $ | — | $ | 112,119 | ||||||||||
Organization_Tables
Organization (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Organization [Abstract] | ' | |||||||
Schedule of Distribution of Consolidated Hotels | ' | |||||||
The following table illustrates the distribution of our 60 Consolidated Hotels at September 30, 2013: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 33 | 8,617 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,526 | ||||||
Holiday Inn® | 4 | 1,702 | ||||||
Sheraton® and Westin® | 4 | 1,604 | ||||||
DoubleTree by Hilton® and Hilton® | 5 | 1,206 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Fairmont® | 1 | 383 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 60 | 17,644 | ||||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | ' | |||||||||||||||||
Schedule of Combined Balance Sheet Information of Unconsolidated Entities | ' | |||||||||||||||||
The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 145,056 | $ | 155,888 | ||||||||||||||
Total assets | $ | 163,602 | $ | 170,477 | ||||||||||||||
Debt | $ | 146,872 | $ | 148,395 | ||||||||||||||
Total liabilities | $ | 152,500 | $ | 154,139 | ||||||||||||||
Equity | $ | 11,102 | $ | 16,338 | ||||||||||||||
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | ' | |||||||||||||||||
The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 21,844 | $ | 21,075 | $ | 55,995 | $ | 54,012 | ||||||||||
Net income | $ | 5,131 | $ | 4,002 | $ | 10,980 | $ | 8,138 | ||||||||||
Net income attributable to FelCor | $ | 2,565 | $ | 2,001 | $ | 5,490 | $ | 4,069 | ||||||||||
Depreciation of cost in excess of book value | (465 | ) | (465 | ) | (1,395 | ) | (1,395 | ) | ||||||||||
Equity in income from unconsolidated entities | $ | 2,100 | $ | 1,536 | $ | 4,095 | $ | 2,674 | ||||||||||
Schedule of Components of Investment In Unconsolidated Entities | ' | |||||||||||||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||||||||||
September 30, | December 31, | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
Hotel-related investments | $ | (3,243 | ) | $ | 246 | |||||||||||||
Cost in excess of book value of hotel investments | 45,518 | 46,913 | ||||||||||||||||
Land and condominium investments | 8,794 | 7,923 | ||||||||||||||||
$ | 51,069 | $ | 55,082 | |||||||||||||||
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | ' | |||||||||||||||||
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Hotel investments | $ | 1,632 | $ | 1,055 | $ | 4,223 | $ | 2,746 | ||||||||||
Other investments | 468 | 481 | (128 | ) | (72 | ) | ||||||||||||
Equity in income from unconsolidated entities | $ | 2,100 | $ | 1,536 | $ | 4,095 | $ | 2,674 | ||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Consolidated debt consisted of the following (dollars in thousands): | |||||||||||||||||
Encumbered | Interest | Maturity | September 30, | December 31, | |||||||||||||
Hotels | Rate (%) | Date | 2013 | 2012 | |||||||||||||
Line of credit | 9 | LIBOR + 3.375 | June 2016(a) | $ | 73,000 | $ | 56,000 | ||||||||||
Hotel mortgage debt | |||||||||||||||||
Mortgage debt(b) | 5 | 6.66 | June - August 2014 | 63,877 | 65,431 | ||||||||||||
Mortgage debt | 1 | 5.81 | Jul-16 | 10,032 | 10,405 | ||||||||||||
Mortgage debt(b) | 4 | 4.95 | Oct-22 | 126,839 | 128,066 | ||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,832 | 32,176 | ||||||||||||
Senior notes | |||||||||||||||||
Senior secured notes | 11 | 10 | Oct-14 | 227,724 | 223,586 | ||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | ||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | ||||||||||||
Other(c) | — | LIBOR + 1.25 | May-16 | 64,861 | 64,861 | ||||||||||||
Total | 46 | $ | 1,648,165 | $ | 1,630,525 | ||||||||||||
(a) | Our $225 million line of credit can be extended for one year (to 2017), subject to satisfying certain conditions. | ||||||||||||||||
(b) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | ||||||||||||||||
(c) | This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. This loan, which allows us to borrow up to $85 million, can be extended for one year subject to satisfying certain conditions. |
Hotel_Operating_Revenue_Depart1
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | |||||||||||||||||
Schedule of Hotel Operating Revenue | ' | |||||||||||||||||
Hotel operating revenue from continuing operations was comprised of the following (in thousands): | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Room revenue | $ | 185,281 | $ | 179,085 | $ | 533,618 | $ | 514,029 | ||||||||||
Food and beverage revenue | 33,460 | 31,968 | 113,380 | 103,578 | ||||||||||||||
Other operating departments | 12,238 | 11,947 | 35,929 | 37,246 | ||||||||||||||
Total hotel operating revenue | $ | 230,979 | $ | 223,000 | $ | 682,927 | $ | 654,853 | ||||||||||
Schedule of Hotel Departmental Expenses | ' | |||||||||||||||||
Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Room | $ | 48,436 | 21 | % | $ | 47,095 | 21.1 | % | ||||||||||
Food and beverage | 28,513 | 12.3 | 27,609 | 12.4 | ||||||||||||||
Other operating departments | 5,660 | 2.5 | 5,440 | 2.4 | ||||||||||||||
Total hotel departmental expenses | $ | 82,609 | 35.8 | % | $ | 80,144 | 35.9 | % | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Room | $ | 141,701 | 20.7 | % | $ | 136,221 | 20.8 | % | ||||||||||
Food and beverage | 91,061 | 13.3 | 84,250 | 12.9 | ||||||||||||||
Other operating departments | 16,990 | 2.6 | 16,515 | 2.5 | ||||||||||||||
Total hotel departmental expenses | $ | 249,752 | 36.6 | % | $ | 236,986 | 36.2 | % | ||||||||||
Schedule of Other Property-Related Costs | ' | |||||||||||||||||
Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | ||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Hotel general and administrative expense | $ | 20,228 | 8.8 | % | $ | 19,603 | 8.8 | % | ||||||||||
Marketing | 18,475 | 8 | 18,321 | 8.2 | ||||||||||||||
Repair and maintenance | 11,441 | 5 | 11,115 | 5 | ||||||||||||||
Utilities | 11,009 | 4.7 | 10,727 | 4.8 | ||||||||||||||
Total other property-related costs | $ | 61,153 | 26.5 | % | $ | 59,766 | 26.8 | % | ||||||||||
Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||||
Hotel general and administrative expense | $ | 60,964 | 8.9 | % | $ | 58,891 | 9 | % | ||||||||||
Marketing | 57,494 | 8.4 | 55,257 | 8.4 | ||||||||||||||
Repair and maintenance | 34,489 | 5.1 | 33,405 | 5.1 | ||||||||||||||
Utilities | 28,995 | 4.2 | 28,497 | 4.4 | ||||||||||||||
Total other property-related costs | $ | 181,942 | 26.6 | % | $ | 176,050 | 26.9 | % | ||||||||||
Taxes_Insurance_and_Lease_Expe1
Taxes, Insurance and Lease Expense (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ' | |||||||||||||||
Schedule of Taxes, Insurance and Lease Expense | ' | |||||||||||||||
Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Hotel lease expense(a) | $ | 11,849 | $ | 10,910 | $ | 33,572 | $ | 31,339 | ||||||||
Land lease expense(b) | 3,313 | 3,381 | 8,478 | 8,568 | ||||||||||||
Real estate and other taxes | 8,596 | 7,937 | 24,022 | 23,012 | ||||||||||||
Property insurance, general liability insurance and other | 2,199 | 2,543 | 7,137 | 7,338 | ||||||||||||
Total taxes, insurance and lease expense | $ | 25,957 | $ | 24,771 | $ | 73,209 | $ | 70,257 | ||||||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $6.4 million and $5.5 million for the three months ended September 30, 2013 and 2012, respectively, and $17.2 million and $15.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
(b) | Land lease expense includes percentage rent of $1.9 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively, and $4.2 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Financial Information for Discontinued Operations | ' | |||||||||||||||||||
Discontinued operations primarily include results of operations for one hotel designated as held for sale at September 30, 2013, four hotels sold during the nine months ended September 30, 2013, and ten hotels sold in 2012. The following table summarizes the condensed financial information for those hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Hotel operating revenue | $ | 5,038 | $ | 19,353 | $ | 25,045 | $ | 86,968 | ||||||||||||
Operating expenses(a) | (4,859 | ) | (18,612 | ) | (25,180 | ) | (76,877 | ) | ||||||||||||
Operating income (loss) from discontinued operations | 179 | 741 | (135 | ) | 10,091 | |||||||||||||||
Interest expense, net | — | (1,031 | ) | — | (4,527 | ) | ||||||||||||||
Debt extinguishment | — | (1,409 | ) | — | (2,100 | ) | ||||||||||||||
Gain on involuntary conversion, net | 66 | — | 66 | — | ||||||||||||||||
Gain on sale of hotels, net | 11,809 | 9,922 | 19,068 | 26,641 | ||||||||||||||||
Income from discontinued operations | $ | 12,054 | $ | 8,223 | $ | 18,999 | $ | 30,105 | ||||||||||||
(a) Includes impairment charges of $3.3 million and $1.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Income_loss_Per_ShareUnit_Tabl
Income (loss) Per Share/Unit (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share/Unit [Line Items] | ' | |||||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | ' | |||||||||||||||
The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): | ||||||||||||||||
FelCor Loss Per Share | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor | $ | 3,230 | $ | (19,025 | ) | $ | (41,638 | ) | $ | (35,619 | ) | |||||
Discontinued operations attributable to FelCor | (11,121 | ) | (8,172 | ) | (17,945 | ) | (29,895 | ) | ||||||||
Loss from continuing operations attributable to FelCor | (7,891 | ) | (27,197 | ) | (59,583 | ) | (65,514 | ) | ||||||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | (29,034 | ) | (29,034 | ) | ||||||||
Numerator for continuing operations attributable to FelCor common stockholders | (17,569 | ) | (36,875 | ) | (88,617 | ) | (94,548 | ) | ||||||||
Discontinued operations attributable to FelCor | 11,121 | 8,172 | 17,945 | 29,895 | ||||||||||||
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ | (6,448 | ) | $ | (28,703 | ) | $ | (70,672 | ) | $ | (64,653 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic and diluted loss per share | 123,817 | 123,640 | 123,815 | 123,648 | ||||||||||||
Basic and diluted loss per share data: | ||||||||||||||||
Loss from continuing operations | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.72 | ) | $ | (0.76 | ) | ||||
Discontinued operations | $ | 0.09 | $ | 0.07 | $ | 0.14 | $ | 0.24 | ||||||||
Net loss | $ | (0.05 | ) | $ | (0.23 | ) | $ | (0.57 | ) | $ | (0.52 | ) | ||||
Schedule Securities Excluded from Computation of Earnings Per Share | ' | |||||||||||||||
Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted loss per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Series A convertible preferred shares/units | 9,985 | 9,985 | 9,985 | 9,985 | ||||||||||||
FelCor restricted stock units | 728 | — | 461 | — | ||||||||||||
FelCor Lodging LP [Member] | ' | |||||||||||||||
Earnings Per Share/Unit [Line Items] | ' | |||||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | ' | |||||||||||||||
FelCor LP Loss Per Unit | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor LP | $ | 3,198 | $ | (19,169 | ) | $ | (41,990 | ) | $ | (35,948 | ) | |||||
Discontinued operations attributable to FelCor LP | (11,176 | ) | (8,213 | ) | (18,033 | ) | (30,046 | ) | ||||||||
Loss from continuing operations attributable to FelCor LP | (7,978 | ) | (27,382 | ) | (60,023 | ) | (65,994 | ) | ||||||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | (29,034 | ) | (29,034 | ) | ||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | (17,656 | ) | (37,060 | ) | (89,057 | ) | (95,028 | ) | ||||||||
Discontinued operations attributable to FelCor LP | 11,176 | 8,213 | 18,033 | 30,046 | ||||||||||||
Numerator for basic and diluted loss attributable to FelCor common unitholders | $ | (6,480 | ) | $ | (28,847 | ) | $ | (71,024 | ) | $ | (64,982 | ) | ||||
Denominator: | ||||||||||||||||
Denominator for basic and diluted loss per unit | 124,435 | 124,266 | 124,435 | 124,278 | ||||||||||||
Basic and diluted loss per unit data: | ||||||||||||||||
Loss from continuing operations | $ | (0.14 | ) | $ | (0.30 | ) | $ | (0.72 | ) | $ | (0.76 | ) | ||||
Discontinued operations | $ | 0.09 | $ | 0.07 | $ | 0.14 | $ | 0.24 | ||||||||
Net loss | $ | (0.05 | ) | $ | (0.23 | ) | $ | (0.57 | ) | $ | (0.52 | ) |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||
Schedule of Changes in Redeemable Noncontrolling Interests | ' | |||||||||
Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2013 and 2012 are shown below (in thousands): | ||||||||||
Nine Months Ended | ||||||||||
September 30, | ||||||||||
2013 | 2012 | |||||||||
Balance at beginning of period | $ | 2,902 | $ | 3,026 | ||||||
Conversion of units | (23 | ) | (45 | ) | ||||||
Redemption value allocation | 1,280 | 581 | ||||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | (3 | ) | 3 | |||||||
Net loss | (352 | ) | (329 | ) | ||||||
Balance at end of period | $ | 3,804 | $ | 3,236 | ||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 99.50% | ' |
Aggregate shares and units outstanding (in shares) | 124,743,167 | ' |
Common stock, shares outstanding (in shares) | 124,125,625 | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 618,000 | 621,000 |
Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 60 | ' |
Number of rooms (in rooms) | 17,644 | ' |
UNITED STATES | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 59 | ' |
Number of states (in states) | 21 | ' |
CANADA | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
CALIFORNIA | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 13 | ' |
FLORIDA | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 7 | ' |
TEXAS | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 7 | ' |
California, Florida, Texas [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of states (in states) | 3 | ' |
Percent of revenues generated from three states | 51.00% | ' |
Minimum [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of weeks in fiscal year (in years and days) | ' | '1 year |
Maximum [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of weeks in fiscal year (in years and days) | ' | '1 year 7 days |
Forty-Eight Hotels [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 48 | ' |
One Hundred Percent Owned [Member] | Forty-Four Hotels [Member] | Wholly Owned Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 100.00% | ' |
One Hundred Percent Owned [Member] | Forty-Four Hotels [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 44 | ' |
Ninety Percent Owned [Member] | Two Hotels [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 2 | ' |
Ownership percentage by parent | 90.00% | ' |
Eighty-Two Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
Ownership percentage by parent | 82.00% | ' |
Sixty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
Ownership percentage by parent | 60.00% | ' |
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Fifty Percent Owned [Member] | Thirteen Hotels [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 13 | 13 |
Equity method investment, ownership percentage | ' | 50.00% |
Fifty Percent Owned [Member] | Twelve Hotels [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 12 | ' |
Operated With A Lease [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 60 | ' |
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Hilton Hotels Corporation [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 37 | ' |
Wyndham Hotel Group [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 8 | ' |
InterContinental Hotels Group [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 4 | ' |
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 4 | ' |
Marriott International Inc. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 3 | ' |
Fairmont Hotels and Resorts [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
Morgans Hotel Group Corp. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 2 | ' |
Independent Management Company [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 1 | ' |
FelCor Lodging LP [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 617,542 | ' |
Knickerbocker [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 95.00% | ' |
Segment, Continuing Operations [Member] | Sixty-One Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels (in hotels) | 61 | ' |
Number of rooms (in rooms) | 17,815 | ' |
Organization_Schedule_of_Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) (Consolidated Hotels [Member]) | Sep. 30, 2013 |
Rooms | |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 60 |
Number of rooms (in rooms) | 17,644 |
Embassy Suites Hotels® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 33 |
Number of rooms (in rooms) | 8,617 |
Wyndham® and Wyndham Grand® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 8 |
Number of rooms (in rooms) | 2,526 |
Holiday Inn® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 4 |
Number of rooms (in rooms) | 1,702 |
Sheraton® and Westin® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 4 |
Number of rooms (in rooms) | 1,604 |
DoubleTree by Hilton® and Hilton® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 5 |
Number of rooms (in rooms) | 1,206 |
Marriott® and Renaissance® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 3 |
Number of rooms (in rooms) | 1,321 |
Fairmont® [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 1 |
Number of rooms (in rooms) | 383 |
Morgans and Royalton [Member] | ' |
Real Estate Properties [Line Items] | ' |
Number of hotels (in hotels) | 2 |
Number of rooms (in rooms) | 285 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Long-term Debt | $1,648,165 | $1,630,525 |
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Thirteen Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Number of hotels (in hotels) | 13 | 13 |
Equity method investment, ownership percentage | ' | 50.00% |
Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in Unconsolidated Entities [Abstract] | ' | ' |
Investment in hotels and other properties, net of accumulated depreciation | $145,056 | $155,888 |
Total assets | 163,602 | 170,477 |
Debt | 146,872 | 148,395 |
Total liabilities | 152,500 | 154,139 |
Equity | $11,102 | $16,338 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Total revenues | $21,844 | $21,075 | $55,995 | $54,012 |
Net income (loss) | 5,131 | 4,002 | 10,980 | 8,138 |
Net income (loss) attributable to FelCor | 2,565 | 2,001 | 5,490 | 4,069 |
Depreciation of cost in excess of book value | -465 | -465 | -1,395 | -1,395 |
Equity in income (loss) from unconsolidated entities | $2,100 | $1,536 | $4,095 | $2,674 |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment in unconsolidated entities | $51,069 | $55,082 |
Hotel-related Investments [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | -3,243 | 246 |
Cost In Excess of Book Value of Hotel Investments [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | 45,518 | 46,913 |
Land and Condominium Investments [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | $8,794 | $7,923 |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | $2,100 | $1,536 | $4,095 | $2,674 |
Hotel Investments [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 1,632 | 1,055 | 4,223 | 2,746 |
Other Non-Hotel Investments [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | $468 | $481 | ($128) | ($72) |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||||
Hotels | Hotels | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 46 | ' | 46 | ' | ' | |||
Long-term Debt | $1,648,165,000 | ' | $1,648,165,000 | ' | $1,630,525,000 | |||
Interest expense | 25,996,000 | 30,568,000 | 79,053,000 | 91,013,000 | ' | |||
Interest income | 15,000 | 34,000 | 60,000 | 116,000 | ' | |||
Capitalized interest | 3,400,000 | 3,100,000 | 9,100,000 | 9,700,000 | ' | |||
Line of Credit [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Credit facility, capacity | 225,000,000 | ' | 225,000,000 | ' | ' | |||
Term of debt extension | ' | ' | '1 year | ' | ' | |||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Due June Two Thousand Sixteen [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 9 | ' | 9 | ' | ' | |||
Variable rate basis | ' | ' | 'LIBOR | ' | ' | |||
Variable rate basis spread | 3.38% | ' | ' | ' | ' | |||
Long-term Debt | 73,000,000 | ' | 73,000,000 | ' | 56,000,000 | |||
Mortgages [Member] | Four Point Nine Four Percent Due October 2022 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 1 | ' | 1 | ' | ' | |||
Interest rate | 4.94% | ' | 4.94% | ' | ' | |||
Long-term Debt | 31,832,000 | ' | 31,832,000 | ' | 32,176,000 | |||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 4 | [1] | ' | 4 | [1] | ' | ' | |
Interest rate | 4.95% | [1] | ' | 4.95% | [1] | ' | ' | |
Long-term Debt | 126,839,000 | [1] | ' | 126,839,000 | [1] | ' | 128,066,000 | [1] |
Mortgages [Member] | Six Point Six Six Percent Due June Through August 2014 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 5 | [1] | ' | 5 | [1] | ' | ' | |
Interest rate | 6.66% | [1] | ' | 6.66% | [1] | ' | ' | |
Long-term Debt | 63,877,000 | [1] | ' | 63,877,000 | [1] | ' | 65,431,000 | [1] |
Mortgages [Member] | Five Point Eight One Percent Due July 2016 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 1 | ' | 1 | ' | ' | |||
Interest rate | 5.81% | ' | 5.81% | ' | ' | |||
Long-term Debt | 10,032,000 | ' | 10,032,000 | ' | 10,405,000 | |||
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 6 | ' | 6 | ' | ' | |||
Interest rate | 6.75% | ' | 6.75% | ' | ' | |||
Long-term Debt | 525,000,000 | ' | 525,000,000 | ' | 525,000,000 | |||
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 9 | ' | 9 | ' | ' | |||
Interest rate | 5.63% | ' | 5.63% | ' | ' | |||
Long-term Debt | 525,000,000 | ' | 525,000,000 | ' | 525,000,000 | |||
Senior Notes [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 11 | ' | 11 | ' | ' | |||
Interest rate | 10.00% | ' | 10.00% | ' | ' | |||
Long-term Debt | 227,724,000 | ' | 227,724,000 | ' | 223,586,000 | |||
Other Debt [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Number of encumbered hotels (in hotels) | 0 | [2] | ' | 0 | [2] | ' | ' | |
Variable rate basis | ' | ' | 'LIBOR | ' | ' | |||
Variable rate basis spread | 1.25% | ' | ' | ' | ' | |||
Long-term Debt | 64,861,000 | [2] | ' | 64,861,000 | [2] | ' | 64,861,000 | [2] |
Knickerbocker [Member] | Other Debt [Member] | ' | ' | ' | ' | ' | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | |||
Term of debt extension | ' | ' | '1 year | ' | ' | |||
Maximum Borrowing Capacity of Construction Loan | $85,000,000 | ' | $85,000,000 | ' | ' | |||
[1] | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | |||||||
[2] | This loan is related to our Knickerbocker development project and is fully secured by restricted cash and a mortgage. Because we were able to assume an existing loan when we purchased this hotel, we were not required to pay any local mortgage recording tax. This loan, which allows us to borrow up to $85 million, can be extended for one year subject to satisfying certain conditions. |
Hotel_Operating_Revenue_Depart2
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | ' | ' | ' |
Room revenue | $185,281 | $179,085 | $533,618 | $514,029 |
Food and beverage revenue | 33,460 | 31,968 | 113,380 | 103,578 |
Other operating departments | 12,238 | 11,947 | 35,929 | 37,246 |
Hotel operating revenue | $230,979 | $223,000 | $682,927 | $654,853 |
Hotel_Operating_Revenue_Depart3
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | ' | ' | ' |
Room | $48,436 | $47,095 | $141,701 | $136,221 |
Room as a percent of total hotel operating revenue | 21.00% | 21.10% | 20.70% | 20.80% |
Food and beverage | 28,513 | 27,609 | 91,061 | 84,250 |
Food and beverage as a percent of total hotel operating revenue | 12.30% | 12.40% | 13.30% | 12.90% |
Other operating departments | 5,660 | 5,440 | 16,990 | 16,515 |
Other operating departments as a percent of total hotel operating revenue | 2.50% | 2.40% | 2.60% | 2.50% |
Hotel departmental expenses | $82,609 | $80,144 | $249,752 | $236,986 |
Hotel departmental expenses as a percent of total hotel operating revenue | 35.80% | 35.90% | 36.60% | 36.20% |
Hotel_Operating_Revenue_Depart4
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | $61,153 | $59,766 | $181,942 | $176,050 |
Other property-related costs as a percent of total hotel operating revenue | 26.50% | 26.80% | 26.60% | 26.90% |
Hotel General and Administrative Expense [Member] | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 20,228 | 19,603 | 60,964 | 58,891 |
Other property-related costs as a percent of total hotel operating revenue | 8.80% | 8.80% | 8.90% | 9.00% |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 18,475 | 18,321 | 57,494 | 55,257 |
Other property-related costs as a percent of total hotel operating revenue | 8.00% | 8.20% | 8.40% | 8.40% |
Repair and Maintenance [Member] | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 11,441 | 11,115 | 34,489 | 33,405 |
Other property-related costs as a percent of total hotel operating revenue | 5.00% | 5.00% | 5.10% | 5.10% |
Utilities [Member] | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | $11,009 | $10,727 | $28,995 | $28,497 |
Other property-related costs as a percent of total hotel operating revenue | 4.70% | 4.80% | 4.20% | 4.40% |
Hotel_Operating_Revenue_Depart5
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) (USD $) | 3 Months Ended | 7 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' |
Term of Management NOI Guaranty | '10 years | '10 years |
Management Company NOI Guaranty | $100 | $100 |
Management Company NOI Guaranty, Annual Limit | 21.5 | 21.5 |
Management Company NOI Guaranty, Amount Recorded | $2.40 | $5.20 |
Consolidated Hotels [Member] | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' |
Number of Real Estate Properties | 60 | 60 |
Consolidated Hotels [Member] | Wyndham® and Wyndham Grand® [Member] | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' |
Number of Real Estate Properties | 8 | 8 |
Taxes_Insurance_and_Lease_Expe2
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' | ||||
Real estate and other taxes | $8,596,000 | $7,937,000 | $24,022,000 | $23,012,000 | ||||
Property insurance, general liability insurance and other | 2,199,000 | 2,543,000 | 7,137,000 | 7,338,000 | ||||
Total taxes, insurance and lease expense | 25,957,000 | 24,771,000 | 73,209,000 | 70,257,000 | ||||
Hotel Lease [Member] | ' | ' | ' | ' | ||||
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' | ||||
Lease expense | 11,849,000 | [1] | 10,910,000 | [1] | 33,572,000 | [1] | 31,339,000 | [1] |
Percentage rent | 6,400,000 | 5,500,000 | 17,200,000 | 15,000,000 | ||||
Land Lease [Member] | ' | ' | ' | ' | ||||
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' | ||||
Lease expense | 3,313,000 | [2] | 3,381,000 | [2] | 8,478,000 | [2] | 8,568,000 | [2] |
Percentage rent | $1,900,000 | $2,000,000 | $4,200,000 | $4,300,000 | ||||
Twelve Hotels [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | ' | ' | ' | ' | ||||
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' | ||||
Number of hotels (in hotels) | 12 | ' | 12 | ' | ||||
Ownership percentage of lessee | 49.00% | ' | 49.00% | ' | ||||
Equity method ownership percentage of lessor | 50.00% | ' | 50.00% | ' | ||||
[1] | Hotel lease expense is recorded by the consolidated operating lessees of 12 hotels owned by unconsolidated entities and is partially (generally 49%) offset through noncontrolling interests in other partnerships. Our 50% share of the corresponding lease income is recorded through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $6.4 million and $5.5 million for the three months ended September 30, 2013 and 2012, respectively, and $17.2 million and $15.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Land lease expense includes percentage rent of $1.9 million and $2.0 million for the three months ended September 30, 2013 and 2012, respectively, and $4.2 million and $4.3 million for the nine months ended September 30, 2013 and 2012, respectively. |
Impairment_Details
Impairment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Impairment [Line Items] | ' | ' | ' | ' |
Impairment of Real Estate, including discontinued operations | ' | ' | $27,706 | $1,335 |
Impairment of Real Estate | 0 | 0 | 24,441 | 0 |
Minimum [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
EBITDA Multiple | ' | ' | 10 | ' |
Maximum [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
EBITDA Multiple | ' | ' | 12 | ' |
Fair Value, Inputs, Level 2 [Member] | Discontinued Operations [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
Impairment of Real Estate | ' | ' | 3,300 | 1,300 |
Number of hotels (in hotels) | 1 | 1 | 1 | 1 |
Fair Value, Inputs, Level 3 [Member] | Continuing Operations [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
Impairment of Real Estate | ' | ' | $24,400 | ' |
Number of hotels (in hotels) | 2 | ' | 2 | ' |
Fair Value, Inputs, Level 3 [Member] | Consolidated Hotels [Member] | Continuing Operations [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
Number of hotels (in hotels) | 2 | ' | 2 | ' |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash flow Approach [Member] | Continuing Operations [Member] | ' | ' | ' | ' |
Impairment [Line Items] | ' | ' | ' | ' |
Number of hotels (in hotels) | 1 | ' | 1 | ' |
Estimated stabilized growth rate | ' | ' | 3.00% | ' |
Discounted cash flow term | ' | ' | '5 years | ' |
Terminal capitalization rate | ' | ' | 8.00% | ' |
Discount Rate | ' | ' | 10.00% | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Assets Held-for-sale [Member] | Hotels Sold [Member] | Hotels Sold [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Hotels | Hotels | Hotels | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||||
Hotels | Hotels | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of hotels (in hotels) | ' | ' | ' | ' | 1 | 4 | 10 | ' | ' | ' | ' | 1 | 1 | ||
Hotel operating revenue | ' | ' | ' | ' | ' | ' | ' | $5,038 | $19,353 | $25,045 | $86,968 | ' | ' | ||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | -4,859 | -18,612 | -25,180 | [1] | -76,877 | [1] | ' | ' |
Operating income (loss) from discontinued operations | ' | ' | ' | ' | ' | ' | ' | 179 | 741 | -135 | 10,091 | ' | ' | ||
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | 0 | -1,031 | 0 | -4,527 | ' | ' | ||
Debt Extinguishment | ' | ' | ' | ' | ' | ' | ' | 0 | -1,409 | 0 | -2,100 | ' | ' | ||
Gain On Involuntary Conversion, Net | ' | ' | 87 | 0 | ' | ' | ' | 66 | 0 | 66 | 0 | ' | ' | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ' | ' | ' | ' | ' | ' | 11,809 | 9,922 | 19,068 | 26,641 | ' | ' | ||
Income (loss) from discontinued operations | 12,054 | 8,223 | 18,999 | 30,105 | ' | ' | ' | 12,054 | 8,223 | 18,999 | 30,105 | ' | ' | ||
Impairment of Real Estate | $0 | $0 | $24,441 | $0 | ' | ' | ' | ' | ' | ' | ' | $3,300 | $1,300 | ||
[1] | (a) Includes impairment charges of $3.3 million and $1.3Â million for the nine months ended September 30, 2013 and 2012, respectively. |
Income_loss_Per_ShareUnit_Deta
Income (loss) Per Share/Unit (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
peer | |||||
increment | |||||
Numerator: | ' | ' | ' | ' | ' |
Net income (loss) attributable to FelCor | ' | 3,230,000 | -19,025,000 | -41,638,000 | -35,619,000 |
Discontinued operations attributable to FelCor | ' | -11,121,000 | -8,172,000 | -17,945,000 | -29,895,000 |
Loss from continuing operations attributable to FelCor | ' | -7,891,000 | -27,197,000 | -59,583,000 | -65,514,000 |
Less: Preferred dividends | ' | -9,678,000 | -9,678,000 | -29,034,000 | -29,034,000 |
Numerator for continuing operations attributable to common stockholders | ' | -17,569,000 | -36,875,000 | -88,617,000 | -94,548,000 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | ' | -6,448,000 | -28,703,000 | -70,672,000 | -64,653,000 |
Denominator: [Abstract] | ' | ' | ' | ' | ' |
Denominator for basic and diluted income (loss) per share (in shares) | ' | 123,817,000 | 123,640,000 | 123,815,000 | 123,648,000 |
Basic and diluted income (loss) per share data: | ' | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ' | -0.14 | -0.3 | -0.72 | -0.76 |
Discontinued operations (in dollars per share) | ' | 0.09 | 0.07 | 0.14 | 0.24 |
Net income (loss) (in dollars per share) | ' | -0.05 | -0.23 | -0.57 | -0.52 |
FelCor Lodging LP [Member] | ' | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' | ' |
Net income (loss) attributable to FelCor | ' | 3,198,000 | -19,169,000 | -41,990,000 | -35,948,000 |
Discontinued operations attributable to FelCor | ' | -11,176,000 | -8,213,000 | -18,033,000 | -30,046,000 |
Loss from continuing operations attributable to FelCor | ' | -7,978,000 | -27,382,000 | -60,023,000 | -65,994,000 |
Less: Preferred dividends | ' | -9,678,000 | -9,678,000 | -29,034,000 | -29,034,000 |
Numerator for continuing operations attributable to common stockholders | ' | -17,656,000 | -37,060,000 | -89,057,000 | -95,028,000 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | ' | -6,480,000 | -28,847,000 | -71,024,000 | -64,982,000 |
Denominator: [Abstract] | ' | ' | ' | ' | ' |
Denominator for basic and diluted income (loss) per share (in shares) | ' | 124,435,000 | 124,266,000 | 124,435,000 | 124,278,000 |
Basic and diluted income (loss) per share data: | ' | ' | ' | ' | ' |
Loss from continuing operations (in dollars per share) | ' | -0.14 | -0.3 | -0.72 | -0.76 |
Discontinued operations (in dollars per share) | ' | 0.09 | 0.07 | 0.14 | 0.24 |
Net income (loss) (in dollars per share) | ' | -0.05 | -0.23 | -0.57 | -0.52 |
SeriesA Preferred Shares / Units [Member] | ' | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' | ' |
Dividends excluded from computation of earnings per share/unit | ' | 6,300,000 | 6,300,000 | 18,800,000 | 18,800,000 |
Series A Convertible Preferred Shares/Units [Member] | ' | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' | ' |
Excluded from computation of earnings per share/unit | ' | 9,985,000 | 9,985,000 | 9,985,000 | 9,985,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' | ' |
Restricted Stock Units/Treasury Stock Method | ' | 728,000 | 0 | 461,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,250,000 | ' | ' | ' | ' |
Number of Vesting Increments | 3 | ' | ' | ' | ' |
Vesting Period | '4 years | ' | ' | ' | ' |
Number of Lodging REIT Peers | 10 | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | $1,700,000,000 | $1,700,000,000 |
Long-term Debt | 1,648,165,000 | 1,630,525,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | 1,300,000,000 | 1,300,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of debt | $372,000,000 | $369,600,000 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, except Share data, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 618,000 | 621,000 | ' | ' |
Redeemable units | $3,804 | $2,902 | $3,236 | $3,026 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 617,542 | ' | ' | ' |
Redeemable units | 3,804 | 2,902 | ' | ' |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Redeemable units | $3,800 | ' | ' | ' |
Closing price of common stock | $6.16 | ' | ' | ' |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | Closing Price of FelCor's Common Stock [Member] | |||||
FelCor Lodging LP [Member] | |||||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | $6.16 |
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $2,902 | $3,026 | $3,804 | $2,902 | $3,800 |
Conversion of units | ' | ' | -23 | -45 | ' | ' | ' |
Redemption value allocation | ' | ' | 1,280 | 581 | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | -3 | 3 | ' | ' | ' |
Net loss | -32 | -144 | -352 | -329 | ' | ' | ' |
Balance at end of period | $3,804 | $3,236 | $3,804 | $3,236 | $3,804 | $2,902 | $3,800 |
FelCor_LPs_Consolidating_Finan1
FelCor LP's Consolidating Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revisions Made Between Subsidiary Guarantors and Non-Guarantors Related to Intercompany Notes | ' | $11,000,000 | $12,000,000 | ' | ' | ' | $11,000,000 | ' | ' | ' | $11,000,000 | $21,000,000 | ' |
Revisions Between AOCI and Common Units for Subsidiary Guarantors and Non-Guarantor Subsidiaries | ' | 21,000,000 | 21,000,000 | ' | ' | ' | 21,000,000 | ' | ' | ' | 21,000,000 | 21,000,000 | ' |
Revisions Made to Comprehensive Income and Foreign Currency Translation for Subsidiary Guarantors and Non-Guarantors | ' | -500,000 | -300,000 | 400,000 | -200,000 | 300,000 | -700,000 | 0 | ' | 400,000 | 300,000 | -800,000 | 2,000,000 |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 1,672,413,000 | ' | ' | ' | ' | ' | ' | ' | 1,672,413,000 | ' | 1,794,564,000 | ' | ' |
Hotel development | 195,919,000 | ' | ' | ' | ' | ' | ' | ' | 195,919,000 | ' | 146,079,000 | ' | ' |
Investment in unconsolidated entities | 51,069,000 | ' | ' | ' | ' | ' | ' | ' | 51,069,000 | ' | 55,082,000 | ' | ' |
Hotel Held-for-sale | 9,684,000 | ' | ' | ' | ' | ' | ' | ' | 9,684,000 | ' | 0 | ' | ' |
Cash and cash equivalents | 68,589,000 | ' | ' | 112,119,000 | ' | ' | ' | ' | 68,589,000 | 112,119,000 | 45,745,000 | 93,758,000 | ' |
Restricted cash | 78,134,000 | ' | ' | ' | ' | ' | ' | ' | 78,134,000 | ' | 77,927,000 | ' | ' |
Accounts receivable, net | 38,892,000 | ' | ' | ' | ' | ' | ' | ' | 38,892,000 | ' | 25,383,000 | ' | ' |
Deferred expenses, net | 30,921,000 | ' | ' | ' | ' | ' | ' | ' | 30,921,000 | ' | 34,262,000 | ' | ' |
Other assets | 26,741,000 | ' | ' | ' | ' | ' | ' | ' | 26,741,000 | ' | 23,391,000 | ' | ' |
Total assets | 2,172,362,000 | ' | ' | ' | ' | ' | ' | ' | 2,172,362,000 | ' | 2,202,433,000 | ' | ' |
Debt, net | 1,648,165,000 | ' | ' | ' | ' | ' | ' | ' | 1,648,165,000 | ' | 1,630,525,000 | ' | ' |
Distributions payable | 8,545,000 | ' | ' | ' | ' | ' | ' | ' | 8,545,000 | ' | 8,545,000 | ' | ' |
Accrued expenses and other liabilities | 163,464,000 | ' | ' | ' | ' | ' | ' | ' | 163,464,000 | ' | 138,442,000 | ' | ' |
Total liabilities | 1,820,174,000 | ' | ' | ' | ' | ' | ' | ' | 1,820,174,000 | ' | 1,777,512,000 | ' | ' |
Redeemable units | 3,804,000 | ' | ' | 3,236,000 | ' | ' | ' | ' | 3,804,000 | 3,236,000 | 2,902,000 | 3,026,000 | ' |
Accumulated other comprehensive income | 25,447,000 | ' | ' | ' | ' | ' | ' | ' | 25,447,000 | ' | 26,039,000 | ' | ' |
Total liabilities and equity | 2,172,362,000 | ' | ' | ' | ' | ' | ' | ' | 2,172,362,000 | ' | 2,202,433,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 230,979,000 | ' | ' | 223,000,000 | ' | ' | ' | ' | 682,927,000 | 654,853,000 | ' | ' | ' |
Other revenue | 1,584,000 | ' | ' | 1,441,000 | ' | ' | ' | ' | 3,034,000 | 2,672,000 | ' | ' | ' |
Total revenues | 232,563,000 | ' | ' | 224,441,000 | ' | ' | ' | ' | 685,961,000 | 657,525,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxes, insurance and lease expense | 25,957,000 | ' | ' | 24,771,000 | ' | ' | ' | ' | 73,209,000 | 70,257,000 | ' | ' | ' |
Corporate expenses | 5,817,000 | ' | ' | 5,695,000 | ' | ' | ' | ' | 20,343,000 | 20,074,000 | ' | ' | ' |
Depreciation and amortization | 30,124,000 | ' | ' | 30,050,000 | ' | ' | ' | ' | 90,407,000 | 87,305,000 | ' | ' | ' |
Impairment loss | 0 | ' | ' | 0 | ' | ' | ' | ' | 24,441,000 | 0 | ' | ' | ' |
Conversion Expenses | -81,000 | ' | ' | 0 | ' | ' | ' | ' | 1,134,000 | 0 | ' | ' | ' |
Other expenses | 2,102,000 | ' | ' | 1,959,000 | ' | ' | ' | ' | 6,838,000 | 3,722,000 | ' | ' | ' |
Total operating expenses | 216,953,000 | ' | ' | 212,810,000 | ' | ' | ' | ' | 675,634,000 | 625,181,000 | ' | ' | ' |
Operating income (loss) | 15,610,000 | ' | ' | 11,631,000 | ' | ' | ' | ' | 10,327,000 | 32,344,000 | ' | ' | ' |
Interest expense, net | -25,996,000 | ' | ' | -30,568,000 | ' | ' | ' | ' | -79,053,000 | -91,013,000 | ' | ' | ' |
Debt extinguishment | 0 | ' | ' | -10,377,000 | ' | ' | ' | ' | 0 | -10,498,000 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 21,000 | ' | ' | 0 | ' | ' | ' | ' | 21,000 | 0 | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | -10,365,000 | ' | ' | -29,314,000 | ' | ' | ' | ' | -68,705,000 | -69,167,000 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 2,100,000 | ' | ' | 1,536,000 | ' | ' | ' | ' | 4,095,000 | 2,674,000 | ' | ' | ' |
Income (loss) from continuing operations | -8,265,000 | ' | ' | -27,778,000 | ' | ' | ' | ' | -64,610,000 | -66,493,000 | ' | ' | ' |
Income (loss) from discontinued operations | 12,054,000 | ' | ' | 8,223,000 | ' | ' | ' | ' | 18,999,000 | 30,105,000 | ' | ' | ' |
Net income (loss) | 3,789,000 | ' | ' | -19,555,000 | ' | ' | ' | ' | -45,611,000 | -36,388,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -591,000 | ' | ' | 386,000 | ' | ' | ' | ' | 3,621,000 | 440,000 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 3,230,000 | ' | ' | -19,025,000 | ' | ' | ' | ' | -41,638,000 | -35,619,000 | ' | ' | ' |
Preferred dividends | -9,678,000 | ' | ' | -9,678,000 | ' | ' | ' | ' | -29,034,000 | -29,034,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,789,000 | ' | ' | -19,555,000 | ' | ' | ' | ' | -45,611,000 | -36,388,000 | ' | ' | ' |
Foreign currency translation adjustment | 329,000 | ' | ' | 502,000 | ' | ' | ' | ' | -595,000 | 493,000 | ' | ' | ' |
Comprehensive income (loss) | 4,118,000 | ' | ' | -19,053,000 | ' | ' | ' | ' | -46,206,000 | -35,895,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -591,000 | ' | ' | 386,000 | ' | ' | ' | ' | 3,621,000 | 440,000 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | 3,557,000 | ' | ' | -18,526,000 | ' | ' | ' | ' | -42,230,000 | -35,129,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 68,371,000 | 72,807,000 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | -74,456,000 | -99,985,000 | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | -46,724,000 | -16,707,000 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 89,929,000 | 124,610,000 | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' | ' | ' | ' | ' | ' | -670,000 | 2,598,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 6,218,000 | 11,894,000 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -1,500,000 | 0 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -26,985,000 | 22,410,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 137,245,000 | 378,750,000 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | -123,741,000 | -395,355,000 | ' | ' | ' |
Payment of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | -2,723,000 | -3,167,000 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -18,508,000 | -76,968,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | -34,000 | 112,000 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 22,844,000 | 18,361,000 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 45,745,000 | ' | ' | 93,758,000 | 45,745,000 | 93,758,000 | 45,745,000 | 93,758,000 | 93,758,000 | ' | ' |
Cash and cash equivalents at end of periods | 68,589,000 | ' | ' | 112,119,000 | ' | ' | ' | ' | 68,589,000 | 112,119,000 | 45,745,000 | 93,758,000 | ' |
FelCor Lodging LP [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revisions Made Between Accumulated Other Comprehensive Income and Common Units | ' | 25,000,000 | 26,000,000 | ' | ' | ' | 25,000,000 | ' | ' | ' | 26,000,000 | 26,000,000 | ' |
Revisions Made to Comprehensive Income and Foreign Currency Translation | ' | -600,000 | -400,000 | 500,000 | -300,000 | 300,000 | -900,000 | 0 | ' | 500,000 | 300,000 | -700,000 | 2,900,000 |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 47,869,000 | ' | ' | ' | ' | ' | ' | ' | 47,869,000 | ' | 66,945,000 | ' | ' |
Hotel development | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Equity investment in consolidated entities | 1,515,142,000 | ' | ' | ' | ' | ' | ' | ' | 1,515,142,000 | ' | 1,551,377,000 | ' | ' |
Investment in unconsolidated entities | 37,229,000 | ' | ' | ' | ' | ' | ' | ' | 37,229,000 | ' | 42,508,000 | ' | ' |
Hotel Held-for-sale | 9,676,000 | ' | ' | ' | ' | ' | ' | ' | 9,676,000 | ' | ' | ' | ' |
Cash and cash equivalents | 15,731,000 | ' | ' | 72,214,000 | ' | ' | ' | ' | 15,731,000 | 72,214,000 | 8,312,000 | 23,503,000 | ' |
Restricted cash | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Accounts receivable, net | 160,000 | ' | ' | ' | ' | ' | ' | ' | 160,000 | ' | 96,000 | ' | ' |
Deferred expenses, net | 21,402,000 | ' | ' | ' | ' | ' | ' | ' | 21,402,000 | ' | 22,657,000 | ' | ' |
Other assets | 8,719,000 | ' | ' | ' | ' | ' | ' | ' | 8,719,000 | ' | 8,122,000 | ' | ' |
Total assets | 1,655,928,000 | ' | ' | ' | ' | ' | ' | ' | 1,655,928,000 | ' | 1,700,017,000 | ' | ' |
Debt, net | 1,277,723,000 | ' | ' | ' | ' | ' | ' | ' | 1,277,723,000 | ' | 1,273,587,000 | ' | ' |
Distributions payable | 8,545,000 | ' | ' | ' | ' | ' | ' | ' | 8,545,000 | ' | 8,545,000 | ' | ' |
Accrued expenses and other liabilities | 40,948,000 | ' | ' | ' | ' | ' | ' | ' | 40,948,000 | ' | 20,316,000 | ' | ' |
Total liabilities | 1,327,216,000 | ' | ' | ' | ' | ' | ' | ' | 1,327,216,000 | ' | 1,302,448,000 | ' | ' |
Redeemable units | 3,804,000 | ' | ' | ' | ' | ' | ' | ' | 3,804,000 | ' | 2,902,000 | ' | ' |
Preferred units | 478,774,000 | ' | ' | ' | ' | ' | ' | ' | 478,774,000 | ' | 478,774,000 | ' | ' |
Common units | -179,422,000 | ' | ' | ' | ' | ' | ' | ' | -179,422,000 | ' | -110,258,000 | ' | ' |
Accumulated other comprehensive income | 25,556,000 | ' | ' | ' | ' | ' | ' | ' | 25,556,000 | ' | 26,151,000 | ' | ' |
Total FelCor LP partners' capital | 324,908,000 | ' | ' | ' | ' | ' | ' | ' | 324,908,000 | ' | 394,667,000 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Total partners' capital | 324,908,000 | ' | ' | ' | ' | ' | ' | ' | 324,908,000 | ' | 394,667,000 | ' | ' |
Total liabilities and equity | 1,655,928,000 | ' | ' | ' | ' | ' | ' | ' | 1,655,928,000 | ' | 1,700,017,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Percentage lease revenue | 2,756,000 | ' | ' | 2,575,000 | ' | ' | ' | ' | 5,633,000 | 5,401,000 | ' | ' | ' |
Other revenue | 1,000 | ' | ' | 7,000 | ' | ' | ' | ' | 6,000 | 12,000 | ' | ' | ' |
Total revenues | 2,757,000 | ' | ' | 2,582,000 | ' | ' | ' | ' | 5,639,000 | 5,413,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Taxes, insurance and lease expense | 1,066,000 | ' | ' | 319,000 | ' | ' | ' | ' | 1,756,000 | 1,065,000 | ' | ' | ' |
Corporate expenses | -212,000 | ' | ' | 139,000 | ' | ' | ' | ' | 169,000 | 333,000 | ' | ' | ' |
Depreciation and amortization | 1,004,000 | ' | ' | 1,248,000 | ' | ' | ' | ' | 3,439,000 | 3,523,000 | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 14,294,000 | ' | ' | ' | ' |
Conversion Expenses | 0 | ' | ' | ' | ' | ' | ' | ' | 23,000 | ' | ' | ' | ' |
Other expenses | 105,000 | ' | ' | 88,000 | ' | ' | ' | ' | 2,883,000 | 564,000 | ' | ' | ' |
Total operating expenses | 1,963,000 | ' | ' | 1,794,000 | ' | ' | ' | ' | 22,564,000 | 5,485,000 | ' | ' | ' |
Operating income (loss) | 794,000 | ' | ' | 788,000 | ' | ' | ' | ' | -16,925,000 | -72,000 | ' | ' | ' |
Interest expense, net | -20,976,000 | ' | ' | -21,532,000 | ' | ' | ' | ' | -63,961,000 | -63,906,000 | ' | ' | ' |
Debt extinguishment | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -7,000 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | -20,182,000 | ' | ' | -20,744,000 | ' | ' | ' | ' | -80,886,000 | -63,985,000 | ' | ' | ' |
Equity in income (loss) from consolidated entities | 21,537,000 | ' | ' | 559,000 | ' | ' | ' | ' | 38,096,000 | 26,048,000 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 1,602,000 | ' | ' | 1,040,000 | ' | ' | ' | ' | 3,454,000 | 2,058,000 | ' | ' | ' |
Income (loss) from continuing operations | 2,957,000 | ' | ' | -19,145,000 | ' | ' | ' | ' | -39,336,000 | -35,879,000 | ' | ' | ' |
Income (loss) from discontinued operations | 241,000 | ' | ' | -24,000 | ' | ' | ' | ' | -2,654,000 | -69,000 | ' | ' | ' |
Net income (loss) | 3,198,000 | ' | ' | -19,169,000 | ' | ' | ' | ' | -41,990,000 | -35,948,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 3,198,000 | ' | ' | -19,169,000 | ' | ' | ' | ' | -41,990,000 | -35,948,000 | ' | ' | ' |
Preferred dividends | -9,678,000 | ' | ' | -9,678,000 | ' | ' | ' | ' | -29,034,000 | -29,034,000 | ' | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | -6,480,000 | ' | ' | -28,847,000 | ' | ' | ' | ' | -71,024,000 | -64,982,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,198,000 | ' | ' | -19,169,000 | ' | ' | ' | ' | -41,990,000 | -35,948,000 | ' | ' | ' |
Foreign currency translation adjustment | 329,000 | ' | ' | 502,000 | ' | ' | ' | ' | -595,000 | 493,000 | ' | ' | ' |
Comprehensive income (loss) | 3,527,000 | ' | ' | -18,667,000 | ' | ' | ' | ' | -42,585,000 | -35,455,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | 3,527,000 | ' | ' | -18,667,000 | ' | ' | ' | ' | -42,585,000 | -35,455,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | -33,236,000 | -36,423,000 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | 2,467,000 | -7,158,000 | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | -24,000 | -14,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 5,343,000 | 11,269,000 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Intercompany financing, investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 64,238,000 | 140,154,000 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 72,024,000 | 144,251,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -96,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | ' | ' | ' | ' | ' | ' | -29,034,000 | -59,021,000 | ' | ' | ' |
Intercompany financing, financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -2,335,000 | 0 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -31,369,000 | -59,117,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 7,419,000 | 48,711,000 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 8,312,000 | ' | ' | 23,503,000 | 8,312,000 | 23,503,000 | 8,312,000 | 23,503,000 | 23,503,000 | ' | ' |
Cash and cash equivalents at end of periods | 15,731,000 | ' | ' | 72,214,000 | ' | ' | ' | ' | 15,731,000 | 72,214,000 | 8,312,000 | 23,503,000 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 1,057,396,000 | ' | ' | ' | ' | ' | ' | ' | 1,057,396,000 | ' | 1,102,262,000 | ' | ' |
Hotel development | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Equity investment in consolidated entities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Investment in unconsolidated entities | 12,473,000 | ' | ' | ' | ' | ' | ' | ' | 12,473,000 | ' | 11,173,000 | ' | ' |
Hotel Held-for-sale | 8,000 | ' | ' | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' |
Cash and cash equivalents | 45,649,000 | ' | ' | 35,888,000 | ' | ' | ' | ' | 45,649,000 | 35,888,000 | ' | ' | ' |
Restricted cash | 6,955,000 | ' | ' | ' | ' | ' | ' | ' | 6,955,000 | ' | 9,186,000 | ' | ' |
Accounts receivable, net | 38,186,000 | ' | ' | ' | ' | ' | ' | ' | 38,186,000 | ' | 24,432,000 | ' | ' |
Deferred expenses, net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Other assets | 12,513,000 | ' | ' | ' | ' | ' | ' | ' | 12,513,000 | ' | 10,322,000 | ' | ' |
Total assets | 1,173,180,000 | ' | ' | ' | ' | ' | ' | ' | 1,173,180,000 | ' | 1,187,800,000 | ' | ' |
Debt, net | 11,740,000 | ' | ' | ' | ' | ' | ' | ' | 11,740,000 | ' | 11,240,000 | ' | ' |
Distributions payable | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Accrued expenses and other liabilities | 109,426,000 | ' | ' | ' | ' | ' | ' | ' | 109,426,000 | ' | 95,986,000 | ' | ' |
Total liabilities | 121,166,000 | ' | ' | ' | ' | ' | ' | ' | 121,166,000 | ' | 107,226,000 | ' | ' |
Redeemable units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Preferred units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Common units | 1,047,816,000 | ' | ' | ' | ' | ' | ' | ' | 1,047,816,000 | ' | 1,076,067,000 | ' | ' |
Accumulated other comprehensive income | 4,630,000 | ' | ' | ' | ' | ' | ' | ' | 4,630,000 | ' | 4,782,000 | ' | ' |
Total FelCor LP partners' capital | 1,052,446,000 | ' | ' | ' | ' | ' | ' | ' | 1,052,446,000 | ' | 1,080,849,000 | ' | ' |
Noncontrolling interests | -432,000 | ' | ' | ' | ' | ' | ' | ' | -432,000 | ' | -275,000 | ' | ' |
Total partners' capital | 1,052,014,000 | ' | ' | ' | ' | ' | ' | ' | 1,052,014,000 | ' | 1,080,574,000 | ' | ' |
Total liabilities and equity | 1,173,180,000 | ' | ' | ' | ' | ' | ' | ' | 1,173,180,000 | ' | 1,187,800,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 230,979,000 | ' | ' | 223,000,000 | ' | ' | ' | ' | 682,927,000 | 654,853,000 | ' | ' | ' |
Percentage lease revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other revenue | 1,401,000 | ' | ' | 1,269,000 | ' | ' | ' | ' | 2,653,000 | 2,311,000 | ' | ' | ' |
Total revenues | 232,380,000 | ' | ' | 224,269,000 | ' | ' | ' | ' | 685,580,000 | 657,164,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 153,034,000 | ' | ' | 150,335,000 | ' | ' | ' | ' | 459,262,000 | 443,823,000 | ' | ' | ' |
Taxes, insurance and lease expense | 45,836,000 | ' | ' | 52,721,000 | ' | ' | ' | ' | 134,714,000 | 149,101,000 | ' | ' | ' |
Corporate expenses | 4,694,000 | ' | ' | 3,643,000 | ' | ' | ' | ' | 15,048,000 | 12,601,000 | ' | ' | ' |
Depreciation and amortization | 18,045,000 | ' | ' | 16,142,000 | ' | ' | ' | ' | 53,534,000 | 46,667,000 | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Conversion Expenses | -17,000 | ' | ' | ' | ' | ' | ' | ' | 666,000 | ' | ' | ' | ' |
Other expenses | 1,174,000 | ' | ' | 1,584,000 | ' | ' | ' | ' | 2,533,000 | 2,765,000 | ' | ' | ' |
Total operating expenses | 222,766,000 | ' | ' | 224,425,000 | ' | ' | ' | ' | 665,757,000 | 654,957,000 | ' | ' | ' |
Operating income (loss) | 9,614,000 | ' | ' | -156,000 | ' | ' | ' | ' | 19,823,000 | 2,207,000 | ' | ' | ' |
Interest expense, net | -317,000 | ' | ' | -3,997,000 | ' | ' | ' | ' | -940,000 | -12,078,000 | ' | ' | ' |
Debt extinguishment | ' | ' | ' | 0 | ' | ' | ' | ' | ' | -26,000 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | 9,297,000 | ' | ' | -4,153,000 | ' | ' | ' | ' | 18,883,000 | -9,897,000 | ' | ' | ' |
Equity in income (loss) from consolidated entities | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 509,000 | ' | ' | 507,000 | ' | ' | ' | ' | 675,000 | 650,000 | ' | ' | ' |
Income (loss) from continuing operations | 9,806,000 | ' | ' | -3,646,000 | ' | ' | ' | ' | 19,558,000 | -9,247,000 | ' | ' | ' |
Income (loss) from discontinued operations | 2,122,000 | ' | ' | -3,375,000 | ' | ' | ' | ' | 1,763,000 | -7,488,000 | ' | ' | ' |
Net income (loss) | 11,928,000 | ' | ' | -7,021,000 | ' | ' | ' | ' | 21,321,000 | -16,735,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 319,000 | ' | ' | 286,000 | ' | ' | ' | ' | 558,000 | 575,000 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 12,247,000 | ' | ' | -6,735,000 | ' | ' | ' | ' | 21,879,000 | -16,160,000 | ' | ' | ' |
Preferred dividends | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 12,247,000 | ' | ' | -6,735,000 | ' | ' | ' | ' | 21,879,000 | -16,160,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 11,928,000 | ' | ' | -7,021,000 | ' | ' | ' | ' | 21,321,000 | -16,735,000 | ' | ' | ' |
Foreign currency translation adjustment | 54,000 | ' | ' | 113,000 | ' | ' | ' | ' | -153,000 | 63,000 | ' | ' | ' |
Comprehensive income (loss) | 11,982,000 | ' | ' | -6,908,000 | ' | ' | ' | ' | 21,168,000 | -16,672,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 319,000 | ' | ' | 286,000 | ' | ' | ' | ' | 558,000 | 575,000 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | 12,301,000 | ' | ' | -6,622,000 | ' | ' | ' | ' | 21,726,000 | -16,097,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 73,336,000 | 25,768,000 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | -46,230,000 | -64,516,000 | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 18,277,000 | 7,931,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 875,000 | 625,000 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -1,500,000 | ' | ' | ' | ' |
Intercompany financing, investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 2,006,000 | 3,351,000 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -26,572,000 | -52,609,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -16,452,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Intercompany financing, financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -31,907,000 | 10,272,000 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 401,000 | 1,796,000 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -31,506,000 | -4,384,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | -34,000 | 112,000 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 15,224,000 | -31,113,000 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 30,425,000 | ' | ' | 67,001,000 | 30,425,000 | 67,001,000 | 30,425,000 | 67,001,000 | 67,001,000 | ' | ' |
Cash and cash equivalents at end of periods | 45,649,000 | ' | ' | 35,888,000 | ' | ' | ' | ' | 45,649,000 | 35,888,000 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revision Made Between Debt and Common Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 567,148,000 | ' | ' | ' | ' | ' | ' | ' | 567,148,000 | ' | 625,357,000 | ' | ' |
Hotel development | 195,919,000 | ' | ' | ' | ' | ' | ' | ' | 195,919,000 | ' | 146,079,000 | ' | ' |
Equity investment in consolidated entities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Investment in unconsolidated entities | 1,367,000 | ' | ' | ' | ' | ' | ' | ' | 1,367,000 | ' | 1,401,000 | ' | ' |
Hotel Held-for-sale | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Cash and cash equivalents | 7,209,000 | ' | ' | 4,017,000 | ' | ' | ' | ' | 7,209,000 | 4,017,000 | ' | ' | ' |
Restricted cash | 71,179,000 | ' | ' | ' | ' | ' | ' | ' | 71,179,000 | ' | 68,741,000 | ' | ' |
Accounts receivable, net | 546,000 | ' | ' | ' | ' | ' | ' | ' | 546,000 | ' | 855,000 | ' | ' |
Deferred expenses, net | 9,519,000 | ' | ' | ' | ' | ' | ' | ' | 9,519,000 | ' | 11,605,000 | ' | ' |
Other assets | 17,249,000 | ' | ' | ' | ' | ' | ' | ' | 17,249,000 | ' | 16,187,000 | ' | ' |
Total assets | 870,136,000 | ' | ' | ' | ' | ' | ' | ' | 870,136,000 | ' | 877,233,000 | ' | ' |
Debt, net | 370,442,000 | ' | ' | ' | ' | ' | ' | ' | 370,442,000 | ' | 356,938,000 | ' | ' |
Distributions payable | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Accrued expenses and other liabilities | 13,090,000 | ' | ' | ' | ' | ' | ' | ' | 13,090,000 | ' | 22,140,000 | ' | ' |
Total liabilities | 383,532,000 | ' | ' | ' | ' | ' | ' | ' | 383,532,000 | ' | 379,078,000 | ' | ' |
Redeemable units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Preferred units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Common units | 441,770,000 | ' | ' | ' | ' | ' | ' | ' | 441,770,000 | ' | 449,159,000 | ' | ' |
Accumulated other comprehensive income | 20,926,000 | ' | ' | ' | ' | ' | ' | ' | 20,926,000 | ' | 21,369,000 | ' | ' |
Total FelCor LP partners' capital | 462,696,000 | ' | ' | ' | ' | ' | ' | ' | 462,696,000 | ' | 470,528,000 | ' | ' |
Noncontrolling interests | 23,908,000 | ' | ' | ' | ' | ' | ' | ' | 23,908,000 | ' | 27,627,000 | ' | ' |
Total partners' capital | 486,604,000 | ' | ' | ' | ' | ' | ' | ' | 486,604,000 | ' | 498,155,000 | ' | ' |
Total liabilities and equity | 870,136,000 | ' | ' | ' | ' | ' | ' | ' | 870,136,000 | ' | 877,233,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Percentage lease revenue | 21,567,000 | ' | ' | 29,718,000 | ' | ' | ' | ' | 67,918,000 | 85,866,000 | ' | ' | ' |
Other revenue | 182,000 | ' | ' | 165,000 | ' | ' | ' | ' | 375,000 | 349,000 | ' | ' | ' |
Total revenues | 21,749,000 | ' | ' | 29,883,000 | ' | ' | ' | ' | 68,293,000 | 86,215,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Taxes, insurance and lease expense | 3,378,000 | ' | ' | 4,024,000 | ' | ' | ' | ' | 10,290,000 | 11,358,000 | ' | ' | ' |
Corporate expenses | 1,335,000 | ' | ' | 1,913,000 | ' | ' | ' | ' | 5,126,000 | 7,140,000 | ' | ' | ' |
Depreciation and amortization | 11,075,000 | ' | ' | 12,660,000 | ' | ' | ' | ' | 33,434,000 | 37,115,000 | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 10,147,000 | ' | ' | ' | ' |
Conversion Expenses | -64,000 | ' | ' | ' | ' | ' | ' | ' | 445,000 | ' | ' | ' | ' |
Other expenses | 823,000 | ' | ' | 287,000 | ' | ' | ' | ' | 1,422,000 | 393,000 | ' | ' | ' |
Total operating expenses | 16,547,000 | ' | ' | 18,884,000 | ' | ' | ' | ' | 60,864,000 | 56,006,000 | ' | ' | ' |
Operating income (loss) | 5,202,000 | ' | ' | 10,999,000 | ' | ' | ' | ' | 7,429,000 | 30,209,000 | ' | ' | ' |
Interest expense, net | -4,703,000 | ' | ' | -5,039,000 | ' | ' | ' | ' | -14,152,000 | -15,029,000 | ' | ' | ' |
Debt extinguishment | ' | ' | ' | -10,377,000 | ' | ' | ' | ' | ' | -10,465,000 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 21,000 | ' | ' | ' | ' | ' | ' | ' | 21,000 | ' | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | 520,000 | ' | ' | -4,417,000 | ' | ' | ' | ' | -6,702,000 | 4,715,000 | ' | ' | ' |
Equity in income (loss) from consolidated entities | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | -11,000 | ' | ' | -11,000 | ' | ' | ' | ' | -34,000 | -34,000 | ' | ' | ' |
Income (loss) from continuing operations | 509,000 | ' | ' | -4,428,000 | ' | ' | ' | ' | -6,736,000 | 4,681,000 | ' | ' | ' |
Income (loss) from discontinued operations | 9,691,000 | ' | ' | 11,622,000 | ' | ' | ' | ' | 19,890,000 | 37,662,000 | ' | ' | ' |
Net income (loss) | 10,200,000 | ' | ' | 7,194,000 | ' | ' | ' | ' | 13,154,000 | 42,343,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -910,000 | ' | ' | 100,000 | ' | ' | ' | ' | 3,063,000 | -135,000 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 9,290,000 | ' | ' | 7,294,000 | ' | ' | ' | ' | 16,217,000 | 42,208,000 | ' | ' | ' |
Preferred dividends | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 9,290,000 | ' | ' | 7,294,000 | ' | ' | ' | ' | 16,217,000 | 42,208,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 10,200,000 | ' | ' | 7,194,000 | ' | ' | ' | ' | 13,154,000 | 42,343,000 | ' | ' | ' |
Foreign currency translation adjustment | 275,000 | ' | ' | 389,000 | ' | ' | ' | ' | -442,000 | 430,000 | ' | ' | ' |
Comprehensive income (loss) | 10,475,000 | ' | ' | 7,583,000 | ' | ' | ' | ' | 12,712,000 | 42,773,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -910,000 | ' | ' | 100,000 | ' | ' | ' | ' | 3,063,000 | -135,000 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | 9,565,000 | ' | ' | 7,683,000 | ' | ' | ' | ' | 15,775,000 | 42,638,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 28,271,000 | 83,462,000 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | -30,693,000 | -28,311,000 | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | -46,724,000 | -16,707,000 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 71,676,000 | 116,693,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Intercompany financing, investing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -2,458,000 | -753,000 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -8,199,000 | 70,922,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 137,245,000 | 378,750,000 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | -123,741,000 | -378,807,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Intercompany financing, financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -32,331,000 | -150,426,000 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -1,044,000 | -3,138,000 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -19,871,000 | -153,621,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 201,000 | 763,000 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 7,008,000 | ' | ' | 3,254,000 | 7,008,000 | 3,254,000 | 7,008,000 | 3,254,000 | 3,254,000 | ' | ' |
Cash and cash equivalents at end of periods | 7,209,000 | ' | ' | 4,017,000 | ' | ' | ' | ' | 7,209,000 | 4,017,000 | ' | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Hotel development | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Equity investment in consolidated entities | -1,515,142,000 | ' | ' | ' | ' | ' | ' | ' | -1,515,142,000 | ' | -1,551,377,000 | ' | ' |
Investment in unconsolidated entities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Hotel Held-for-sale | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Cash and cash equivalents | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Restricted cash | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Accounts receivable, net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Deferred expenses, net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Other assets | -11,740,000 | ' | ' | ' | ' | ' | ' | ' | -11,740,000 | ' | -11,240,000 | ' | ' |
Total assets | -1,526,882,000 | ' | ' | ' | ' | ' | ' | ' | -1,526,882,000 | ' | -1,562,617,000 | ' | ' |
Debt, net | -11,740,000 | ' | ' | ' | ' | ' | ' | ' | -11,740,000 | ' | -11,240,000 | ' | ' |
Distributions payable | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Accrued expenses and other liabilities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Total liabilities | -11,740,000 | ' | ' | ' | ' | ' | ' | ' | -11,740,000 | ' | -11,240,000 | ' | ' |
Redeemable units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Preferred units | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Common units | -1,489,586,000 | ' | ' | ' | ' | ' | ' | ' | -1,489,586,000 | ' | -1,525,226,000 | ' | ' |
Accumulated other comprehensive income | -25,556,000 | ' | ' | ' | ' | ' | ' | ' | -25,556,000 | ' | -26,151,000 | ' | ' |
Total FelCor LP partners' capital | -1,515,142,000 | ' | ' | ' | ' | ' | ' | ' | -1,515,142,000 | ' | -1,551,377,000 | ' | ' |
Noncontrolling interests | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Total partners' capital | -1,515,142,000 | ' | ' | ' | ' | ' | ' | ' | -1,515,142,000 | ' | -1,551,377,000 | ' | ' |
Total liabilities and equity | -1,526,882,000 | ' | ' | ' | ' | ' | ' | ' | -1,526,882,000 | ' | -1,562,617,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Percentage lease revenue | -24,323,000 | ' | ' | -32,293,000 | ' | ' | ' | ' | -73,551,000 | -91,267,000 | ' | ' | ' |
Other revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Total revenues | -24,323,000 | ' | ' | -32,293,000 | ' | ' | ' | ' | -73,551,000 | -91,267,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Taxes, insurance and lease expense | -24,323,000 | ' | ' | -32,293,000 | ' | ' | ' | ' | -73,551,000 | -91,267,000 | ' | ' | ' |
Corporate expenses | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Depreciation and amortization | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Impairment loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Conversion Expenses | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Other expenses | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Total operating expenses | -24,323,000 | ' | ' | -32,293,000 | ' | ' | ' | ' | -73,551,000 | -91,267,000 | ' | ' | ' |
Operating income (loss) | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Interest expense, net | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Debt extinguishment | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Equity in income (loss) from consolidated entities | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Income (loss) from continuing operations | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
Income (loss) from discontinued operations | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) attributable to reporting entity | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
Preferred dividends | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -21,537,000 | ' | ' | -559,000 | ' | ' | ' | ' | -38,096,000 | -26,048,000 | ' | ' | ' |
Foreign currency translation adjustment | -329,000 | ' | ' | -502,000 | ' | ' | ' | ' | 595,000 | -493,000 | ' | ' | ' |
Comprehensive income (loss) | -21,866,000 | ' | ' | -1,061,000 | ' | ' | ' | ' | -37,501,000 | -26,541,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | -21,866,000 | ' | ' | -1,061,000 | ' | ' | ' | ' | -37,501,000 | -26,541,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Intercompany financing, investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -64,238,000 | -140,154,000 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -64,238,000 | -140,154,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Intercompany financing, financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 64,238,000 | 140,154,000 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 64,238,000 | 140,154,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 0 | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' |
Cash and cash equivalents at end of periods | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Total Consolidated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of subsidiary guarantor owned by company | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 1,672,413,000 | ' | ' | ' | ' | ' | ' | ' | 1,672,413,000 | ' | 1,794,564,000 | ' | ' |
Hotel development | 195,919,000 | ' | ' | ' | ' | ' | ' | ' | 195,919,000 | ' | 146,079,000 | ' | ' |
Equity investment in consolidated entities | 0 | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' |
Investment in unconsolidated entities | 51,069,000 | ' | ' | ' | ' | ' | ' | ' | 51,069,000 | ' | 55,082,000 | ' | ' |
Hotel Held-for-sale | 9,684,000 | ' | ' | ' | ' | ' | ' | ' | 9,684,000 | ' | 0 | ' | ' |
Cash and cash equivalents | 68,589,000 | ' | ' | 112,119,000 | ' | ' | ' | ' | 68,589,000 | 112,119,000 | ' | ' | ' |
Restricted cash | 78,134,000 | ' | ' | ' | ' | ' | ' | ' | 78,134,000 | ' | 77,927,000 | ' | ' |
Accounts receivable, net | 38,892,000 | ' | ' | ' | ' | ' | ' | ' | 38,892,000 | ' | 25,383,000 | ' | ' |
Deferred expenses, net | 30,921,000 | ' | ' | ' | ' | ' | ' | ' | 30,921,000 | ' | 34,262,000 | ' | ' |
Other assets | 26,741,000 | ' | ' | ' | ' | ' | ' | ' | 26,741,000 | ' | 23,391,000 | ' | ' |
Total assets | 2,172,362,000 | ' | ' | ' | ' | ' | ' | ' | 2,172,362,000 | ' | 2,202,433,000 | ' | ' |
Debt, net | 1,648,165,000 | ' | ' | ' | ' | ' | ' | ' | 1,648,165,000 | ' | 1,630,525,000 | ' | ' |
Distributions payable | 8,545,000 | ' | ' | ' | ' | ' | ' | ' | 8,545,000 | ' | 8,545,000 | ' | ' |
Accrued expenses and other liabilities | 163,464,000 | ' | ' | ' | ' | ' | ' | ' | 163,464,000 | ' | 138,442,000 | ' | ' |
Total liabilities | 1,820,174,000 | ' | ' | ' | ' | ' | ' | ' | 1,820,174,000 | ' | 1,777,512,000 | ' | ' |
Redeemable units | 3,804,000 | ' | ' | ' | ' | ' | ' | ' | 3,804,000 | ' | 2,902,000 | ' | ' |
Preferred units | 478,774,000 | ' | ' | ' | ' | ' | ' | ' | 478,774,000 | ' | 478,774,000 | ' | ' |
Common units | -179,422,000 | ' | ' | ' | ' | ' | ' | ' | -179,422,000 | ' | -110,258,000 | ' | ' |
Accumulated other comprehensive income | 25,556,000 | ' | ' | ' | ' | ' | ' | ' | 25,556,000 | ' | 26,151,000 | ' | ' |
Total FelCor LP partners' capital | 324,908,000 | ' | ' | ' | ' | ' | ' | ' | 324,908,000 | ' | 394,667,000 | ' | ' |
Noncontrolling interests | 23,476,000 | ' | ' | ' | ' | ' | ' | ' | 23,476,000 | ' | 27,352,000 | ' | ' |
Total partners' capital | 348,384,000 | ' | ' | 524,200,000 | ' | ' | ' | ' | 348,384,000 | 524,200,000 | 422,019,000 | 586,895,000 | ' |
Total liabilities and equity | 2,172,362,000 | ' | ' | ' | ' | ' | ' | ' | 2,172,362,000 | ' | 2,202,433,000 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 230,979,000 | ' | ' | 223,000,000 | ' | ' | ' | ' | 682,927,000 | 654,853,000 | ' | ' | ' |
Percentage lease revenue | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other revenue | 1,584,000 | ' | ' | 1,441,000 | ' | ' | ' | ' | 3,034,000 | 2,672,000 | ' | ' | ' |
Total revenues | 232,563,000 | ' | ' | 224,441,000 | ' | ' | ' | ' | 685,961,000 | 657,525,000 | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 153,034,000 | ' | ' | 150,335,000 | ' | ' | ' | ' | 459,262,000 | 443,823,000 | ' | ' | ' |
Taxes, insurance and lease expense | 25,957,000 | ' | ' | 24,771,000 | ' | ' | ' | ' | 73,209,000 | 70,257,000 | ' | ' | ' |
Corporate expenses | 5,817,000 | ' | ' | 5,695,000 | ' | ' | ' | ' | 20,343,000 | 20,074,000 | ' | ' | ' |
Depreciation and amortization | 30,124,000 | ' | ' | 30,050,000 | ' | ' | ' | ' | 90,407,000 | 87,305,000 | ' | ' | ' |
Impairment loss | 0 | ' | ' | 0 | ' | ' | ' | ' | 24,441,000 | 0 | ' | ' | ' |
Conversion Expenses | -81,000 | ' | ' | 0 | ' | ' | ' | ' | 1,134,000 | 0 | ' | ' | ' |
Other expenses | 2,102,000 | ' | ' | 1,959,000 | ' | ' | ' | ' | 6,838,000 | 3,722,000 | ' | ' | ' |
Total operating expenses | 216,953,000 | ' | ' | 212,810,000 | ' | ' | ' | ' | 675,634,000 | 625,181,000 | ' | ' | ' |
Operating income (loss) | 15,610,000 | ' | ' | 11,631,000 | ' | ' | ' | ' | 10,327,000 | 32,344,000 | ' | ' | ' |
Interest expense, net | -25,996,000 | ' | ' | -30,568,000 | ' | ' | ' | ' | -79,053,000 | -91,013,000 | ' | ' | ' |
Debt extinguishment | 0 | ' | ' | -10,377,000 | ' | ' | ' | ' | 0 | -10,498,000 | ' | ' | ' |
Gain On Involuntary Conversion, Net | 21,000 | ' | ' | 0 | ' | ' | ' | ' | 21,000 | 0 | ' | ' | ' |
Loss before equity in income (loss) from unconsolidated entities | -10,365,000 | ' | ' | -29,314,000 | ' | ' | ' | ' | -68,705,000 | -69,167,000 | ' | ' | ' |
Equity in income (loss) from consolidated entities | 0 | ' | ' | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Equity in income (loss) from unconsolidated entities | 2,100,000 | ' | ' | 1,536,000 | ' | ' | ' | ' | 4,095,000 | 2,674,000 | ' | ' | ' |
Income (loss) from continuing operations | -8,265,000 | ' | ' | -27,778,000 | ' | ' | ' | ' | -64,610,000 | -66,493,000 | ' | ' | ' |
Income (loss) from discontinued operations | 12,054,000 | ' | ' | 8,223,000 | ' | ' | ' | ' | 18,999,000 | 30,105,000 | ' | ' | ' |
Net income (loss) | 3,789,000 | ' | ' | -19,555,000 | ' | ' | ' | ' | -45,611,000 | -36,388,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -591,000 | ' | ' | 386,000 | ' | ' | ' | ' | 3,621,000 | 440,000 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 3,198,000 | ' | ' | -19,169,000 | ' | ' | ' | ' | -41,990,000 | -35,948,000 | ' | ' | ' |
Preferred dividends | -9,678,000 | ' | ' | -9,678,000 | ' | ' | ' | ' | -29,034,000 | -29,034,000 | ' | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | -6,480,000 | ' | ' | -28,847,000 | ' | ' | ' | ' | -71,024,000 | -64,982,000 | ' | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 3,789,000 | ' | ' | -19,555,000 | ' | ' | ' | ' | -45,611,000 | -36,388,000 | ' | ' | ' |
Foreign currency translation adjustment | 329,000 | ' | ' | 502,000 | ' | ' | ' | ' | -595,000 | 493,000 | ' | ' | ' |
Comprehensive income (loss) | 4,118,000 | ' | ' | -19,053,000 | ' | ' | ' | ' | -46,206,000 | -35,895,000 | ' | ' | ' |
Loss/(Income) attributable to noncontrolling interests | -591,000 | ' | ' | 386,000 | ' | ' | ' | ' | 3,621,000 | 440,000 | ' | ' | ' |
Comprehensive income (loss) attributable to reporting entity | 3,527,000 | ' | ' | -18,667,000 | ' | ' | ' | ' | -42,585,000 | -35,455,000 | ' | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 68,371,000 | 72,807,000 | ' | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | ' | ' | ' | ' | ' | ' | -74,456,000 | -99,985,000 | ' | ' | ' |
Hotel development | ' | ' | ' | ' | ' | ' | ' | ' | -46,724,000 | -16,707,000 | ' | ' | ' |
Net proceeds from asset dispositions | ' | ' | ' | ' | ' | ' | ' | ' | 89,929,000 | 124,610,000 | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' | ' | ' | ' | ' | ' | -670,000 | 2,598,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 6,218,000 | 11,894,000 | ' | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -1,500,000 | 0 | ' | ' | ' |
Intercompany financing, investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -452,000 | 2,598,000 | ' | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -26,985,000 | 22,410,000 | ' | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 137,245,000 | 378,750,000 | ' | ' | ' |
Repayment of borrowings | ' | ' | ' | ' | ' | ' | ' | ' | -123,741,000 | -395,355,000 | ' | ' | ' |
Payment of deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | -2,723,000 | -3,167,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | ' | ' | ' | ' | ' | ' | -29,034,000 | -59,021,000 | ' | ' | ' |
Intercompany financing, financing activities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -2,978,000 | -1,342,000 | ' | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | ' | ' | ' | ' | ' | ' | -18,508,000 | -76,968,000 | ' | ' | ' |
Effect of exchange rate changes on cash | ' | ' | ' | ' | ' | ' | ' | ' | -34,000 | 112,000 | ' | ' | ' |
Change in cash and cash equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 22,844,000 | 18,361,000 | ' | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 45,745,000 | ' | ' | 93,758,000 | 45,745,000 | 93,758,000 | 45,745,000 | 93,758,000 | 93,758,000 | ' | ' |
Cash and cash equivalents at end of periods | $68,589,000 | ' | ' | $112,119,000 | ' | ' | ' | ' | $68,589,000 | $112,119,000 | ' | ' | ' |