Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 28, 2014 | |
Document and Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'FCH | ' |
Entity Registrant Name | 'FelCor Lodging Trust Incorporated | ' |
Entity Central Index Key | '0000923603 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 124,289,525 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively | $1,552,172,000 | $1,653,267,000 |
Hotel development | 261,181,000 | 216,747,000 |
Investment in unconsolidated entities | 44,126,000 | 46,943,000 |
Hotels held for sale | 33,148,000 | 16,319,000 |
Cash and cash equivalents | 61,344,000 | 45,645,000 |
Restricted cash | 66,046,000 | 77,227,000 |
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively | 35,889,000 | 35,747,000 |
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively | 25,962,000 | 29,325,000 |
Other assets | 26,796,000 | 23,060,000 |
Total assets | 2,106,664,000 | 2,144,280,000 |
Liabilities and Equity | ' | ' |
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively | 1,601,166,000 | 1,663,226,000 |
Distributions payable | 11,228,000 | 11,047,000 |
Accrued expenses and other liabilities | 149,799,000 | 150,738,000 |
Total liabilities | 1,762,193,000 | 1,825,011,000 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in FelCor LP, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 6,440,000 | 5,039,000 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Common stock, $0.01 par value, 200,000 shares authorized; 124,290 and 124,051 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 1,243,000 | 1,240,000 |
Additional paid-in capital | 2,354,847,000 | 2,354,328,000 |
Accumulated other comprehensive income | 24,892,000 | 24,937,000 |
Accumulated deficit | -2,584,211,000 | -2,568,350,000 |
Total FelCor stockholders’ equity | 275,537,000 | 290,929,000 |
Noncontrolling interests in other partnerships | 21,500,000 | 23,301,000 |
Preferred equity in consolidated joint venture, liquidation value of $41,590 | 40,994,000 | 0 |
Total equity | 338,031,000 | 314,230,000 |
Total liabilities and equity | 2,106,664,000 | 2,144,280,000 |
FelCor Lodging LP [Member] | ' | ' |
Assets | ' | ' |
Investment in hotels, net of accumulated depreciation of $882,585 and $929,801 at June 30, 2014 and December 31, 2013, respectively | 1,552,172,000 | 1,653,267,000 |
Hotel development | 261,181,000 | 216,747,000 |
Investment in unconsolidated entities | 44,126,000 | 46,943,000 |
Hotels held for sale | 33,148,000 | 16,319,000 |
Cash and cash equivalents | 61,344,000 | 45,645,000 |
Restricted cash | 66,046,000 | 77,227,000 |
Accounts receivable, net of allowance for doubtful accounts of $231 and $262 at June 30, 2014 and December 31, 2013, respectively | 35,889,000 | 35,747,000 |
Deferred expenses, net of accumulated amortization of $22,095 and $20,362 at June 30, 2014 and December 31, 2013, respectively | 25,962,000 | 29,325,000 |
Other assets | 26,796,000 | 23,060,000 |
Total assets | 2,106,664,000 | 2,144,280,000 |
Liabilities and Equity | ' | ' |
Debt, net of discount of $1,615 and $4,714 at June 30, 2014 and December 31, 2013, respectively | 1,601,166,000 | 1,663,226,000 |
Distributions payable | 11,228,000 | 11,047,000 |
Accrued expenses and other liabilities | 149,799,000 | 150,738,000 |
Total liabilities | 1,762,193,000 | 1,825,011,000 |
Commitments and contingencies | ' | ' |
Redeemable noncontrolling interests in FelCor LP, 613 and 618 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 6,440,000 | 5,039,000 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Accumulated other comprehensive income | 24,998,000 | 25,043,000 |
Preferred equity in consolidated joint venture, liquidation value of $41,590 | 40,994,000 | ' |
Total liabilities and equity | 2,106,664,000 | 2,144,280,000 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 478,766,000 | 478,774,000 |
Common units, 124,290 and 124,051 units issued and outstanding at June 30, 2014 and December 31, 2013, respectively | -228,227,000 | -212,888,000 |
Total FelCor LP partners’ capital | 275,537,000 | 290,929,000 |
Noncontrolling interests | 21,500,000 | 23,301,000 |
Preferred capital in consolidated joint venture | 40,994,000 | 0 |
Total partners’ capital | 338,031,000 | 314,230,000 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,880 units issued and outstanding at June 30, 2014 and December 31, 2013 | ' | ' |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 309,354,000 | 309,362,000 |
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at June 30, 2014 and December 31, 2013 | ' | ' |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ' | ' |
Preferred Units, Contributed Capital | 169,412,000 | 169,412,000 |
Series A Cumulative Convertible Preferred Stock, 12,880 shares, liquidation value of $322,004 and $322,011, issued and outstanding at June 30, 2014 and December 31, 2013, respectively | ' | ' |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Cumulative Preferred Stock | 309,354,000 | 309,362,000 |
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at June 30, 2014 and December 31, 2013 | ' | ' |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ' | ' |
Cumulative Preferred Stock | $169,412,000 | $169,412,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation | $882,585 | $929,801 |
Allowance for doubtful accounts | 231 | 262 |
Accumulated amortization of deferred expenses | 22,095 | 20,362 |
Debt discount | 1,615 | 4,714 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 613,000 | 618,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 613,000 | 618,000 |
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 | 124,290,000 | 124,051,000 |
Joint Venture Liquidation Value | 41,590 | 0 |
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 | 322,004 | 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 | 882,585 | 929,801 |
Allowance for doubtful accounts | 231 | 262 |
Accumulated amortization of deferred expenses | 22,095 | 20,362 |
Debt discount | $1,615 | $4,714 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 612,707 | ' |
Units of redeemable units issued | 613,000 | 618,000 |
Units of redeemable units outstanding | 613,000 | 618,000 |
Common units issued and outstanding | 124,290,000 | 124,051,000 |
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 | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Hotel operating revenue | $258,279,000 | $238,806,000 | $479,301,000 | $447,344,000 |
Other revenue | 1,236,000 | 1,050,000 | 1,563,000 | 1,449,000 |
Total revenues | 259,515,000 | 239,856,000 | 480,864,000 | 448,793,000 |
Expenses: | ' | ' | ' | ' |
Hotel departmental expenses | 89,628,000 | 84,971,000 | 173,151,000 | 165,376,000 |
Other property-related costs | 62,912,000 | 60,030,000 | 124,490,000 | 119,458,000 |
Management and franchise fees | 10,160,000 | 8,914,000 | 19,173,000 | 18,077,000 |
Taxes, insurance and lease expense | 26,992,000 | 24,853,000 | 50,625,000 | 47,017,000 |
Corporate expenses | 7,647,000 | 6,694,000 | 15,472,000 | 14,526,000 |
Depreciation and amortization | 29,082,000 | 29,898,000 | 58,683,000 | 59,653,000 |
Impairment loss | 0 | 24,441,000 | 0 | 24,441,000 |
Conversion expenses | 0 | 587,000 | 0 | 1,215,000 |
Other expenses | 2,114,000 | 3,915,000 | 4,128,000 | 4,736,000 |
Total operating expenses | 228,535,000 | 244,303,000 | 445,722,000 | 454,499,000 |
Operating income (loss) | 30,980,000 | -4,447,000 | 35,142,000 | -5,706,000 |
Interest expense, net | -24,495,000 | -26,376,000 | -49,722,000 | -52,661,000 |
Debt extinguishment | -27,000 | 0 | -33,000 | 0 |
Gain on sale of other assets, net | 100,000 | 0 | 100,000 | 0 |
Income (loss) before equity in income from unconsolidated entities | 6,558,000 | -30,823,000 | -14,513,000 | -58,367,000 |
Equity in income from unconsolidated entities | 2,766,000 | 1,905,000 | 3,409,000 | 1,994,000 |
Income (loss) from continuing operations | 9,324,000 | -28,918,000 | -11,104,000 | -56,373,000 |
Income from discontinued operations | 5,000 | 6,123,000 | 140,000 | 6,973,000 |
Income (loss) before gain on sale of property | 9,329,000 | -22,795,000 | -10,964,000 | -49,400,000 |
Gain on sale of property, net | 15,626,000 | 0 | 21,083,000 | 0 |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -262,000 | 3,972,000 | -184,000 | 4,212,000 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -71,000 | 140,000 | 50,000 | 320,000 |
Preferred distributions - consolidated joint venture | -341,000 | 0 | -522,000 | 0 |
Net income (loss) attributable to reporting entity | 24,281,000 | -18,683,000 | 9,463,000 | -44,868,000 |
Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 |
Net income (loss) attributable to FelCor common stockholders | 14,603,000 | -28,361,000 | -9,893,000 | -64,224,000 |
Basic and diluted per common share/unit data: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.12 | ($0.28) | ($0.08) | ($0.57) |
Net income (loss) (in dollars per share) | $0.12 | ($0.23) | ($0.08) | ($0.52) |
Denominator for basic income (loss) per share | 124,169 | 123,814 | 124,158 | 123,814 |
Denominator for diluted income (loss) per share | 125,386 | 123,814 | 124,158 | 123,814 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Hotel operating revenue | 258,279,000 | 238,806,000 | 479,301,000 | 447,344,000 |
Other revenue | 1,236,000 | 1,050,000 | 1,563,000 | 1,449,000 |
Total revenues | 259,515,000 | 239,856,000 | 480,864,000 | 448,793,000 |
Expenses: | ' | ' | ' | ' |
Hotel departmental expenses | 89,628,000 | 84,971,000 | 173,151,000 | 165,376,000 |
Other property-related costs | 62,912,000 | 60,030,000 | 124,490,000 | 119,458,000 |
Management and franchise fees | 10,160,000 | 8,914,000 | 19,173,000 | 18,077,000 |
Taxes, insurance and lease expense | 26,992,000 | 24,853,000 | 50,625,000 | 47,017,000 |
Corporate expenses | 7,647,000 | 6,694,000 | 15,472,000 | 14,526,000 |
Depreciation and amortization | 29,082,000 | 29,898,000 | 58,683,000 | 59,653,000 |
Impairment loss | 0 | 24,441,000 | 0 | 24,441,000 |
Conversion expenses | 0 | 587,000 | 0 | 1,215,000 |
Other expenses | 2,114,000 | 3,915,000 | 4,128,000 | 4,736,000 |
Total operating expenses | 228,535,000 | 244,303,000 | 445,722,000 | 454,499,000 |
Operating income (loss) | 30,980,000 | -4,447,000 | 35,142,000 | -5,706,000 |
Interest expense, net | -24,495,000 | -26,376,000 | -49,722,000 | -52,661,000 |
Debt extinguishment | -27,000 | 0 | -33,000 | 0 |
Gain on sale of other assets, net | 100,000 | 0 | 100,000 | 0 |
Income (loss) before equity in income from unconsolidated entities | 6,558,000 | -30,823,000 | -14,513,000 | -58,367,000 |
Equity in income from unconsolidated entities | 2,766,000 | 1,905,000 | 3,409,000 | 1,994,000 |
Income (loss) from continuing operations | 9,324,000 | -28,918,000 | -11,104,000 | -56,373,000 |
Income from discontinued operations | 5,000 | 6,123,000 | 140,000 | 6,973,000 |
Income (loss) before gain on sale of property | 9,329,000 | -22,795,000 | -10,964,000 | -49,400,000 |
Gain on sale of property, net | 15,626,000 | 0 | 21,083,000 | 0 |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -262,000 | 3,972,000 | -184,000 | 4,212,000 |
Preferred distributions - consolidated joint venture | -341,000 | 0 | -522,000 | 0 |
Net income (loss) attributable to reporting entity | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 |
Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 |
Net income (loss) attributable to FelCor LP common unitholders | $14,674,000 | ($28,501,000) | ($9,943,000) | ($64,544,000) |
Basic and diluted per common share/unit data: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.12 | ($0.28) | ($0.08) | ($0.57) |
Net income (loss) (in dollars per share) | $0.12 | ($0.23) | ($0.08) | ($0.52) |
Denominator for basic income (loss) per share | 124,783 | 124,435 | 124,774 | 124,435 |
Denominator for diluted income (loss) per share | 126,000 | 124,435 | 124,774 | 124,435 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | $24,955 | ($22,795) | $10,119 | ($49,400) |
Foreign currency translation adjustment | 575 | -567 | -45 | -924 |
Comprehensive income (loss) | 25,530 | -23,362 | 10,074 | -50,324 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -262 | 3,972 | -184 | 4,212 |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -74 | 143 | 50 | 325 |
Preferred distributions - consolidated joint venture | -341 | 0 | -522 | 0 |
Comprehensive income (loss) attributable to FelCor | 24,853 | -19,247 | 9,418 | -45,787 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Net income (loss) | 24,955 | -22,795 | 10,119 | -49,400 |
Foreign currency translation adjustment | 575 | -567 | -45 | -924 |
Comprehensive income (loss) | 25,530 | -23,362 | 10,074 | -50,324 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -262 | 3,972 | -184 | 4,212 |
Preferred distributions - consolidated joint venture | -341 | 0 | -522 | 0 |
Comprehensive income (loss) attributable to FelCor | $24,927 | ($19,390) | $9,368 | ($46,112) |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | $0.975 per Series A preferred share | $1.00 per Series C depositary preferred share | $0.04 per common share | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) |
In Thousands, unless otherwise specified | Consolidated Joint Venture | $0.975 per Series A preferred share | $1.00 per Series C depositary preferred share | $0.04 per common share | ||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2012 | $422,019 | ' | ' | ' | $478,774 | $1,241 | $2,353,581 | $26,039 | ($2,464,968) | ' | ' | ' | ' | $27,352 | $0 | ' |
Shares, Issued - beginning balance at Dec. 31, 2012 | ' | ' | ' | ' | 12,948 | 124,117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards - shares | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards | 0 | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock awards - amortization | 2,173 | ' | ' | ' | ' | ' | 2,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - value | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation to redeemable noncontrolling interests | -1,095 | ' | ' | ' | ' | ' | -1,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interests | 1,840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,840 | ' | ' |
Distribution to noncontrolling interests | -446 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -446 | ' | ' |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividends | ' | -12,558 | -6,798 | ' | ' | ' | ' | ' | ' | ' | -12,558 | -6,798 | ' | ' | ' | ' |
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | ' | ' | ' | ' | ' | -919 | ' | ' | ' | ' | ' | ' | ' | -919 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -44,868 | ' | ' | ' | ' | -4,212 | ' | -49,080 |
Comprehensive Income (Loss) | -49,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49,999 |
Stockholders' Equity, ending balance at Jun. 30, 2013 | 355,136 | ' | ' | ' | 478,774 | 1,241 | 2,354,659 | 25,120 | -2,529,192 | ' | ' | ' | ' | 24,534 | 0 | ' |
Shares, Issued - ending balance at Jun. 30, 2013 | ' | ' | ' | ' | 12,948 | 124,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, beginning balance at Dec. 31, 2013 | 314,230 | ' | ' | ' | 478,774 | 1,240 | 2,354,328 | 24,937 | -2,568,350 | ' | ' | ' | ' | 23,301 | ' | ' |
Shares, Issued - beginning balance at Dec. 31, 2013 | ' | ' | ' | ' | 12,948 | 124,051 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock into common stock | ' | ' | ' | ' | -8 | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards - shares | ' | ' | ' | ' | ' | 349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards | ' | ' | ' | ' | ' | 4 | -4 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock awards - amortization | 1,990 | ' | ' | ' | ' | ' | 1,990 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture of stock awards - shares | ' | ' | ' | ' | ' | -115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeiture of stock awards - value | -932 | ' | ' | ' | ' | -1 | 0 | ' | -931 | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - shares | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of operating partnership units into common shares - value | 44 | ' | ' | ' | ' | ' | 44 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation to redeemable noncontrolling interests | -1,519 | ' | ' | ' | ' | ' | -1,519 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution from noncontrolling interests | 5,069 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,069 | ' | ' |
Distribution to noncontrolling interests | -7,054 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,054 | ' | ' |
Dividends declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred dividends | ' | -12,558 | -6,798 | ' | ' | ' | ' | ' | ' | 0 | -12,558 | -6,798 | ' | ' | -522 | ' |
Dividends, Common Stock | ' | ' | ' | -5,037 | ' | ' | ' | ' | ' | ' | ' | ' | -5,037 | ' | ' | ' |
Issuance of preferred equity - consolidated joint venture | 40,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,994 | ' |
Comprehensive Income (loss) (attributable to FelCor and noncontrolling interests in other partnerhips) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | ' | ' | ' | ' | ' | -45 | ' | ' | ' | ' | ' | ' | ' | -45 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 9,463 | ' | ' | ' | ' | 184 | 522 | 10,169 |
Comprehensive Income (Loss) | 10,124 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,124 |
Stockholders' Equity, ending balance at Jun. 30, 2014 | $338,031 | ' | ' | ' | $478,766 | $1,243 | $2,354,847 | $24,892 | ($2,584,211) | ' | ' | ' | ' | $21,500 | $40,994 | ' |
Shares, Issued - ending balance at Jun. 30, 2014 | ' | ' | ' | ' | 12,948 | 124,290 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parentheticals) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Common Stock, Dividends, Per Share, Declared | $0.04 | $0 |
Series A Preferred Stock [Member] | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $0.98 | $0.98 |
Series C Preferred Stock [Member] | ' | ' |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $1 | $1 |
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] | FelCor Lodging LP [Member] | Preferred Equity in Consolidated Joint Venture |
In Thousands, unless otherwise specified | Preferred Units | Common Units | Accumulated Other Comprehensive Income | Noncontrolling Interests | Preferred Capital in Consolidated Joint Venture | Comprehensive Income (Loss) | |||
Partners' Capital, Beginning Balance at Dec. 31, 2012 | ' | $422,019 | $478,774 | ($110,258) | $26,151 | $27,352 | $0 | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FelCor restricted stock compensation | ' | 2,173 | ' | 2,173 | ' | ' | ' | ' | ' |
Contributions | ' | 1,840 | ' | ' | ' | 1,840 | ' | ' | ' |
Distributions | ' | -19,802 | ' | -19,356 | ' | -446 | ' | ' | ' |
Allocation to redeemable units | ' | -770 | ' | -770 | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | -924 | -924 | ' | ' | -924 | ' | ' | -924 | ' |
Net income (loss) | -49,400 | -49,400 | ' | -45,188 | ' | -4,212 | ' | -49,400 | ' |
Comprehensive Income (Loss) | -50,324 | -50,324 | ' | ' | ' | ' | ' | -50,324 | ' |
Partners' Capital, Ending Balance at Jun. 30, 2013 | ' | 355,136 | 478,774 | -173,399 | 25,227 | 24,534 | 0 | ' | ' |
Partners' Capital, Beginning Balance at Mar. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | -567 | -567 | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -22,795 | -22,795 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss) | -23,362 | -23,362 | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Ending Balance at Jun. 30, 2013 | ' | 355,136 | 478,774 | ' | ' | ' | 0 | ' | ' |
Partners' Capital, Beginning Balance at Dec. 31, 2013 | ' | 314,230 | 478,774 | -212,888 | 25,043 | 23,301 | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock into common stock | ' | 0 | -8 | 8 | ' | ' | ' | ' | ' |
FelCor restricted stock compensation | ' | 1,058 | ' | 1,058 | ' | ' | ' | ' | ' |
Contributions | ' | 5,069 | ' | ' | ' | 5,069 | ' | ' | ' |
Distributions | ' | -31,969 | ' | -24,393 | ' | -7,054 | -522 | ' | ' |
Allocation to redeemable units | ' | -1,425 | ' | -1,425 | ' | ' | ' | ' | ' |
Issuance of preferred equity - consolidated joint venture | 40,994 | 40,994 | ' | ' | ' | ' | 40,994 | ' | 40,994 |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | -45 | -45 | ' | ' | -45 | ' | ' | -45 | ' |
Net income (loss) | 10,119 | 10,119 | ' | 9,413 | ' | 184 | 522 | 10,119 | ' |
Comprehensive Income (Loss) | 10,074 | 10,074 | ' | ' | ' | ' | ' | 10,074 | ' |
Partners' Capital, Ending Balance at Jun. 30, 2014 | ' | 338,031 | 478,766 | -228,227 | 24,998 | 21,500 | 40,994 | ' | ' |
Partners' Capital, Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | 575 | 575 | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 24,955 | 24,955 | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income (Loss) | 25,530 | 25,530 | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital, Ending Balance at Jun. 30, 2014 | ' | $338,031 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | $10,119 | ($49,400) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 58,683 | 63,194 |
Gain on sale of property and other assets, net | -21,574 | -7,259 |
Amortization of deferred financing fees and debt discount | 5,907 | 5,426 |
Amortization of fixed stock and directorsb compensation | 2,953 | 3,150 |
Equity based severance | 0 | 822 |
Equity in income from unconsolidated entities | -3,409 | -1,994 |
Distributions of income from unconsolidated entities | 2,320 | 2,384 |
Debt extinguishment | 278 | 0 |
Impairment loss | 0 | 27,706 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -1,155 | -15,803 |
Other assets | -5,825 | -7,211 |
Accrued expenses and other liabilities | 5,824 | 8,256 |
Net cash flow provided by operating activities | 54,121 | 29,271 |
Cash flows from investing activities: | ' | ' |
Improvements and additions to hotels | -48,032 | -47,023 |
Hotel development | -48,178 | -22,220 |
Net proceeds from asset dispositions | 93,608 | 20,479 |
Change in restricted cash b investing | 11,181 | 46 |
Insurance proceeds | 255 | 0 |
Distributions from unconsolidated entities | 3,906 | 3,441 |
Contributions to unconsolidated entities | 0 | -1,500 |
Net cash flow provided by (used in) investing activities | 12,740 | -46,777 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 140,500 | 127,245 |
Repayment of borrowings | -205,904 | -68,535 |
Payment of deferred financing fees | -11 | -2,698 |
Distributions paid to noncontrolling interests | -7,054 | -446 |
Contributions from noncontrolling interests | 5,069 | 1,840 |
Distributions paid to FelCor LP limited partners | -20 | 0 |
Distributions paid to preferred stockholders | -19,356 | -19,356 |
Preferred distributions - consolidated joint venture | -409 | 0 |
Distributions paid to common stockholders | -4,968 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 40,994 | 0 |
Net cash flow provided by (used in) financing activities | -51,159 | 38,050 |
Effect of exchange rate changes on cash | -3 | -54 |
Net change in cash and cash equivalents | 15,699 | 20,490 |
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 |
Cash and cash equivalents at end of periods | 61,344 | 66,235 |
Supplemental cash flow information b interest paid, net of capitalized interest | 43,747 | 38,301 |
FelCor Lodging LP [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income (loss) | 10,119 | -49,400 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 58,683 | 63,194 |
Gain on sale of property and other assets, net | -21,574 | -7,259 |
Amortization of deferred financing fees and debt discount | 5,907 | 5,426 |
Amortization of fixed stock and directorsb compensation | 2,953 | 3,150 |
Equity based severance | 0 | 822 |
Equity in income from unconsolidated entities | -3,409 | -1,994 |
Distributions of income from unconsolidated entities | 2,320 | 2,384 |
Debt extinguishment | 278 | 0 |
Impairment loss | 0 | 27,706 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -1,155 | -15,803 |
Other assets | -5,825 | -7,211 |
Accrued expenses and other liabilities | 5,824 | 8,256 |
Net cash flow provided by operating activities | 54,121 | 29,271 |
Cash flows from investing activities: | ' | ' |
Improvements and additions to hotels | -48,032 | -47,023 |
Hotel development | -48,178 | -22,220 |
Net proceeds from asset dispositions | 93,608 | 20,479 |
Change in restricted cash b investing | 11,181 | 46 |
Insurance proceeds | 255 | 0 |
Distributions from unconsolidated entities | 3,906 | 3,441 |
Contributions to unconsolidated entities | 0 | -1,500 |
Net cash flow provided by (used in) investing activities | 12,740 | -46,777 |
Cash flows from financing activities: | ' | ' |
Proceeds from borrowings | 140,500 | 127,245 |
Repayment of borrowings | -205,904 | -68,535 |
Payment of deferred financing fees | -11 | -2,698 |
Distributions paid to noncontrolling interests | -7,054 | -446 |
Contributions from noncontrolling interests | 5,069 | 1,840 |
Distributions paid to FelCor LP limited partners | -20 | 0 |
Distributions paid to preferred stockholders | -19,356 | -19,356 |
Preferred distributions - consolidated joint venture | -409 | 0 |
Distributions paid to common stockholders | -4,968 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 40,994 | 0 |
Net cash flow provided by (used in) financing activities | -51,159 | 38,050 |
Effect of exchange rate changes on cash | -3 | -54 |
Net change in cash and cash equivalents | 15,699 | 20,490 |
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 |
Cash and cash equivalents at end of periods | 61,344 | 66,235 |
Supplemental cash flow information b interest paid, net of capitalized interest | $43,747 | $38,301 |
Organization
Organization | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
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 57 hotels as of June 30, 2014, two of which were held for sale. At June 30, 2014, we had an aggregate of 124,902,232 shares and units outstanding, consisting of 124,289,525 shares of FelCor common stock and 612,707 FelCor LP units not owned by FelCor. | ||||||||
Of the 55 hotels not held for sale as of June 30, 2014, we owned a 100% interest in 39 hotels, a 90% interest in an entity owning one hotel, 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 42 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 54 of the 55 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 54 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 42 hotels (we consolidate our real estate interest in these hotels). | ||||||||
The following table illustrates the distribution of our 54 Consolidated Hotels at June 30, 2014: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 30 | 7,916 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,528 | ||||||
Sheraton® and Westin® | 4 | 1,604 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Holiday Inn® | 3 | 1,256 | ||||||
DoubleTree by Hilton® and Hilton® | 3 | 802 | ||||||
Fairmont® | 1 | 383 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 54 | 16,095 | ||||||
At June 30, 2014, our Consolidated Hotels were located in in 20 states, with concentrations in California (12 hotels), Florida (seven hotels) and Texas (seven hotels). Approximately 53% of our revenue was generated from hotels in these three states during the first six months of 2014. | ||||||||
At June 30, 2014, of our 54 Consolidated Hotels: (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 32 hotels, (ii) subsidiaries of Wyndham Hotel Group, or Wyndham, managed eight hotels, (iii) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed four hotels,(iv) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (v) subsidiaries of InterContinental Hotels Group, or IHG, 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 early fall 2014. | ||||||||
The information in our consolidated financial statements for the three and six months ended June 30, 2014 and 2013 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 six months ended June 30, 2014 and 2013, 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, 2013, included in our Annual Report on Form 10-K. Operating results for the three and six months ended June 30, 2014 are not necessarily indicative of actual operating results for the entire year. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Investment in Unconsolidated Entities [Abstract] | ' | |||||||||||||||
Investment in Unconsolidated Entities | ' | |||||||||||||||
Investment in Unconsolidated Entities | ||||||||||||||||
At June 30, 2014 and December 31, 2013, 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): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 132,773 | $ | 140,145 | ||||||||||||
Total assets | $ | 152,454 | $ | 155,848 | ||||||||||||
Debt | $ | 146,722 | $ | 146,358 | ||||||||||||
Total liabilities | $ | 152,446 | $ | 152,068 | ||||||||||||
Equity | $ | 8 | $ | 3,780 | ||||||||||||
Our unconsolidated entities’ debt at June 30, 2014 and December 31, 2013 consisted entirely of non-recourse mortgage debt. In March 2014, one of our unconsolidated joint ventures refinanced $128 million of debt and extended the maturity until 2017. | ||||||||||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 22,327 | $ | 20,543 | $ | 36,945 | $ | 34,151 | ||||||||
Net income | $ | 6,462 | $ | 4,740 | $ | 8,678 | $ | 5,848 | ||||||||
Net income attributable to FelCor | $ | 3,231 | $ | 2,370 | $ | 4,339 | $ | 2,924 | ||||||||
Depreciation of cost in excess of book value | (465 | ) | (465 | ) | (930 | ) | (930 | ) | ||||||||
Equity in income from unconsolidated entities | $ | 2,766 | $ | 1,905 | $ | 3,409 | $ | 1,994 | ||||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Hotel-related investments | $ | (7,651 | ) | $ | (6,349 | ) | ||||||||||
Cost in excess of book value of hotel investments | 44,122 | 45,053 | ||||||||||||||
Land and condominium investments | 7,655 | 8,239 | ||||||||||||||
Investment in unconsolidated entities | $ | 44,126 | $ | 46,943 | ||||||||||||
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hotel investments | $ | 2,722 | $ | 1,883 | $ | 3,993 | $ | 2,591 | ||||||||
Other investments | 44 | 22 | (584 | ) | (597 | ) | ||||||||||
Equity in income from unconsolidated entities | $ | 2,766 | $ | 1,905 | $ | 3,409 | $ | 1,994 | ||||||||
On July 25, 2014, we unwound unconsolidated joint ventures, in which we held a 50% interest, that owned 10 hotels. As a consequence, we now own 100% of five of the hotels and affiliates of our joint venture partner now own 100% of the other five hotels. In addition, we received our partner’s 10% interest in a separate venture also resulting in our 100% ownership of an additional hotel. We paid $2.2 million to our joint venture partner to equalize the aggregate value of assets received by us compared to our joint venture partner. We have not yet determined the anticipated gain to be recorded in our consolidated statement of operations for the third quarter from this transaction. | ||||||||||||||||
Our joint ventures had a loan secured by eight of these properties. That loan bears interest at one-month LIBOR plus 3%, matures in March 2017 and is freely pre-payable in whole or in part. In connection with unwinding the joint ventures, that loan was bifurcated. We are only liable to repay our share of the bifurcated loan ($64 million), which share is secured by mortgages on four of the hotels we now wholly-own. |
Debt
Debt | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Debt | ' | |||||||||||||||||
Debt | ||||||||||||||||||
Consolidated debt consisted of the following (dollars in thousands): | ||||||||||||||||||
Encumbered | Interest | Maturity | June 30, | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 87,500 | $ | 88,000 | |||||||||||
Hotel mortgage debt | ||||||||||||||||||
Mortgage debt | 1 | 5.81 | Jul-16 | 9,641 | 9,904 | |||||||||||||
Mortgage debt(b) | 4 | 4.95 | Oct-22 | 125,404 | 126,220 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,471 | 31,714 | |||||||||||||
Senior notes | ||||||||||||||||||
Senior secured notes(c) | 11 | 10 | Oct-14 | 232,289 | 229,190 | |||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | |||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | |||||||||||||
Knickerbocker loan(d) | ||||||||||||||||||
Construction tranche | — | LIBOR + 4.00 | May-16 | 12,994 | — | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 51,867 | 64,861 | |||||||||||||
Retired debt | — | — | — | — | 63,337 | |||||||||||||
Total | 40 | $ | 1,601,166 | $ | 1,663,226 | |||||||||||||
(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) | We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013. | |||||||||||||||||
(d) | In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan. | |||||||||||||||||
In January 2014, we repaid $10.9 million of secured loan debt, scheduled to mature in July 2014, when we sold a hotel. In March 2014, we repaid an additional $17.1 million of debt, secured by a hotel, scheduled to mature in June 2014. We incurred $251,000 of debt extinguishment costs with these repayments. | ||||||||||||||||||
In April 2014, we repaid $15.6 million of debt, secured by two hotels, scheduled to mature in July 2014. In May 2014, we paid an additional $19.2 million of debt, secured by a hotel, scheduled to mature in August 2014. | ||||||||||||||||||
We reported $24.5 million and $26.4 million of interest expense for the three months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $14,000 and $22,000 and (ii) capitalized interest of $4.3 million and $2.9 million, respectively. We reported $49.7 million and $52.7 million of interest expense for the six months ended June 30, 2014 and 2013, respectively, which is net of: (i) interest income of $29,000 and $45,000 and (ii) capitalized interest of $8.3 million and $5.7 million, respectively. | ||||||||||||||||||
3. Debt — (continued) | ||||||||||||||||||
During July, we obtained a $140 million term loan secured by three hotels. Borrowings under the facility bear interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (may be extended for up to two years, subject to satisfaction of certain conditions) and is freely pre-payable. On August 15, 2014, we expect to use borrowings from the term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our maturing 10% senior secured notes. We will use proceeds from pending and future asset sales to repay the term loan and our line of credit. |
Hotel_Operating_Revenue_Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room revenue | $ | 200,238 | $ | 184,327 | $ | 370,067 | $ | 344,834 | ||||||||
Food and beverage revenue | 45,471 | 42,162 | 85,256 | 79,105 | ||||||||||||
Other operating departments | 12,570 | 12,317 | 23,978 | 23,405 | ||||||||||||
Total hotel operating revenue | $ | 258,279 | $ | 238,806 | $ | 479,301 | $ | 447,344 | ||||||||
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 June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 50,585 | 19.6 | % | $ | 47,322 | 19.8 | % | ||||||||
Food and beverage | 33,066 | 12.8 | 31,747 | 13.3 | ||||||||||||
Other operating departments | 5,977 | 2.3 | 5,902 | 2.5 | ||||||||||||
Total hotel departmental expenses | $ | 89,628 | 34.7 | % | $ | 84,971 | 35.6 | % | ||||||||
4 | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 97,318 | 20.3 | % | $ | 92,192 | 20.6 | % | ||||||||
Food and beverage | 64,253 | 13.4 | 61,993 | 13.9 | ||||||||||||
Other operating departments | 11,580 | 2.4 | 11,191 | 2.5 | ||||||||||||
Total hotel departmental expenses | $ | 173,151 | 36.1 | % | $ | 165,376 | 37 | % | ||||||||
Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 21,133 | 8.2 | % | $ | 20,311 | 8.5 | % | ||||||||
Marketing | 21,150 | 8.2 | 19,555 | 8.2 | ||||||||||||
Repair and maintenance | 11,332 | 4.4 | 11,247 | 4.7 | ||||||||||||
Utilities | 9,297 | 3.6 | 8,917 | 3.7 | ||||||||||||
Total other property-related costs | $ | 62,912 | 24.4 | % | $ | 60,030 | 25.1 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 40,967 | 8.5 | % | $ | 40,358 | 9 | % | ||||||||
Marketing | 41,221 | 8.6 | 38,566 | 8.6 | ||||||||||||
Repair and maintenance | 23,019 | 4.8 | 22,808 | 5.1 | ||||||||||||
Utilities | 19,283 | 4.1 | 17,726 | 4 | ||||||||||||
Total other property-related costs | $ | 124,490 | 26 | % | $ | 119,458 | 26.7 | % | ||||||||
4 | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) | |||||||||||||||
In March 2013, we rebranded and transitioned management at eight core 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 the six months ended June 30, 2014 and 2013, we have recorded a $431,000 and $2.7 million, respectively, pro rata portion of the projected full-year guaranty (of which $295,000 and $2.3 million is for the three months ended June 30, 2014 and 2013, respectively) as a reduction of Wyndham's contractual management and other fees. |
Taxes_Insurance_and_Lease_Expe
Taxes, Insurance and Lease Expense | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hotel lease expense(a) | $ | 13,296 | $ | 12,166 | $ | 23,687 | $ | 21,723 | ||||||||
Land lease expense(b) | 3,160 | 2,772 | 5,622 | 5,166 | ||||||||||||
Real estate and other taxes | 8,025 | 7,637 | 16,133 | 15,232 | ||||||||||||
Property insurance, general liability insurance and other | 2,511 | 2,278 | 5,183 | 4,896 | ||||||||||||
Total taxes, insurance and lease expense | $ | 26,992 | $ | 24,853 | $ | 50,625 | $ | 47,017 | ||||||||
(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 $7.8 million and $6.7 million for the three months ended June 30, 2014 and 2013, respectively, and $12.7 million and $10.8 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||
(b) | Land lease expense includes percentage rent of $1.7 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively. |
Impairment_Impairment
Impairment Impairment | 6 Months Ended | |
Jun. 30, 2014 | ||
Other Income and Expenses [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. For the quarter ended June 30, 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). | ||
The impairment charge related to the one hotel included in discontinued operations ($3.3 million) 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 this property. This hotel had been identified as a sale candidate in a prior year, reducing its estimated hold period at that time. | ||
As part of our long-term 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. |
Hotel_Dispositions
Hotel Dispositions | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||
Hotel Dispositions | ' | |||||||||||||||||||
Hotel Dispositions | ||||||||||||||||||||
Effective January 1, 2014, we have adopted the provisions of Accounting Standards Update No. 2014-08 (the Update), under which the disposal of components of an entity are reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. These new provisions are applied prospectively only and, as such, hotels that were considered discontinued operations for the year ended December 31, 2013 and prior continue to be reported as discontinued operations in all periods presented. | ||||||||||||||||||||
During the six months ended June 30, 2014, we sold four hotels, one of which was previously held for sale at December 31, 2013. Additionally, as of June 30, 2014, we had two hotels held for sale. 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. Operations for five of the hotels (three hotels sold not previously held for sale and two hotels held for sale as of June 30, 2014) are included in income (loss) from continuing operations as shown in the statements of operations for the three and six months ended June 30, 2014 and 2013, as disposition of these hotels does not represent a strategic shift in our business. | ||||||||||||||||||||
7 | Hotel Dispositions — (continued) | |||||||||||||||||||
The following table includes operations from these five hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Income (loss) from continuing operations | $816 | $652 | $226 | ($370) | ||||||||||||||||
Net income (loss) attributable to FelCor | $784 | $621 | $173 | ($413) | ||||||||||||||||
The gain on the sale of the three hotels not previously held for sale is reported in the accompanying statement of operations on a separate line item and is not included in continuing operations. | ||||||||||||||||||||
Discontinued operations include the results of operations for five hotels sold in 2013 and one hotel sold in 2014 (which was held for sale as of December 31, 2013). The following table summarizes the condensed financial information for those hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Hotel operating revenue | $ | — | $ | 12,858 | $ | 730 | $ | 24,612 | ||||||||||||
Operating expenses | 5 | (13,796 | ) | (670 | ) | (24,501 | ) | |||||||||||||
Operating income (loss) from discontinued operations | 5 | (938 | ) | 60 | 111 | |||||||||||||||
Interest expense, net | — | (198 | ) | (66 | ) | (397 | ) | |||||||||||||
Debt extinguishment | — | — | (245 | ) | — | |||||||||||||||
Gain on sale of property, net | — | 7,259 | 391 | 7,259 | ||||||||||||||||
Income from discontinued operations | $ | 5 | $ | 6,123 | $ | 140 | $ | 6,973 | ||||||||||||
Income_Loss_Per_ShareUnit
Income (Loss) Per Share/Unit | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Income (loss) Per Share/Unit | ' | |||||||||||||||
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 Income (Loss) Per Share | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor | $ | 24,281 | $ | (18,683 | ) | $ | 9,463 | $ | (44,868 | ) | ||||||
Discontinued operations attributable to FelCor | (5 | ) | (6,021 | ) | (139 | ) | (6,852 | ) | ||||||||
Income (loss) from continuing operations attributable to FelCor | 24,276 | (24,704 | ) | 9,324 | (51,720 | ) | ||||||||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | (19,356 | ) | (19,356 | ) | ||||||||
Less: Dividends declared on unvested restricted stock | (2 | ) | — | (3 | ) | — | ||||||||||
Less: Undistributed earnings allocated to unvested restricted stock | (6 | ) | — | — | — | |||||||||||
Numerator for continuing operations attributable to FelCor common stockholders | 14,590 | (34,382 | ) | (10,035 | ) | (71,076 | ) | |||||||||
Discontinued operations attributable to FelCor | 5 | 6,021 | 139 | 6,852 | ||||||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ | 14,595 | $ | (28,361 | ) | $ | (9,896 | ) | $ | (64,224 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic income (loss) per share | 124,169 | 123,814 | 124,158 | 123,814 | ||||||||||||
Denominator for diluted income (loss) per share | 125,386 | 123,814 | 124,158 | 123,814 | ||||||||||||
Basic and diluted income (loss) per share data: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | (0.28 | ) | $ | (0.08 | ) | $ | (0.57 | ) | |||||
Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.06 | ||||||||
Net income (loss) | $ | 0.12 | $ | (0.23 | ) | $ | (0.08 | ) | $ | (0.52 | ) | |||||
8 | Income (Loss) Per Share/Unit — (continued) | |||||||||||||||
FelCor LP Income (Loss) Per Unit | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor LP | $ | 24,352 | $ | (18,823 | ) | $ | 9,413 | $ | (45,188 | ) | ||||||
Discontinued operations attributable to FelCor LP | (5 | ) | (6,051 | ) | (140 | ) | (6,886 | ) | ||||||||
Income (loss) from continuing operations attributable to FelCor LP | 24,347 | (24,874 | ) | 9,273 | (52,074 | ) | ||||||||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | (19,356 | ) | (19,356 | ) | ||||||||
Less: Distributions declared on FelCor unvested restricted stock | (2 | ) | — | (3 | ) | — | ||||||||||
Less: Undistributed earnings allocated to FelCor unvested restricted stock | (6 | ) | — | — | — | |||||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | 14,661 | (34,552 | ) | (10,086 | ) | (71,430 | ) | |||||||||
Discontinued operations attributable to FelCor LP | 5 | 6,051 | 140 | 6,886 | ||||||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common unitholders | $ | 14,666 | $ | (28,501 | ) | $ | (9,946 | ) | $ | (64,544 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic income (loss) per unit | 124,783 | 124,435 | 124,774 | 124,435 | ||||||||||||
Denominator for diluted income (loss) per unit | 126,000 | 124,435 | 124,774 | 124,435 | ||||||||||||
Basic and diluted income (loss) per unit data: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | (0.28 | ) | $ | (0.08 | ) | $ | (0.57 | ) | |||||
Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.06 | ||||||||
Net income (loss) | $ | 0.12 | $ | (0.23 | ) | $ | (0.08 | ) | $ | (0.52 | ) | |||||
The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the gain on the sale of property attributable to FelCor/FelCor LP. | ||||||||||||||||
Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Series A convertible preferred shares/units | 9,985 | 9,985 | 9,985 | 9,985 | ||||||||||||
FelCor restricted stock units | — | 576 | 1,020 | 373 | ||||||||||||
8 | Income (Loss) Per Share/Unit — (continued) | |||||||||||||||
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 June 30, 2014 and 2013, and $12.6 million for the six months ended June 30, 2014 and 2013. | ||||||||||||||||
We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over four years. The actual number of shares that vest is determined based on total stockholder return relative to a group of 10 lodging REIT peers. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 and December 31, 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. 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 June 30, 2014 and December 31, 2013; 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 $322.2 million and $390.1 million at June 30, 2014 and December 31, 2013, respectively. The estimated fair value of all our debt was $1.7 billion at June 30, 2014 and December 31, 2013. The carrying value of our debt was $1.6 billion and $1.7 billion at June 30, 2014 and December 31, 2013, respectively. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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 June 30, 2014, we had 612,707 limited partnership units outstanding carried at $6.4 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at June 30, 2014 ($10.51 per share). | ||||||||||
10 | Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) | |||||||||
Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2014 and 2013 are shown below — (in thousands): | ||||||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Balance at beginning of period | $ | 5,039 | $ | 2,902 | ||||||
Conversion of units | (44 | ) | — | |||||||
Redemption value allocation | 1,519 | 1,095 | ||||||||
Distributions paid to unitholders | (24 | ) | — | |||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | — | (5 | ) | |||||||
Net loss | (50 | ) | (320 | ) | ||||||
Balance at end of period | $ | 6,440 | $ | 3,672 | ||||||
Consolidated_Joint_Venture_Pre
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
Consolidated Joint Venture Preferred Equity/Capital | ' |
Consolidated Joint Venture Preferred Equity/Capital | |
Our joint venture that is redeveloping the Knickerbocker Hotel raised $45 million through the sale of 3.5% preferred equity/capital under the EB-5 immigrant investor program. The investors in this preferred equity receive a 3.25% current annual return, with a 0.25% non-compounding annual return paid at redemption. Redemption is at the company’s option. If the preferred equity is not redeemed within five years, the current return increases to 8.00%. The venture received $41.6 million in gross proceeds ($41.0 million net of issuance costs) during the six months ended June 30, 2014, and the remaining $3.4 million will be received as investors’ visas are approved by the government. We used our 95% share of the proceeds to repay borrowings under our line of credit. |
Recently_Issue_Accounting_Stan
Recently Issue Accounting Standards Recently Issue Accounting Standards | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. |
FelCor_LPs_Consolidating_Finan
FelCor LP's Consolidating Financial Information (FelCor Lodging LP [Member]) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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. | ||||||||||||||||||||
13 | FelCor LP’s Consolidating Financial Information – (continued) | |||||||||||||||||||
The following tables present consolidating information for the Subsidiary Guarantors. | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | 44,166 | $ | 1,040,284 | $ | 467,722 | $ | — | $ | 1,552,172 | ||||||||||
Hotel development | — | — | 261,181 | — | 261,181 | |||||||||||||||
Equity investment in consolidated entities | 1,491,230 | — | — | (1,491,230 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 31,479 | 11,314 | 1,333 | — | 44,126 | |||||||||||||||
Hotels held for sale | — | 13,974 | 19,174 | — | 33,148 | |||||||||||||||
Cash and cash equivalents | 12,816 | 45,033 | 3,495 | — | 61,344 | |||||||||||||||
Restricted cash | — | 10,160 | 55,886 | — | 66,046 | |||||||||||||||
Accounts receivable, net | 336 | 34,921 | 632 | — | 35,889 | |||||||||||||||
Deferred expenses, net | 18,783 | — | 7,179 | — | 25,962 | |||||||||||||||
Other assets | 7,650 | 11,996 | 19,065 | (11,915 | ) | 26,796 | ||||||||||||||
Total assets | $ | 1,606,460 | $ | 1,167,682 | $ | 835,667 | $ | (1,503,145 | ) | $ | 2,106,664 | |||||||||
Debt, net | $ | 1,282,289 | $ | 11,915 | $ | 360,075 | $ | (53,113 | ) | $ | 1,601,166 | |||||||||
Distributions payable | 11,116 | — | 112 | — | 11,228 | |||||||||||||||
Accrued expenses and other liabilities | 31,078 | 104,033 | 14,688 | — | 149,799 | |||||||||||||||
Total liabilities | 1,324,483 | 115,948 | 374,875 | (53,113 | ) | 1,762,193 | ||||||||||||||
Redeemable units | 6,440 | — | — | — | 6,440 | |||||||||||||||
Preferred units | 478,766 | — | — | — | 478,766 | |||||||||||||||
Common units | (228,227 | ) | 1,047,455 | 377,579 | (1,425,034 | ) | (228,227 | ) | ||||||||||||
Accumulated other comprehensive income | 24,998 | 4,551 | 20,447 | (24,998 | ) | 24,998 | ||||||||||||||
Total FelCor LP partners’ capital | 275,537 | 1,052,006 | 398,026 | (1,450,032 | ) | 275,537 | ||||||||||||||
Noncontrolling interests | — | (272 | ) | 21,772 | — | 21,500 | ||||||||||||||
Preferred capital in consolidated joint venture | — | — | 40,994 | — | 40,994 | |||||||||||||||
Total partners’ capital | 275,537 | 1,051,734 | 460,792 | (1,450,032 | ) | 338,031 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,606,460 | $ | 1,167,682 | $ | 835,667 | $ | (1,503,145 | ) | $ | 2,106,664 | |||||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net investment in hotels | $ | 48,971 | $ | 1,053,724 | $ | 550,572 | $ | — | $ | 1,653,267 | ||||||||||
Hotel development | — | — | 216,747 | — | 216,747 | |||||||||||||||
Equity investment in consolidated entities | 1,508,593 | — | — | (1,508,593 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 34,090 | 11,497 | 1,356 | — | 46,943 | |||||||||||||||
Hotel held for sale | — | — | 16,319 | — | 16,319 | |||||||||||||||
Cash and cash equivalents | 5,227 | 33,283 | 7,135 | — | 45,645 | |||||||||||||||
Restricted cash | — | 9,051 | 68,176 | — | 77,227 | |||||||||||||||
Accounts receivable, net | 516 | 34,366 | 865 | — | 35,747 | |||||||||||||||
Deferred expenses, net | 20,540 | — | 8,785 | — | 29,325 | |||||||||||||||
Other assets | 6,248 | 10,767 | 17,998 | (11,953 | ) | 23,060 | ||||||||||||||
Total assets | $ | 1,624,185 | $ | 1,152,688 | $ | 887,953 | $ | (1,520,546 | ) | $ | 2,144,280 | |||||||||
Debt, net | $ | 1,279,190 | $ | 11,953 | $ | 464,036 | $ | (91,953 | ) | $ | 1,663,226 | |||||||||
Distributions payable | 11,047 | — | — | — | 11,047 | |||||||||||||||
Accrued expenses and other liabilities | 37,980 | 96,494 | 16,264 | — | 150,738 | |||||||||||||||
Total liabilities | 1,328,217 | 108,447 | 480,300 | (91,953 | ) | 1,825,011 | ||||||||||||||
Redeemable units | 5,039 | — | — | — | 5,039 | |||||||||||||||
Preferred units | 478,774 | — | — | — | 478,774 | |||||||||||||||
Common units | (212,888 | ) | 1,039,903 | 363,647 | (1,403,550 | ) | (212,888 | ) | ||||||||||||
Accumulated other comprehensive income | 25,043 | 4,569 | 20,474 | (25,043 | ) | 25,043 | ||||||||||||||
Total FelCor LP partners’ capital | 290,929 | 1,044,472 | 384,121 | (1,428,593 | ) | 290,929 | ||||||||||||||
Noncontrolling interests | — | (231 | ) | 23,532 | — | 23,301 | ||||||||||||||
Total partners’ capital | 290,929 | 1,044,241 | 407,653 | (1,428,593 | ) | 314,230 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,624,185 | $ | 1,152,688 | $ | 887,953 | $ | (1,520,546 | ) | $ | 2,144,280 | |||||||||
. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 258,279 | $ | — | $ | — | $ | 258,279 | ||||||||||
Percentage lease revenue | 1,910 | — | 24,401 | (26,311 | ) | — | ||||||||||||||
Other revenue | 1 | 1,082 | 153 | — | 1,236 | |||||||||||||||
Total revenues | 1,911 | 259,361 | 24,554 | (26,311 | ) | 259,515 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 162,700 | — | — | 162,700 | |||||||||||||||
Taxes, insurance and lease expense | 450 | 49,544 | 3,309 | (26,311 | ) | 26,992 | ||||||||||||||
Corporate expenses | 149 | 5,263 | 2,235 | — | 7,647 | |||||||||||||||
Depreciation and amortization | 992 | 18,004 | 10,086 | — | 29,082 | |||||||||||||||
Other expenses | — | 789 | 1,325 | — | 2,114 | |||||||||||||||
Total operating expenses | 1,591 | 236,300 | 16,955 | (26,311 | ) | 228,535 | ||||||||||||||
Operating income | 320 | 23,061 | 7,599 | — | 30,980 | |||||||||||||||
Interest expense, net | (20,300 | ) | (306 | ) | (3,889 | ) | — | (24,495 | ) | |||||||||||
Debt extinguishment | — | — | (27 | ) | — | (27 | ) | |||||||||||||
Gain on sale of other assets, net | — | 100 | — | — | 100 | |||||||||||||||
Income before equity in income from unconsolidated entities | (19,980 | ) | 22,855 | 3,683 | — | 6,558 | ||||||||||||||
Equity in income from consolidated entities | 42,238 | — | — | (42,238 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 2,315 | 462 | (11 | ) | — | 2,766 | ||||||||||||||
Income from continuing operations | 24,573 | 23,317 | 3,672 | (42,238 | ) | 9,324 | ||||||||||||||
Income from discontinued operations | — | 5 | — | — | 5 | |||||||||||||||
Income before gain on sale of property | 24,573 | 23,322 | 3,672 | (42,238 | ) | 9,329 | ||||||||||||||
Gain on sale of property, net | (221 | ) | (15 | ) | 15,862 | — | 15,626 | |||||||||||||
Net income | 24,352 | 23,307 | 19,534 | (42,238 | ) | 24,955 | ||||||||||||||
Income attributable to noncontrolling interests | — | (113 | ) | (149 | ) | — | (262 | ) | ||||||||||||
Preferred distributions - consolidated joint venture | — | — | (341 | ) | — | (341 | ) | |||||||||||||
Net income attributable to FelCor LP | 24,352 | 23,194 | 19,044 | (42,238 | ) | 24,352 | ||||||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net income attributable to FelCor LP common unitholders | $ | 14,674 | $ | 23,194 | $ | 19,044 | $ | (42,238 | ) | $ | 14,674 | |||||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 238,806 | $ | — | $ | — | $ | 238,806 | ||||||||||
Percentage lease revenue | 1,615 | — | 21,788 | (23,403 | ) | — | ||||||||||||||
Other revenue | 2 | 918 | 130 | — | 1,050 | |||||||||||||||
Total revenues | 1,617 | 239,724 | 21,918 | (23,403 | ) | 239,856 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 153,915 | — | — | 153,915 | |||||||||||||||
Taxes, insurance and lease expense | 386 | 44,436 | 3,434 | (23,403 | ) | 24,853 | ||||||||||||||
Corporate expenses | 272 | 4,811 | 1,611 | — | 6,694 | |||||||||||||||
Depreciation and amortization | 1,185 | 17,879 | 10,834 | — | 29,898 | |||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | |||||||||||||||
Conversion expenses | 4 | 292 | 291 | — | 587 | |||||||||||||||
Other expenses | 2,754 | 842 | 319 | — | 3,915 | |||||||||||||||
Total operating expenses | 18,895 | 222,175 | 26,636 | (23,403 | ) | 244,303 | ||||||||||||||
Operating loss | (17,278 | ) | 17,549 | (4,718 | ) | — | (4,447 | ) | ||||||||||||
Interest expense, net | (21,380 | ) | (319 | ) | (4,677 | ) | — | (26,376 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (38,658 | ) | 17,230 | (9,395 | ) | — | (30,823 | ) | ||||||||||||
Equity in income from consolidated entities | 21,183 | — | — | (21,183 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 1,547 | 369 | (11 | ) | — | 1,905 | ||||||||||||||
Loss from continuing operations | (15,928 | ) | 17,599 | (9,406 | ) | (21,183 | ) | (28,918 | ) | |||||||||||
Income from discontinued operations | (2,895 | ) | (119 | ) | 9,137 | — | 6,123 | |||||||||||||
Net loss | (18,823 | ) | 17,480 | (269 | ) | (21,183 | ) | (22,795 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | (16 | ) | 3,988 | — | 3,972 | ||||||||||||||
Net loss attributable to FelCor LP | (18,823 | ) | 17,464 | 3,719 | (21,183 | ) | (18,823 | ) | ||||||||||||
Preferred distributions | (9,678 | ) | — | — | — | (9,678 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (28,501 | ) | $ | 17,464 | $ | 3,719 | $ | (21,183 | ) | $ | (28,501 | ) | |||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 479,301 | $ | — | $ | — | $ | 479,301 | ||||||||||
Percentage lease revenue | 3,309 | — | 50,010 | (53,319 | ) | — | ||||||||||||||
Other revenue | 2 | 1,348 | 213 | — | 1,563 | |||||||||||||||
Total revenues | 3,311 | 480,649 | 50,223 | (53,319 | ) | 480,864 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 316,814 | — | — | 316,814 | |||||||||||||||
Taxes, insurance and lease expense | 870 | 96,372 | 6,702 | (53,319 | ) | 50,625 | ||||||||||||||
Corporate expenses | 272 | 10,333 | 4,867 | — | 15,472 | |||||||||||||||
Depreciation and amortization | 1,984 | 35,770 | 20,929 | — | 58,683 | |||||||||||||||
Other expenses | 35 | 1,629 | 2,464 | — | 4,128 | |||||||||||||||
Total operating expenses | 3,161 | 460,918 | 34,962 | (53,319 | ) | 445,722 | ||||||||||||||
Operating income | 150 | 19,731 | 15,261 | — | 35,142 | |||||||||||||||
Interest expense, net | (40,784 | ) | (634 | ) | (8,304 | ) | — | (49,722 | ) | |||||||||||
Debt extinguishment | — | — | (33 | ) | — | (33 | ) | |||||||||||||
Gain on sale of other assets, net | — | 100 | — | — | 100 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (40,634 | ) | 19,197 | 6,924 | — | (14,513 | ) | |||||||||||||
Equity in income from consolidated entities | 47,381 | — | — | (47,381 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 3,115 | 317 | (23 | ) | — | 3,409 | ||||||||||||||
Loss from continuing operations | 9,862 | 19,514 | 6,901 | (47,381 | ) | (11,104 | ) | |||||||||||||
Income from discontinued operations | — | 34 | 106 | — | 140 | |||||||||||||||
Loss before gain on sale of property | 9,862 | 19,548 | 7,007 | (47,381 | ) | (10,964 | ) | |||||||||||||
Gain on sale of property, net | (449 | ) | (28 | ) | 21,560 | — | 21,083 | |||||||||||||
Net income | 9,413 | 19,520 | 28,567 | (47,381 | ) | 10,119 | ||||||||||||||
Income attributable to noncontrolling interests | — | 21 | (205 | ) | — | (184 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (522 | ) | — | (522 | ) | |||||||||||||
Net income attributable to FelCor LP | 9,413 | 19,541 | 27,840 | (47,381 | ) | 9,413 | ||||||||||||||
Preferred distributions | (19,356 | ) | — | — | — | (19,356 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (9,943 | ) | $ | 19,541 | $ | 27,840 | $ | (47,381 | ) | $ | (9,943 | ) | |||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 447,344 | $ | — | $ | — | $ | 447,344 | ||||||||||
Percentage lease revenue | 2,877 | — | 44,931 | (47,808 | ) | — | ||||||||||||||
Other revenue | 5 | 1,251 | 193 | — | 1,449 | |||||||||||||||
Total revenues | 2,882 | 448,595 | 45,124 | (47,808 | ) | 448,793 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 302,911 | — | — | 302,911 | |||||||||||||||
Taxes, insurance and lease expense | 690 | 87,427 | 6,708 | (47,808 | ) | 47,017 | ||||||||||||||
Corporate expenses | 380 | 10,355 | 3,791 | — | 14,526 | |||||||||||||||
Depreciation and amortization | 2,435 | 35,475 | 21,743 | — | 59,653 | |||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | |||||||||||||||
Conversion expenses | 24 | 682 | 509 | — | 1,215 | |||||||||||||||
Other expenses | 2,777 | 1,359 | 600 | — | 4,736 | |||||||||||||||
Total operating expenses | 20,600 | 438,209 | 43,498 | (47,808 | ) | 454,499 | ||||||||||||||
Operating loss | (17,718 | ) | 10,386 | 1,626 | — | (5,706 | ) | |||||||||||||
Interest expense, net | (42,985 | ) | (622 | ) | (9,054 | ) | — | (52,661 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (60,703 | ) | 9,764 | (7,428 | ) | — | (58,367 | ) | ||||||||||||
Equity in income from consolidated entities | 16,558 | — | — | (16,558 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 1,852 | 165 | (23 | ) | — | 1,994 | ||||||||||||||
Loss from continuing operations | (42,293 | ) | 9,929 | (7,451 | ) | (16,558 | ) | (56,373 | ) | |||||||||||
Income from discontinued operations | (2,895 | ) | (535 | ) | 10,403 | — | 6,973 | |||||||||||||
Net loss | (45,188 | ) | 9,394 | 2,952 | (16,558 | ) | (49,400 | ) | ||||||||||||
Loss attributable to noncontrolling interests | — | 240 | 3,972 | — | 4,212 | |||||||||||||||
Net loss attributable to FelCor LP | (45,188 | ) | 9,634 | 6,924 | (16,558 | ) | (45,188 | ) | ||||||||||||
Preferred distributions | (19,356 | ) | — | — | — | (19,356 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (64,544 | ) | $ | 9,634 | $ | 6,924 | $ | (16,558 | ) | $ | (64,544 | ) | |||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 24,352 | $ | 23,307 | $ | 19,534 | $ | (42,238 | ) | $ | 24,955 | |||||||||
Foreign currency translation adjustment | 575 | 65 | 510 | (575 | ) | 575 | ||||||||||||||
Comprehensive income | 24,927 | 23,372 | 20,044 | (42,813 | ) | 25,530 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | (113 | ) | (149 | ) | — | (262 | ) | ||||||||||||
Preferred distributions - consolidated joint venture | — | — | (341 | ) | — | (341 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 24,927 | $ | 23,259 | $ | 19,554 | $ | (42,813 | ) | $ | 24,927 | |||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (18,823 | ) | $ | 17,480 | $ | (269 | ) | $ | (21,183 | ) | $ | (22,795 | ) | ||||||
Foreign currency translation adjustment | (567 | ) | (111 | ) | (456 | ) | 567 | (567 | ) | |||||||||||
Comprehensive loss | (19,390 | ) | 17,369 | (725 | ) | (20,616 | ) | (23,362 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | (16 | ) | 3,988 | — | 3,972 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (19,390 | ) | $ | 17,353 | $ | 3,263 | $ | (20,616 | ) | $ | (19,390 | ) | |||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 9,413 | $ | 19,520 | $ | 28,567 | $ | (47,381 | ) | $ | 10,119 | |||||||||
Foreign currency translation adjustment | (45 | ) | (18 | ) | (27 | ) | 45 | (45 | ) | |||||||||||
Comprehensive income | 9,368 | 19,502 | 28,540 | (47,336 | ) | 10,074 | ||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 21 | (205 | ) | — | (184 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (522 | ) | — | (522 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 9,368 | $ | 19,523 | $ | 27,813 | $ | (47,336 | ) | $ | 9,368 | |||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (45,188 | ) | $ | 9,394 | $ | 2,952 | $ | (16,558 | ) | $ | (49,400 | ) | |||||||
Foreign currency translation adjustment | (924 | ) | (207 | ) | (717 | ) | 924 | (924 | ) | |||||||||||
Comprehensive loss | (46,112 | ) | 9,187 | 2,235 | (15,634 | ) | (50,324 | ) | ||||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 240 | 3,972 | — | 4,212 | |||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (46,112 | ) | $ | 9,427 | $ | 6,207 | $ | (15,634 | ) | $ | (46,112 | ) | |||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (38,098 | ) | $ | 62,307 | $ | 29,912 | $ | — | $ | 54,121 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (685 | ) | (36,397 | ) | (10,950 | ) | — | (48,032 | ) | |||||||||||
Hotel development | — | — | (48,178 | ) | — | (48,178 | ) | |||||||||||||
Net proceeds from asset dispositions | (419 | ) | (73 | ) | 94,100 | — | 93,608 | |||||||||||||
Insurance proceeds | — | 255 | — | — | 255 | |||||||||||||||
Change in restricted cash - investing | — | (1,533 | ) | 12,714 | — | 11,181 | ||||||||||||||
Distributions from unconsolidated entities | 3,406 | 500 | — | — | 3,906 | |||||||||||||||
Intercompany financing | 67,733 | — | — | (67,733 | ) | — | ||||||||||||||
Cash flows from investing activities | 70,035 | (37,248 | ) | 47,686 | (67,733 | ) | 12,740 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 140,500 | — | 140,500 | |||||||||||||||
Repayment of borrowings | — | — | (205,904 | ) | — | (205,904 | ) | |||||||||||||
Distributions paid to noncontrolling interests | — | (626 | ) | (6,428 | ) | — | (7,054 | ) | ||||||||||||
Contributions from noncontrolling interests | — | 605 | 4,464 | — | 5,069 | |||||||||||||||
Distributions paid to preferred unitholders | (19,356 | ) | — | — | — | (19,356 | ) | |||||||||||||
Distributions paid to common unitholders | (4,968 | ) | — | — | — | (4,968 | ) | |||||||||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | — | — | 40,994 | — | 40,994 | |||||||||||||||
Intercompany financing | — | (13,285 | ) | (54,448 | ) | 67,733 | — | |||||||||||||
Other | (24 | ) | — | (416 | ) | — | (440 | ) | ||||||||||||
Cash flows from financing activities | (24,348 | ) | (13,306 | ) | (81,238 | ) | 67,733 | (51,159 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (3 | ) | — | — | (3 | ) | |||||||||||||
Change in cash and cash equivalents | 7,589 | 11,750 | (3,640 | ) | — | 15,699 | ||||||||||||||
Cash and cash equivalents at beginning of period | 5,227 | 33,283 | 7,135 | — | 45,645 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 12,816 | $ | 45,033 | $ | 3,495 | $ | — | $ | 61,344 | ||||||||||
13. FelCor LP’s Consolidating Financial Information – (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (30,682 | ) | $ | 40,893 | $ | 19,060 | $ | — | $ | 29,271 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | 2,689 | (30,529 | ) | (19,183 | ) | — | (47,023 | ) | ||||||||||||
Hotel development | — | — | (22,220 | ) | — | (22,220 | ) | |||||||||||||
Net proceeds from asset dispositions | (5 | ) | (1,252 | ) | 21,736 | — | 20,479 | |||||||||||||
Distributions from unconsolidated entities | 3,066 | 375 | — | — | 3,441 | |||||||||||||||
Contributions to unconsolidated entities | — | (1,500 | ) | — | — | (1,500 | ) | |||||||||||||
Intercompany financing | 52,477 | — | — | (52,477 | ) | — | ||||||||||||||
Other | — | 1,824 | (1,778 | ) | — | 46 | ||||||||||||||
Cash flows from investing activities | 58,227 | (31,082 | ) | (21,445 | ) | (52,477 | ) | (46,777 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 127,245 | — | 127,245 | |||||||||||||||
Repayment of borrowings | — | — | (68,535 | ) | — | (68,535 | ) | |||||||||||||
Distributions paid to preferred unitholders | (19,356 | ) | — | — | — | (19,356 | ) | |||||||||||||
Intercompany financing | — | 1,799 | (54,276 | ) | 52,477 | — | ||||||||||||||
Other | (2,329 | ) | 372 | 653 | — | (1,304 | ) | |||||||||||||
Cash flows from financing activities | (21,685 | ) | 2,171 | 5,087 | 52,477 | 38,050 | ||||||||||||||
Effect of exchange rate changes on cash | — | (54 | ) | — | — | (54 | ) | |||||||||||||
Change in cash and cash equivalents | 5,860 | 11,928 | 2,702 | — | 20,490 | |||||||||||||||
Cash and cash equivalents at beginning of period | 8,312 | 30,425 | 7,008 | — | 45,745 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 14,172 | $ | 42,353 | $ | 9,710 | $ | — | $ | 66,235 | ||||||||||
Recently_Issue_Accounting_Stan1
Recently Issue Accounting Standards (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2016, and early adoption is not permitted. The Company is currently in the process of evaluating the impact the adoption of ASU 2014-09 will have on the Company’s financial position or results of operations. |
Organization_Tables
Organization (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization [Abstract] | ' | |||||||
Schedule of Distribution of Consolidated Hotels | ' | |||||||
The following table illustrates the distribution of our 54 Consolidated Hotels at June 30, 2014: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels® | 30 | 7,916 | ||||||
Wyndham® and Wyndham Grand® | 8 | 2,528 | ||||||
Sheraton® and Westin® | 4 | 1,604 | ||||||
Marriott® and Renaissance® | 3 | 1,321 | ||||||
Holiday Inn® | 3 | 1,256 | ||||||
DoubleTree by Hilton® and Hilton® | 3 | 802 | ||||||
Fairmont® | 1 | 383 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Total | 54 | 16,095 | ||||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Investment in hotels and other properties, net of accumulated depreciation | $ | 132,773 | $ | 140,145 | ||||||||||||
Total assets | $ | 152,454 | $ | 155,848 | ||||||||||||
Debt | $ | 146,722 | $ | 146,358 | ||||||||||||
Total liabilities | $ | 152,446 | $ | 152,068 | ||||||||||||
Equity | $ | 8 | $ | 3,780 | ||||||||||||
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 June 30, | Six Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 22,327 | $ | 20,543 | $ | 36,945 | $ | 34,151 | ||||||||
Net income | $ | 6,462 | $ | 4,740 | $ | 8,678 | $ | 5,848 | ||||||||
Net income attributable to FelCor | $ | 3,231 | $ | 2,370 | $ | 4,339 | $ | 2,924 | ||||||||
Depreciation of cost in excess of book value | (465 | ) | (465 | ) | (930 | ) | (930 | ) | ||||||||
Equity in income from unconsolidated entities | $ | 2,766 | $ | 1,905 | $ | 3,409 | $ | 1,994 | ||||||||
Schedule of Components of Investment In Unconsolidated Entities | ' | |||||||||||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Hotel-related investments | $ | (7,651 | ) | $ | (6,349 | ) | ||||||||||
Cost in excess of book value of hotel investments | 44,122 | 45,053 | ||||||||||||||
Land and condominium investments | 7,655 | 8,239 | ||||||||||||||
Investment in unconsolidated entities | $ | 44,126 | $ | 46,943 | ||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hotel investments | $ | 2,722 | $ | 1,883 | $ | 3,993 | $ | 2,591 | ||||||||
Other investments | 44 | 22 | (584 | ) | (597 | ) | ||||||||||
Equity in income from unconsolidated entities | $ | 2,766 | $ | 1,905 | $ | 3,409 | $ | 1,994 | ||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Schedule of Debt | ' | |||||||||||||||||
Consolidated debt consisted of the following (dollars in thousands): | ||||||||||||||||||
Encumbered | Interest | Maturity | June 30, | December 31, | ||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 87,500 | $ | 88,000 | |||||||||||
Hotel mortgage debt | ||||||||||||||||||
Mortgage debt | 1 | 5.81 | Jul-16 | 9,641 | 9,904 | |||||||||||||
Mortgage debt(b) | 4 | 4.95 | Oct-22 | 125,404 | 126,220 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,471 | 31,714 | |||||||||||||
Senior notes | ||||||||||||||||||
Senior secured notes(c) | 11 | 10 | Oct-14 | 232,289 | 229,190 | |||||||||||||
Senior secured notes | 6 | 6.75 | Jun-19 | 525,000 | 525,000 | |||||||||||||
Senior secured notes | 9 | 5.625 | Mar-23 | 525,000 | 525,000 | |||||||||||||
Knickerbocker loan(d) | ||||||||||||||||||
Construction tranche | — | LIBOR + 4.00 | May-16 | 12,994 | — | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 51,867 | 64,861 | |||||||||||||
Retired debt | — | — | — | — | 63,337 | |||||||||||||
Total | 40 | $ | 1,601,166 | $ | 1,663,226 | |||||||||||||
(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) | We originally issued $636 million (face amount) of these notes. After redemptions in 2011 and 2012, $234 million (face amount) of these notes were outstanding at June 30, 2014 and December 31, 2013. | |||||||||||||||||
(d) | In November 2012, we obtained an $85.0 million construction loan to finance the redevelopment of the Knickerbocker Hotel. This loan can be extended for one year subject to satisfying certain conditions. In January 2014, we drew $13.0 million of the cash collateral to fund construction costs, leaving $51.9 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan. |
Hotel_Operating_Revenue_Depart1
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Room revenue | $ | 200,238 | $ | 184,327 | $ | 370,067 | $ | 344,834 | ||||||||
Food and beverage revenue | 45,471 | 42,162 | 85,256 | 79,105 | ||||||||||||
Other operating departments | 12,570 | 12,317 | 23,978 | 23,405 | ||||||||||||
Total hotel operating revenue | $ | 258,279 | $ | 238,806 | $ | 479,301 | $ | 447,344 | ||||||||
Schedule of Hotel Departmental Expenses | ' | |||||||||||||||
Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 50,585 | 19.6 | % | $ | 47,322 | 19.8 | % | ||||||||
Food and beverage | 33,066 | 12.8 | 31,747 | 13.3 | ||||||||||||
Other operating departments | 5,977 | 2.3 | 5,902 | 2.5 | ||||||||||||
Total hotel departmental expenses | $ | 89,628 | 34.7 | % | $ | 84,971 | 35.6 | % | ||||||||
4 | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) | |||||||||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Room | $ | 97,318 | 20.3 | % | $ | 92,192 | 20.6 | % | ||||||||
Food and beverage | 64,253 | 13.4 | 61,993 | 13.9 | ||||||||||||
Other operating departments | 11,580 | 2.4 | 11,191 | 2.5 | ||||||||||||
Total hotel departmental expenses | $ | 173,151 | 36.1 | % | $ | 165,376 | 37 | % | ||||||||
Schedule of Other Property-Related Costs | ' | |||||||||||||||
Other property-related costs from continuing operations were comprised of the following amounts (in thousands): | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 21,133 | 8.2 | % | $ | 20,311 | 8.5 | % | ||||||||
Marketing | 21,150 | 8.2 | 19,555 | 8.2 | ||||||||||||
Repair and maintenance | 11,332 | 4.4 | 11,247 | 4.7 | ||||||||||||
Utilities | 9,297 | 3.6 | 8,917 | 3.7 | ||||||||||||
Total other property-related costs | $ | 62,912 | 24.4 | % | $ | 60,030 | 25.1 | % | ||||||||
Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Amount | % of Total Hotel Operating Revenue | Amount | % of Total Hotel Operating Revenue | |||||||||||||
Hotel general and administrative expense | $ | 40,967 | 8.5 | % | $ | 40,358 | 9 | % | ||||||||
Marketing | 41,221 | 8.6 | 38,566 | 8.6 | ||||||||||||
Repair and maintenance | 23,019 | 4.8 | 22,808 | 5.1 | ||||||||||||
Utilities | 19,283 | 4.1 | 17,726 | 4 | ||||||||||||
Total other property-related costs | $ | 124,490 | 26 | % | $ | 119,458 | 26.7 | % | ||||||||
Taxes_Insurance_and_Lease_Expe1
Taxes, Insurance and Lease Expense (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Hotel lease expense(a) | $ | 13,296 | $ | 12,166 | $ | 23,687 | $ | 21,723 | ||||||||
Land lease expense(b) | 3,160 | 2,772 | 5,622 | 5,166 | ||||||||||||
Real estate and other taxes | 8,025 | 7,637 | 16,133 | 15,232 | ||||||||||||
Property insurance, general liability insurance and other | 2,511 | 2,278 | 5,183 | 4,896 | ||||||||||||
Total taxes, insurance and lease expense | $ | 26,992 | $ | 24,853 | $ | 50,625 | $ | 47,017 | ||||||||
(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 $7.8 million and $6.7 million for the three months ended June 30, 2014 and 2013, respectively, and $12.7 million and $10.8 million for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||
(b) | Land lease expense includes percentage rent of $1.7 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $2.7 million and $2.3 million for the six months ended June 30, 2014 and 2013, respectively. |
Hotel_Dispositions_Tables
Hotel Dispositions (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||
Schedule of Condensed Financial Information for Discontinued Operations | ' | |||||||||||||||||||
The following table includes operations from these five hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Income (loss) from continuing operations | $816 | $652 | $226 | ($370) | ||||||||||||||||
Net income (loss) attributable to FelCor | $784 | $621 | $173 | ($413) | ||||||||||||||||
Discontinued operations include the results of operations for five hotels sold in 2013 and one hotel sold in 2014 (which was held for sale as of December 31, 2013). The following table summarizes the condensed financial information for those hotels (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Hotel operating revenue | $ | — | $ | 12,858 | $ | 730 | $ | 24,612 | ||||||||||||
Operating expenses | 5 | (13,796 | ) | (670 | ) | (24,501 | ) | |||||||||||||
Operating income (loss) from discontinued operations | 5 | (938 | ) | 60 | 111 | |||||||||||||||
Interest expense, net | — | (198 | ) | (66 | ) | (397 | ) | |||||||||||||
Debt extinguishment | — | — | (245 | ) | — | |||||||||||||||
Gain on sale of property, net | — | 7,259 | 391 | 7,259 | ||||||||||||||||
Income from discontinued operations | $ | 5 | $ | 6,123 | $ | 140 | $ | 6,973 | ||||||||||||
Income_Loss_Per_ShareUnit_Tabl
Income (Loss) Per Share/Unit (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 Income (Loss) Per Share | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor | $ | 24,281 | $ | (18,683 | ) | $ | 9,463 | $ | (44,868 | ) | ||||||
Discontinued operations attributable to FelCor | (5 | ) | (6,021 | ) | (139 | ) | (6,852 | ) | ||||||||
Income (loss) from continuing operations attributable to FelCor | 24,276 | (24,704 | ) | 9,324 | (51,720 | ) | ||||||||||
Less: Preferred dividends | (9,678 | ) | (9,678 | ) | (19,356 | ) | (19,356 | ) | ||||||||
Less: Dividends declared on unvested restricted stock | (2 | ) | — | (3 | ) | — | ||||||||||
Less: Undistributed earnings allocated to unvested restricted stock | (6 | ) | — | — | — | |||||||||||
Numerator for continuing operations attributable to FelCor common stockholders | 14,590 | (34,382 | ) | (10,035 | ) | (71,076 | ) | |||||||||
Discontinued operations attributable to FelCor | 5 | 6,021 | 139 | 6,852 | ||||||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ | 14,595 | $ | (28,361 | ) | $ | (9,896 | ) | $ | (64,224 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic income (loss) per share | 124,169 | 123,814 | 124,158 | 123,814 | ||||||||||||
Denominator for diluted income (loss) per share | 125,386 | 123,814 | 124,158 | 123,814 | ||||||||||||
Basic and diluted income (loss) per share data: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | (0.28 | ) | $ | (0.08 | ) | $ | (0.57 | ) | |||||
Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.06 | ||||||||
Net income (loss) | $ | 0.12 | $ | (0.23 | ) | $ | (0.08 | ) | $ | (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 income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Series A convertible preferred shares/units | 9,985 | 9,985 | 9,985 | 9,985 | ||||||||||||
FelCor restricted stock units | — | 576 | 1,020 | 373 | ||||||||||||
FelCor Lodging LP [Member] | ' | |||||||||||||||
Earnings Per Share/Unit [Line Items] | ' | |||||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | ' | |||||||||||||||
FelCor LP Income (Loss) Per Unit | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Numerator: | ||||||||||||||||
Net income (loss) attributable to FelCor LP | $ | 24,352 | $ | (18,823 | ) | $ | 9,413 | $ | (45,188 | ) | ||||||
Discontinued operations attributable to FelCor LP | (5 | ) | (6,051 | ) | (140 | ) | (6,886 | ) | ||||||||
Income (loss) from continuing operations attributable to FelCor LP | 24,347 | (24,874 | ) | 9,273 | (52,074 | ) | ||||||||||
Less: Preferred distributions | (9,678 | ) | (9,678 | ) | (19,356 | ) | (19,356 | ) | ||||||||
Less: Distributions declared on FelCor unvested restricted stock | (2 | ) | — | (3 | ) | — | ||||||||||
Less: Undistributed earnings allocated to FelCor unvested restricted stock | (6 | ) | — | — | — | |||||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | 14,661 | (34,552 | ) | (10,086 | ) | (71,430 | ) | |||||||||
Discontinued operations attributable to FelCor LP | 5 | 6,051 | 140 | 6,886 | ||||||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common unitholders | $ | 14,666 | $ | (28,501 | ) | $ | (9,946 | ) | $ | (64,544 | ) | |||||
Denominator: | ||||||||||||||||
Denominator for basic income (loss) per unit | 124,783 | 124,435 | 124,774 | 124,435 | ||||||||||||
Denominator for diluted income (loss) per unit | 126,000 | 124,435 | 124,774 | 124,435 | ||||||||||||
Basic and diluted income (loss) per unit data: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.12 | $ | (0.28 | ) | $ | (0.08 | ) | $ | (0.57 | ) | |||||
Discontinued operations | $ | — | $ | 0.05 | $ | — | $ | 0.06 | ||||||||
Net income (loss) | $ | 0.12 | $ | (0.23 | ) | $ | (0.08 | ) | $ | (0.52 | ) | |||||
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Noncontrolling Interest [Abstract] | ' | |||||||||
Schedule of Changes in Redeemable Noncontrolling Interests | ' | |||||||||
Changes in redeemable noncontrolling interests (or redeemable units) for the six months ended June 30, 2014 and 2013 are shown below — (in thousands): | ||||||||||
Six Months Ended | ||||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Balance at beginning of period | $ | 5,039 | $ | 2,902 | ||||||
Conversion of units | (44 | ) | — | |||||||
Redemption value allocation | 1,519 | 1,095 | ||||||||
Distributions paid to unitholders | (24 | ) | — | |||||||
Comprehensive loss: | ||||||||||
Foreign exchange translation | — | (5 | ) | |||||||
Net loss | (50 | ) | (320 | ) | ||||||
Balance at end of period | $ | 6,440 | $ | 3,672 | ||||||
Organization_Narrative_Details
Organization (Narrative) (Details) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 99.50% | ' |
Aggregate shares and units outstanding (in shares) | 124,902,232 | ' |
Common stock, shares outstanding (in shares) | 124,289,525 | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 613,000 | 618,000 |
Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 54 | ' |
UNITED STATES | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of states (in states) | 20 | ' |
CALIFORNIA | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 12 | ' |
FLORIDA | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 7 | ' |
TEXAS | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of 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 | 53.00% | ' |
Forty-Two Hotels [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 42 | ' |
One Hundred Percent Owned [Member] | Thirty-Nine Hotels [Member] | Wholly Owned Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 100.00% | ' |
One Hundred Percent Owned [Member] | Thirty-Nine Hotels [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 39 | ' |
Ninety Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 1 | ' |
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 | 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 | 1 | ' |
Ownership percentage by parent | 60.00% | ' |
Fifty Percent Owned [Member] | Thirteen Hotels [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 13 | 13 |
Equity method investment, ownership percentage | 50.00% | 50.00% |
Fifty Percent Owned [Member] | Twelve Hotels [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 12 | ' |
Operated With A Lease [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 54 | ' |
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of 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 | 32 | ' |
Wyndham Hotel Group [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 8 | ' |
InterContinental Hotels Group [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 3 | ' |
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 4 | ' |
Marriott International Inc. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 3 | ' |
Fairmont Hotels and Resorts [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 1 | ' |
Morgans Hotel Group Corp. [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 2 | ' |
Independent Management Company [Member] | Consolidated Hotels [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 1 | ' |
FelCor Lodging LP [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 612,707 | ' |
Knickerbocker [Member] | Ninety-five Percent Owned [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Ownership percentage by parent | 95.00% | ' |
Ownership in all properties, including held for sale [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 57 | ' |
Ownership in all properties, excluding held for sale | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 55 | ' |
Assets Held-for-sale [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 2 | ' |
Organization_Schedule_of_Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) (Consolidated Hotels [Member]) | Jun. 30, 2014 | Mar. 31, 2013 |
Hotels | Hotels | |
Rooms | ||
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 54 | ' |
Number of rooms (in rooms) | 16,095 | ' |
Embassy Suites HotelsB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 30 | ' |
Number of rooms (in rooms) | 7,916 | ' |
WyndhamB. and Wyndham GrandB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 8 | 8 |
Number of rooms (in rooms) | 2,528 | ' |
SheratonB. and WestinB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 4 | ' |
Number of rooms (in rooms) | 1,604 | ' |
MarriottB. and RenaissanceB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 3 | ' |
Number of rooms (in rooms) | 1,321 | ' |
Holiday InnB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 3 | ' |
Number of rooms (in rooms) | 1,256 | ' |
DoubleTree by HiltonB. and HiltonB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 3 | ' |
Number of rooms (in rooms) | 802 | ' |
FairmontB. | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 1 | ' |
Number of rooms (in rooms) | 383 | ' |
Morgans and Royalton | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Number of hotels | 2 | ' |
Number of rooms (in rooms) | 285 | ' |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | Jul. 25, 2014 | |
jointventure | Unconsolidated Properties [Member] | Thirteen Hotels [Member] | Thirteen Hotels [Member] | Thirty-Nine Hotels [Member] | Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Fifty Percent Owned [Member] | Fifty Percent Owned [Member] | One Hundred Percent Owned [Member] | Hotels | Fifty Percent Owned [Member] | One Hundred Percent Owned [Member] | Five Hotels [Member] | Five Hotels [Member] | One Hotel [Member] | One Hotel [Member] | Ten Hotels [Member] | Libor Plus Three Percent Due March Two Thousand Seventeen [Member] | ||||||
Unconsolidated Properties [Member] | Unconsolidated Properties [Member] | Wholly Owned Properties [Member] | Unconsolidated Properties [Member] | Wholly Owned Properties [Member] | Non-FelCor Ownership [Member] | One Hundred Percent Owned [Member] | Non-FelCor Ownership [Member] | One Hundred Percent Owned [Member] | Fifty Percent Owned [Member] | ||||||||
Hotels | Hotels | Hotels | Hotels | Wholly Owned Properties [Member] | Wholly Owned Properties [Member] | Unconsolidated Properties [Member] | |||||||||||
Hotels | Hotels | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | $64,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid to equalize trade | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Unconsolidated Joint Ventures that Refinanced Debt | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels | ' | ' | ' | ' | 13 | 13 | ' | ' | 4 | 8 | ' | 5 | 5 | ' | ' | 10 | ' |
Former Joint Venture Partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 10.00% | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | 99.50% | ' | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' |
Long-term Debt | ' | $1,601,166,000 | $1,663,226,000 | $128,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | ' | ' | ' | ' | 50.00% | 50.00% | ' | 50.00% | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Unconsolidated Entities [Abstract] | ' | ' |
Investment in hotels and other properties, net of accumulated depreciation | $132,773 | $140,145 |
Total assets | 152,454 | 155,848 |
Debt | 146,722 | 146,358 |
Total liabilities | 152,446 | 152,068 |
Equity | 8 | 3,780 |
Long-term Debt | $1,601,166 | $1,663,226 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Real Estate Properties [Line Items] | ' | ' | ' | ' |
Total revenues | $22,327 | $20,543 | $36,945 | $34,151 |
Net income (loss) | 6,462 | 4,740 | 8,678 | 5,848 |
Net income (loss) attributable to FelCor | 3,231 | 2,370 | 4,339 | 2,924 |
Depreciation of cost in excess of book value | -465 | -465 | -930 | -930 |
Equity in income from unconsolidated entities | $2,766 | $1,905 | $3,409 | $1,994 |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Equity Method Investments [Line Items] | ' | ' |
Investment in unconsolidated entities | $44,126 | $46,943 |
Hotel-related investments | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | -7,651 | -6,349 |
Cost in excess of book value of hotel investments | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | 44,122 | 45,053 |
Land and condominium investments | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Equity Method Investments | $7,655 | $8,239 |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income from unconsolidated entities | $2,766 | $1,905 | $3,409 | $1,994 |
Hotel investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income from unconsolidated entities | 2,722 | 1,883 | 3,993 | 2,591 |
Other investments | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Equity in income from unconsolidated entities | $44 | $22 | ($584) | ($597) |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jul. 25, 2014 | Jul. 25, 2014 | Jun. 30, 2014 | Jul. 25, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Nov. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Jun. 30, 2014 | Jul. 31, 2014 | |
Hotels | Hotels | Subsequent Event [Member] | Subsequent Event [Member] | Knickerbocker [Member] | Libor Plus Two Point Five Percent Due July Two Thousand Seventeen [Member] [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Construction tranche [Member] | Construction tranche [Member] | Cash collateralized tranche [Member] | Cash collateralized tranche [Member] | Retired Debt | Knickerbocker Loan | Knickerbocker Loan | Knickerbocker Loan | Knickerbocker Loan | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||||
Hotels | Subsequent Event [Member] | Libor Plus Three Point Three Seven Five Due June Two Thousand Sixteen [Member] | Libor Plus Three Point Three Seven Five Due June Two Thousand Sixteen [Member] | Four Point Nine Four Percent Due October 2022 [Member] | Four Point Nine Four Percent Due October 2022 [Member] | Four Point Nine Five Percent Due October 2022 [Member] | Four Point Nine Five Percent Due October 2022 [Member] | Five Point Eight One Percent Due July 2016 [Member] | Five Point Eight One Percent Due July 2016 [Member] | Six Point Seven Five Percent Due June 2019 [Member] | Six Point Seven Five Percent Due June 2019 [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | Knickerbocker [Member] | Knickerbocker [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | Hotels | Subsequent Event [Member] | |||||||||||||||
Hotels | Hotels | Hotels | Hotels | Hotels | Hotels | Hotels | Hotels | Hotels | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of encumbered hotels (in hotels) | 40 | ' | 40 | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 1 | ' | 4 | ' | 1 | ' | ' | 6 | ' | 9 | ' | 11 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.94% | ' | 4.95% | ' | 5.81% | ' | 10.00% | 6.75% | ' | 5.63% | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' |
Variable rate basis spread | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | 3.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | 1.25% | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,601,166,000 | ' | $1,601,166,000 | ' | $1,663,226,000 | ' | ' | ' | ' | ' | $87,500,000 | $88,000,000 | $31,471,000 | $31,714,000 | $125,404,000 | $126,220,000 | $9,641,000 | $9,904,000 | ' | $525,000,000 | $525,000,000 | $525,000,000 | $525,000,000 | $232,289,000 | $229,190,000 | ' | $12,994,000 | $0 | $51,867,000 | $64,861,000 | $63,337,000 | ' | ' | $13,000,000 | $51,900,000 | ' | ' | ' | ' | ' | $140,000,000 |
Remaining borrowing capacity of construction loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity of construction loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt extension | ' | ' | ' | ' | ' | '2 years | ' | '1 year | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 234,000,000 | ' | 636,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 24,495,000 | 26,376,000 | 49,722,000 | 52,661,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | 14,000 | 22,000 | 29,000 | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | 4,300,000 | 2,900,000 | 8,300,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of secured debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | 15,600,000 | 17,100,000 | 10,900,000 | ' | ' |
Number of hotels | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | 3 |
Debt extinguishment | ($27,000) | $0 | ($33,000) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $251,000 | ' |
Hotel_Operating_Revenue_Depart2
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | ' | ' | ' |
Room revenue | $200,238 | $184,327 | $370,067 | $344,834 |
Food and beverage revenue | 45,471 | 42,162 | 85,256 | 79,105 |
Other operating departments | 12,570 | 12,317 | 23,978 | 23,405 |
Total hotel operating revenue | $258,279 | $238,806 | $479,301 | $447,344 |
Hotel_Operating_Revenue_Depart3
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ' | ' | ' | ' |
Room | $50,585 | $47,322 | $97,318 | $92,192 |
Room as a percent of total hotel operating revenue | 19.60% | 19.80% | 20.30% | 20.60% |
Food and beverage | 33,066 | 31,747 | 64,253 | 61,993 |
Food and beverage as a percent of total hotel operating revenue | 12.80% | 13.30% | 13.40% | 13.90% |
Other operating departments | 5,977 | 5,902 | 11,580 | 11,191 |
Other operating departments as a percent of total hotel operating revenue | 2.30% | 2.50% | 2.40% | 2.50% |
Total hotel departmental expenses | $89,628 | $84,971 | $173,151 | $165,376 |
Hotel departmental expenses as a percent of total hotel operating revenue | 34.70% | 35.60% | 36.10% | 37.00% |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | $62,912 | $60,030 | $124,490 | $119,458 |
Other property-related costs as a percent of total hotel operating revenue | 24.40% | 25.10% | 26.00% | 26.70% |
Hotel general and administrative expense | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 21,133 | 20,311 | 40,967 | 40,358 |
Other property-related costs as a percent of total hotel operating revenue | 8.20% | 8.50% | 8.50% | 9.00% |
Marketing | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 21,150 | 19,555 | 41,221 | 38,566 |
Other property-related costs as a percent of total hotel operating revenue | 8.20% | 8.20% | 8.60% | 8.60% |
Repair and maintenance | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | 11,332 | 11,247 | 23,019 | 22,808 |
Other property-related costs as a percent of total hotel operating revenue | 4.40% | 4.70% | 4.80% | 5.10% |
Utilities | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' |
Other property-related costs | $9,297 | $8,917 | $19,283 | $17,726 |
Other property-related costs as a percent of total hotel operating revenue | 3.60% | 3.70% | 4.10% | 4.00% |
Hotel_Operating_Revenue_Depart5
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' | ' |
Term of Management NOI Guaranty | '10 years | ' | ' | ' | ' |
Management Company NOI Guaranty | $100,000,000 | ' | ' | ' | ' |
Management Company NOI Guaranty, Annual Limit | 21,500,000 | ' | ' | ' | ' |
Management Company NOI Guaranty, Amount Recorded | ' | $295,000 | $2,300,000 | $431,000 | $2,700,000 |
Consolidated Hotels [Member] | ' | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | ' | 54 | ' | 54 | ' |
Consolidated Hotels [Member] | WyndhamB. and Wyndham GrandB. | ' | ' | ' | ' | ' |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 8 | 8 | ' | 8 | ' |
Taxes_Insurance_and_Lease_Expe2
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' |
Real estate and other taxes | $8,025,000 | $7,637,000 | $16,133,000 | $15,232,000 |
Property insurance, general liability insurance and other | 2,511,000 | 2,278,000 | 5,183,000 | 4,896,000 |
Total taxes, insurance and lease expense | 26,992,000 | 24,853,000 | 50,625,000 | 47,017,000 |
Hotel Lease [Member] | ' | ' | ' | ' |
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' |
Lease expense | 13,296,000 | 12,166,000 | 23,687,000 | 21,723,000 |
Percentage rent | 7,800,000 | 6,700,000 | 12,700,000 | 10,800,000 |
Land Lease [Member] | ' | ' | ' | ' |
Taxes, Insurance and Lease Expense [Line Items] | ' | ' | ' | ' |
Lease expense | 3,160,000 | 2,772,000 | 5,622,000 | 5,166,000 |
Percentage rent | $1,700,000 | $1,300,000 | $2,700,000 | $2,300,000 |
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 | 12 | ' | 12 | ' |
Ownership percentage of lessee | 49.00% | ' | 49.00% | ' |
Equity method ownership percentage of lessor | 50.00% | ' | 50.00% | ' |
Impairment_Details
Impairment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Continuing and Discontinued Operations [Member] | Continuing Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discounted Cash Flow Approach [Member] | Minimum [Member] | Maximum [Member] | |||||
Fair Value, Inputs, Level 3 [Member] | Hotels | Hotels | Fair Value, Inputs, Level 2 [Member] | Continuing Operations [Member] | ||||||||
Hotels | Hotels | Fair Value, Inputs, Level 3 [Member] | ||||||||||
Hotels | ||||||||||||
Impairment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment loss | $0 | $24,441 | $0 | $24,441 | $27,700 | $24,400 | ' | ' | $3,300 | ' | ' | ' |
Number of Impaired Hotels | ' | ' | ' | ' | ' | 2 | ' | ' | 1 | ' | ' | ' |
Number of hotels | ' | ' | ' | ' | ' | ' | 1 | 5 | ' | 1 | ' | ' |
Fair Value Inputs, Long-term Revenue Growth Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' |
Fair Value Inputs, Terminal Capitalization Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
EBITDA Multiple | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 12 |
Hotel_Dispositions_Details
Hotel Dispositions (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Hotels | Hotels | Hotels | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Income from discontinued operations | $5 | $6,123 | $140 | $6,973 | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 9,324 | -28,918 | -11,104 | -56,373 | ' |
Net Income (Loss) Attributable to Parent | 24,281 | -18,683 | 9,463 | -44,868 | ' |
Hotels Sold [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 4 | ' | 4 | ' | ' |
Assets Held-for-sale [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 2 | ' | 2 | ' | ' |
Hotel Sold or Hotel Held-for-sale [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 5 | ' | 5 | ' | ' |
Hotel Sold & Not in Held-for-sale [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 3 | ' | 3 | ' | ' |
Continuing Operations [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 816 | 652 | 226 | -370 | ' |
Net Income (Loss) Attributable to Parent | 784 | 621 | 173 | -413 | ' |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ' | ' | ' | ' | ' |
Number of hotels | 1 | ' | 1 | ' | 5 |
Hotel operating revenue | 0 | 12,858 | 730 | 24,612 | ' |
Operating expenses | 5 | -13,796 | -670 | -24,501 | ' |
Operating income (loss) from discontinued operations | 5 | -938 | 60 | 111 | ' |
Interest expense, net | 0 | -198 | -66 | -397 | ' |
Debt extinguishment | 0 | 0 | -245 | 0 | ' |
Gain on sale of property, net | 0 | 7,259 | 391 | 7,259 | ' |
Income from discontinued operations | $5 | $6,123 | $140 | $6,973 | ' |
Income_Loss_Per_ShareUnit_Deta
Income (Loss) Per Share/Unit (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income (loss) attributable to FelCor | $24,281,000 | ($18,683,000) | $9,463,000 | ($44,868,000) |
Discontinued operations attributable to FelCor | -5,000 | -6,021,000 | -139,000 | -6,852,000 |
Income (loss) from continuing operations attributable to FelCor | 24,276,000 | -24,704,000 | 9,324,000 | -51,720,000 |
Less: Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 |
Less: Dividends declared on unvested restricted stock | -2,000 | 0 | -3,000 | 0 |
Less: Undistributed earnings allocated to unvested restricted stock | -6,000 | 0 | 0 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | 14,590,000 | -34,382,000 | -10,035,000 | -71,076,000 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | 14,595,000 | -28,361,000 | -9,896,000 | -64,224,000 |
Denominator: | ' | ' | ' | ' |
Denominator for basic income (loss) per share | 124,169 | 123,814 | 124,158 | 123,814 |
Denominator for diluted income (loss) per share | 125,386 | 123,814 | 124,158 | 123,814 |
Basic and diluted income (loss) per share data: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.12 | ($0.28) | ($0.08) | ($0.57) |
Discontinued operations (in dollars per share) | $0 | $0.05 | $0 | $0.06 |
Net income (loss) (in dollars per share) | $0.12 | ($0.23) | ($0.08) | ($0.52) |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Numerator: | ' | ' | ' | ' |
Net income (loss) attributable to FelCor | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 |
Discontinued operations attributable to FelCor | -5,000 | -6,051,000 | -140,000 | -6,886,000 |
Income (loss) from continuing operations attributable to FelCor | 24,347,000 | -24,874,000 | 9,273,000 | -52,074,000 |
Less: Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 |
Less: Dividends declared on unvested restricted stock | -2,000 | 0 | -3,000 | 0 |
Less: Undistributed earnings allocated to unvested restricted stock | -6,000 | 0 | 0 | 0 |
Numerator for continuing operations attributable to FelCor common stockholders | 14,661,000 | -34,552,000 | -10,086,000 | -71,430,000 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | 14,666,000 | -28,501,000 | -9,946,000 | -64,544,000 |
Denominator: | ' | ' | ' | ' |
Denominator for basic income (loss) per share | 124,783 | 124,435 | 124,774 | 124,435 |
Denominator for diluted income (loss) per share | 126,000 | 124,435 | 124,774 | 124,435 |
Basic and diluted income (loss) per share data: | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.12 | ($0.28) | ($0.08) | ($0.57) |
Discontinued operations (in dollars per share) | $0 | $0.05 | $0 | $0.06 |
Net income (loss) (in dollars per share) | $0.12 | ($0.23) | ($0.08) | ($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 | $12,600,000 | $12,600,000 |
Antidilutive Securities [Member] | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' |
Series A Convertible Preferred Shares/Units | 9,985 | 9,985 | 9,985 | 9,985 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' |
Number of Vesting Increments | ' | ' | 3 | ' |
Vesting Period | ' | ' | '4 years | ' |
Number of Lodging REIT Peers | ' | ' | 10 | ' |
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | ' | ' | ' | ' |
Earnings Per Share/Unit [Line Items] | ' | ' | ' | ' |
Restricted Stock Units/Treasury Stock Method | 0 | 576 | 1,020 | 373 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 1,601,166,000 | 1,663,226,000 |
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 | $322,200,000 | $390,100,000 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||||
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 613,000 | 618,000 | ' | ' |
Redeemable units | $6,440 | $5,039 | $3,672 | $2,902 |
FelCor Lodging LP [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 612,707 | ' | ' | ' |
Redeemable units | 6,440 | 5,039 | ' | ' |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' | ' |
Redeemable units | $6,440 | ' | ' | ' |
Closing price of common stock | $10.51 | ' | ' | ' |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
FelCor Lodging LP [Member] | FelCor Lodging LP [Member] | Closing Price of FelCor's Common Stock [Member] | |||||
FelCor Lodging LP [Member] | |||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $5,039 | $2,902 | $6,440 | $5,039 | $6,440 |
Conversion of units | ' | ' | -44 | 0 | ' | ' | ' |
Redemption value allocation | ' | ' | 1,519 | 1,095 | ' | ' | ' |
Distribution Made to Limited Partner, Cash Distribution Declared | ' | ' | -24 | 0 | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' | ' | ' | ' | ' |
Foreign exchange translation | ' | ' | 0 | -5 | ' | ' | ' |
Net loss | 71 | -140 | -50 | -320 | ' | ' | ' |
Balance at end of period | $6,440 | $3,672 | $6,440 | $3,672 | $6,440 | $5,039 | $6,440 |
Consolidated_Joint_Venture_Pre1
Consolidated Joint Venture Preferred Equity/Capital (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Current Annual Return | 3.25% | ' |
Non-compounding Annual Return | 0.25% | ' |
Redemption Term | '5 years | ' |
Current Return Increase | 8.00% | ' |
Preferred capital in consolidated joint venture | $40,994,000 | $0 |
Knickerbocker [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | 45,000,000 | ' |
Sale of Preferred Equity Under the EB5 Immigrant Investor Program, Percent | 3.50% | ' |
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | 41,600,000 | ' |
Proceeds received to date from sale of preferred equity under the EB5 Immigrant Investor Program | 41,000,000 | ' |
Proceeds not yet received from Immigrant Investor Program | $3,400,000 | ' |
Ninety-five Percent Owned [Member] | Knickerbocker [Member] | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' |
Ownership percentage by parent | 95.00% | ' |
FelCor_LPs_Consolidating_Finan1
FelCor LP's Consolidating Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' |
Net investment in hotels | $1,552,172,000 | ' | $1,552,172,000 | ' | $1,653,267,000 | ' |
Hotel development | 261,181,000 | ' | 261,181,000 | ' | 216,747,000 | ' |
Investment in unconsolidated entities | 44,126,000 | ' | 44,126,000 | ' | 46,943,000 | ' |
Hotel held for sale | 33,148,000 | ' | 33,148,000 | ' | 16,319,000 | ' |
Cash and cash equivalents | 61,344,000 | 66,235,000 | 61,344,000 | 66,235,000 | ' | ' |
Restricted cash | 66,046,000 | ' | 66,046,000 | ' | 77,227,000 | ' |
Accounts receivable, net | 35,889,000 | ' | 35,889,000 | ' | 35,747,000 | ' |
Deferred expenses, net | 25,962,000 | ' | 25,962,000 | ' | 29,325,000 | ' |
Other assets | 26,796,000 | ' | 26,796,000 | ' | 23,060,000 | ' |
Total assets | 2,106,664,000 | ' | 2,106,664,000 | ' | 2,144,280,000 | ' |
Debt, net | 1,601,166,000 | ' | 1,601,166,000 | ' | 1,663,226,000 | ' |
Distributions payable | 11,228,000 | ' | 11,228,000 | ' | 11,047,000 | ' |
Accrued expenses and other liabilities | 149,799,000 | ' | 149,799,000 | ' | 150,738,000 | ' |
Total liabilities | 1,762,193,000 | ' | 1,762,193,000 | ' | 1,825,011,000 | ' |
Redeemable units | 6,440,000 | 3,672,000 | 6,440,000 | 3,672,000 | 5,039,000 | 2,902,000 |
Accumulated other comprehensive income | 24,892,000 | ' | 24,892,000 | ' | 24,937,000 | ' |
Preferred capital in consolidated joint venture | 40,994,000 | ' | 40,994,000 | ' | 0 | ' |
Total liabilities and equity | 2,106,664,000 | ' | 2,106,664,000 | ' | 2,144,280,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 258,279,000 | 238,806,000 | 479,301,000 | 447,344,000 | ' | ' |
Other revenue | 1,236,000 | 1,050,000 | 1,563,000 | 1,449,000 | ' | ' |
Total revenues | 259,515,000 | 239,856,000 | 480,864,000 | 448,793,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Taxes, insurance and lease expense | 26,992,000 | 24,853,000 | 50,625,000 | 47,017,000 | ' | ' |
Corporate expenses | 7,647,000 | 6,694,000 | 15,472,000 | 14,526,000 | ' | ' |
Depreciation and amortization | 29,082,000 | 29,898,000 | 58,683,000 | 59,653,000 | ' | ' |
Impairment loss | 0 | 24,441,000 | 0 | 24,441,000 | ' | ' |
Conversion expenses | 0 | 587,000 | 0 | 1,215,000 | ' | ' |
Other expenses | 2,114,000 | 3,915,000 | 4,128,000 | 4,736,000 | ' | ' |
Total operating expenses | 228,535,000 | 244,303,000 | 445,722,000 | 454,499,000 | ' | ' |
Operating income (loss) | 30,980,000 | -4,447,000 | 35,142,000 | -5,706,000 | ' | ' |
Interest expense, net | -24,495,000 | -26,376,000 | -49,722,000 | -52,661,000 | ' | ' |
Debt extinguishment | -27,000 | 0 | -33,000 | 0 | ' | ' |
Gain on sale of other assets, net | 100,000 | 0 | 100,000 | 0 | ' | ' |
Income (loss) before equity in income from unconsolidated entities | 6,558,000 | -30,823,000 | -14,513,000 | -58,367,000 | ' | ' |
Equity in income from unconsolidated entities | 2,766,000 | 1,905,000 | 3,409,000 | 1,994,000 | ' | ' |
Income (loss) from continuing operations | 9,324,000 | -28,918,000 | -11,104,000 | -56,373,000 | ' | ' |
Income from discontinued operations | 5,000 | 6,123,000 | 140,000 | 6,973,000 | ' | ' |
Loss before gain on sale of property | 9,329,000 | -22,795,000 | -10,964,000 | -49,400,000 | ' | ' |
Gain on sale of property, net | 15,626,000 | 0 | 21,083,000 | 0 | ' | ' |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -262,000 | 3,972,000 | -184,000 | 4,212,000 | ' | ' |
Preferred distributions - consolidated joint venture | -341,000 | 0 | -522,000 | 0 | ' | ' |
Net income (loss) attributable to reporting entity | 24,281,000 | -18,683,000 | 9,463,000 | -44,868,000 | ' | ' |
Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 | ' | ' |
Foreign currency translation adjustment | 575,000 | -567,000 | -45,000 | -924,000 | ' | ' |
Comprehensive income (loss) | 25,530,000 | -23,362,000 | 10,074,000 | -50,324,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -262,000 | 3,972,000 | -184,000 | 4,212,000 | ' | ' |
Comprehensive income (loss) attributable to FelCor | 24,853,000 | -19,247,000 | 9,418,000 | -45,787,000 | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | 54,121,000 | 29,271,000 | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | -48,032,000 | -47,023,000 | ' | ' |
Hotel development | ' | ' | -48,178,000 | -22,220,000 | ' | ' |
Net proceeds from asset dispositions | ' | ' | 93,608,000 | 20,479,000 | ' | ' |
Insurance proceeds | ' | ' | 255,000 | 0 | ' | ' |
Change in restricted cash - investing | ' | ' | 11,181,000 | 46,000 | ' | ' |
Contributions to unconsolidated entities | ' | ' | 0 | 1,500,000 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | 12,740,000 | -46,777,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 140,500,000 | 127,245,000 | ' | ' |
Repayment of borrowings | ' | ' | -205,904,000 | -68,535,000 | ' | ' |
Payment of deferred financing fees | ' | ' | -11,000 | -2,698,000 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | -7,054,000 | -446,000 | ' | ' |
Contributions from noncontrolling interests | ' | ' | 5,069,000 | 1,840,000 | ' | ' |
Distributions paid to common stockholders | ' | ' | -4,968,000 | 0 | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 40,994,000 | 0 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | -51,159,000 | 38,050,000 | ' | ' |
Effect of exchange rate changes on cash | ' | ' | -3,000 | -54,000 | ' | ' |
Change in cash and cash equivalents | ' | ' | 15,699,000 | 20,490,000 | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 45,645,000 | 45,745,000 | ' | ' |
Cash and cash equivalents at end of periods | 61,344,000 | 66,235,000 | 61,344,000 | 66,235,000 | ' | ' |
FelCor Lodging LP [Member] | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 44,166,000 | ' | 44,166,000 | ' | 48,971,000 | ' |
Hotel development | 0 | ' | 0 | ' | 0 | ' |
Equity investment in consolidated entities | 1,491,230,000 | ' | 1,491,230,000 | ' | 1,508,593,000 | ' |
Investment in unconsolidated entities | 31,479,000 | ' | 31,479,000 | ' | 34,090,000 | ' |
Hotel held for sale | 0 | ' | 0 | ' | 0 | ' |
Cash and cash equivalents | 12,816,000 | 14,172,000 | 12,816,000 | 14,172,000 | ' | ' |
Restricted cash | 0 | ' | 0 | ' | 0 | ' |
Accounts receivable, net | 336,000 | ' | 336,000 | ' | 516,000 | ' |
Deferred expenses, net | 18,783,000 | ' | 18,783,000 | ' | 20,540,000 | ' |
Other assets | 7,650,000 | ' | 7,650,000 | ' | 6,248,000 | ' |
Total assets | 1,606,460,000 | ' | 1,606,460,000 | ' | 1,624,185,000 | ' |
Debt, net | 1,282,289,000 | ' | 1,282,289,000 | ' | 1,279,190,000 | ' |
Distributions payable | 11,116,000 | ' | 11,116,000 | ' | 11,047,000 | ' |
Accrued expenses and other liabilities | 31,078,000 | ' | 31,078,000 | ' | 37,980,000 | ' |
Total liabilities | 1,324,483,000 | ' | 1,324,483,000 | ' | 1,328,217,000 | ' |
Redeemable units | 6,440,000 | ' | 6,440,000 | ' | 5,039,000 | ' |
Preferred units | 478,766,000 | ' | 478,766,000 | ' | 478,774,000 | ' |
Common units | -228,227,000 | ' | -228,227,000 | ' | -212,888,000 | ' |
Accumulated other comprehensive income | 24,998,000 | ' | 24,998,000 | ' | 25,043,000 | ' |
Total FelCor LP partners' capital | 275,537,000 | ' | 275,537,000 | ' | 290,929,000 | ' |
Noncontrolling interests | 0 | ' | 0 | ' | 0 | ' |
Preferred capital in consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Total partnersb capital | 275,537,000 | ' | 275,537,000 | ' | 290,929,000 | ' |
Total liabilities and equity | 1,606,460,000 | ' | 1,606,460,000 | ' | 1,624,185,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | 0 | 0 | 0 | ' | ' |
Percentage lease revenue | 1,910,000 | 1,615,000 | 3,309,000 | 2,877,000 | ' | ' |
Other revenue | 1,000 | 2,000 | 2,000 | 5,000 | ' | ' |
Total revenues | 1,911,000 | 1,617,000 | 3,311,000 | 2,882,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | 0 | 0 | 0 | ' | ' |
Taxes, insurance and lease expense | 450,000 | 386,000 | 870,000 | 690,000 | ' | ' |
Corporate expenses | 149,000 | 272,000 | 272,000 | 380,000 | ' | ' |
Depreciation and amortization | 992,000 | 1,185,000 | 1,984,000 | 2,435,000 | ' | ' |
Impairment loss | ' | 14,294,000 | ' | 14,294,000 | ' | ' |
Conversion expenses | ' | 4,000 | ' | 24,000 | ' | ' |
Other expenses | 0 | 2,754,000 | 35,000 | 2,777,000 | ' | ' |
Total operating expenses | 1,591,000 | 18,895,000 | 3,161,000 | 20,600,000 | ' | ' |
Operating income (loss) | 320,000 | -17,278,000 | 150,000 | -17,718,000 | ' | ' |
Interest expense, net | -20,300,000 | -21,380,000 | -40,784,000 | -42,985,000 | ' | ' |
Debt extinguishment | 0 | ' | 0 | ' | ' | ' |
Gain on sale of other assets, net | 0 | ' | 0 | ' | ' | ' |
Income (loss) before equity in income from unconsolidated entities | -19,980,000 | -38,658,000 | -40,634,000 | -60,703,000 | ' | ' |
Equity in income from consolidated entities | 42,238,000 | 21,183,000 | 47,381,000 | 16,558,000 | ' | ' |
Equity in income from unconsolidated entities | 2,315,000 | 1,547,000 | 3,115,000 | 1,852,000 | ' | ' |
Income (loss) from continuing operations | 24,573,000 | -15,928,000 | 9,862,000 | -42,293,000 | ' | ' |
Income from discontinued operations | 0 | -2,895,000 | 0 | -2,895,000 | ' | ' |
Loss before gain on sale of property | 24,573,000 | ' | 9,862,000 | ' | ' | ' |
Gain on sale of property, net | -221,000 | ' | -449,000 | ' | ' | ' |
Net income (loss) | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | ' |
Preferred distributions - consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 | ' | ' |
Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 14,674,000 | -28,501,000 | -9,943,000 | -64,544,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 | ' | ' |
Foreign currency translation adjustment | 575,000 | -567,000 | -45,000 | -924,000 | ' | ' |
Comprehensive income (loss) | 24,927,000 | -19,390,000 | 9,368,000 | -46,112,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | ' |
Comprehensive income (loss) attributable to FelCor | 24,927,000 | -19,390,000 | 9,368,000 | -46,112,000 | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | -38,098,000 | -30,682,000 | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | -685,000 | 2,689,000 | ' | ' |
Hotel development | ' | ' | 0 | 0 | ' | ' |
Net proceeds from asset dispositions | ' | ' | -419,000 | -5,000 | ' | ' |
Insurance proceeds | ' | ' | 0 | ' | ' | ' |
Change in restricted cash - investing | ' | ' | 0 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | 3,406,000 | 3,066,000 | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | 0 | ' | ' |
Intercompany financing | ' | ' | 67,733,000 | 52,477,000 | ' | ' |
Other | ' | ' | ' | 0 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | 70,035,000 | 58,227,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 0 | 0 | ' | ' |
Repayment of borrowings | ' | ' | 0 | 0 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | 0 | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | 0 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | -19,356,000 | -19,356,000 | ' | ' |
Distributions paid to common stockholders | ' | ' | -4,968,000 | ' | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 0 | ' | ' | ' |
Intercompany financing | ' | ' | 0 | 0 | ' | ' |
Other | ' | ' | -24,000 | -2,329,000 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | -24,348,000 | -21,685,000 | ' | ' |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 | ' | ' |
Change in cash and cash equivalents | ' | ' | 7,589,000 | 5,860,000 | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 5,227,000 | 8,312,000 | ' | ' |
Cash and cash equivalents at end of periods | 12,816,000 | 14,172,000 | 12,816,000 | 14,172,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 1,040,284,000 | ' | 1,040,284,000 | ' | 1,053,724,000 | ' |
Hotel development | 0 | ' | 0 | ' | 0 | ' |
Equity investment in consolidated entities | 0 | ' | 0 | ' | 0 | ' |
Investment in unconsolidated entities | 11,314,000 | ' | 11,314,000 | ' | 11,497,000 | ' |
Hotel held for sale | 13,974,000 | ' | 13,974,000 | ' | 0 | ' |
Cash and cash equivalents | 45,033,000 | 42,353,000 | 45,033,000 | 42,353,000 | ' | ' |
Restricted cash | 10,160,000 | ' | 10,160,000 | ' | 9,051,000 | ' |
Accounts receivable, net | 34,921,000 | ' | 34,921,000 | ' | 34,366,000 | ' |
Deferred expenses, net | 0 | ' | 0 | ' | 0 | ' |
Other assets | 11,996,000 | ' | 11,996,000 | ' | 10,767,000 | ' |
Total assets | 1,167,682,000 | ' | 1,167,682,000 | ' | 1,152,688,000 | ' |
Debt, net | 11,915,000 | ' | 11,915,000 | ' | 11,953,000 | ' |
Distributions payable | 0 | ' | 0 | ' | 0 | ' |
Accrued expenses and other liabilities | 104,033,000 | ' | 104,033,000 | ' | 96,494,000 | ' |
Total liabilities | 115,948,000 | ' | 115,948,000 | ' | 108,447,000 | ' |
Redeemable units | 0 | ' | 0 | ' | 0 | ' |
Preferred units | 0 | ' | 0 | ' | 0 | ' |
Common units | 1,047,455,000 | ' | 1,047,455,000 | ' | 1,039,903,000 | ' |
Accumulated other comprehensive income | 4,551,000 | ' | 4,551,000 | ' | 4,569,000 | ' |
Total FelCor LP partners' capital | 1,052,006,000 | ' | 1,052,006,000 | ' | 1,044,472,000 | ' |
Noncontrolling interests | -272,000 | ' | -272,000 | ' | -231,000 | ' |
Preferred capital in consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Total partnersb capital | 1,051,734,000 | ' | 1,051,734,000 | ' | 1,044,241,000 | ' |
Total liabilities and equity | 1,167,682,000 | ' | 1,167,682,000 | ' | 1,152,688,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 258,279,000 | 238,806,000 | 479,301,000 | 447,344,000 | ' | ' |
Percentage lease revenue | 0 | 0 | 0 | 0 | ' | ' |
Other revenue | 1,082,000 | 918,000 | 1,348,000 | 1,251,000 | ' | ' |
Total revenues | 259,361,000 | 239,724,000 | 480,649,000 | 448,595,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 162,700,000 | 153,915,000 | 316,814,000 | 302,911,000 | ' | ' |
Taxes, insurance and lease expense | 49,544,000 | 44,436,000 | 96,372,000 | 87,427,000 | ' | ' |
Corporate expenses | 5,263,000 | 4,811,000 | 10,333,000 | 10,355,000 | ' | ' |
Depreciation and amortization | 18,004,000 | 17,879,000 | 35,770,000 | 35,475,000 | ' | ' |
Impairment loss | ' | 0 | ' | 0 | ' | ' |
Conversion expenses | ' | 292,000 | ' | 682,000 | ' | ' |
Other expenses | 789,000 | 842,000 | 1,629,000 | 1,359,000 | ' | ' |
Total operating expenses | 236,300,000 | 222,175,000 | 460,918,000 | 438,209,000 | ' | ' |
Operating income (loss) | 23,061,000 | 17,549,000 | 19,731,000 | 10,386,000 | ' | ' |
Interest expense, net | -306,000 | -319,000 | -634,000 | -622,000 | ' | ' |
Debt extinguishment | 0 | ' | 0 | ' | ' | ' |
Gain on sale of other assets, net | 100,000 | ' | 100,000 | ' | ' | ' |
Income (loss) before equity in income from unconsolidated entities | 22,855,000 | 17,230,000 | 19,197,000 | 9,764,000 | ' | ' |
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ' | ' |
Equity in income from unconsolidated entities | 462,000 | 369,000 | 317,000 | 165,000 | ' | ' |
Income (loss) from continuing operations | 23,317,000 | 17,599,000 | 19,514,000 | 9,929,000 | ' | ' |
Income from discontinued operations | 5,000 | -119,000 | 34,000 | -535,000 | ' | ' |
Loss before gain on sale of property | 23,322,000 | ' | 19,548,000 | ' | ' | ' |
Gain on sale of property, net | -15,000 | ' | -28,000 | ' | ' | ' |
Net income (loss) | 23,307,000 | 17,480,000 | 19,520,000 | 9,394,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -113,000 | -16,000 | 21,000 | 240,000 | ' | ' |
Preferred distributions - consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 23,194,000 | 17,464,000 | 19,541,000 | 9,634,000 | ' | ' |
Preferred dividends | 0 | 0 | 0 | 0 | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 23,194,000 | 17,464,000 | 19,541,000 | 9,634,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | 23,307,000 | 17,480,000 | 19,520,000 | 9,394,000 | ' | ' |
Foreign currency translation adjustment | 65,000 | -111,000 | -18,000 | -207,000 | ' | ' |
Comprehensive income (loss) | 23,372,000 | 17,369,000 | 19,502,000 | 9,187,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -113,000 | -16,000 | 21,000 | 240,000 | ' | ' |
Comprehensive income (loss) attributable to FelCor | 23,259,000 | 17,353,000 | 19,523,000 | 9,427,000 | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | 62,307,000 | 40,893,000 | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | -36,397,000 | -30,529,000 | ' | ' |
Hotel development | ' | ' | 0 | 0 | ' | ' |
Net proceeds from asset dispositions | ' | ' | -73,000 | -1,252,000 | ' | ' |
Insurance proceeds | ' | ' | 255,000 | ' | ' | ' |
Change in restricted cash - investing | ' | ' | -1,533,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | 500,000 | 375,000 | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | 1,500,000 | ' | ' |
Intercompany financing | ' | ' | 0 | 0 | ' | ' |
Other | ' | ' | ' | 1,824,000 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | -37,248,000 | -31,082,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 0 | 0 | ' | ' |
Repayment of borrowings | ' | ' | 0 | 0 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | -626,000 | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | 605,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | 0 | 0 | ' | ' |
Distributions paid to common stockholders | ' | ' | 0 | ' | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 0 | ' | ' | ' |
Intercompany financing | ' | ' | -13,285,000 | 1,799,000 | ' | ' |
Other | ' | ' | 0 | 372,000 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | -13,306,000 | 2,171,000 | ' | ' |
Effect of exchange rate changes on cash | ' | ' | -3,000 | -54,000 | ' | ' |
Change in cash and cash equivalents | ' | ' | 11,750,000 | 11,928,000 | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 33,283,000 | 30,425,000 | ' | ' |
Cash and cash equivalents at end of periods | 45,033,000 | 42,353,000 | 45,033,000 | 42,353,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 467,722,000 | ' | 467,722,000 | ' | 550,572,000 | ' |
Hotel development | 261,181,000 | ' | 261,181,000 | ' | 216,747,000 | ' |
Equity investment in consolidated entities | 0 | ' | 0 | ' | 0 | ' |
Investment in unconsolidated entities | 1,333,000 | ' | 1,333,000 | ' | 1,356,000 | ' |
Hotel held for sale | 19,174,000 | ' | 19,174,000 | ' | 16,319,000 | ' |
Cash and cash equivalents | 3,495,000 | 9,710,000 | 3,495,000 | 9,710,000 | ' | ' |
Restricted cash | 55,886,000 | ' | 55,886,000 | ' | 68,176,000 | ' |
Accounts receivable, net | 632,000 | ' | 632,000 | ' | 865,000 | ' |
Deferred expenses, net | 7,179,000 | ' | 7,179,000 | ' | 8,785,000 | ' |
Other assets | 19,065,000 | ' | 19,065,000 | ' | 17,998,000 | ' |
Total assets | 835,667,000 | ' | 835,667,000 | ' | 887,953,000 | ' |
Debt, net | 360,075,000 | ' | 360,075,000 | ' | 464,036,000 | ' |
Distributions payable | 112,000 | ' | 112,000 | ' | 0 | ' |
Accrued expenses and other liabilities | 14,688,000 | ' | 14,688,000 | ' | 16,264,000 | ' |
Total liabilities | 374,875,000 | ' | 374,875,000 | ' | 480,300,000 | ' |
Redeemable units | 0 | ' | 0 | ' | 0 | ' |
Preferred units | 0 | ' | 0 | ' | 0 | ' |
Common units | 377,579,000 | ' | 377,579,000 | ' | 363,647,000 | ' |
Accumulated other comprehensive income | 20,447,000 | ' | 20,447,000 | ' | 20,474,000 | ' |
Total FelCor LP partners' capital | 398,026,000 | ' | 398,026,000 | ' | 384,121,000 | ' |
Noncontrolling interests | 21,772,000 | ' | 21,772,000 | ' | 23,532,000 | ' |
Preferred capital in consolidated joint venture | 40,994,000 | ' | 40,994,000 | ' | ' | ' |
Total partnersb capital | 460,792,000 | ' | 460,792,000 | ' | 407,653,000 | ' |
Total liabilities and equity | 835,667,000 | ' | 835,667,000 | ' | 887,953,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | 0 | 0 | 0 | ' | ' |
Percentage lease revenue | 24,401,000 | 21,788,000 | 50,010,000 | 44,931,000 | ' | ' |
Other revenue | 153,000 | 130,000 | 213,000 | 193,000 | ' | ' |
Total revenues | 24,554,000 | 21,918,000 | 50,223,000 | 45,124,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | 0 | 0 | 0 | ' | ' |
Taxes, insurance and lease expense | 3,309,000 | 3,434,000 | 6,702,000 | 6,708,000 | ' | ' |
Corporate expenses | 2,235,000 | 1,611,000 | 4,867,000 | 3,791,000 | ' | ' |
Depreciation and amortization | 10,086,000 | 10,834,000 | 20,929,000 | 21,743,000 | ' | ' |
Impairment loss | ' | 10,147,000 | ' | 10,147,000 | ' | ' |
Conversion expenses | ' | 291,000 | ' | 509,000 | ' | ' |
Other expenses | 1,325,000 | 319,000 | 2,464,000 | 600,000 | ' | ' |
Total operating expenses | 16,955,000 | 26,636,000 | 34,962,000 | 43,498,000 | ' | ' |
Operating income (loss) | 7,599,000 | -4,718,000 | 15,261,000 | 1,626,000 | ' | ' |
Interest expense, net | -3,889,000 | -4,677,000 | -8,304,000 | -9,054,000 | ' | ' |
Debt extinguishment | -27,000 | ' | -33,000 | ' | ' | ' |
Gain on sale of other assets, net | 0 | ' | 0 | ' | ' | ' |
Income (loss) before equity in income from unconsolidated entities | 3,683,000 | -9,395,000 | 6,924,000 | -7,428,000 | ' | ' |
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ' | ' |
Equity in income from unconsolidated entities | -11,000 | -11,000 | -23,000 | -23,000 | ' | ' |
Income (loss) from continuing operations | 3,672,000 | -9,406,000 | 6,901,000 | -7,451,000 | ' | ' |
Income from discontinued operations | 0 | 9,137,000 | 106,000 | 10,403,000 | ' | ' |
Loss before gain on sale of property | 3,672,000 | ' | 7,007,000 | ' | ' | ' |
Gain on sale of property, net | 15,862,000 | ' | 21,560,000 | ' | ' | ' |
Net income (loss) | 19,534,000 | -269,000 | 28,567,000 | 2,952,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -149,000 | 3,988,000 | -205,000 | 3,972,000 | ' | ' |
Preferred distributions - consolidated joint venture | -341,000 | ' | -522,000 | ' | ' | ' |
Net income (loss) attributable to reporting entity | 19,044,000 | 3,719,000 | 27,840,000 | 6,924,000 | ' | ' |
Preferred dividends | 0 | 0 | 0 | 0 | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 19,044,000 | 3,719,000 | 27,840,000 | 6,924,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | 19,534,000 | -269,000 | 28,567,000 | 2,952,000 | ' | ' |
Foreign currency translation adjustment | 510,000 | -456,000 | -27,000 | -717,000 | ' | ' |
Comprehensive income (loss) | 20,044,000 | -725,000 | 28,540,000 | 2,235,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -149,000 | 3,988,000 | -205,000 | 3,972,000 | ' | ' |
Comprehensive income (loss) attributable to FelCor | 19,554,000 | 3,263,000 | 27,813,000 | 6,207,000 | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | 29,912,000 | 19,060,000 | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | -10,950,000 | -19,183,000 | ' | ' |
Hotel development | ' | ' | -48,178,000 | -22,220,000 | ' | ' |
Net proceeds from asset dispositions | ' | ' | 94,100,000 | 21,736,000 | ' | ' |
Insurance proceeds | ' | ' | 0 | ' | ' | ' |
Change in restricted cash - investing | ' | ' | 12,714,000 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | 0 | 0 | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | 0 | ' | ' |
Intercompany financing | ' | ' | 0 | 0 | ' | ' |
Other | ' | ' | ' | -1,778,000 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | 47,686,000 | -21,445,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 140,500,000 | 127,245,000 | ' | ' |
Repayment of borrowings | ' | ' | -205,904,000 | -68,535,000 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | -6,428,000 | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | 4,464,000 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | 0 | 0 | ' | ' |
Distributions paid to common stockholders | ' | ' | 0 | ' | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 40,994,000 | ' | ' | ' |
Intercompany financing | ' | ' | -54,448,000 | -54,276,000 | ' | ' |
Other | ' | ' | -416,000 | 653,000 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | -81,238,000 | 5,087,000 | ' | ' |
Effect of exchange rate changes on cash | ' | ' | 0 | 0 | ' | ' |
Change in cash and cash equivalents | ' | ' | -3,640,000 | 2,702,000 | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 7,135,000 | 7,008,000 | ' | ' |
Cash and cash equivalents at end of periods | 3,495,000 | 9,710,000 | 3,495,000 | 9,710,000 | ' | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' | ' |
CONDENSED CONSOLIDATING BALANCE SHEET | ' | ' | ' | ' | ' | ' |
Net investment in hotels | 0 | ' | 0 | ' | 0 | ' |
Hotel development | 0 | ' | 0 | ' | 0 | ' |
Equity investment in consolidated entities | -1,491,230,000 | ' | -1,491,230,000 | ' | -1,508,593,000 | ' |
Investment in unconsolidated entities | 0 | ' | 0 | ' | 0 | ' |
Hotel held for sale | 0 | ' | 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 | -11,915,000 | ' | -11,915,000 | ' | -11,953,000 | ' |
Total assets | -1,503,145,000 | ' | -1,503,145,000 | ' | -1,520,546,000 | ' |
Debt, net | -53,113,000 | ' | -53,113,000 | ' | -91,953,000 | ' |
Distributions payable | 0 | ' | 0 | ' | 0 | ' |
Accrued expenses and other liabilities | 0 | ' | 0 | ' | 0 | ' |
Total liabilities | -53,113,000 | ' | -53,113,000 | ' | -91,953,000 | ' |
Redeemable units | 0 | ' | 0 | ' | 0 | ' |
Preferred units | 0 | ' | 0 | ' | 0 | ' |
Common units | -1,425,034,000 | ' | -1,425,034,000 | ' | -1,403,550,000 | ' |
Accumulated other comprehensive income | -24,998,000 | ' | -24,998,000 | ' | -25,043,000 | ' |
Total FelCor LP partners' capital | -1,450,032,000 | ' | -1,450,032,000 | ' | -1,428,593,000 | ' |
Noncontrolling interests | 0 | ' | 0 | ' | 0 | ' |
Preferred capital in consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Total partnersb capital | -1,450,032,000 | ' | -1,450,032,000 | ' | -1,428,593,000 | ' |
Total liabilities and equity | -1,503,145,000 | ' | -1,503,145,000 | ' | -1,520,546,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 0 | 0 | 0 | 0 | ' | ' |
Percentage lease revenue | -26,311,000 | -23,403,000 | -53,319,000 | -47,808,000 | ' | ' |
Other revenue | 0 | 0 | 0 | 0 | ' | ' |
Total revenues | -26,311,000 | -23,403,000 | -53,319,000 | -47,808,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 0 | 0 | 0 | 0 | ' | ' |
Taxes, insurance and lease expense | -26,311,000 | -23,403,000 | -53,319,000 | -47,808,000 | ' | ' |
Corporate expenses | 0 | 0 | 0 | 0 | ' | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' | ' |
Impairment loss | ' | 0 | ' | 0 | ' | ' |
Conversion expenses | ' | 0 | ' | 0 | ' | ' |
Other expenses | 0 | 0 | 0 | 0 | ' | ' |
Total operating expenses | -26,311,000 | -23,403,000 | -53,319,000 | -47,808,000 | ' | ' |
Operating income (loss) | 0 | 0 | 0 | 0 | ' | ' |
Interest expense, net | 0 | 0 | 0 | 0 | ' | ' |
Debt extinguishment | 0 | ' | 0 | ' | ' | ' |
Gain on sale of other assets, net | 0 | ' | 0 | ' | ' | ' |
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ' | ' |
Equity in income from consolidated entities | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
Equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | ' | ' |
Income (loss) from continuing operations | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
Income from discontinued operations | 0 | 0 | 0 | 0 | ' | ' |
Loss before gain on sale of property | -42,238,000 | ' | -47,381,000 | ' | ' | ' |
Gain on sale of property, net | 0 | ' | 0 | ' | ' | ' |
Net income (loss) | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | ' |
Preferred distributions - consolidated joint venture | 0 | ' | 0 | ' | ' | ' |
Net income (loss) attributable to reporting entity | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
Preferred dividends | 0 | 0 | 0 | 0 | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | -42,238,000 | -21,183,000 | -47,381,000 | -16,558,000 | ' | ' |
Foreign currency translation adjustment | -575,000 | 567,000 | 45,000 | 924,000 | ' | ' |
Comprehensive income (loss) | -42,813,000 | -20,616,000 | -47,336,000 | -15,634,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | ' | ' |
Comprehensive income (loss) attributable to FelCor | -42,813,000 | -20,616,000 | -47,336,000 | -15,634,000 | ' | ' |
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 | 0 | ' | ' |
Insurance proceeds | ' | ' | 0 | ' | ' | ' |
Change in restricted cash - investing | ' | ' | 0 | ' | ' | ' |
Distributions from unconsolidated entities | ' | ' | 0 | 0 | ' | ' |
Contributions to unconsolidated entities | ' | ' | ' | 0 | ' | ' |
Intercompany financing | ' | ' | -67,733,000 | -52,477,000 | ' | ' |
Other | ' | ' | ' | 0 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | -67,733,000 | -52,477,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 0 | 0 | ' | ' |
Repayment of borrowings | ' | ' | 0 | 0 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | 0 | ' | ' | ' |
Contributions from noncontrolling interests | ' | ' | 0 | ' | ' | ' |
Distributions paid to preferred unitholders | ' | ' | 0 | 0 | ' | ' |
Distributions paid to common stockholders | ' | ' | 0 | ' | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 0 | ' | ' | ' |
Intercompany financing | ' | ' | 67,733,000 | 52,477,000 | ' | ' |
Other | ' | ' | 0 | 0 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | 67,733,000 | 52,477,000 | ' | ' |
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 | ' | ' |
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 | 1,552,172,000 | ' | 1,552,172,000 | ' | 1,653,267,000 | ' |
Hotel development | 261,181,000 | ' | 261,181,000 | ' | 216,747,000 | ' |
Equity investment in consolidated entities | 0 | ' | 0 | ' | 0 | ' |
Investment in unconsolidated entities | 44,126,000 | ' | 44,126,000 | ' | 46,943,000 | ' |
Hotel held for sale | 33,148,000 | ' | 33,148,000 | ' | 16,319,000 | ' |
Cash and cash equivalents | 61,344,000 | 66,235,000 | 61,344,000 | 66,235,000 | ' | ' |
Restricted cash | 66,046,000 | ' | 66,046,000 | ' | 77,227,000 | ' |
Accounts receivable, net | 35,889,000 | ' | 35,889,000 | ' | 35,747,000 | ' |
Deferred expenses, net | 25,962,000 | ' | 25,962,000 | ' | 29,325,000 | ' |
Other assets | 26,796,000 | ' | 26,796,000 | ' | 23,060,000 | ' |
Total assets | 2,106,664,000 | ' | 2,106,664,000 | ' | 2,144,280,000 | ' |
Debt, net | 1,601,166,000 | ' | 1,601,166,000 | ' | 1,663,226,000 | ' |
Distributions payable | 11,228,000 | ' | 11,228,000 | ' | 11,047,000 | ' |
Accrued expenses and other liabilities | 149,799,000 | ' | 149,799,000 | ' | 150,738,000 | ' |
Total liabilities | 1,762,193,000 | ' | 1,762,193,000 | ' | 1,825,011,000 | ' |
Redeemable units | 6,440,000 | ' | 6,440,000 | ' | 5,039,000 | ' |
Preferred units | 478,766,000 | ' | 478,766,000 | ' | 478,774,000 | ' |
Common units | -228,227,000 | ' | -228,227,000 | ' | -212,888,000 | ' |
Accumulated other comprehensive income | 24,998,000 | ' | 24,998,000 | ' | 25,043,000 | ' |
Total FelCor LP partners' capital | 275,537,000 | ' | 275,537,000 | ' | 290,929,000 | ' |
Noncontrolling interests | 21,500,000 | ' | 21,500,000 | ' | 23,301,000 | ' |
Preferred capital in consolidated joint venture | 40,994,000 | ' | 40,994,000 | ' | ' | ' |
Total partnersb capital | 338,031,000 | 355,136,000 | 338,031,000 | 355,136,000 | 314,230,000 | 422,019,000 |
Total liabilities and equity | 2,106,664,000 | ' | 2,106,664,000 | ' | 2,144,280,000 | ' |
Revenues: | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | 258,279,000 | 238,806,000 | 479,301,000 | 447,344,000 | ' | ' |
Percentage lease revenue | 0 | 0 | 0 | 0 | ' | ' |
Other revenue | 1,236,000 | 1,050,000 | 1,563,000 | 1,449,000 | ' | ' |
Total revenues | 259,515,000 | 239,856,000 | 480,864,000 | 448,793,000 | ' | ' |
Expenses: | ' | ' | ' | ' | ' | ' |
Hotel operating expenses | 162,700,000 | 153,915,000 | 316,814,000 | 302,911,000 | ' | ' |
Taxes, insurance and lease expense | 26,992,000 | 24,853,000 | 50,625,000 | 47,017,000 | ' | ' |
Corporate expenses | 7,647,000 | 6,694,000 | 15,472,000 | 14,526,000 | ' | ' |
Depreciation and amortization | 29,082,000 | 29,898,000 | 58,683,000 | 59,653,000 | ' | ' |
Impairment loss | 0 | 24,441,000 | 0 | 24,441,000 | ' | ' |
Conversion expenses | 0 | 587,000 | 0 | 1,215,000 | ' | ' |
Other expenses | 2,114,000 | 3,915,000 | 4,128,000 | 4,736,000 | ' | ' |
Total operating expenses | 228,535,000 | 244,303,000 | 445,722,000 | 454,499,000 | ' | ' |
Operating income (loss) | 30,980,000 | -4,447,000 | 35,142,000 | -5,706,000 | ' | ' |
Interest expense, net | -24,495,000 | -26,376,000 | -49,722,000 | -52,661,000 | ' | ' |
Debt extinguishment | -27,000 | 0 | -33,000 | 0 | ' | ' |
Gain on sale of other assets, net | 100,000 | 0 | 100,000 | 0 | ' | ' |
Income (loss) before equity in income from unconsolidated entities | 6,558,000 | -30,823,000 | -14,513,000 | -58,367,000 | ' | ' |
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | ' | ' |
Equity in income from unconsolidated entities | 2,766,000 | 1,905,000 | 3,409,000 | 1,994,000 | ' | ' |
Income (loss) from continuing operations | 9,324,000 | -28,918,000 | -11,104,000 | -56,373,000 | ' | ' |
Income from discontinued operations | 5,000 | 6,123,000 | 140,000 | 6,973,000 | ' | ' |
Loss before gain on sale of property | 9,329,000 | -22,795,000 | -10,964,000 | -49,400,000 | ' | ' |
Gain on sale of property, net | 15,626,000 | 0 | 21,083,000 | 0 | ' | ' |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -262,000 | 3,972,000 | -184,000 | 4,212,000 | ' | ' |
Preferred distributions - consolidated joint venture | -341,000 | 0 | -522,000 | 0 | ' | ' |
Net income (loss) attributable to reporting entity | 24,352,000 | -18,823,000 | 9,413,000 | -45,188,000 | ' | ' |
Preferred dividends | -9,678,000 | -9,678,000 | -19,356,000 | -19,356,000 | ' | ' |
Net income (loss) attributable to FelCor LP common unitholders | 14,674,000 | -28,501,000 | -9,943,000 | -64,544,000 | ' | ' |
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' |
Net income (loss) | 24,955,000 | -22,795,000 | 10,119,000 | -49,400,000 | ' | ' |
Foreign currency translation adjustment | 575,000 | -567,000 | -45,000 | -924,000 | ' | ' |
Comprehensive income (loss) | 25,530,000 | -23,362,000 | 10,074,000 | -50,324,000 | ' | ' |
Comprehensive loss attributable to noncontrolling interests | -262,000 | 3,972,000 | -184,000 | 4,212,000 | ' | ' |
Comprehensive income (loss) attributable to FelCor | 24,927,000 | -19,390,000 | 9,368,000 | -46,112,000 | ' | ' |
Operating activities: | ' | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | 54,121,000 | 29,271,000 | ' | ' |
Investing activities: | ' | ' | ' | ' | ' | ' |
Improvements and additions to hotels | ' | ' | -48,032,000 | -47,023,000 | ' | ' |
Hotel development | ' | ' | -48,178,000 | -22,220,000 | ' | ' |
Net proceeds from asset dispositions | ' | ' | 93,608,000 | 20,479,000 | ' | ' |
Insurance proceeds | ' | ' | 255,000 | 0 | ' | ' |
Change in restricted cash - investing | ' | ' | 11,181,000 | 46,000 | ' | ' |
Distributions from unconsolidated entities | ' | ' | 3,906,000 | 3,441,000 | ' | ' |
Contributions to unconsolidated entities | ' | ' | 0 | 1,500,000 | ' | ' |
Intercompany financing | ' | ' | ' | 0 | ' | ' |
Other | ' | ' | ' | 46,000 | ' | ' |
Net cash flow provided by (used in) investing activities | ' | ' | 12,740,000 | -46,777,000 | ' | ' |
Financing activities: | ' | ' | ' | ' | ' | ' |
Proceeds from borrowings | ' | ' | 140,500,000 | 127,245,000 | ' | ' |
Repayment of borrowings | ' | ' | -205,904,000 | -68,535,000 | ' | ' |
Payment of deferred financing fees | ' | ' | -11,000 | -2,698,000 | ' | ' |
Distributions paid to noncontrolling interests | ' | ' | -7,054,000 | -446,000 | ' | ' |
Contributions from noncontrolling interests | ' | ' | 5,069,000 | 1,840,000 | ' | ' |
Distributions paid to preferred unitholders | ' | ' | -19,356,000 | -19,356,000 | ' | ' |
Distributions paid to common stockholders | ' | ' | -4,968,000 | 0 | ' | ' |
Net proceeds from issuance of preferred capital - consolidated joint venture | ' | ' | 40,994,000 | 0 | ' | ' |
Intercompany financing | ' | ' | 0 | 0 | ' | ' |
Other | ' | ' | -440,000 | -1,304,000 | ' | ' |
Net cash flow provided by (used in) financing activities | ' | ' | -51,159,000 | 38,050,000 | ' | ' |
Effect of exchange rate changes on cash | ' | ' | -3,000 | -54,000 | ' | ' |
Change in cash and cash equivalents | ' | ' | 15,699,000 | 20,490,000 | ' | ' |
Cash and cash equivalents at beginning of periods | ' | ' | 45,645,000 | 45,745,000 | ' | ' |
Cash and cash equivalents at end of periods | $61,344,000 | $66,235,000 | $61,344,000 | $66,235,000 | ' | ' |