Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 20, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FCH | ||
Entity Registrant Name | FelCor Lodging Trust Incorporated | ||
Entity Central Index Key | 923603 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 124,872,546 | ||
Entity Public Float | $1,265,323,336 | ||
FelCor Lodging LP [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Registrant Name | FelCor Lodging LP | ||
Entity Central Index Key | 1048789 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $850,687 and $929,801 at December 31, 2014 and 2013, respectively | $1,599,791,000 | $1,653,267,000 |
Hotel development | 297,466,000 | 216,747,000 |
Investment in unconsolidated entities | 15,095,000 | 46,943,000 |
Hotels held for sale | 47,145,000 | 16,319,000 |
Cash and cash equivalents | 47,147,000 | 45,645,000 |
Restricted cash | 20,496,000 | 77,227,000 |
Accounts receivable, net of allowance for doubtful accounts of $241 and $262 at December 31, 2014 and 2013, respectively | 27,805,000 | 35,747,000 |
Deferred expenses, net of accumulated amortization of $17,111 and $20,362 at December 31, 2014 and 2013, respectively | 25,827,000 | 29,325,000 |
Other assets | 23,886,000 | 23,060,000 |
Total assets | 2,104,658,000 | 2,144,280,000 |
Liabilities and Equity | ||
Debt, net of discount of $4,714 at December 31, 2013 | 1,585,867,000 | 1,663,226,000 |
Distributions payable | 13,827,000 | 11,047,000 |
Accrued expenses and other liabilities | 135,481,000 | 150,738,000 |
Total liabilities | 1,735,175,000 | 1,825,011,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 and 618 units issued and outstanding at December 31, 2014 and 2013, respectively | 6,616,000 | 5,039,000 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 124,605 and 124,051 shares issued and outstanding at December 31, 2014 and 2013, respectively | 1,246,000 | 1,240,000 |
Additional paid-in capital | 2,353,666,000 | 2,354,328,000 |
Accumulated other comprehensive income | 0 | 24,937,000 |
Accumulated deficit | -2,530,671,000 | -2,568,350,000 |
Total FelCor stockholders’ equity | 302,990,000 | 290,929,000 |
Noncontrolling interests in other partnerships | 18,435,000 | 23,301,000 |
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442,000 | 0 |
Total equity | 362,867,000 | 314,230,000 |
Total liabilities and equity | 2,104,658,000 | 2,144,280,000 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $850,687 and $929,801 at December 31, 2014 and 2013, respectively | 1,599,791,000 | 1,653,267,000 |
Hotel development | 297,466,000 | 216,747,000 |
Investment in unconsolidated entities | 15,095,000 | 46,943,000 |
Hotels held for sale | 47,145,000 | 16,319,000 |
Cash and cash equivalents | 47,147,000 | 45,645,000 |
Restricted cash | 20,496,000 | 77,227,000 |
Accounts receivable, net of allowance for doubtful accounts of $241 and $262 at December 31, 2014 and 2013, respectively | 27,805,000 | 35,747,000 |
Deferred expenses, net of accumulated amortization of $17,111 and $20,362 at December 31, 2014 and 2013, respectively | 25,827,000 | 29,325,000 |
Other assets | 23,886,000 | 23,060,000 |
Total assets | 2,104,658,000 | 2,144,280,000 |
Liabilities and Equity | ||
Debt, net of discount of $4,714 at December 31, 2013 | 1,585,867,000 | 1,663,226,000 |
Distributions payable | 13,827,000 | 11,047,000 |
Accrued expenses and other liabilities | 135,481,000 | 150,738,000 |
Total liabilities | 1,735,175,000 | 1,825,011,000 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 and 618 units issued and outstanding at December 31, 2014 and 2013, respectively | 6,616,000 | 5,039,000 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Accumulated other comprehensive income | 0 | 25,043,000 |
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442,000 | |
Total liabilities and equity | 2,104,658,000 | 2,144,280,000 |
Preferred units: | ||
Preferred units, contributed capital | 478,749,000 | 478,774,000 |
Common units, 124,605 and 124,051 units issued and outstanding at December 31, 2014 and 2013, respectively | -175,759,000 | -212,888,000 |
Total FelCor LP partners’ capital | 302,990,000 | 290,929,000 |
Noncontrolling interests | 18,435,000 | 23,301,000 |
Preferred capital in consolidated joint venture | 41,442,000 | 0 |
Total partners’ capital | 362,867,000 | 314,230,000 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 and 12,880 units issued and outstanding at December 31, 2014 and 2013, respectively | ||
Preferred units: | ||
Preferred units, contributed capital | 309,337,000 | 309,362,000 |
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at December 31, 2014 and 2013 | ||
Preferred units: | ||
Preferred units, contributed capital | 169,412,000 | 169,412,000 |
Series A Cumulative Convertible Preferred Stock, 12,879 and 12,880 shares, liquidation value of $321,987 and $322,011, issued and outstanding at December 31, 2014 and 2013, respectively | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative preferred stock | 309,337,000 | 309,362,000 |
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at December 31, 2014 and 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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accumulated depreciation | $850,687 | $929,801 |
Allowance for doubtful accounts | 241 | 262 |
Accumulated amortization of deferred expenses | 17,111 | 20,362 |
Debt discount | 0 | 4,714 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 611,000 | 618,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 618,000 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued and outstanding (in shares) | 124,605,074 | 124,051,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 12,879,000 | 12,880,000 |
Preferred stock, shares outstanding (in shares) | 12,879,000 | 12,880,000 |
Preferred stock, liquidation value | 321,987 | 322,011 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 68,000 | 68,000 |
Preferred stock, shares outstanding (in shares) | 68,000 | 68,000 |
Preferred stock, liquidation value | 169,950 | 169,950 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 850,687 | 929,801 |
Allowance for doubtful accounts | 241 | 262 |
Accumulated amortization of deferred expenses | 17,111 | 20,362 |
Debt discount | $0 | $4,714 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 |
Units of redeemable units issued (in shares) | 611,000 | 618,000 |
Units of redeemable units outstanding (in shares) | 611,000 | 618,000 |
Common units issued and outstanding (in shares) | 124,605,074 | 124,051,000 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A cumulative convertible preferred units issued (in shares) | 12,879,000 | 12,880,000 |
Series A cumulative convertible preferred units outstanding (in shares) | 12,879,000 | 12,880,000 |
FelCor Lodging LP [Member] | Series C Preferred Units [Member] | ||
Series C cumulative redeemable preferred units issued (in shares) | 68,000 | 68,000 |
Series C cumulative redeemable preferred units outstanding (in shares) | 68,000 | 68,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Hotel operating revenue | $917,981,000 | $890,006,000 | $858,941,000 |
Other revenue | 3,606,000 | 3,430,000 | 3,185,000 |
Total revenues | 921,587,000 | 893,436,000 | 862,126,000 |
Expenses: | |||
Hotel departmental expenses | 331,876,000 | 327,081,000 | 316,099,000 |
Other property-related costs | 238,170,000 | 238,115,000 | 231,929,000 |
Management and franchise fees | 36,067,000 | 35,735,000 | 39,785,000 |
Taxes, insurance and lease expense | 84,926,000 | 96,194,000 | 92,166,000 |
Corporate expenses | 29,585,000 | 26,996,000 | 26,128,000 |
Depreciation and amortization | 115,819,000 | 119,624,000 | 116,384,000 |
Impairment loss | 0 | 24,441,000 | 0 |
Conversion expenses | 0 | 1,134,000 | 31,197,000 |
Other expenses | 17,952,000 | 8,749,000 | 4,626,000 |
Total operating expenses | 854,395,000 | 878,069,000 | 858,314,000 |
Operating income | 67,192,000 | 15,367,000 | 3,812,000 |
Interest expense, net | -90,695,000 | -103,787,000 | -121,552,000 |
Debt extinguishment | -4,770,000 | 0 | -72,350,000 |
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 |
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | 0 | 0 |
Other gains, net | 100,000 | 41,000 | 0 |
Income (loss) before equity in income from unconsolidated entities | 22,740,000 | -88,379,000 | -190,090,000 |
Equity in income from unconsolidated entities | 5,010,000 | 4,586,000 | 2,779,000 |
Income (loss) from continuing operations | 27,750,000 | -83,793,000 | -187,311,000 |
Income (loss) from discontinued operations | -360,000 | 18,010,000 | 57,897,000 |
Income (loss) before gain on sale of hotels | 27,390,000 | -65,783,000 | -129,414,000 |
Gain on sale of hotels, net | 66,762,000 | 0 | 0 |
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -697,000 | 3,782,000 | 565,000 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -137,000 | 497,000 | 842,000 |
Preferred distributions - consolidated joint venture | -1,219,000 | 0 | 0 |
Net income (loss) attributable to reporting entity | 92,099,000 | -61,504,000 | -128,007,000 |
Preferred dividends | -38,712,000 | -38,713,000 | -38,713,000 |
Net income (loss) attributable to FelCor common stockholders | 53,387,000 | -100,217,000 | -166,720,000 |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $0.43 | ($0.95) | ($1.81) |
Net income (loss) (in dollars per share) | $0.43 | ($0.81) | ($1.35) |
Basic weighted average common shares/units outstanding (in shares) | 124,158 | 123,818 | 123,634 |
Diluted weighted average common shares/units outstanding (in shares) | 124,892 | 123,818 | 123,634 |
FelCor Lodging LP [Member] | |||
Revenues: | |||
Hotel operating revenue | 917,981,000 | 890,006,000 | 858,941,000 |
Other revenue | 3,606,000 | 3,430,000 | 3,185,000 |
Total revenues | 921,587,000 | 893,436,000 | 862,126,000 |
Expenses: | |||
Hotel departmental expenses | 331,876,000 | 327,081,000 | 316,099,000 |
Other property-related costs | 238,170,000 | 238,115,000 | 231,929,000 |
Management and franchise fees | 36,067,000 | 35,735,000 | 39,785,000 |
Taxes, insurance and lease expense | 84,926,000 | 96,194,000 | 92,166,000 |
Corporate expenses | 29,585,000 | 26,996,000 | 26,128,000 |
Depreciation and amortization | 115,819,000 | 119,624,000 | 116,384,000 |
Impairment loss | 0 | 24,441,000 | 0 |
Conversion expenses | 0 | 1,134,000 | 31,197,000 |
Other expenses | 17,952,000 | 8,749,000 | 4,626,000 |
Total operating expenses | 854,395,000 | 878,069,000 | 858,314,000 |
Operating income | 67,192,000 | 15,367,000 | 3,812,000 |
Interest expense, net | -90,695,000 | -103,787,000 | -121,552,000 |
Debt extinguishment | -4,770,000 | 0 | -72,350,000 |
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 |
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | 0 | 0 |
Other gains, net | 100,000 | 41,000 | 0 |
Income (loss) before equity in income from unconsolidated entities | 22,740,000 | -88,379,000 | -190,090,000 |
Equity in income from unconsolidated entities | 5,010,000 | 4,586,000 | 2,779,000 |
Income (loss) from continuing operations | 27,750,000 | -83,793,000 | -187,311,000 |
Income (loss) from discontinued operations | -360,000 | 18,010,000 | 57,897,000 |
Income (loss) before gain on sale of hotels | 27,390,000 | -65,783,000 | -129,414,000 |
Gain on sale of hotels, net | 66,762,000 | 0 | 0 |
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 |
Net loss (income) attributable to noncontrolling interests in other partnerships | -697,000 | 3,782,000 | 565,000 |
Preferred distributions - consolidated joint venture | -1,219,000 | 0 | 0 |
Net income (loss) attributable to reporting entity | 92,236,000 | -62,001,000 | -128,849,000 |
Preferred dividends | -38,712,000 | -38,713,000 | -38,713,000 |
Net income (loss) attributable to FelCor LP common unitholders | $53,524,000 | ($100,714,000) | ($167,562,000) |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $0.43 | ($0.95) | ($1.81) |
Net income (loss) (in dollars per share) | $0.43 | ($0.81) | ($1.35) |
Basic weighted average common shares/units outstanding (in shares) | 124,772 | 124,437 | 124,262 |
Diluted weighted average common shares/units outstanding (in shares) | 125,511 | 124,437 | 124,262 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $94,152 | ($65,783) | ($129,414) |
Foreign currency translation adjustment | -490 | -1,108 | 303 |
Reclassification of foreign currency translation to gain | 24,448 | 0 | 0 |
Comprehensive income (loss) | 69,214 | -66,891 | -129,111 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -697 | 3,782 | 565 |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -136 | 503 | 840 |
Preferred distributions - consolidated joint venture | -1,219 | 0 | 0 |
Comprehensive income (loss) attributable to reporting entity | 67,162 | -62,606 | -127,706 |
FelCor Lodging LP [Member] | |||
Net income (loss) | 94,152 | -65,783 | -129,414 |
Foreign currency translation adjustment | -490 | -1,108 | 303 |
Reclassification of foreign currency translation to gain | 24,553 | 0 | 0 |
Comprehensive income (loss) | 69,109 | -66,891 | -129,111 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | -697 | 3,782 | 565 |
Preferred distributions - consolidated joint venture | -1,219 | 0 | 0 |
Comprehensive income (loss) attributable to reporting entity | $67,193 | ($63,109) | ($128,546) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Dividend per common share | $1.95 per Series A preferred share | $2.00 per Series C depositary preferred share | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | Dividend per common share | $1.95 per Series A preferred share | $2.00 per Series C depositary preferred share | ||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2011 | $586,895 | $478,774 | $1,243 | $2,353,251 | $25,738 | ($2,297,468) | $25,357 | ||||||||
Shares, Issued - beginning balance at Dec. 31, 2011 | 12,948,000 | 124,281,000 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Issuance of stock awards - shares | 10,000 | ||||||||||||||
Issuance of stock awards - value | 0 | 0 | 0 | ||||||||||||
Stock awards - amortization | 827 | 827 | |||||||||||||
Forfeiture of stock awards - shares | -185,000 | ||||||||||||||
Forfeiture of stock awards - value | -544 | -2 | 234 | -776 | |||||||||||
Conversion of operating partnership units into common shares - shares | 11,473 | 11,000 | |||||||||||||
Conversion of operating partnership units into common shares - value | 45 | 45 | |||||||||||||
Allocation to redeemable noncontrolling interests | -776 | -776 | |||||||||||||
Contributions from noncontrolling interests | 3,616 | 3,616 | |||||||||||||
Distribution to noncontrolling interests | -1,056 | -1,056 | |||||||||||||
Stockholders' Equity, Other | 4 | 0 | 4 | 0 | |||||||||||
Dividends declared: | |||||||||||||||
Dividends, Preferred Stock | -25,117 | -13,596 | -25,117 | -13,596 | |||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||
Foreign exchange translation | 301 | 301 | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | ||||||||||||||
Net income (loss) | -128,007 | -565 | -128,572 | ||||||||||||
Comprehensive income (loss) | -128,271 | -128,271 | |||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2012 | 422,019 | 478,774 | 1,241 | 2,353,581 | 26,039 | -2,464,968 | 27,352 | ||||||||
Shares, Issued - ending balance at Dec. 31, 2012 | 12,948,000 | 124,117,000 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Issuance of stock awards - shares | 15,000 | ||||||||||||||
Issuance of stock awards - value | 0 | 0 | 0 | ||||||||||||
Stock awards - amortization and severance | 3,387 | 3,387 | |||||||||||||
Forfeiture of stock awards - shares | -85,000 | ||||||||||||||
Forfeiture of stock awards - value | -664 | -1 | 0 | -663 | |||||||||||
Conversion of operating partnership units into common shares - shares | 3,839 | 4,000 | |||||||||||||
Conversion of operating partnership units into common shares - value | 23 | 23 | |||||||||||||
Allocation to redeemable noncontrolling interests | -2,663 | -2,663 | |||||||||||||
Contributions from noncontrolling interests | 3,990 | 3,990 | |||||||||||||
Distribution to noncontrolling interests | -4,259 | -4,259 | |||||||||||||
Dividends declared: | |||||||||||||||
Dividends, Common Stock | -2,502 | -2,502 | |||||||||||||
Dividends, Preferred Stock | -25,117 | -13,596 | -25,117 | -13,596 | |||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||
Foreign exchange translation | -1,102 | -1,102 | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | ||||||||||||||
Net income (loss) | -61,504 | -3,782 | -65,286 | ||||||||||||
Comprehensive income (loss) | -66,388 | -66,388 | |||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2013 | 314,230 | 478,774 | 1,240 | 2,354,328 | 24,937 | -2,568,350 | 23,301 | ||||||||
Shares, Issued - ending balance at Dec. 31, 2013 | 12,948,000 | 124,051,000 | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Conversion of Preferred Stock, Shares Issued upon Conversion | -1,000 | ||||||||||||||
Conversion of Preferred Stock, Amount Converted | -25 | 25 | |||||||||||||
Issuance of stock awards - shares | 864,000 | ||||||||||||||
Issuance of stock awards - value | 9 | -9 | |||||||||||||
Stock awards - amortization | 4,319 | 4,319 | |||||||||||||
Forfeiture of stock awards - shares | -316,000 | ||||||||||||||
Forfeiture of stock awards - value | -3,117 | -3 | 0 | -3,114 | |||||||||||
Conversion of operating partnership units into common shares - shares | 6,080 | 6,000 | |||||||||||||
Conversion of operating partnership units into common shares - value | 56 | 56 | |||||||||||||
Allocation to redeemable noncontrolling interests | -1,545 | -1,545 | |||||||||||||
Contributions from noncontrolling interests | 6,375 | 6,375 | |||||||||||||
Distribution to noncontrolling interests | -9,596 | -9,596 | |||||||||||||
Acquisition of noncontrolling interest | -5,850 | -3,508 | 0 | -2,342 | |||||||||||
Dividends declared: | |||||||||||||||
Dividends, Common Stock | -12,594 | -12,594 | |||||||||||||
Dividends, Preferred Stock | -1,219 | -25,116 | -13,596 | -25,116 | -13,596 | -1,219 | |||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442 | 41,442 | |||||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||
Foreign exchange translation | -489 | -489 | |||||||||||||
Reclassification of foreign currency translation to gain | -24,448 | -24,448 | -24,448 | ||||||||||||
Net income (loss) | 92,099 | 697 | 1,219 | 94,015 | |||||||||||
Comprehensive income (loss) | 69,078 | 69,078 | |||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2014 | $362,867 | $478,749 | $1,246 | $2,353,666 | $0 | ($2,530,671) | $18,435 | $41,442 | |||||||
Shares, Issued - ending balance at Dec. 31, 2014 | 12,947,000 | 124,605,000 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock, Dividends, Per Share, Declared | $0.10 | $0.02 | $0 |
Series A Preferred Stock [Member] | |||
Preferred dividends (in dollars per share) | $1.95 | $1.95 | $1.95 |
Series C Preferred Stock [Member] | |||
Preferred dividends (in dollars per share) | $2 | $2 | $2 |
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] |
In Thousands, unless otherwise specified | Preferred Units | Common Units | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Preferred Capital in Consolidated Joint Venture [Member] | Comprehensive Income (Loss) | ||
Partners' Capital, Beginning Balance at Dec. 31, 2011 | $586,895 | $478,774 | $56,916 | $25,848 | $25,357 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
FelCor restricted stock compensation | 283 | 283 | ||||||
Contributions | 3,616 | 3,616 | ||||||
Distributions | -39,769 | -38,713 | -1,056 | |||||
Allocation to redeemable units | 109 | 109 | ||||||
Other | -4 | -4 | 0 | |||||
Comprehensive Income (loss): | ||||||||
Foreign exchange translation | 303 | 303 | 303 | 303 | ||||
Reclassification of foreign currency translation to gain | 0 | 0 | ||||||
Net income (loss) | -129,414 | -129,414 | -128,849 | -565 | -129,414 | |||
Comprehensive income (loss) | -129,111 | -129,111 | -129,111 | |||||
Partners' Capital, Ending Balance at Dec. 31, 2012 | 422,019 | 478,774 | -110,258 | 26,151 | 27,352 | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
FelCor restricted stock compensation | 2,723 | 2,723 | ||||||
Contributions | 3,990 | 3,990 | ||||||
Distributions | -45,474 | -41,215 | -4,259 | |||||
Allocation to redeemable units | -2,137 | -2,137 | ||||||
Comprehensive Income (loss): | ||||||||
Foreign exchange translation | -1,108 | -1,108 | -1,108 | -1,108 | ||||
Reclassification of foreign currency translation to gain | 0 | 0 | ||||||
Net income (loss) | -65,783 | -65,783 | -62,001 | -3,782 | -65,783 | |||
Comprehensive income (loss) | -66,891 | -66,891 | -66,891 | |||||
Partners' Capital, Ending 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, Amount Converted | -25 | 25 | ||||||
FelCor restricted stock compensation | 1,202 | 1,202 | ||||||
Contributions | 6,375 | 6,375 | ||||||
Distributions | -62,121 | -51,306 | -9,596 | -1,219 | ||||
Allocation to redeemable units | -1,520 | -1,520 | ||||||
Acquisition of noncontrolling interest | -5,850 | -5,850 | -3,508 | -2,342 | ||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442 | 41,442 | 41,442 | |||||
Comprehensive Income (loss): | ||||||||
Foreign exchange translation | -490 | -490 | -490 | -490 | ||||
Reclassification of foreign currency translation to gain | -24,448 | -24,553 | -24,553 | -24,553 | ||||
Net income (loss) | 94,152 | 94,152 | 92,236 | 697 | 1,219 | 94,152 | ||
Comprehensive income (loss) | 69,214 | 69,109 | 69,109 | |||||
Partners' Capital, Ending Balance at Dec. 31, 2014 | $362,867 | $478,749 | ($175,759) | $0 | $18,435 | $41,442 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $94,152 | ($65,783) | ($129,414) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 115,819 | 124,547 | 129,486 |
Gain on sale of hotels, net | -66,660 | -19,441 | -54,459 |
Gain on sale of investment in unconsolidated entities, net | -30,176 | 0 | 0 |
Gain from remeasurement of unconsolidated entities, net | -20,737 | 0 | 0 |
Other gains, net | -100 | -107 | 0 |
Amortization of deferred financing fees and debt discount | 9,558 | 11,082 | 18,053 |
Amortization of fixed stock and directorsb compensation | 6,122 | 5,869 | 5,002 |
Equity based severance | 0 | 1,051 | 0 |
Equity in income from unconsolidated entities | -5,010 | -4,586 | -2,779 |
Distributions of income from unconsolidated entities | 4,128 | 4,440 | 4,160 |
Debt extinguishment | 5,015 | 0 | 75,117 |
Impairment loss | 0 | 28,795 | 1,335 |
Changes in assets and liabilities: | |||
Accounts receivable | 4,875 | -10,858 | 1,253 |
Other assets | -6,975 | -6,061 | -5,029 |
Accrued expenses and other liabilities | -5,193 | -487 | 4,584 |
Net cash flow provided by operating activities | 104,818 | 68,461 | 47,309 |
Cash flows from investing activities: | |||
Improvements and additions to hotels | -83,664 | -101,357 | -121,475 |
Hotel development | -86,565 | -60,553 | -24,849 |
Net proceeds from asset dispositions | 163,618 | 98,820 | 197,613 |
Proceeds from unconsolidated joint venture transaction | 4,032 | 0 | 0 |
Change in restricted cash | 56,731 | 700 | 6,313 |
Insurance proceeds | 521 | 238 | 0 |
Distributions from unconsolidated entities | 12,828 | 9,784 | 13,539 |
Contributions to unconsolidated entities | -7 | -1,500 | 0 |
Net cash flow provided by (used in) investing activities | 67,494 | -53,868 | 71,141 |
Cash flows from financing activities: | |||
Proceeds from borrowings | 473,062 | 164,000 | 998,611 |
Repayment of borrowings | -623,106 | -136,902 | -1,043,365 |
Payment of deferred financing costs | -3,215 | -2,744 | -17,870 |
Acquisition of noncontrolling interest | -5,850 | 0 | 0 |
Distributions paid to noncontrolling interests | -9,596 | -4,259 | -1,056 |
Contributions from noncontrolling interests | 6,375 | 3,990 | 3,616 |
Distributions paid to FelCor LP limited partners | -42 | 0 | 0 |
Distributions paid to preferred stockholders | -38,712 | -38,713 | -106,461 |
Preferred distributions - consolidated joint venture | -1,102 | 0 | 0 |
Distributions paid to common stockholders | -9,981 | 0 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442 | 0 | 0 |
Net cash flow used in financing activities | -170,725 | -14,628 | -166,525 |
Effect of exchange rate changes on cash | -85 | -65 | 62 |
Net change in cash and cash equivalents | 1,502 | -100 | -48,013 |
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 | 93,758 |
Cash and cash equivalents at end of periods | 47,147 | 45,645 | 45,745 |
Supplemental cash flow information b interest paid, net of capitalized interest | 86,734 | 84,839 | 116,789 |
FelCor Lodging LP [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | 94,152 | -65,783 | -129,414 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 115,819 | 124,547 | 129,486 |
Gain on sale of hotels, net | -66,660 | -19,441 | -54,459 |
Gain on sale of investment in unconsolidated entities, net | -30,176 | 0 | 0 |
Gain from remeasurement of unconsolidated entities, net | -20,737 | 0 | 0 |
Other gains, net | -100 | -107 | 0 |
Amortization of deferred financing fees and debt discount | 9,558 | 11,082 | 18,053 |
Amortization of fixed stock and directorsb compensation | 6,122 | 5,869 | 5,002 |
Equity based severance | 0 | 1,051 | 0 |
Equity in income from unconsolidated entities | -5,010 | -4,586 | -2,779 |
Distributions of income from unconsolidated entities | 4,128 | 4,440 | 4,160 |
Debt extinguishment | 5,015 | 0 | 75,117 |
Impairment loss | 0 | 28,795 | 1,335 |
Changes in assets and liabilities: | |||
Accounts receivable | 4,875 | -10,858 | 1,253 |
Other assets | -6,975 | -6,061 | -5,029 |
Accrued expenses and other liabilities | -5,193 | -487 | 4,584 |
Net cash flow provided by operating activities | 104,818 | 68,461 | 47,309 |
Cash flows from investing activities: | |||
Improvements and additions to hotels | -83,664 | -101,357 | -121,475 |
Hotel development | -86,565 | -60,553 | -24,849 |
Net proceeds from asset dispositions | 163,618 | 98,820 | 197,613 |
Proceeds from unconsolidated joint venture transaction | 4,032 | 0 | 0 |
Change in restricted cash | 56,731 | 700 | 6,313 |
Insurance proceeds | 521 | 238 | 0 |
Distributions from unconsolidated entities | 12,828 | 9,784 | 13,539 |
Contributions to unconsolidated entities | -7 | -1,500 | 0 |
Net cash flow provided by (used in) investing activities | 67,494 | -53,868 | 71,141 |
Cash flows from financing activities: | |||
Proceeds from borrowings | 473,062 | 164,000 | 998,611 |
Repayment of borrowings | -623,106 | -136,902 | -1,043,365 |
Payment of deferred financing costs | -3,215 | -2,744 | -17,870 |
Acquisition of noncontrolling interest | -5,850 | 0 | 0 |
Distributions paid to noncontrolling interests | -9,596 | -4,259 | -1,056 |
Contributions from noncontrolling interests | 6,375 | 3,990 | 3,616 |
Distributions paid to FelCor LP limited partners | -42 | 0 | 0 |
Distributions paid to preferred stockholders | -38,712 | -38,713 | -106,461 |
Preferred distributions - consolidated joint venture | -1,102 | 0 | 0 |
Distributions paid to common stockholders | -9,981 | 0 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442 | 0 | 0 |
Net cash flow used in financing activities | -170,725 | -14,628 | -166,525 |
Effect of exchange rate changes on cash | -85 | -65 | 62 |
Net change in cash and cash equivalents | 1,502 | -100 | -48,013 |
Cash and cash equivalents at beginning of periods | 45,645 | 45,745 | 93,758 |
Cash and cash equivalents at end of periods | 47,147 | 45,645 | 45,745 |
Supplemental cash flow information b interest paid, net of capitalized interest | $86,734 | $84,839 | $116,789 |
Organization
Organization | 12 Months Ended | |||||||
Dec. 31, 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. We are 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 48 hotels as of December 31, 2014, two of which were held for sale. At December 31, 2014, we had an aggregate of 125,216,536 shares and units outstanding, consisting of 124,605,074 shares of FelCor common stock and 611,462 units of FelCor LP units not owned by FelCor. | ||||||||
Of the 46 hotels not held for sale as of December 31, 2014, we owned a 100% interest in 43 hotels and 50% interests in entities owning three hotels. We consolidate our real estate interests in the 43 hotels in which we held majority interests, and we record the real estate interests of the three hotels in which we held 50% interests using the equity method. We lease 45 of our 46 hotels to our taxable REIT subsidiaries, of which we own a controlling interest. We operate one 50% owned hotel without a lease. Because we own controlling interests in these lessees, we consolidate our interests in these 45 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 own 50% of the real estate interests in each of two hotels (we account for the ownership in our real estate interests of these hotels by the equity method) and majority real estate interests in the remaining 43 hotels (we consolidate our real estate interest in these hotels). | ||||||||
The following table illustrates the distribution of our 45 Consolidated Hotels at December 31, 2014: | ||||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels | 23 | 6,255 | ||||||
Wyndham and Wyndham Grand | 8 | 2,528 | ||||||
Marriott and Renaissance | 3 | 1,321 | ||||||
DoubleTree by Hilton and Hilton | 3 | 802 | ||||||
Holiday Inn | 3 | 1,256 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Sheraton | 2 | 673 | ||||||
Fairmont | 1 | 383 | ||||||
Total | 45 | 13,503 | ||||||
At December 31, 2014, our Consolidated Hotels were located in 17 states, with concentrations in California (11 hotels), Florida (seven hotels) and Texas (six hotels). In 2014, approximately 54% of our revenue was generated from hotels in these three states. | ||||||||
At December 31, 2014, of our 45 Consolidated Hotels (i) subsidiaries of Hilton Hotels Corporation, or Hilton, managed 25 hotels, (ii) subsidiaries of Wyndham Hotel Group, or Wyndham, managed eight hotels, (iii) subsidiaries of Marriott International Inc., or Marriott, managed three hotels, (iv) subsidiaries of InterContinental Hotels Group, or IHG, managed three hotels, (v) subsidiaries of Starwood Hotels & Resorts Worldwide Inc., or Starwood, managed two hotels, (vi) a subsidiary of Fairmont Hotels & 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. The Knickerbocker opened in February 2015. | ||||||||
Effective January 1, 2013, we accounted for our hotels managed by Marriott on a 12-month calendar year basis as compared to a fiscal year comprised of 52 or 53 weeks ending on the Friday closest to December 31, as reported in 2012 and prior years. Our 12-month periods ending December 31, 2014 and 2013 are reported on a calendar year basis for our Marriott-managed hotels, which is consistent with the reporting periods for our other managed hotels. However, our 12-month period ended December 31, 2012 includes the results of operations for the Marriott-managed hotels for the 52-week period ending on December 28, 2012. Results for the year ended December 31, 2012 have not been restated to reflect the reporting period transition as we do not believe the change in periods would result in a material difference for comparison of results year over year. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. | ||
Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. | ||
We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. | ||
We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. | ||
2 | Summary of Significant Accounting Policies — (continued) | |
Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. | ||
Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. | ||
Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. | ||
We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: | ||
• | Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity (i.e., a distribution of earnings); and | |
• | Cash distributions in excess of aggregate historical earnings are recorded as an investing activity (i.e., a distribution of contributed capital). | |
Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. | ||
2 | Summary of Significant Accounting Policies — (continued) | |
We consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. We had two hotels held for sale at December 31, 2014. | ||
Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | ||
We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. | ||
Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. | ||
Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. | ||
Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. | ||
Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. 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 and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. | ||
We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. | ||
Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments are reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013. In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). | ||
2 | Summary of Significant Accounting Policies — (continued) | |
Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs are being capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2014, 2013 and 2012, were $25.9 million, $23.6 million and $22.2 million, respectively. | ||
Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). | ||
We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. | ||
For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). | ||
FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash (i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. | ||
Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. | ||
Segment Information — We have determined that our business is conducted in one operating segment. | ||
Distributions and Dividends — FelCor declared aggregate common dividends of $0.10 and $0.02 per share in 2014 and 2013, respectively. In July 2012, we paid $30.0 million of accrued unpaid preferred dividends in arrears, and the remaining $37.7 million in arrears was paid in October 2012. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. | ||
2. Summary of Significant Accounting Policies — (continued) | ||
FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. | ||
Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. | ||
Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s common stock or, at our option, the cash equivalent thereof. 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. | ||
Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and, as such, is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and, as such, is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. | ||
We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. | ||
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. |
Investment_in_Hotels
Investment in Hotels | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Investment in Hotels | Investment in Hotels | ||||||||
Investment in hotels consisted of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Building and improvements | $ | 1,764,871 | $ | 1,833,165 | |||||
Furniture, fixtures and equipment | 431,851 | 482,628 | |||||||
Land | 232,141 | 234,447 | |||||||
Construction in progress | 21,615 | 32,828 | |||||||
2,450,478 | 2,583,068 | ||||||||
Accumulated depreciation - Building and improvements | (661,758 | ) | (698,146 | ) | |||||
Accumulated depreciation - Furniture, fixtures and equipment | (188,929 | ) | (231,655 | ) | |||||
$ | 1,599,791 | $ | 1,653,267 | ||||||
In 2014, we retired fully depreciated furniture, fixtures and equipment aggregating approximately $68.9 million. | |||||||||
We invested $83.7 million and $101.4 million in additions and improvements to our consolidated hotels during the years ended December 31, 2014 and 2013, respectively. |
Consolidated_Joint_Venture_Pre
Consolidated Joint Venture Preferred Equity/Capital | 12 Months Ended |
Dec. 31, 2014 | |
Hotel Development [Abstract] | |
Hotel Development | Consolidated Joint Venture Preferred Equity/Capital |
We are redeveloping the Knickerbocker Hotel through a joint venture in which we own a 95% equity interest. The joint venture raised $45 million through the sale of 3.5% preferred equity/capital under the EB-5 immigrant investor program. The purchasers receive a 3.25% current annual return, plus a 0.25% non-compounding annual return paid at redemption. Our joint venture may, at its option, redeem this preferred equity interest. If it is not redeemed within five years, the current annual return increases to 8%. The venture received $42.0 million in gross proceeds ($41.4 million net of issuance costs) during 2014 and $1.1 million was received subsequent to December 31, 2014. The remaining $1.9 million will be received as investors’ visas are approved. We used our 95% share of the proceeds to repay funds borrowed under our line of credit. |
Impairment_Charges
Impairment Charges | 12 Months Ended | |
Dec. 31, 2014 | ||
Impairment Charges [Abstract] | ||
Impairment Charges | Impairment Charges | |
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 our hotels to be components for purposes of determining impairment charges and reporting discontinued operations. | ||
We test for impairment whenever changes in circumstances indicate a hotel’s carrying value may not be recoverable. We conduct the test using undiscounted cash flows for the shorter of the hotel’s estimated hold period or its remaining useful life. When testing for recoverability of hotels held for investment, we use projected cash flows over its expected hold period. Those hotels held for investment that fail the impairment test are written down to their then current estimated fair value, before any selling expense, and we continue to depreciate the hotels over their remaining useful lives. | ||
5 | Impairment Charges— (continued) | |
As part of our long-term strategic plan to enhance stockholder value and achieve or exceed targeted returns on invested capital, we sell and acquire hotels to improve our overall portfolio quality, enhance diversification and improve growth rates. In that regard, we regularly review each hotel in our portfolio in terms of projected performances, future capital expenditure requirements and market dynamics and concentration risk. Based on this analysis, we developed a plan to sell our interests in certain hotels (some of which are owned by unconsolidated joint ventures) that no longer meet our investment criteria. As a consequence, we shortened our estimated hold periods for these hotels, and we tested the consolidated hotels for impairment when they were approved as non-strategic hotels. When the hotels owned by unconsolidated joint ventures are designated by those ventures as non-strategic, the joint ventures will test for impairment based on the reduced estimated hold periods. | ||
In 2013, we recorded a $28.8 million impairment charge ($24.4 million related to two hotels included in continuing operations and $4.4 million related to two hotels included in discontinued operations). | ||
The $4.4 million impairment charge was primarily based on third-party offers to purchase (a Level 2 input under authoritative guidance for fair value measurements) at prices below our previously estimated fair market values for those properties. These are hotels we had identified as sale candidates in prior years, reducing their estimated hold period at that time. | ||
The $24.4 million impairment charge related to two hotels identified as no longer meeting our investment criteria, thereby significantly reducing their respective estimated hold periods, resulting in impairments on both hotels. Impairment charges related to these two hotels were 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. | |
In 2012, we recorded a $1.3 million impairment charge related to one hotel included in discontinued operations. The impairment charge related to this hotel was based on a third-party offer to purchase (a Level 2 input under authoritative guidance for fair value measurements) at a price below our previously estimated fair market value. | ||
We may record additional impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period for additional hotels. |
Conversion_Expenses
Conversion Expenses | 12 Months Ended |
Dec. 31, 2014 | |
Conversion Expenses [Abstract] | |
Conversion Expenses | Conversion Expenses |
In March 2013, we converted eight hotels to Wyndham brands and management. The expenses incurred related to converting these hotels were classified as conversion expenses in the accompanying statements of operations. Expenses for the year ended December 31, 2012 included $30.7 million of accrued IHG termination fees, which were paid in the first quarter of 2013, while $1.1 million was incurred in 2013 for additional costs related to the conversion to the Wyndham brand. |
Hotel_Dispositions
Hotel Dispositions | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||
Hotel Dispositions | Hotel Dispositions | ||||||||||||||
Effective January 1, 2014, we 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 year ended December 31, 2014, we sold eight hotels, one of which was previously held for sale at December 31, 2013, and disposed of five unconsolidated hotels when we unwound our joint ventures as discussed in Note 8. At December 31, 2014, we had two hotels held for sale, both of which have subsequently sold. We designate a hotel as held for sale when the sale is probable within the next 12 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. We included operations for 14 of the hotels (seven hotels sold not previously held for sale, five hotels disposed when we unwound certain joint ventures, and two hotels held for sale at December 31, 2014) in income (loss) from continuing operations as shown in the statements of operations for the years ended December 31, 2014, 2013 and 2012, as disposition of these hotels does not represent a strategic shift in our business. | |||||||||||||||
The following table includes condensed financial information primarily from these 14 hotels (in thousands): | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Hotel operating revenue | $ | 99,084 | $ | 146,519 | $ | 142,108 | |||||||||
Operating expenses (a) | (95,233 | ) | (169,160 | ) | (142,036 | ) | |||||||||
Operating income (loss) | 3,851 | (22,641 | ) | 72 | |||||||||||
Interest expense, net | (1,488 | ) | (2,788 | ) | (3,074 | ) | |||||||||
Debt extinguishment | (920 | ) | — | (181 | ) | ||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | ||||||||||||
Other gains, net | — | 41 | — | ||||||||||||
Equity in income from unconsolidated entities | 1,513 | 1,491 | 524 | ||||||||||||
Income (loss) from continuing operations | 33,132 | (23,897 | ) | (2,659 | ) | ||||||||||
Gain on sale of hotels, net(b) | 66,762 | — | — | ||||||||||||
Net income (loss) | 99,894 | (23,897 | ) | (2,659 | ) | ||||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (1,464 | ) | 3,830 | (83 | ) | ||||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (355 | ) | 98 | 14 | |||||||||||
Net income (loss) attributable to FelCor | $ | 98,075 | $ | (19,969 | ) | $ | (2,728 | ) | |||||||
(a) | Operating expenses include impairment charges of $24.4 million for the year ended December 31, 2013. | ||||||||||||||
(b) | Includes a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income) when we sold our remaining Canadian hotel in the third quarter of 2014, which substantially liquidated all of our foreign investments. | ||||||||||||||
7 | Hotel Dispositions — (continued) | ||||||||||||||
Discontinued operations include the results of operations for one hotel sold in 2014 (which was held for sale at December 31, 2013, five hotels sold in 2013, and ten hotels sold in 2012. The following table summarizes the condensed financial information for those hotels (in thousands): | |||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Hotel operating revenue | $ | 730 | $ | 33,849 | $ | 107,637 | |||||||||
Operating expenses(a) | (677 | ) | (34,553 | ) | (95,600 | ) | |||||||||
Operating income (loss) from discontinued operations | 53 | (704 | ) | 12,037 | |||||||||||
Interest expense, net | (66 | ) | (793 | ) | (5,832 | ) | |||||||||
Debt extinguishment | (245 | ) | — | (2,767 | ) | ||||||||||
Gain on involuntary conversion | — | 66 | — | ||||||||||||
Gain (loss) on sale, net | (102 | ) | 19,441 | 54,459 | |||||||||||
Income (loss) from discontinued operations | $ | (360 | ) | $ | 18,010 | $ | 57,897 | ||||||||
(a) | Operating expenses in discontinued operations include impairment charges of $4.4 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Investment in Unconsolidated Entities [Abstract] | ||||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities | |||||||||||
At December 31, 2014 and 2013, we owned 50% interests in joint ventures that owned three hotels and 13 hotels, respectively. This decrease in hotels owned by our unconsolidated joint ventures reflects unwinding certain of our joint ventures in July 2014 as described in Note 8. 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): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Investment in hotels, net of accumulated depreciation | $ | 30,288 | $ | 140,145 | ||||||||
Total assets | $ | 45,374 | $ | 155,848 | ||||||||
Debt | $ | 34,192 | $ | 146,358 | ||||||||
Total liabilities | $ | 36,974 | $ | 152,068 | ||||||||
Equity | $ | 8,400 | $ | 3,780 | ||||||||
Our unconsolidated entities’ debt at December 31, 2014 and 2013 consisted entirely of non-recourse mortgage debt. In September, one of our other unconsolidated joint ventures refinanced its debt with a new $23.5 million loan maturing in October 2024. | ||||||||||||
The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 59,453 | $ | 70,697 | $ | 67,725 | ||||||
Net income | $ | 12,561 | $ | 12,892 | $ | 9,278 | ||||||
Net income attributable to FelCor | $ | 6,281 | $ | 6,446 | $ | 4,639 | ||||||
Depreciation of cost in excess of book value | (1,271 | ) | (1,860 | ) | (1,860 | ) | ||||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 | ||||||
The following table summarizes the components of our investment in unconsolidated entities (in thousands): | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Hotel-related investments | $ | (3,265 | ) | $ | (6,349 | ) | ||||||
Cost in excess of book value of hotel investments | 10,895 | 45,053 | ||||||||||
Land and condominium investments | 7,465 | 8,239 | ||||||||||
$ | 15,095 | $ | 46,943 | |||||||||
9 | Investment in Unconsolidated Entities (continued) | |||||||||||
The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel investments | $ | 5,784 | $ | 5,270 | $ | 3,434 | ||||||
Other investments | (774 | ) | (684 | ) | (655 | ) | ||||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 | ||||||
Joint_Venture_Transaction_Note
Joint Venture Transaction (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Joint Venture Transaction [Abstract] | ||||||||
Joint Venture Transaction | Joint Venture Transaction | |||||||
In July 2014, we unwound unconsolidated joint ventures in which we held 50% interests that collectively owned 10 hotels. As a consequence, we now own 100% of five of those hotels and none of the other five hotels. We also now own 100% of an additional hotel of which we owned 90% prior to the unwinding of the joint ventures. We paid $2.2 million to our joint venture partner to equalize the aggregate value of assets each party received as the joint ventures were unwound. This payment was the net of $5.9 million paid for our partner’s 10% interest in the one hotel and $3.7 million received for the difference in values of the five hotels now wholly-owned by us compared to the five hotels in which we no longer have any ownership. | ||||||||
Our joint ventures had an outstanding loan that was secured by eight of these hotels and was bifurcated when the joint ventures were unwound. That loan bears interest at one-month LIBOR plus 3%, matures in March 2017 and is freely pre-payable in whole or in part. We are now only liable for our $64 million share of the bifurcated non-recourse loan, which is secured by mortgages on four of the five former joint venture hotels that we now wholly-own. | ||||||||
As a result of these transactions, we have recorded the following in 2014: | ||||||||
• | A $20.7 million gain on the remeasurement of the fair value of the five previously unconsolidated hotels, which we now wholly-own; | |||||||
• | A $30.2 million gain on the disposition of our unconsolidated interests in the five other hotels (net of $457,000 in transaction costs); and | |||||||
• | A $3.5 million reduction in Additional Paid-In Capital related to acquiring the 10% noncontrolling interest of another hotel, which we now wholly-own. | |||||||
8. Joint Venture Transaction — (continued) | ||||||||
In addition to the foregoing, we increased our ownership interest in the operating entities of all six hotels in conjunction with unwinding the joint ventures. Prior to the transaction, we had 51% controlling interests in 10 of the hotel lessees that operated the joint ventures’ 10 hotels and a 90% controlling interest in the hotel lessee that operated the eleventh hotel. After unwinding the joint ventures, we no longer have any interest in five lessees and own 100% in the lessees of the six hotels we now own outright. When we unwound the joint ventures, we liquidated the lessees’ assets and liabilities to cash, which was then distributed to the partners based on their ownership interests just prior to unwinding the joint ventures. Consequently, we recorded no gains or losses when changing ownership of the lessees. | ||||||||
The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity (i.e., a business combination) through this, primarily non-cash, transaction (in thousands): | ||||||||
Assets | ||||||||
Investment in hotels | $ | 130,100 | ||||||
Other assets | 1,300 | |||||||
Deferred expenses | 259 | |||||||
Total assets acquired | $ | 131,659 | ||||||
Liabilities | ||||||||
Debt | $ | 64,000 | ||||||
Net assets acquired | $ | 67,659 | ||||||
The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for buildings and furniture, fixtures, and equipment). The sales comparison approach used inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age and the square footage of the respective buildings. The fair value of the debt was based on the estimated principal amount of debt having the same debt service requirements that could have been borrowed on the transaction date, at then current market interest rates. | ||||||||
The non-cash transaction also resulted in a $19.9 million reduction in our investment in unconsolidated entities. | ||||||||
The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net income (loss) | $ | 94,869 | $ | (65,670 | ) | |||
Income (loss) per share/unit - basic | $ | 0.43 | $ | (0.82 | ) | |||
Income (loss) per share/unit - diluted | $ | 0.43 | $ | (0.82 | ) | |||
Debt
Debt | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Debt | Debt | |||||||||||||||||
Consolidated debt consisted of the following (in thousands): | ||||||||||||||||||
Encumbered | Interest | Maturity | December 31, | |||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 111,500 | $ | 88,000 | |||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | — | |||||||||||||
Mortgage debt | 4 | LIBOR + 3.00 | Mar-17 | 64,000 | — | |||||||||||||
Mortgage debt(c) | 4 | 4.95 | Oct-22 | 124,278 | 126,220 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,228 | 31,714 | |||||||||||||
Senior secured notes | 6 | 6.75 | June 2019 | 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 | 58,562 | — | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 6,299 | 64,861 | |||||||||||||
Retired debt | — | — | — | — | 302,431 | |||||||||||||
Total | 35 | $ | 1,585,867 | $ | 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 can be extended up to two years, subject to satisfying certain conditions. | |||||||||||||||||
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | |||||||||||||||||
(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 year subject to satisfying certain conditions. In 2014, we drew $58.6 million of the cash collateral to fund construction costs, leaving $6.3 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 a $10.9 million secured loan, otherwise maturing in July 2014, when we sold a hotel. In March 2014, we repaid a $17.1 million loan, secured by a hotel, otherwise maturing in June 2014. We incurred $251,000 of debt extinguishment costs in connection with repaying these loans. | ||||||||||||||||||
10. Debt — (continued) | ||||||||||||||||||
In April 2014, we repaid two loans totaling $15.6 million, each secured by a hotel, otherwise maturing in July 2014. In May 2014, we repaid an additional $19.2 million loan, secured by a hotel, otherwise maturing in August 2014. | ||||||||||||||||||
In July 2014, we obtained a $140 million term loan secured by three hotels. The loan bears interest at LIBOR (no floor) plus 2.5%. The loan matures in 2017 (it may be extended for up to two years, subject to satisfying certain conditions) and is freely pre-payable. We will use proceeds from pending and future asset sales to repay this loan and borrowings under our line of credit. | ||||||||||||||||||
In August 2014, we used proceeds from the July 2014 term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our 10% senior secured notes. These notes, which would have matured October 2014, were secured by 11 properties. We incurred $3.8 million of debt extinguishment costs in connection with repaying these notes. All cash paid to satisfy the extinguishment of the senior secured notes is classified as a financing activity in the statements of cash flows. | ||||||||||||||||||
In September 2014, we repaid a $9.6 million secured loan, otherwise maturing in July 2016, when we sold a hotel. We incurred $914,000 of debt extinguishment costs in connection with repaying this loan. | ||||||||||||||||||
In September 2012, we closed five non-recourse mortgage loans that provided $160.8 million in aggregate gross proceeds. The 10‑year loans mature in 2022, bear an average fixed interest rate of 4.95% and are neither cross-collateralized nor cross-defaulting. A portion of the proceeds from the new loans was used to repay a 9.02% mortgage loan, of which $107 million was outstanding, that would have otherwise matured in 2014. The repaid loan was secured by a pool of seven hotels, including four of the five hotels mortgaged to support the new loans. Also in September 2012, we repaid the remaining $60 million balance of a mortgage loan using excess proceeds from the new loans, as well as asset sale proceeds. This repaid loan, which would have otherwise matured in 2013, was secured by five properties, of which three became unencumbered (two of which were non-strategic). The repayments resulted in $11.6 million in debt extinguishment costs, primarily prepayment penalties. | ||||||||||||||||||
In December 2012, we issued $525.0 million aggregate principal amount of 5.625% senior secured notes due 2023, significantly reducing our cost of borrowing. We used the proceeds to redeem $258.0 million in aggregate face amount of 10% senior notes due 2014 and repay a $186.5 million mortgage loan that bore interest at 8.1% with the remaining proceeds used to repay a portion of the balance on our outstanding line of credit and to pay prepayment costs and other expenses. We incurred $62.1 million of debt extinguishment charges related to these transactions for prepayment premiums, and the write-off of a pro rata portion of the related debt discount on the senior notes and deferred loan costs. | ||||||||||||||||||
In December 2012, we amended and restated our $225.0 million secured line of credit facility. The facility now matures in June 2017 (extended from August 2015), inclusive of a one-year extension option, subject to satisfaction of certain conditions. Borrowings under the facility bear interest at LIBOR (no floor) plus 3.375% (reduced from LIBOR plus 4.5%). The unused commitment fee decreased 10 basis points to 40 basis points. As of December 31, 2014, the facility is secured by mortgages and related security interests on eight hotels. | ||||||||||||||||||
10 | Debt – (continued) | |||||||||||||||||
Our senior notes, which are guaranteed by FelCor, require that we satisfy total leverage, secured leverage and interest coverage tests in order to: (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. We currently exceed all minimum thresholds. In addition, our senior notes are secured by a combination of first lien mortgages and related security interests on 15 hotels (six hotels for our 6.75% senior notes and nine hotels for our 5.625% senior notes), as well as pledges of equity interests in certain subsidiaries of FelCor LP. | ||||||||||||||||||
At December 31, 2014, we had consolidated secured debt totaling $1.6 billion, encumbering 35 of our consolidated hotels with a $1.4 billion aggregate net book value. Except in the case of our senior notes, our mortgage debt is generally recourse solely to the specific assets securing the debt. However, a violation of any of the recourse carve-out provisions, including fraud, misapplication of funds and other customary recourse carve-out provisions, could cause this debt to become fully recourse to us. Much of our hotel mortgage debt allows us to substitute collateral under certain conditions and is prepayable subject (in some instances) to various prepayment, yield maintenance or defeasance obligations. | ||||||||||||||||||
Most of our secured debt (other than our senior notes and line of credit) includes lock-box arrangements under certain circumstances. We are permitted to spend an amount required to cover our budgeted hotel operating expenses, taxes, debt service, insurance and capital expenditure reserves, even if revenues are flowing through a lock-box triggered by a specified debt service coverage ratio not being met. All of our consolidated hotels subject to lock-box provisions currently exceed the applicable minimum debt service coverage ratios. | ||||||||||||||||||
We reported $90.7 million, $103.8 million, and $121.6 million of interest expense for the years ended December 31, 2014, 2013, and 2012, respectively, which is net of: (i) interest income of $48,000, $78,000, and $138,000, and (ii) capitalized interest of $16.3 million, $12.8 million, and $12.9 million, respectively. | ||||||||||||||||||
To fulfill requirements under one of our loans, we entered into an interest rate cap agreement with an aggregate notional amount of $140 million at December 31, 2014. This interest rate cap was not designated as a hedge and had an insignificant fair value at December 31, 2014, resulting in no significant impact on earnings. We did not have any interest rate caps outstanding as of December 31, 2013. | ||||||||||||||||||
Future scheduled principal payments on debt obligations at December 31, 2014 are as follows (in thousands): | ||||||||||||||||||
Year | ||||||||||||||||||
2015 | $ | 2,466 | ||||||||||||||||
2016 | 179,013 | |||||||||||||||||
2017 | 206,810 | |||||||||||||||||
2018 | 2,954 | |||||||||||||||||
2019 | 528,106 | |||||||||||||||||
Thereafter | 666,518 | |||||||||||||||||
$ | 1,585,867 | |||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
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 $1.1 billion and $1.3 billion at December 31, 2014 and 2013, respectively; 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 $548.2 million and $390.1 million at December 31, 2014 and 2013, respectively. The estimated fair value of all our debt was $1.6 billion and $1.7 billion at December 31, 2014 and 2013, respectively. | |
Disclosures about fair value of financial instruments are based on pertinent information available to management as of December 31, 2014. 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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||
FelCor LP is a partnership for federal income tax purposes, and is not subject to federal income tax. However, under its partnership agreement, it is required to reimburse FelCor for any tax payments they are required to make. Accordingly, the tax information herein represents disclosures regarding FelCor and its taxable subsidiaries. | ||||||||||||||||||
FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally is not subject to federal income taxation at the corporate level on taxable income that is distributed to its stockholders. FelCor may, however, be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotels are subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposes restrictions on the ownership and transfer of shares of its common stock. FelCor LP expects to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. | ||||||||||||||||||
We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. | ||||||||||||||||||
12. Income Taxes — (continued) | ||||||||||||||||||
The following table reconciles our TRSs’ GAAP net income (loss) to taxable income (in thousands): | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
GAAP consolidated net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | ||||||||||
Loss (income) allocated to FelCor LP unitholders | (137 | ) | 497 | 842 | ||||||||||||||
GAAP consolidated net income (loss) attributable to FelCor | 92,099 | (61,504 | ) | (128,007 | ) | |||||||||||||
GAAP net loss (income) from REIT operations | (68,796 | ) | 62,513 | 125,088 | ||||||||||||||
GAAP net income (loss) of taxable subsidiaries | 23,303 | 1,009 | (2,919 | ) | ||||||||||||||
Taxes related to joint venture transaction | 5,761 | — | — | |||||||||||||||
Gain/loss differences from dispositions | — | — | (407 | ) | ||||||||||||||
Depreciation and amortization(a) | (461 | ) | 1,646 | 404 | ||||||||||||||
Employee benefits not deductible for tax | (101 | ) | 3,914 | 363 | ||||||||||||||
Management fee recognition | (1,151 | ) | (1,245 | ) | (1,715 | ) | ||||||||||||
Cancellation of debt | (3,188 | ) | — | — | ||||||||||||||
Foreign exchange | — | — | 12,907 | |||||||||||||||
Capitalized TRS start-up costs | 11,859 | 4,981 | — | |||||||||||||||
Other book/tax differences | 181 | 2,754 | 4,884 | |||||||||||||||
Tax income of taxable subsidiaries before utilization of net operating losses | 36,203 | 13,059 | 13,517 | |||||||||||||||
Utilization of net operating loss | (36,203 | ) | (13,059 | ) | (13,517 | ) | ||||||||||||
Net tax income of taxable subsidiaries | $ | — | $ | — | $ | — | ||||||||||||
(a) | The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. | |||||||||||||||||
Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): | ||||||||||||||||||
December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Accumulated net operating losses of TRSs | $ | 107,027 | $ | 119,355 | ||||||||||||||
Tax property basis in excess of book | 952 | 1,017 | ||||||||||||||||
Accrued employee benefits not deductible for tax | 3,883 | 3,477 | ||||||||||||||||
Management fee recognition | 81 | 464 | ||||||||||||||||
Foreign exchange | — | 4,905 | ||||||||||||||||
Capitalized TRS start-up costs | 6,399 | 1,893 | ||||||||||||||||
Other | 1,261 | 701 | ||||||||||||||||
Gross deferred tax asset | 119,603 | 131,812 | ||||||||||||||||
Valuation allowance | (119,603 | ) | (131,812 | ) | ||||||||||||||
Deferred tax asset after valuation allowance | $ | — | $ | — | ||||||||||||||
We have provided a valuation allowance against our deferred tax asset, that results in no net deferred tax asset at December 31, 2014 and 2013. We recorded a 100% valuation allowance related to our TRSs net deferred tax asset because we believe it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with our net operating losses is dependent on projections of future taxable income, for which there is uncertainty when considering our historic results and cyclical nature of the lodging industry. Accordingly, no provision or benefit for income taxes is reflected in the accompanying consolidated statements of operations. At December 31, 2014, our TRSs had net operating loss carryforwards for federal income tax purposes of $278.0 million, which are available to offset future taxable income, if any, and do not begin to expire until 2023. | ||||||||||||||||||
12. Income Taxes — (continued) | ||||||||||||||||||
The following table reconciles REIT GAAP net income (loss) to taxable loss (in thousands): | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
GAAP net income (loss) from REIT operations | $ | 68,796 | $ | (62,513 | ) | $ | (125,088 | ) | ||||||||||
Book/tax differences, net: | ||||||||||||||||||
Depreciation and amortization(a) | 1,831 | 2,173 | 2,084 | |||||||||||||||
Noncontrolling interests | 329 | (4,017 | ) | 4,112 | ||||||||||||||
Gain/loss differences from dispositions | (99,946 | ) | (2,032 | ) | (30,747 | ) | ||||||||||||
Impairment loss not deductible for tax | — | 28,795 | 1,335 | |||||||||||||||
Conversion costs | (3,233 | ) | (2,099 | ) | 31,197 | |||||||||||||
Other | (1,674 | ) | 8,453 | (9,226 | ) | |||||||||||||
Tax loss(b) | $ | (33,897 | ) | $ | (31,240 | ) | $ | (126,333 | ) | |||||||||
(a) | Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods. | |||||||||||||||||
(b) | The dividend distribution requirement is 90% of any taxable income (net of capital gains). | |||||||||||||||||
At December 31, 2014, FelCor had net operating loss carryforwards for federal income tax purposes of $534.8 million, which it expects to use to offset future distribution requirements. | ||||||||||||||||||
For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||
Preferred Stock – Series A | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 1.95 | (c) | 100 | 1.95 | (b) | 100 | 5.3625 | (a) | 100 | |||||||||
$ | 1.95 | 100 | $ | 1.95 | 100 | $ | 5.3625 | 100 | ||||||||||
Preferred Stock – Series C | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 2 | (c) | 100 | 2 | (b) | 100 | 5.5 | (a) | 100 | |||||||||
$ | 2 | 100 | $ | 2 | 100 | $ | 5.5 | 100 | ||||||||||
Common Stock | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 0.08 | (c) | 100 | — | — | — | — | |||||||||||
$ | 0.08 | 100 | $ | — | — | $ | — | — | ||||||||||
(a) | Fourth quarter 2011 preferred dividends were paid January 31, 2012, and were treated as 2012 distributions for tax purposes. | |||||||||||||||||
(b) | Fourth quarter 2012 preferred dividends were paid January 31, 2013, and were treated as 2013 distributions for tax purposes. | |||||||||||||||||
(c) | Fourth quarter 2013 preferred and common dividends were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. |
FelCor_Capital_StockFelCor_LP_
FelCor Capital Stock/FelCor LP Partners' Capital | 12 Months Ended |
Dec. 31, 2014 | |
Capital Stock / Partners' Capital [Abstract] | |
FelCor Capital Stock/FelCor Partners' Capital | FelCor Capital Stock/FelCor LP Partners' Capital |
FelCor, as FelCor LP’s general partner, is obligated to contribute the net proceeds from any issuance of its equity securities to FelCor LP in exchange for units, corresponding in number and terms to the equity securities issued. | |
Preferred Stock/Units | |
FelCor’s Board of Directors is authorized to provide for the issuance of up to 20 million shares of preferred stock in one or more series, to establish the number of shares in each series, to fix the designation, powers, preferences and rights of each such series, and the qualifications, limitations or restrictions thereof. | |
Our Series A preferred stock (units) bears an annual cumulative dividend (distribution) payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of common stock (units) into which the Series A preferred stock (units) is then convertible. Each share (unit) of the Series A preferred stock (units) is convertible at the holder’s option to 0.7752 shares of common stock (units), subject to certain adjustments. | |
Our 8% Series C Cumulative Redeemable preferred stock (units), or Series C preferred stock (units), bears an annual cumulative dividend (distribution) of 8% of the liquidation preference (equivalent to $2.00 per depositary share (unit)). We may call the Series C preferred stock (units) and the corresponding depositary shares (units) at $25 per depositary share (unit). These shares (units) have no stated maturity, sinking fund or mandatory redemption, and are not convertible into any of our other securities. The Series C preferred stock (units) has a liquidation preference of $2,500 per share (unit) (equivalent to $25 per depositary share, or unit). |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | ||||||||
FelCor LP may issue limited partnership units to third parties in exchange for cash or property. We record these 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 December 31, 2014, we had 611,462 limited partnership units outstanding carried at $6.6 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at December 31, 2014 ($10.82/share). | |||||||||
14. Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - (continued) | |||||||||
Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 5,039 | $ | 2,902 | |||||
Conversion of units | (56 | ) | (23 | ) | |||||
Redemption value allocation | 1,545 | 2,663 | |||||||
Distributions paid to unitholders | (48 | ) | — | ||||||
Comprehensive income (loss): | |||||||||
Foreign exchange translation | (1 | ) | (6 | ) | |||||
Net income (loss) | 137 | (497 | ) | ||||||
Balance at end of period | $ | 6,616 | $ | 5,039 | |||||
Hotel_Operating_Revenue_Depart
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs | 12 Months Ended | |||||||||||
Dec. 31, 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 Operating Costs | |||||||||||
Hotel operating revenue from continuing operations was comprised of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Room revenue | $ | 713,213 | $ | 692,016 | $ | 667,708 | ||||||
Food and beverage revenue | 157,607 | 151,233 | 142,962 | |||||||||
Other operating departments | 47,161 | 46,757 | 48,271 | |||||||||
Total hotel operating revenue | $ | 917,981 | $ | 890,006 | $ | 858,941 | ||||||
Nearly 100% of our revenue in all periods presented was comprised of hotel operating revenues, which includes room revenue, food and beverage revenue, and revenue from other operating departments (such as telephone, parking and business centers). 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 and are recorded as a bad debt expense. The remainder of our revenue was from condominium management fee income and other sources. | ||||||||||||
Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Room | $ | 188,465 | $ | 184,840 | $ | 179,602 | ||||||
Food and beverage | 121,201 | 120,287 | 114,815 | |||||||||
Other operating departments | 22,210 | 21,954 | 21,682 | |||||||||
Total hotel departmental expenses | $ | 331,876 | $ | 327,081 | $ | 316,099 | ||||||
15 | Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs — (continued) | |||||||||||
Other property operating costs from continuing operations were comprised of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel general and administrative expense | $ | 79,420 | $ | 80,715 | $ | 78,280 | ||||||
Marketing | 77,939 | 74,770 | 72,342 | |||||||||
Repair and maintenance | 43,886 | 45,057 | 44,319 | |||||||||
Utilities | 36,925 | 37,573 | 36,988 | |||||||||
Total other property operating costs | $ | 238,170 | $ | 238,115 | $ | 231,929 | ||||||
In March 2013, we rebranded and transitioned management at eight 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 10-year term, subject to an aggregate $100 million limit over the term (of which we have received or accrued $9.3 million to date) and an annual $21.5 million limit. Amounts recorded under the guaranty are 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 year ended December 31, 2014, and for March through December 2013 (the first ten months during which Wyndham managed the hotels for FelCor), we have recorded $1.3 million and $8 million, respectively, for the guaranty as a reduction of Wyndham's contractual management and other fees. |
Taxes_Insurance_and_Lease_Expe
Taxes, Insurance and Lease Expenses | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ||||||||||||
Taxes, Insurance and Lease Expenses | Taxes, Insurance and Lease Expenses | |||||||||||
Taxes, insurance and lease expenses from continuing operations were comprised of the following | ||||||||||||
(in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel lease expense(a) | $ | 31,635 | $ | 44,087 | $ | 41,342 | ||||||
Land lease expense(b) | 12,338 | 11,062 | 11,158 | |||||||||
Real estate and other taxes | 31,773 | 30,977 | 29,974 | |||||||||
Property insurance, general liability insurance and other | 9,180 | 10,068 | 9,692 | |||||||||
Total taxes, insurance and lease expense | $ | 84,926 | $ | 96,194 | $ | 92,166 | ||||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of 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 $17.3 million, $22.2 million and $19.6 million for the year ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
(b) | Land lease expense includes percentage rent of $6.4 million, $5.4 million and $5.5 million for the year ended December 31, 2014, 2013, and 2012, respectively. |
Land_Leases_and_Hotel_Rent
Land Leases and Hotel Rent | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Land Leases and Hotel Rent | Land Leases and Hotel Rent | |||
We lease land occupied by certain hotels from third parties under various operating leases that expire through 2090. Certain land leases contain contingent rent features based on gross revenue at the respective hotels. In addition, we recognize rent expense for two hotels that are owned by unconsolidated entities and are leased to our consolidated lessees. These leases require the payment of base rents and contingent rent based on revenues at the respective hotels. Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2014, were as follows (in thousands): | ||||
Year | ||||
2015 | $ | 10,953 | ||
2016 | 10,208 | |||
2017 | 6,554 | |||
2018 | 6,220 | |||
2019 | 5,846 | |||
2020 and thereafter | 281,190 | |||
$ | 320,971 | |||
Income_loss_Per_ShareUnit
Income (loss) Per Share/Unit | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Income (loss) Per Share/Unit | oss) 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 | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to FelCor | $ | 92,099 | $ | (61,504 | ) | $ | (128,007 | ) | ||||
Discontinued operations attributable to FelCor | 359 | (16,963 | ) | (57,515 | ) | |||||||
Income (loss) from continuing operations attributable to FelCor | 92,458 | (78,467 | ) | (185,522 | ) | |||||||
Less: Preferred dividends | (38,712 | ) | (38,713 | ) | (38,713 | ) | ||||||
Less: Dividends declared on unvested restricted stock | (8 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | (20 | ) | — | — | ||||||||
Numerator for continuing operations attributable to FelCor common stockholders | 53,718 | (117,180 | ) | (224,235 | ) | |||||||
Discontinued operations attributable to FelCor | (359 | ) | 16,963 | 57,515 | ||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ | 53,359 | $ | (100,217 | ) | $ | (166,720 | ) | ||||
Denominator: | ||||||||||||
Denominator for basic income (loss) per share | 124,158 | 123,818 | 123,634 | |||||||||
Denominator for diluted income (loss) per share | 124,892 | 123,818 | 123,634 | |||||||||
Basic and diluted income (loss) per share data: | ||||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | ||||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | ||||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | ||||
18. Income (Loss) Per Share/Unit — (continued) | ||||||||||||
FelCor LP Income (Loss) Per Unit | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | ||||
Discontinued operations attributable to FelCor LP | 360 | (17,047 | ) | (57,804 | ) | |||||||
Income (loss) from continuing operations attributable to FelCor LP | 92,596 | (79,048 | ) | (186,653 | ) | |||||||
Less: Preferred distributions | (38,712 | ) | (38,713 | ) | (38,713 | ) | ||||||
Less: Distributions declared on FelCor unvested restricted stock | (8 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to FelCor unvested restricted stock | (20 | ) | — | — | ||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | 53,856 | (117,761 | ) | (225,366 | ) | |||||||
Discontinued operations attributable to FelCor LP | (360 | ) | 17,047 | 57,804 | ||||||||
Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders | $ | 53,496 | $ | (100,714 | ) | $ | (167,562 | ) | ||||
Denominator: | ||||||||||||
Denominator for basic income (loss) per unit | 124,772 | 124,437 | 124,262 | |||||||||
Denominator for diluted income (loss) per unit | 125,511 | 124,437 | 124,262 | |||||||||
Basic and diluted income (loss) per unit data: | ||||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | ||||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | ||||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | ||||
The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the net gain on sale of hotels attributable to FelCor/FelCor LP. | ||||||||||||
18. Income (Loss) Per Share/Unit — (continued) | ||||||||||||
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 (unaudited, in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Series A convertible preferred shares/units | 9,984 | 9,985 | 9,985 | |||||||||
FelCor restricted stock units | — | 547 | — | |||||||||
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 $25.1 million for all periods presented. | ||||||||||||
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. |
Commitments_Contingencies_and_
Commitments, Contingencies and Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Commitments, Contingencies and Related Party Transactions [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments, Contingencies and Related Party Transactions |
Our property insurance has a $100,000 “all-risk” deductible and, a 5% deductible (insured value) for named windstorm coverage and for California earthquake coverage. Substantial uninsured or not fully-insured losses would have a material adverse impact on our operating results, cash flows and financial condition. Catastrophic losses, such as the losses caused by hurricanes in 2005, could make the cost of insuring against these types of losses prohibitively expensive or difficult to find. In an effort to limit the cost of insurance, we purchase catastrophic insurance coverage based on probable maximum losses based on 250-year events and have only purchased terrorism insurance to the extent required by our lenders. We have established a self-insured retention of $250,000 per occurrence for general liability insurance with regard to 37 of our hotels. The remainder of our hotels participate in general liability programs sponsored by our managers, with no deductible. | |
Our hotels are operated under various management agreements that call for minimum base management fees, which generally range from 1 to 3% of total revenue, with the exception of our IHG-managed hotels, whose base management fees are 2% of total revenue plus 5% of room revenue. Most of our management agreements also allow for incentive management fees that are subordinated to our return on investment and are generally capped at 2 to 3% of total revenue. In addition, the management agreements generally require us to invest approximately 3 to 5% of revenues for capital expenditures. The management agreements have terms from 5 to 20 years and generally have renewal options. | |
The management agreements governing the operations of 22 of our Consolidated Hotels contain the right and license to operate the hotel under the specified brands. The remaining 23 Consolidated Hotels operate under franchise or license agreements that are separate from our management agreements. Typically, our franchise or license agreements provide for a license fee or royalty of 4 to 5% of room revenues. In the event | |
19. Commitments, Contingencies and Related Party Transactions - (continued) | |
we breach one of these agreements, in addition to losing the right to use the brand name for the operation of the applicable hotel, we may be liable, under certain circumstances, for liquidated damages equal to the fees paid to the franchisor with respect to that hotel during the three preceding years. | |
One of our consolidated subsidiaries is currently engaged in a commercial dispute with a third party that relates to circumstances that arose prior to December 31, 2014. We acquired additional information regarding this matter, and, under generally accepted accounting principles, we recorded $5.9 million in other expenses in the third quarter of 2014 to provide for our current estimate of our maximum exposure for this contingency. However, we are asserting our rights under the contract and believe these negotiations, when complete, will result in a substantial reduction of the liability. Because negotiations are ongoing, the outcome of those negotiations and the net amount for which our subsidiary will ultimately be liable are uncertain. | |
With the exception of the foregoing commercial dispute, there is no litigation pending or known to be threatened against us or affecting any of our hotels, other than claims arising in the ordinary course of business or which are not considered to be material. Furthermore, most of these claims are substantially covered by insurance. We do not believe that any claims known to us, individually or in the aggregate, will have a material adverse effect on us. |
Supplemental_Cash_Flow_Disclos
Supplemental Cash Flow Disclosure | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Cash Flow Disclosure | Supplemental Cash Flow Disclosure | ||||||||||||
In 2014, 2013 and 2012, we allocated $55,700, $23,000 and $44,500 respectively, of noncontrolling interests to additional paid-in capital with regard to the exchange of 6,080, 3,839 and 11,473 units, respectively, for common stock. In addition, in 2012, we received 3,571 units as payment for amounts owed to us by a unit holder. | |||||||||||||
Depreciation and amortization expense is comprised of the following (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization from continuing operations | $ | 115,819 | $ | 119,624 | $ | 116,384 | |||||||
Depreciation and amortization from discontinued operations | — | 4,923 | 13,102 | ||||||||||
Total depreciation and amortization expense | $ | 115,819 | $ | 124,547 | $ | 129,486 | |||||||
For the year ended December 31, 2014, our repayment of borrowings consisted of debt retirement of $310.2 million, payments on our line of credit of $251.0 million, payments on the cash collateralized tranche of our Knickerbocker loan of $58.6 million and normal recurring principal payments of $3.3 million. | |||||||||||||
For the year ended December 31, 2013, our repayment of borrowings consisted of payments on our line of credit of $132.0 million and normal recurring principal payments of $4.9 million. | |||||||||||||
For the year ended December 31, 2012, our repayment of borrowings consisted of debt retirement of $828.0 million, payments on our line of credit of $192.0 million and normal recurring principal payments of $23.3 million. | |||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the changes in accrued expenses and other liabilities related to investment in hotels and hotel development were a decrease of $11.3 million, an increase of $11.0 million, and a decrease of $3.1 million, respectively. |
FelCor_Stock_Based_Compensatio
FelCor Stock Based Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
FelCor Stock Based Compensation Plans | FelCor Stock Based Compensation Plans | ||||||||||||||||||||
FelCor sponsors one restricted stock and stock option plan, or the Plan. FelCor is authorized to issue up to 6,100,000 shares of common stock under the Plan pursuant to awards granted in the form of incentive stock options, non-qualified stock options, and restricted stock. Stock grants vest either over three to five years in equal annual installments or over a four year schedule, subject to time-based and performance-based vesting. There were 6,003,250 shares available for grant under the Plan at December 31, 2014. | |||||||||||||||||||||
FelCor Restricted Stock and Restricted Stock Units | |||||||||||||||||||||
A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2014, 2013 and 2012, and the changes during these years is presented below: | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Fair | Fair | Fair | |||||||||||||||||||
Market | Market | Market | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
at Grant | at Grant | at Grant | |||||||||||||||||||
Outstanding at beginning of the year | 5,504,825 | $ | 9 | 4,239,825 | $ | 10.45 | 4,290,318 | $ | 10.58 | ||||||||||||
Granted: | |||||||||||||||||||||
With 5-year pro rata vesting | — | $ | — | 15,000 | $ | 6.13 | 10,000 | $ | 4.4 | ||||||||||||
With up to 4-year pro rata vesting | 1,036,252 | $ | 6.7 | 1,250,000 | $ | 4.09 | — | $ | — | ||||||||||||
Forfeited | (2,250 | ) | $ | 9.62 | — | $ | — | (60,493 | ) | $ | 18.6 | ||||||||||
Outstanding at end of year | 6,538,827 | $ | 8.64 | 5,504,825 | $ | 9 | 4,239,825 | $ | 10.45 | ||||||||||||
Vested at end of year | (5,029,308 | ) | $ | 9.52 | (4,234,825 | ) | $ | 10.46 | (3,936,492 | ) | $ | 10.97 | |||||||||
Unvested at end of year | 1,509,519 | $ | 5.7 | 1,270,000 | $ | 4.12 | 303,333 | $ | 3.71 | ||||||||||||
Our executive officers were granted restricted stock units providing them with the potential to earn common shares, collectively, vesting in three increments over four years, based on total stockholder return relative to a group of 10 lodging REIT peers. The fixed cost of these grants is amortized over the vesting period. The unearned compensation cost of FelCor’s granted but unvested restricted stock and units was $5.1 million and $2.6 million, as of December 31, 2014 and 2013, respectively. The weighted average period over which the December 31, 2014 cost is to be amortized is approximately two years. Amortization expense for fixed stock compensation related to our restricted stock and units was $3.7 million, $2.2 million, and $786,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
The restricted stock unit grant also provides that to the extent any of these executive officers earn more than 250,000 shares upon vesting of this grant, the excess is settled in cash. To the extent there is excess likely to settle in cash, these awards are accounted for as liability awards, the fair value of which is remeasured at the end of each reporting period. The liability accrued for these awards expected to be settled in cash was $3.6 million and $1.0 million as of December 31, 2014 and 2013, respectively. Amortization expense for our variable stock compensation was $2.7 million and $963,000 for the years ended December 31, 2014 and 2013, respectively. Fair value estimates are based on a Monte Carlo simulation. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits |
FelCor offers a 401(k) retirement savings plan and health insurance benefits to its employees. FelCor’s matching contribution to our 401(k) plan totaled $948,000 during 2014, $943,000 during 2013 and $956,000 for 2012. Health insurance benefits cost $1.2 million for the year ended December 31, 2014, and $1.1 million for each of the years ended December 31, 2013 and 2012. | |
FelCor LP has no employees, and FelCor, as FelCor LP’s sole general partner, performs FelCor LP’s management functions. | |
The employees at our hotels are employees of the respective management companies. Under the management agreements, we reimburse the management companies for the compensation and benefits related to the employees who work at our hotels. We are not, however, the sponsors of their employee benefit plans. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||||||
We have determined that our business is conducted in one operating segment because of the similar economic characteristics of our hotels. | |||||||||||||||||||||||||
The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): | |||||||||||||||||||||||||
Revenue For the Year Ended | Investment in Hotel Assets | ||||||||||||||||||||||||
December 31, | as of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
California | $ | 277,458 | $ | 257,418 | $ | 241,892 | $ | 450,068 | $ | 468,033 | $ | 480,982 | |||||||||||||
Florida | 135,972 | 124,142 | 119,841 | 234,421 | 244,104 | 264,248 | |||||||||||||||||||
Texas | 85,724 | 78,287 | 75,906 | 148,253 | 95,910 | 104,641 | |||||||||||||||||||
Massachusetts | 85,665 | 76,505 | 68,117 | 172,062 | 183,446 | 189,571 | |||||||||||||||||||
Other states | 328,382 | 342,398 | 341,459 | 594,987 | 647,366 | 738,336 | |||||||||||||||||||
Canada | 8,386 | 14,686 | 14,911 | — | 14,408 | 16,786 | |||||||||||||||||||
Total | $ | 921,587 | $ | 893,436 | $ | 862,126 | $ | 1,599,791 | $ | 1,653,267 | $ | 1,794,564 | |||||||||||||
Quarterly_Operating_Results_un
Quarterly Operating Results (unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) | ||||||||||||||||
Our unaudited consolidated quarterly operating data for the years ended December 31, 2014 and 2013 follows (in thousands, except per share/unit data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management’s opinion, however, that quarterly operating data for hotel enterprises are not indicative of results to be achieved in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in stockholders’ equity (or partners’ capital) and cash flows for a period of several years. | |||||||||||||||||
FelCor | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | |||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | |||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | |||||||
Net income (loss) attributable to FelCor | $ | (14,818 | ) | $ | 24,281 | $ | 72,391 | $ | 10,245 | ||||||||
Net income (loss) attributable to FelCor common stockholders | $ | (24,496 | ) | $ | 14,603 | $ | 62,713 | $ | 567 | ||||||||
Comprehensive income (loss) attributable to FelCor | $ | (15,254 | ) | $ | 24,853 | $ | 47,499 | $ | 10,064 | ||||||||
Basic and diluted per common share data: | |||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | 0.01 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | — | ||||||||
Basic weighted average common shares outstanding | 124,146 | 124,169 | 124,168 | 124,188 | |||||||||||||
Diluted weighted average common shares outstanding | 124,146 | 125,386 | 125,526 | 125,146 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | |||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | |||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | ||||||||
Net income (loss) attributable to FelCor | $ | (26,185 | ) | $ | (18,683 | ) | $ | 3,230 | $ | (19,866 | ) | ||||||
Net loss attributable to FelCor common stockholders | $ | (35,863 | ) | $ | (28,361 | ) | $ | (6,448 | ) | $ | (29,545 | ) | |||||
Comprehensive income (loss) attributable to FelCor | $ | (26,540 | ) | $ | (19,247 | ) | $ | 3,557 | $ | (20,376 | ) | ||||||
Basic and diluted per common share data: | |||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | ||||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | |||||
Basic weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 | |||||||||||||
Diluted weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 | |||||||||||||
24. Quarterly Operating Results (unaudited) – (continued) | |||||||||||||||||
FelCor LP | |||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | |||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | |||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | |||||||
Net income (loss) attributable to FelCor LP | $ | (14,939 | ) | $ | 24,352 | $ | 72,576 | $ | 10,247 | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | $ | (24,617 | ) | $ | 14,674 | $ | 62,898 | $ | 569 | ||||||||
Comprehensive income (loss) attributable to FelCor LP | $ | (15,378 | ) | $ | 24,927 | $ | 47,578 | $ | 10,066 | ||||||||
Basic and diluted per common unit data: | |||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | 0.01 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | — | ||||||||
Basic weighted average common units outstanding | 124,764 | 124,783 | 124,781 | 124,799 | |||||||||||||
Diluted weighted average common units outstanding | 124,764 | 126,000 | 126,164 | 125,764 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | |||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | |||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | ||||||||
Net income (loss) attributable to FelCor LP | $ | (26,365 | ) | $ | (18,823 | ) | $ | 3,198 | $ | (20,011 | ) | ||||||
Net loss attributable to FelCor LP common unitholders | $ | (36,043 | ) | $ | (28,501 | ) | $ | (6,480 | ) | $ | (29,690 | ) | |||||
Comprehensive income (loss) attributable to FelCor LP | $ | (26,722 | ) | $ | (19,390 | ) | $ | 3,527 | $ | (20,524 | ) | ||||||
Basic and diluted per common unit data: | |||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | ||||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | |||||
Basic weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 | |||||||||||||
Diluted weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 | |||||||||||||
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards (Notes) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies | |
Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. | ||
Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||
Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. | ||
We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. | ||
We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. | ||
2 | Summary of Significant Accounting Policies — (continued) | |
Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. | ||
Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. | ||
Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. | ||
We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: | ||
• | Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity (i.e., a distribution of earnings); and | |
• | Cash distributions in excess of aggregate historical earnings are recorded as an investing activity (i.e., a distribution of contributed capital). | |
Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. | ||
2 | Summary of Significant Accounting Policies — (continued) | |
We consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. We had two hotels held for sale at December 31, 2014. | ||
Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | ||
We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. | ||
Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. | ||
Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. | ||
Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. | ||
Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. 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 and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. | ||
We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. | ||
Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments are reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013. In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). | ||
2 | Summary of Significant Accounting Policies — (continued) | |
Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs are being capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2014, 2013 and 2012, were $25.9 million, $23.6 million and $22.2 million, respectively. | ||
Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). | ||
We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. | ||
For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). | ||
FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash (i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. | ||
Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. | ||
Segment Information — We have determined that our business is conducted in one operating segment. | ||
Distributions and Dividends — FelCor declared aggregate common dividends of $0.10 and $0.02 per share in 2014 and 2013, respectively. In July 2012, we paid $30.0 million of accrued unpaid preferred dividends in arrears, and the remaining $37.7 million in arrears was paid in October 2012. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. | ||
2. Summary of Significant Accounting Policies — (continued) | ||
FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. | ||
Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. | ||
Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s common stock or, at our option, the cash equivalent thereof. 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. | ||
Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and, as such, is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and, as such, is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. | ||
We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. | ||
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. | ||
New Accounting Pronouncements, Policy [Policy Text Block] | 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]) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
FelCor Lodging LP [Member] | ||||||||||||||||||||
Condensed Financial Statements, Captions [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 guarantees 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. | ||||||||||||||||||||
26 | FelCor LP's Consolidating Financial Information - (continued) | |||||||||||||||||||
The following tables present consolidating information for the Subsidiary Guarantors. | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Net investment in hotels | $ | — | $ | 908,796 | $ | 690,995 | $ | — | $ | 1,599,791 | ||||||||||
Hotel development | — | — | 297,466 | — | 297,466 | |||||||||||||||
Equity investment in consolidated entities | 1,364,470 | — | — | (1,364,470 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 7,270 | 6,514 | 1,311 | — | 15,095 | |||||||||||||||
Hotels held for sale | — | — | 47,145 | — | 47,145 | |||||||||||||||
Cash and cash equivalents | 5,717 | 32,923 | 8,507 | — | 47,147 | |||||||||||||||
Restricted cash | — | 12,199 | 8,297 | — | 20,496 | |||||||||||||||
Accounts receivable, net | 963 | 26,343 | 499 | — | 27,805 | |||||||||||||||
Deferred expenses, net | 17,203 | — | 8,624 | — | 25,827 | |||||||||||||||
Other assets | 4,866 | 11,558 | 7,462 | — | 23,886 | |||||||||||||||
Total assets | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
Debt, net | $ | 1,050,000 | $ | — | $ | 576,654 | $ | (40,787 | ) | $ | 1,585,867 | |||||||||
Distributions payable | 13,709 | — | 118 | — | 13,827 | |||||||||||||||
Accrued expenses and other liabilities | 27,174 | 94,190 | 14,117 | — | 135,481 | |||||||||||||||
Total liabilities | 1,090,883 | 94,190 | 590,889 | (40,787 | ) | 1,735,175 | ||||||||||||||
Redeemable units, at redemption value | 6,616 | — | — | — | 6,616 | |||||||||||||||
Preferred units | 478,749 | — | — | — | 478,749 | |||||||||||||||
Common units | (175,759 | ) | 904,296 | 419,387 | (1,323,683 | ) | (175,759 | ) | ||||||||||||
Total FelCor LP partners’ capital | 302,990 | 904,296 | 419,387 | (1,323,683 | ) | 302,990 | ||||||||||||||
Noncontrolling interests | — | (153 | ) | 18,588 | — | 18,435 | ||||||||||||||
Preferred capital in consolidated joint venture | — | — | 41,442 | — | 41,442 | |||||||||||||||
Total partners’ capital | 302,990 | 904,143 | 479,417 | (1,323,683 | ) | 362,867 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | 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, at redemption value | 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 | |||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 917,981 | $ | — | $ | — | $ | 917,981 | ||||||||||
Percentage lease revenue | 4,181 | — | 62,627 | (66,808 | ) | — | ||||||||||||||
Other revenue | 6 | 3,143 | 457 | — | 3,606 | |||||||||||||||
Total revenue | 4,187 | 921,124 | 63,084 | (66,808 | ) | 921,587 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 606,113 | — | — | 606,113 | |||||||||||||||
Taxes, insurance and lease expense | 1,401 | 135,603 | 14,730 | (66,808 | ) | 84,926 | ||||||||||||||
Corporate expenses | 427 | 19,035 | 10,123 | — | 29,585 | |||||||||||||||
Depreciation and amortization | 2,717 | 69,094 | 44,008 | — | 115,819 | |||||||||||||||
Other expenses | 178 | 12,330 | 5,444 | — | 17,952 | |||||||||||||||
Total operating expenses | 4,723 | 842,175 | 74,305 | (66,808 | ) | 854,395 | ||||||||||||||
Operating income | (536 | ) | 78,949 | (11,221 | ) | — | 67,192 | |||||||||||||
Interest expense, net | (71,024 | ) | (758 | ) | (18,913 | ) | — | (90,695 | ) | |||||||||||
Debt extinguishment | (3,823 | ) | — | (947 | ) | — | (4,770 | ) | ||||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | — | 30,176 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | — | — | — | 20,737 | |||||||||||||||
Other gains, net | — | 100 | — | — | 100 | |||||||||||||||
Income before equity in income from unconsolidated entities | (24,470 | ) | 78,291 | (31,081 | ) | — | 22,740 | |||||||||||||
Equity in income from consolidated entities | 113,267 | — | — | (113,267 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 4,682 | 374 | (46 | ) | — | 5,010 | ||||||||||||||
Income from continuing operations | 93,479 | 78,665 | (31,127 | ) | (113,267 | ) | 27,750 | |||||||||||||
Loss from discontinued operations | — | 27 | (387 | ) | — | (360 | ) | |||||||||||||
Income before gain on sale of hotels | 93,479 | 78,692 | (31,514 | ) | (113,267 | ) | 27,390 | |||||||||||||
Gain on sale of hotels, net | (1,243 | ) | 21,887 | 46,118 | — | 66,762 | ||||||||||||||
Net income | 92,236 | 100,579 | 14,604 | (113,267 | ) | 94,152 | ||||||||||||||
Income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | |||||||||||||
Net income attributable to FelCor LP | 92,236 | 100,918 | 12,349 | (113,267 | ) | 92,236 | ||||||||||||||
Preferred distributions | (38,712 | ) | — | — | — | (38,712 | ) | |||||||||||||
Net income attributable to FelCor LP common unitholders | $ | 53,524 | $ | 100,918 | $ | 12,349 | $ | (113,267 | ) | $ | 53,524 | |||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 890,006 | $ | — | $ | — | $ | 890,006 | ||||||||||
Percentage lease revenue | 5,041 | — | 62,903 | (67,944 | ) | — | ||||||||||||||
Other revenue | 9 | 2,976 | 445 | — | 3,430 | |||||||||||||||
Total revenue | 5,050 | 892,982 | 63,348 | (67,944 | ) | 893,436 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 600,931 | — | — | 600,931 | |||||||||||||||
Taxes, insurance and lease expense | 2,078 | 148,932 | 13,128 | (67,944 | ) | 96,194 | ||||||||||||||
Corporate expenses | 553 | 17,966 | 8,477 | — | 26,996 | |||||||||||||||
Depreciation and amortization | 4,438 | 71,898 | 43,288 | — | 119,624 | |||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | |||||||||||||||
Conversion expenses | 23 | 666 | 445 | — | 1,134 | |||||||||||||||
Other expenses | 3,179 | 3,166 | 2,404 | — | 8,749 | |||||||||||||||
Total operating expenses | 24,565 | 843,559 | 77,889 | (67,944 | ) | 878,069 | ||||||||||||||
Operating income | (19,515 | ) | 49,423 | (14,541 | ) | — | 15,367 | |||||||||||||
Interest expense, net | (84,206 | ) | (1,270 | ) | (18,311 | ) | — | (103,787 | ) | |||||||||||
Other gains, net | — | — | 41 | — | 41 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (103,721 | ) | 48,153 | (32,811 | ) | — | (88,379 | ) | ||||||||||||
Equity in income from consolidated entities | 40,276 | — | — | (40,276 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 4,183 | 449 | (46 | ) | — | 4,586 | ||||||||||||||
Loss from continuing operations | (59,262 | ) | 48,602 | (32,857 | ) | (40,276 | ) | (83,793 | ) | |||||||||||
Income from discontinued operations | (2,739 | ) | 1,842 | 18,907 | — | 18,010 | ||||||||||||||
Net loss | (62,001 | ) | 50,444 | (13,950 | ) | (40,276 | ) | (65,783 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | |||||||||||||||
Net loss attributable to FelCor LP | (62,001 | ) | 51,232 | (10,956 | ) | (40,276 | ) | (62,001 | ) | |||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (100,714 | ) | $ | 51,232 | $ | (10,956 | ) | $ | (40,276 | ) | $ | (100,714 | ) | ||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 858,941 | $ | — | $ | — | $ | 858,941 | ||||||||||
Percentage lease revenue | 5,160 | — | 71,858 | (77,018 | ) | — | ||||||||||||||
Other revenue | 21 | 2,752 | 412 | — | 3,185 | |||||||||||||||
Total revenue | 5,181 | 861,693 | 72,270 | (77,018 | ) | 862,126 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 587,813 | — | — | 587,813 | |||||||||||||||
Taxes, insurance and lease expense | 1,424 | 153,444 | 14,316 | (77,018 | ) | 92,166 | ||||||||||||||
Corporate expenses | 533 | 17,015 | 8,580 | — | 26,128 | |||||||||||||||
Depreciation and amortization | 4,778 | 63,533 | 48,073 | — | 116,384 | |||||||||||||||
Conversion expenses | 487 | 14,210 | 16,500 | — | 31,197 | |||||||||||||||
Other expenses | 685 | 3,375 | 566 | — | 4,626 | |||||||||||||||
Total operating expenses | 7,907 | 839,390 | 88,035 | (77,018 | ) | 858,314 | ||||||||||||||
Operating income | (2,726 | ) | 22,303 | (15,765 | ) | — | 3,812 | |||||||||||||
Interest expense, net | (86,617 | ) | (16,052 | ) | (18,883 | ) | — | (121,552 | ) | |||||||||||
Debt extinguishment | (55,056 | ) | (6,395 | ) | (10,899 | ) | — | (72,350 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (144,399 | ) | (144 | ) | (45,547 | ) | — | (190,090 | ) | |||||||||||
Equity in income from consolidated entities | 13,038 | — | — | (13,038 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 2,589 | 236 | (46 | ) | — | 2,779 | ||||||||||||||
Loss from continuing operations | (128,772 | ) | 92 | (45,593 | ) | (13,038 | ) | (187,311 | ) | |||||||||||
Income from discontinued operations | (77 | ) | (9,745 | ) | 67,719 | — | 57,897 | |||||||||||||
Net loss | (128,849 | ) | (9,653 | ) | 22,126 | (13,038 | ) | (129,414 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | ||||||||||||||
Net loss attributable to FelCor LP | (128,849 | ) | (8,874 | ) | 21,912 | (13,038 | ) | (128,849 | ) | |||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (167,562 | ) | $ | (8,874 | ) | $ | 21,912 | $ | (13,038 | ) | $ | (167,562 | ) | ||||||
26. FelCor LP's Consolidating Financial Information — (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | ||||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 92,236 | $ | 100,579 | $ | 14,604 | $ | (113,267 | ) | $ | 94,152 | |||||||||
Foreign currency translation adjustment | (490 | ) | (121 | ) | (369 | ) | 490 | (490 | ) | |||||||||||
Reclassification of foreign currency translation to gain | (24,553 | ) | (4,448 | ) | (20,105 | ) | 24,553 | (24,553 | ) | |||||||||||
Comprehensive income | 67,193 | 96,010 | (5,870 | ) | (88,224 | ) | 69,109 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 67,193 | $ | 96,349 | $ | (8,125 | ) | $ | (88,224 | ) | $ | 67,193 | ||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (62,001 | ) | $ | 50,444 | $ | (13,950 | ) | $ | (40,276 | ) | $ | (65,783 | ) | ||||||
Foreign currency translation adjustment | (1,108 | ) | (213 | ) | (895 | ) | 1,108 | (1,108 | ) | |||||||||||
Comprehensive loss | (63,109 | ) | 50,231 | (14,845 | ) | (39,168 | ) | (66,891 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | |||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (63,109 | ) | $ | 51,019 | $ | (11,851 | ) | $ | (39,168 | ) | $ | (63,109 | ) | ||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (128,849 | ) | $ | (9,653 | ) | $ | 22,126 | $ | (13,038 | ) | $ | (129,414 | ) | ||||||
Foreign currency translation adjustment | 303 | 16 | 287 | (303 | ) | 303 | ||||||||||||||
Comprehensive loss | (128,546 | ) | (9,637 | ) | 22,413 | (13,341 | ) | (129,111 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (128,546 | ) | $ | (8,858 | ) | $ | 22,199 | $ | (13,341 | ) | $ | (128,546 | ) | ||||||
26. FelCor LP's Consolidating Financial Information — (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (65,903 | ) | $ | 150,663 | $ | 20,058 | $ | — | $ | 104,818 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (135 | ) | (58,017 | ) | (25,512 | ) | — | (83,664 | ) | |||||||||||
Hotel development | — | — | (86,565 | ) | — | (86,565 | ) | |||||||||||||
Net proceeds from asset dispositions | 6,488 | 13,967 | 143,163 | — | 163,618 | |||||||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154 | — | 878 | — | 4,032 | |||||||||||||||
Insurance proceeds | — | 521 | — | — | 521 | |||||||||||||||
Change in restricted cash | — | (3,571 | ) | 60,302 | — | 56,731 | ||||||||||||||
Distributions from unconsolidated entities | 7,472 | 5,356 | — | — | 12,828 | |||||||||||||||
Contributions to unconsolidated entities | (7 | ) | — | — | — | (7 | ) | |||||||||||||
Intercompany financing | 334,905 | — | — | (334,905 | ) | — | ||||||||||||||
Cash flows from investing activities | 351,877 | (41,744 | ) | 92,266 | (334,905 | ) | 67,494 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 473,062 | — | 473,062 | |||||||||||||||
Repayment of borrowings | (236,745 | ) | — | (386,361 | ) | — | (623,106 | ) | ||||||||||||
Payment of deferred financing costs | (4 | ) | — | (3,211 | ) | — | (3,215 | ) | ||||||||||||
Acquisition of noncontrolling interest | — | — | (5,850 | ) | — | (5,850 | ) | |||||||||||||
Distributions paid to noncontrolling interests | — | (850 | ) | (8,746 | ) | — | (9,596 | ) | ||||||||||||
Contributions from noncontrolling interests | — | 1,265 | 5,110 | — | 6,375 | |||||||||||||||
Net proceeds from issuance of preferred equity-consolidated joint venture | — | — | 41,442 | — | 41,442 | |||||||||||||||
Distributions paid to preferred unitholders | (38,712 | ) | — | — | — | (38,712 | ) | |||||||||||||
Distributions paid to common unitholders | (9,981 | ) | — | — | — | (9,981 | ) | |||||||||||||
Intercompany financing | — | (109,609 | ) | (225,296 | ) | 334,905 | — | |||||||||||||
Other | (42 | ) | — | (1,102 | ) | — | (1,144 | ) | ||||||||||||
Cash flows used in financing activities | (285,484 | ) | (109,194 | ) | (110,952 | ) | 334,905 | (170,725 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (85 | ) | — | — | (85 | ) | |||||||||||||
Change in cash and cash equivalents | 490 | (360 | ) | 1,372 | — | 1,502 | ||||||||||||||
Cash and cash equivalents at beginning of period | 5,227 | 33,283 | 7,135 | — | 45,645 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,717 | $ | 32,923 | $ | 8,507 | $ | — | $ | 47,147 | ||||||||||
26. FelCor LP's Consolidating Financial Information — (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (55,959 | ) | $ | 114,777 | $ | 9,643 | $ | — | $ | 68,461 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | 2,383 | (61,239 | ) | (42,501 | ) | — | (101,357 | ) | ||||||||||||
Hotel development | — | — | (60,553 | ) | — | (60,553 | ) | |||||||||||||
Net proceeds from asset dispositions | 9,650 | 17,750 | 71,420 | — | 98,820 | |||||||||||||||
Distributions from unconsolidated entities | 8,159 | 1,625 | — | — | 9,784 | |||||||||||||||
Contributions to unconsolidated entities | — | (1,500 | ) | — | — | (1,500 | ) | |||||||||||||
Intercompany financing | 73,730 | — | — | (73,730 | ) | — | ||||||||||||||
Other | — | 239 | 699 | — | 938 | |||||||||||||||
Cash flows used in investing activities | 93,922 | (43,125 | ) | (30,935 | ) | (73,730 | ) | (53,868 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 164,000 | — | 164,000 | |||||||||||||||
Repayment of borrowings | — | — | (136,902 | ) | — | (136,902 | ) | |||||||||||||
Distributions paid to preferred unitholders | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Intercompany financing | — | (69,561 | ) | (4,169 | ) | 73,730 | — | |||||||||||||
Other | (2,335 | ) | 832 | (1,510 | ) | — | (3,013 | ) | ||||||||||||
Cash flows used in financing activities | (41,048 | ) | (68,729 | ) | 21,419 | 73,730 | (14,628 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (65 | ) | — | — | (65 | ) | |||||||||||||
Change in cash and cash equivalents | (3,085 | ) | 2,858 | 127 | — | (100 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 8,312 | 30,425 | 7,008 | — | 45,745 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,227 | $ | 33,283 | $ | 7,135 | $ | — | $ | 45,645 | ||||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (82,558 | ) | $ | 69,045 | $ | 60,822 | $ | — | $ | 47,309 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (7,760 | ) | (79,696 | ) | (34,019 | ) | — | (121,475 | ) | |||||||||||
Hotel development | — | — | (24,849 | ) | — | (24,849 | ) | |||||||||||||
Net proceeds from asset dispositions | (14 | ) | 4,236 | 193,391 | — | 197,613 | ||||||||||||||
Distributions from unconsolidated entities | 12,914 | 625 | — | — | 13,539 | |||||||||||||||
Intercompany financing | (49,051 | ) | — | — | 49,051 | — | ||||||||||||||
Other | — | 5,285 | 1,028 | — | 6,313 | |||||||||||||||
Cash flows from investing activities | (43,911 | ) | (69,550 | ) | 135,551 | 49,051 | 71,141 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 525,000 | — | 473,611 | — | 998,611 | |||||||||||||||
Repayment of borrowings | (299,542 | ) | (208,027 | ) | (535,796 | ) | — | (1,043,365 | ) | |||||||||||
Payment of deferred financing costs | (7,719 | ) | (26 | ) | (10,125 | ) | — | (17,870 | ) | |||||||||||
Distributions paid to preferred unitholders | (106,461 | ) | — | — | — | (106,461 | ) | |||||||||||||
Intercompany financing | — | 169,919 | (120,868 | ) | (49,051 | ) | — | |||||||||||||
Other | — | 2,001 | 559 | — | 2,560 | |||||||||||||||
Cash flows used in financing activities | 111,278 | (36,133 | ) | (192,619 | ) | (49,051 | ) | (166,525 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 62 | — | — | 62 | |||||||||||||||
Change in cash and cash equivalents | (15,191 | ) | (36,576 | ) | 3,754 | — | (48,013 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 23,503 | 67,001 | 3,254 | — | 93,758 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 8,312 | $ | 30,425 | $ | 7,008 | $ | — | $ | 45,745 | ||||||||||
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||
as of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Amounts at | Accumulated | Life Upon | |||||||||||||||||||||||||||||||||||||||
Subsequent to | Which Carried | Depreciation | Which | ||||||||||||||||||||||||||||||||||||||||
Acquisition | at Close of Period | Buildings & | Depreciation | ||||||||||||||||||||||||||||||||||||||||
Location | Encumbrances | Land | Building and | Land | Building and | Land | Building and | Total | Improvements | Year | Date | is Computed | |||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | Opened | Acquired | |||||||||||||||||||||||||||||||||||||||
Birmingham, AL (a) | $ | 23,550 | $ | 2,843 | $ | 29,286 | $ | — | $ | 4,581 | $ | 2,843 | $ | 33,867 | $ | 36,710 | $ | 15,501 | 1987 | 1/3/96 | 15 - 40 Yrs | ||||||||||||||||||||||
Phoenix - Biltmore, AZ (a) | 19,866 | 4,694 | 38,998 | — | 4,468 | 4,694 | 43,466 | 48,160 | 19,993 | 1985 | 1/3/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Indian Wells – Esmeralda Resort & Spa, CA (d) | (l) | 30,948 | 73,507 | — | 6,573 | 30,948 | 80,080 | 111,028 | 13,883 | 1989 | 12/16/07 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Los Angeles – International Airport – South, CA (a) | (l) | 2,660 | 17,997 | — | 5,878 | 2,660 | 23,875 | 26,535 | 10,233 | 1985 | 3/27/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Milpitas – Silicon Valley, CA (a) | (m) | 4,021 | 23,677 | — | 4,237 | 4,021 | 27,914 | 31,935 | 12,895 | 1987 | 1/3/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Napa Valley, CA (a) | 27,563 | 2,218 | 14,205 | — | 7,036 | 2,218 | 21,241 | 23,459 | 8,437 | 1985 | 5/8/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Oxnard - Mandalay Beach – Hotel & Resort, CA (a) | 16,480 | 2,930 | 22,125 | — | 11,340 | 2,930 | 33,465 | 36,395 | 14,222 | 1986 | 5/8/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Diego Bayside, CA (j) | — | (k) | 68,229 | — | 13,383 | — | 81,612 | 81,612 | 42,241 | 1965 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Francisco – Airport/Waterfront, CA (a) | — | (k) | 39,929 | — | 7,205 | — | 47,134 | 47,134 | 20,366 | 1986 | 11/6/95 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Francisco – Airport/South San Francisco, CA (a) | (m) | 3,418 | 31,737 | — | 5,322 | 3,418 | 37,059 | 40,477 | 16,821 | 1988 | 1/3/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Francisco - Fisherman’s Wharf, CA (e) | — | (k) | 61,883 | — | 18,086 | — | 79,969 | 79,969 | 39,279 | 1970 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Francisco –Union Square, CA (f) | 82,810 | 8,466 | 73,684 | (434 | ) | 53,800 | 8,032 | 127,484 | 135,516 | 45,954 | 1970 | 7/28/98 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Santa Monica Beach – at the Pier, CA (j) | 16,134 | 10,200 | 16,580 | — | 1,655 | 10,200 | 18,235 | 28,435 | 4,686 | 1967 | 3/11/04 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Deerfield Beach – Resort & Spa, FL (a) | 31,228 | 4,523 | 29,443 | 68 | 6,957 | 4,591 | 36,400 | 40,991 | 16,537 | 1987 | 1/3/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Ft. Lauderdale – 17th Street, FL (a) | 35,301 | 5,329 | 47,850 | (163 | ) | 7,322 | 5,166 | 55,172 | 60,338 | 25,347 | 1986 | 1/3/96 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Miami – International Airport, FL (a) | 13,714 | 4,135 | 24,950 | — | 7,044 | 4,135 | 31,994 | 36,129 | 14,425 | 1983 | 1/3/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Orlando – International Airport, FL (e) | — | 2,549 | 22,188 | 6 | 3,819 | 2,555 | 26,007 | 28,562 | 9,768 | 1984 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Orlando – International Drive South/Convention, FL (a) | (m) | 1,632 | 13,870 | — | 4,190 | 1,632 | 18,060 | 19,692 | 8,871 | 1985 | 7/28/94 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Orlando – Walt Disney World Resort, FL (c) | — | (k) | 28,092 | — | 3,559 | — | 31,651 | 31,651 | 18,778 | 1987 | 7/28/97 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
St. Petersburg – Vinoy Resort & Golf Club, FL (d) | (l) | (k) | 100,823 | — | 8,023 | — | 108,846 | 108,846 | 20,826 | 1925 | 12/16/07 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP | |||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate and Accumulated Depreciation – (continued) | |||||||||||||||||||||||||||||||||||||||||||
as of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Cost Capitalized | Gross Amounts at | Accumulated | Life Upon | |||||||||||||||||||||||||||||||||||||||
Subsequent to | Which Carried | Depreciation | Which | ||||||||||||||||||||||||||||||||||||||||
Acquisition | at Close of Period | Buildings & | Depreciation | ||||||||||||||||||||||||||||||||||||||||
Location | Encumbrances | Land | Building and | Land | Building and | Land | Building and | Total | Improvements | Year | Date | is Computed | |||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | Opened | Acquired | |||||||||||||||||||||||||||||||||||||||
Atlanta – Buckhead, GA (a) | (m) | 7,303 | 38,996 | (300 | ) | 3,720 | 7,003 | 42,716 | 49,719 | 19,002 | 1988 | 10/17/96 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Chicago Lombard/ Oak Brook, IL (a) | 18,176 | 4,400 | 22,018 | — | 159 | 4,400 | 22,177 | 26,577 | 230 | 1989 | 7/25/14 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
New Orleans – French Quarter, LA (j) | 37,324 | (k) | 50,732 | — | 10,842 | — | 61,574 | 61,574 | 23,692 | 1969 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Boston – at Beacon Hill, MA (j) | — | (k) | 45,192 | — | 9,563 | — | 54,755 | 54,755 | 31,961 | 1968 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Boston – Copley Plaza, MA (h) | (l) | 27,600 | 62,500 | — | 14,666 | 27,600 | 77,166 | 104,766 | 8,413 | 1912 | 8/18/10 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Boston – Marlborough, MA (a) | (m) | 948 | 8,143 | 761 | 15,649 | 1,709 | 23,792 | 25,501 | 10,346 | 1988 | 6/30/95 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Minneapolis – Airport, MN (a) | 37,864 | 5,417 | 36,508 | 24 | 3,060 | 5,441 | 39,568 | 45,009 | 18,415 | 1986 | 11/6/95 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
New York - Morgans (i) | (l) | 16,200 | 29,872 | — | 1,450 | 16,200 | 31,322 | 47,522 | 2,790 | 1984 | 5/23/11 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
New York - Royalton (i) | (l) | 32,500 | 48,423 | — | 2,570 | 32,500 | 50,993 | 83,493 | 4,584 | 1988 | 5/23/11 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Philadelphia – Historic District, PA (j) | 12,700 | 3,164 | 27,535 | 7 | 10,987 | 3,171 | 38,522 | 41,693 | 17,295 | 1972 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Philadelphia – Society Hill, PA (b) | (m) | 4,542 | 45,121 | — | 9,677 | 4,542 | 54,798 | 59,340 | 23,076 | 1986 | 10/1/97 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Pittsburgh – at University Center (Oakland), PA (j) | 11,105 | (k) | 25,031 | — | 3,865 | — | 28,896 | 28,896 | 12,284 | 1988 | 11/1/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Charleston – Mills House, SC (j) | 14,919 | 3,251 | 28,295 | 7 | 8,155 | 3,258 | 36,450 | 39,708 | 13,620 | 1982 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Myrtle Beach – Oceanfront Resort, SC (a) | 17,149 | 2,940 | 24,988 | — | 12,268 | 2,940 | 37,256 | 40,196 | 14,382 | 1987 | 12/5/96 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Myrtle Beach Resort (g) | (m) | 9,000 | 19,844 | 6 | 31,893 | 9,006 | 51,737 | 60,743 | 16,565 | 1974 | 7/23/02 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Nashville – Opryland – Airport (Briley Parkway), TN (e) | — | (k) | 27,734 | — | 4,648 | — | 32,382 | 32,382 | 18,557 | 1981 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Austin, TX (c) | — | 2,508 | 21,908 | — | 4,890 | 2,508 | 26,798 | 29,306 | 11,519 | 1987 | 3/20/97 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Austin Central, TX (a) | 22,848 | 7,400 | 33,285 | — | 7 | 7,400 | 33,292 | 40,692 | 347 | 1984 | 7/25/14 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Dallas – Love Field, TX (a) | (m) | 1,934 | 16,674 | — | 5,128 | 1,934 | 21,802 | 23,736 | 9,959 | 1986 | 3/29/95 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Houston - Medical Center, TX (j) | 9,299 | (k) | 22,027 | — | 7,247 | — | 29,274 | 29,274 | 11,348 | 1984 | 7/28/98 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Antonio- International Airport, TX (a) | — | 4,900 | 20,568 | — | 37 | 4,900 | 20,605 | 25,505 | 214 | 1985 | 7/25/14 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
San Antonio- NW I-10, TX (a) | 9,984 | 3,900 | 12,430 | — | — | 3,900 | 12,430 | 16,330 | 129 | 1981 | 7/25/14 | 15 - 40 Yrs | |||||||||||||||||||||||||||||||
Burlington Hotel & Conference Center, VT (b) | (m) | 3,136 | 27,283 | (2 | ) | 7,078 | 3,134 | 34,361 | 37,495 | 13,226 | 1967 | 12/4/97 | 15 - 40 Yrs | ||||||||||||||||||||||||||||||
Total hotels | $ | 458,014 | $ | 231,609 | $ | 1,474,160 | $ | (20 | ) | $ | 352,037 | $ | 231,589 | $ | 1,826,197 | $ | 2,057,786 | $ | 661,017 | ||||||||||||||||||||||||
Other properties (less than 5% of total) | $ | — | $ | 550 | $ | 3,686 | $ | — | $ | 267 | $ | 550 | $ | 3,953 | $ | 4,503 | $ | 741 | |||||||||||||||||||||||||
Total | $ | 458,014 | $ | 232,159 | $ | 1,477,846 | $ | (20 | ) | $ | 352,304 | $ | 232,139 | $ | 1,830,150 | $ | 2,062,289 | $ | 661,758 | ||||||||||||||||||||||||
FELCOR LODGING TRUST INCORPORATED AND | |||||||||||||||||||||||||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | |||||||||||||||||||||||||||||||||||||||||||
Schedule III – Real Estate and Accumulated Depreciation – (continued) | |||||||||||||||||||||||||||||||||||||||||||
as of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||
(a) Embassy Suites Hotel | |||||||||||||||||||||||||||||||||||||||||||
(b) Sheraton | |||||||||||||||||||||||||||||||||||||||||||
(c) DoubleTree by Hilton | |||||||||||||||||||||||||||||||||||||||||||
(d) Renaissance | |||||||||||||||||||||||||||||||||||||||||||
(e) Holiday Inn | |||||||||||||||||||||||||||||||||||||||||||
(f) Marriott | |||||||||||||||||||||||||||||||||||||||||||
(g) Hilton | |||||||||||||||||||||||||||||||||||||||||||
(h) Fairmont | |||||||||||||||||||||||||||||||||||||||||||
(i) Morgans Hotel Group | |||||||||||||||||||||||||||||||||||||||||||
(j) Wyndham | |||||||||||||||||||||||||||||||||||||||||||
(k) | This hotel is subject to a ground lease. | ||||||||||||||||||||||||||||||||||||||||||
(l) This hotel is mortgaged to secure repayment of our 6.75% senior notes due in 2019. | |||||||||||||||||||||||||||||||||||||||||||
(m) This hotel is mortgaged to secure repayment of our 5.625% senior notes due in 2023. | |||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||
Reconciliation of Land and Buildings and Improvements: | |||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,175,100 | $ | 2,305,896 | $ | 2,528,930 | |||||||||||||||||||||||||||||||||||||
Additions during period: | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions from joint venture transaction | 108,901 | — | — | ||||||||||||||||||||||||||||||||||||||||
Improvements | 21,167 | 21,236 | 44,887 | ||||||||||||||||||||||||||||||||||||||||
Deductions during period: | |||||||||||||||||||||||||||||||||||||||||||
Disposition of properties | (242,879 | ) | (152,032 | ) | (267,921 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of period before impairment charges | 2,062,289 | 2,175,100 | 2,305,896 | ||||||||||||||||||||||||||||||||||||||||
Cumulative impairment charges on real estate assets owned at end of period | (65,277 | ) | (107,492 | ) | (95,121 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 1,997,012 | $ | 2,067,608 | $ | 2,210,775 | |||||||||||||||||||||||||||||||||||||
Reconciliation of Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 698,146 | $ | 693,114 | $ | 723,982 | |||||||||||||||||||||||||||||||||||||
Additions during period: | |||||||||||||||||||||||||||||||||||||||||||
Depreciation for the period | 56,564 | 58,643 | 64,953 | ||||||||||||||||||||||||||||||||||||||||
Deductions during period: | |||||||||||||||||||||||||||||||||||||||||||
Disposition of properties | (92,952 | ) | (53,611 | ) | (95,821 | ) | |||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | 661,758 | $ | 698,146 | $ | 693,114 | |||||||||||||||||||||||||||||||||||||
The aggregate cost of real estate for federal income tax purposes is approximately $2.1 billion at December 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Principles of Consolidation | Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. | |
Use of Estimates | Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Investment in Hotels | Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. | |
We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. | ||
We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. | ||
2 | Summary of Significant Accounting Policies — (continued) | |
Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. | ||
Acquisition of Hotels | Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. | |
We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: | ||
• | Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity (i.e., a distribution of earnings); and | |
• | Cash distributions in excess of aggregate historical earnings are recorded as an investing activity (i.e., a distribution of contributed capital). | |
Hotels Held for Sale | Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. | |
2 | Summary of Significant Accounting Policies — (continued) | |
We consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. We had two hotels held for sale at December 31, 2014. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. | |
We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. | ||
Restricted Cash | Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. | |
Deferred Expenses | Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. | |
Other Assets | Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. | |
Revenue Recognition | Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. 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 and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. | |
We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. | ||
Foreign Currency Translation | Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments are reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013. In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). | |
Capitalized Costs | Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs are being capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2014, 2013 and 2012, were $25.9 million, $23.6 million and $22.2 million, respectively. | |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). | |
We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. | ||
For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). | ||
FelCor's Stock Compensation | FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash (i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. | |
Derivatives | Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. | |
Segment Information | Segment Information — We have determined that our business is conducted in one operating segment. | |
Distributions and Dividends | Distributions and Dividends — FelCor declared aggregate common dividends of $0.10 and $0.02 per share in 2014 and 2013, respectively. In July 2012, we paid $30.0 million of accrued unpaid preferred dividends in arrears, and the remaining $37.7 million in arrears was paid in October 2012. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. | |
2. Summary of Significant Accounting Policies — (continued) | ||
FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. | ||
Reacquired Stock | Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. | |
Noncontrolling Interests | Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s common stock or, at our option, the cash equivalent thereof. 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. | |
Income Taxes | Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and, as such, is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and, as such, is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. | |
We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. |
Organization_Tables
Organization (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Organization [Abstract] | ||||||||
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 45 Consolidated Hotels at December 31, 2014: | |||||||
Brand | Hotels | Rooms | ||||||
Embassy Suites Hotels | 23 | 6,255 | ||||||
Wyndham and Wyndham Grand | 8 | 2,528 | ||||||
Marriott and Renaissance | 3 | 1,321 | ||||||
DoubleTree by Hilton and Hilton | 3 | 802 | ||||||
Holiday Inn | 3 | 1,256 | ||||||
Morgans and Royalton | 2 | 285 | ||||||
Sheraton | 2 | 673 | ||||||
Fairmont | 1 | 383 | ||||||
Total | 45 | 13,503 | ||||||
Investment_in_Hotels_Tables
Investment in Hotels (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Investment in hotels | Investment in hotels consisted of the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Building and improvements | $ | 1,764,871 | $ | 1,833,165 | |||||
Furniture, fixtures and equipment | 431,851 | 482,628 | |||||||
Land | 232,141 | 234,447 | |||||||
Construction in progress | 21,615 | 32,828 | |||||||
2,450,478 | 2,583,068 | ||||||||
Accumulated depreciation - Building and improvements | (661,758 | ) | (698,146 | ) | |||||
Accumulated depreciation - Furniture, fixtures and equipment | (188,929 | ) | (231,655 | ) | |||||
$ | 1,599,791 | $ | 1,653,267 | ||||||
Hotel_Dispositions_Tables
Hotel Dispositions (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups | The following table includes condensed financial information primarily from these 14 hotels (in thousands): | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Hotel operating revenue | $ | 99,084 | $ | 146,519 | $ | 142,108 | |||||||||
Operating expenses (a) | (95,233 | ) | (169,160 | ) | (142,036 | ) | |||||||||
Operating income (loss) | 3,851 | (22,641 | ) | 72 | |||||||||||
Interest expense, net | (1,488 | ) | (2,788 | ) | (3,074 | ) | |||||||||
Debt extinguishment | (920 | ) | — | (181 | ) | ||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | ||||||||||||
Other gains, net | — | 41 | — | ||||||||||||
Equity in income from unconsolidated entities | 1,513 | 1,491 | 524 | ||||||||||||
Income (loss) from continuing operations | 33,132 | (23,897 | ) | (2,659 | ) | ||||||||||
Gain on sale of hotels, net(b) | 66,762 | — | — | ||||||||||||
Net income (loss) | 99,894 | (23,897 | ) | (2,659 | ) | ||||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (1,464 | ) | 3,830 | (83 | ) | ||||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (355 | ) | 98 | 14 | |||||||||||
Net income (loss) attributable to FelCor | $ | 98,075 | $ | (19,969 | ) | $ | (2,728 | ) | |||||||
(a) | Operating expenses include impairment charges of $24.4 million for the year ended December 31, 2013. | ||||||||||||||
(b) | Includes a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income) when we sold our remaining Canadian hotel in the third quarter of 2014, which substantially liquidated all of our foreign investments. | ||||||||||||||
Schedule of operations for the hotels included in discontinued operations | Discontinued operations include the results of operations for one hotel sold in 2014 (which was held for sale at December 31, 2013, five hotels sold in 2013, and ten hotels sold in 2012. The following table summarizes the condensed financial information for those hotels (in thousands): | ||||||||||||||
Year Ended December 31, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Hotel operating revenue | $ | 730 | $ | 33,849 | $ | 107,637 | |||||||||
Operating expenses(a) | (677 | ) | (34,553 | ) | (95,600 | ) | |||||||||
Operating income (loss) from discontinued operations | 53 | (704 | ) | 12,037 | |||||||||||
Interest expense, net | (66 | ) | (793 | ) | (5,832 | ) | |||||||||
Debt extinguishment | (245 | ) | — | (2,767 | ) | ||||||||||
Gain on involuntary conversion | — | 66 | — | ||||||||||||
Gain (loss) on sale, net | (102 | ) | 19,441 | 54,459 | |||||||||||
Income (loss) from discontinued operations | $ | (360 | ) | $ | 18,010 | $ | 57,897 | ||||||||
(a) | Operating expenses in discontinued operations include impairment charges of $4.4 million and $1.3 million for the years ended December 31, 2013 and 2012, respectively. |
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Investment in hotels, net of accumulated depreciation | $ | 30,288 | $ | 140,145 | ||||||||
Total assets | $ | 45,374 | $ | 155,848 | ||||||||
Debt | $ | 34,192 | $ | 146,358 | ||||||||
Total liabilities | $ | 36,974 | $ | 152,068 | ||||||||
Equity | $ | 8,400 | $ | 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 59,453 | $ | 70,697 | $ | 67,725 | ||||||
Net income | $ | 12,561 | $ | 12,892 | $ | 9,278 | ||||||
Net income attributable to FelCor | $ | 6,281 | $ | 6,446 | $ | 4,639 | ||||||
Depreciation of cost in excess of book value | (1,271 | ) | (1,860 | ) | (1,860 | ) | ||||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 | ||||||
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investment in unconsolidated entities (in thousands): | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Hotel-related investments | $ | (3,265 | ) | $ | (6,349 | ) | ||||||
Cost in excess of book value of hotel investments | 10,895 | 45,053 | ||||||||||
Land and condominium investments | 7,465 | 8,239 | ||||||||||
$ | 15,095 | $ | 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel investments | $ | 5,784 | $ | 5,270 | $ | 3,434 | ||||||
Other investments | (774 | ) | (684 | ) | (655 | ) | ||||||
Equity in income from unconsolidated entities | $ | 5,010 | $ | 4,586 | $ | 2,779 | ||||||
Joint_Venture_Transaction_Tabl
Joint Venture Transaction (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Joint Venture Transaction [Abstract] | ||||||||
Fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity (i.e., a business combination) through this, primarily non-cash, transaction (in thousands): | |||||||
Assets | ||||||||
Investment in hotels | $ | 130,100 | ||||||
Other assets | 1,300 | |||||||
Deferred expenses | 259 | |||||||
Total assets acquired | $ | 131,659 | ||||||
Liabilities | ||||||||
Debt | $ | 64,000 | ||||||
Net assets acquired | $ | 67,659 | ||||||
Unaudited consolidated pro forma results of operations | The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Net income (loss) | $ | 94,869 | $ | (65,670 | ) | |||
Income (loss) per share/unit - basic | $ | 0.43 | $ | (0.82 | ) | |||
Income (loss) per share/unit - diluted | $ | 0.43 | $ | (0.82 | ) | |||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||
Schedule of Consolidated Debt | Consolidated debt consisted of the following (in thousands): | |||||||||||||||||
Encumbered | Interest | Maturity | December 31, | |||||||||||||||
Hotels | Rate (%) | Date | 2014 | 2013 | ||||||||||||||
Line of credit | 8 | LIBOR + 3.375 | June 2016(a) | $ | 111,500 | $ | 88,000 | |||||||||||
Term loan | 3 | LIBOR + 2.50 | July 2017(b) | 140,000 | — | |||||||||||||
Mortgage debt | 4 | LIBOR + 3.00 | Mar-17 | 64,000 | — | |||||||||||||
Mortgage debt(c) | 4 | 4.95 | Oct-22 | 124,278 | 126,220 | |||||||||||||
Mortgage debt | 1 | 4.94 | Oct-22 | 31,228 | 31,714 | |||||||||||||
Senior secured notes | 6 | 6.75 | June 2019 | 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 | 58,562 | — | |||||||||||||
Cash collateralized tranche | — | LIBOR + 1.25 | May-16 | 6,299 | 64,861 | |||||||||||||
Retired debt | — | — | — | — | 302,431 | |||||||||||||
Total | 35 | $ | 1,585,867 | $ | 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 can be extended up to two years, subject to satisfying certain conditions. | |||||||||||||||||
(c) | This debt is comprised of separate non-cross-collateralized loans each secured by a mortgage of a different hotel. | |||||||||||||||||
(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 year subject to satisfying certain conditions. In 2014, we drew $58.6 million of the cash collateral to fund construction costs, leaving $6.3 million of cash collateral to be drawn before drawing on the remaining $20.1 million available under the construction loan. | |||||||||||||||||
Schedule of Future Scheduled Principal Payments on Debt Obligations | Future scheduled principal payments on debt obligations at December 31, 2014 are as follows (in thousands): | |||||||||||||||||
Year | ||||||||||||||||||
2015 | $ | 2,466 | ||||||||||||||||
2016 | 179,013 | |||||||||||||||||
2017 | 206,810 | |||||||||||||||||
2018 | 2,954 | |||||||||||||||||
2019 | 528,106 | |||||||||||||||||
Thereafter | 666,518 | |||||||||||||||||
$ | 1,585,867 | |||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Schedule of Income Tax Reconciliation | The following table reconciles REIT GAAP net income (loss) to taxable loss (in thousands): | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
GAAP net income (loss) from REIT operations | $ | 68,796 | $ | (62,513 | ) | $ | (125,088 | ) | ||||||||||
Book/tax differences, net: | ||||||||||||||||||
Depreciation and amortization(a) | 1,831 | 2,173 | 2,084 | |||||||||||||||
Noncontrolling interests | 329 | (4,017 | ) | 4,112 | ||||||||||||||
Gain/loss differences from dispositions | (99,946 | ) | (2,032 | ) | (30,747 | ) | ||||||||||||
Impairment loss not deductible for tax | — | 28,795 | 1,335 | |||||||||||||||
Conversion costs | (3,233 | ) | (2,099 | ) | 31,197 | |||||||||||||
Other | (1,674 | ) | 8,453 | (9,226 | ) | |||||||||||||
Tax loss(b) | $ | (33,897 | ) | $ | (31,240 | ) | $ | (126,333 | ) | |||||||||
(a) | Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods. | |||||||||||||||||
(b) | The dividend distribution requirement is 90% of any taxable income (net of capital gains). | |||||||||||||||||
Schedule of Deferred Tax Asset | Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): | |||||||||||||||||
December 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Accumulated net operating losses of TRSs | $ | 107,027 | $ | 119,355 | ||||||||||||||
Tax property basis in excess of book | 952 | 1,017 | ||||||||||||||||
Accrued employee benefits not deductible for tax | 3,883 | 3,477 | ||||||||||||||||
Management fee recognition | 81 | 464 | ||||||||||||||||
Foreign exchange | — | 4,905 | ||||||||||||||||
Capitalized TRS start-up costs | 6,399 | 1,893 | ||||||||||||||||
Other | 1,261 | 701 | ||||||||||||||||
Gross deferred tax asset | 119,603 | 131,812 | ||||||||||||||||
Valuation allowance | (119,603 | ) | (131,812 | ) | ||||||||||||||
Deferred tax asset after valuation allowance | $ | — | $ | — | ||||||||||||||
Schedule of Characterization of Cash Dividends Distrubuted | For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized as follows: | |||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Amount | % | Amount | % | Amount | % | |||||||||||||
Preferred Stock – Series A | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 1.95 | (c) | 100 | 1.95 | (b) | 100 | 5.3625 | (a) | 100 | |||||||||
$ | 1.95 | 100 | $ | 1.95 | 100 | $ | 5.3625 | 100 | ||||||||||
Preferred Stock – Series C | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 2 | (c) | 100 | 2 | (b) | 100 | 5.5 | (a) | 100 | |||||||||
$ | 2 | 100 | $ | 2 | 100 | $ | 5.5 | 100 | ||||||||||
Common Stock | ||||||||||||||||||
Dividend income | $ | — | — | $ | — | — | $ | — | — | |||||||||
Return of capital | 0.08 | (c) | 100 | — | — | — | — | |||||||||||
$ | 0.08 | 100 | $ | — | — | $ | — | — | ||||||||||
(a) | Fourth quarter 2011 preferred dividends were paid January 31, 2012, and were treated as 2012 distributions for tax purposes. | |||||||||||||||||
(b) | Fourth quarter 2012 preferred dividends were paid January 31, 2013, and were treated as 2013 distributions for tax purposes. | |||||||||||||||||
(c) | Fourth quarter 2013 preferred and common dividends were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. | |||||||||||||||||
Taxable REIT Subsidiaries [Member] | ||||||||||||||||||
Income Taxes [Line Items] | ||||||||||||||||||
Schedule of Income Tax Reconciliation | The following table reconciles our TRSs’ GAAP net income (loss) to taxable income (in thousands): | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
GAAP consolidated net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | ||||||||||
Loss (income) allocated to FelCor LP unitholders | (137 | ) | 497 | 842 | ||||||||||||||
GAAP consolidated net income (loss) attributable to FelCor | 92,099 | (61,504 | ) | (128,007 | ) | |||||||||||||
GAAP net loss (income) from REIT operations | (68,796 | ) | 62,513 | 125,088 | ||||||||||||||
GAAP net income (loss) of taxable subsidiaries | 23,303 | 1,009 | (2,919 | ) | ||||||||||||||
Taxes related to joint venture transaction | 5,761 | — | — | |||||||||||||||
Gain/loss differences from dispositions | — | — | (407 | ) | ||||||||||||||
Depreciation and amortization(a) | (461 | ) | 1,646 | 404 | ||||||||||||||
Employee benefits not deductible for tax | (101 | ) | 3,914 | 363 | ||||||||||||||
Management fee recognition | (1,151 | ) | (1,245 | ) | (1,715 | ) | ||||||||||||
Cancellation of debt | (3,188 | ) | — | — | ||||||||||||||
Foreign exchange | — | — | 12,907 | |||||||||||||||
Capitalized TRS start-up costs | 11,859 | 4,981 | — | |||||||||||||||
Other book/tax differences | 181 | 2,754 | 4,884 | |||||||||||||||
Tax income of taxable subsidiaries before utilization of net operating losses | 36,203 | 13,059 | 13,517 | |||||||||||||||
Utilization of net operating loss | (36,203 | ) | (13,059 | ) | (13,517 | ) | ||||||||||||
Net tax income of taxable subsidiaries | $ | — | $ | — | $ | — | ||||||||||||
(a) | The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | |||||||||
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): | ||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Balance at beginning of period | $ | 5,039 | $ | 2,902 | |||||
Conversion of units | (56 | ) | (23 | ) | |||||
Redemption value allocation | 1,545 | 2,663 | |||||||
Distributions paid to unitholders | (48 | ) | — | ||||||
Comprehensive income (loss): | |||||||||
Foreign exchange translation | (1 | ) | (6 | ) | |||||
Net income (loss) | 137 | (497 | ) | ||||||
Balance at end of period | $ | 6,616 | $ | 5,039 | |||||
Hotel_Operating_Revenue_Depart1
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Room revenue | $ | 713,213 | $ | 692,016 | $ | 667,708 | ||||||
Food and beverage revenue | 157,607 | 151,233 | 142,962 | |||||||||
Other operating departments | 47,161 | 46,757 | 48,271 | |||||||||
Total hotel operating revenue | $ | 917,981 | $ | 890,006 | $ | 858,941 | ||||||
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Room | $ | 188,465 | $ | 184,840 | $ | 179,602 | ||||||
Food and beverage | 121,201 | 120,287 | 114,815 | |||||||||
Other operating departments | 22,210 | 21,954 | 21,682 | |||||||||
Total hotel departmental expenses | $ | 331,876 | $ | 327,081 | $ | 316,099 | ||||||
Schedule of Other Property-Related Costs | Other property operating costs from continuing operations were comprised of the following (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel general and administrative expense | $ | 79,420 | $ | 80,715 | $ | 78,280 | ||||||
Marketing | 77,939 | 74,770 | 72,342 | |||||||||
Repair and maintenance | 43,886 | 45,057 | 44,319 | |||||||||
Utilities | 36,925 | 37,573 | 36,988 | |||||||||
Total other property operating costs | $ | 238,170 | $ | 238,115 | $ | 231,929 | ||||||
Taxes_Insurance_and_Lease_Expe1
Taxes, Insurance and Lease Expenses (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Taxes, Insurance and Lease Expenses [Abstract] | ||||||||||||
Schedule of Taxes, Insurance and Lease Expenses | Taxes, insurance and lease expenses from continuing operations were comprised of the following | |||||||||||
(in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Hotel lease expense(a) | $ | 31,635 | $ | 44,087 | $ | 41,342 | ||||||
Land lease expense(b) | 12,338 | 11,062 | 11,158 | |||||||||
Real estate and other taxes | 31,773 | 30,977 | 29,974 | |||||||||
Property insurance, general liability insurance and other | 9,180 | 10,068 | 9,692 | |||||||||
Total taxes, insurance and lease expense | $ | 84,926 | $ | 96,194 | $ | 92,166 | ||||||
(a) | Hotel lease expense is recorded by the consolidated operating lessees of 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 $17.3 million, $22.2 million and $19.6 million for the year ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
(b) | Land lease expense includes percentage rent of $6.4 million, $5.4 million and $5.5 million for the year ended December 31, 2014, 2013, and 2012, respectively. |
Land_Leases_and_Hotel_Rent_Tab
Land Leases and Hotel Rent (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Future Minimum Lease Payments under Land Lease Obligations and Hotel Leases | Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2014, were as follows (in thousands): | |||
Year | ||||
2015 | $ | 10,953 | ||
2016 | 10,208 | |||
2017 | 6,554 | |||
2018 | 6,220 | |||
2019 | 5,846 | |||
2020 and thereafter | 281,190 | |||
$ | 320,971 | |||
Income_loss_Per_ShareUnit_Tabl
Income (loss) Per Share/Unit (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [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 | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to FelCor | $ | 92,099 | $ | (61,504 | ) | $ | (128,007 | ) | ||||
Discontinued operations attributable to FelCor | 359 | (16,963 | ) | (57,515 | ) | |||||||
Income (loss) from continuing operations attributable to FelCor | 92,458 | (78,467 | ) | (185,522 | ) | |||||||
Less: Preferred dividends | (38,712 | ) | (38,713 | ) | (38,713 | ) | ||||||
Less: Dividends declared on unvested restricted stock | (8 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | (20 | ) | — | — | ||||||||
Numerator for continuing operations attributable to FelCor common stockholders | 53,718 | (117,180 | ) | (224,235 | ) | |||||||
Discontinued operations attributable to FelCor | (359 | ) | 16,963 | 57,515 | ||||||||
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ | 53,359 | $ | (100,217 | ) | $ | (166,720 | ) | ||||
Denominator: | ||||||||||||
Denominator for basic income (loss) per share | 124,158 | 123,818 | 123,634 | |||||||||
Denominator for diluted income (loss) per share | 124,892 | 123,818 | 123,634 | |||||||||
Basic and diluted income (loss) per share data: | ||||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | ||||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | ||||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | ||||
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 (unaudited, in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Series A convertible preferred shares/units | 9,984 | 9,985 | 9,985 | |||||||||
FelCor restricted stock units | — | 547 | — | |||||||||
FelCor Lodging LP [Member] | ||||||||||||
Earnings Per Share [Line Items] | ||||||||||||
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Income (Loss) Per Unit | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) attributable to FelCor LP | $ | 92,236 | $ | (62,001 | ) | $ | (128,849 | ) | ||||
Discontinued operations attributable to FelCor LP | 360 | (17,047 | ) | (57,804 | ) | |||||||
Income (loss) from continuing operations attributable to FelCor LP | 92,596 | (79,048 | ) | (186,653 | ) | |||||||
Less: Preferred distributions | (38,712 | ) | (38,713 | ) | (38,713 | ) | ||||||
Less: Distributions declared on FelCor unvested restricted stock | (8 | ) | — | — | ||||||||
Less: Undistributed earnings allocated to FelCor unvested restricted stock | (20 | ) | — | — | ||||||||
Numerator for continuing operations attributable to FelCor LP common unitholders | 53,856 | (117,761 | ) | (225,366 | ) | |||||||
Discontinued operations attributable to FelCor LP | (360 | ) | 17,047 | 57,804 | ||||||||
Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders | $ | 53,496 | $ | (100,714 | ) | $ | (167,562 | ) | ||||
Denominator: | ||||||||||||
Denominator for basic income (loss) per unit | 124,772 | 124,437 | 124,262 | |||||||||
Denominator for diluted income (loss) per unit | 125,511 | 124,437 | 124,262 | |||||||||
Basic and diluted income (loss) per unit data: | ||||||||||||
Income (loss) from continuing operations | $ | 0.43 | $ | (0.95 | ) | $ | (1.81 | ) | ||||
Discontinued operations | $ | — | $ | 0.14 | $ | 0.47 | ||||||
Net income (loss) | $ | 0.43 | $ | (0.81 | ) | $ | (1.35 | ) | ||||
Supplemental_Cash_Flow_Disclos1
Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Schedule of Depreciation and Amortization Expense | Depreciation and amortization expense is comprised of the following (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Depreciation and amortization from continuing operations | $ | 115,819 | $ | 119,624 | $ | 116,384 | |||||||
Depreciation and amortization from discontinued operations | — | 4,923 | 13,102 | ||||||||||
Total depreciation and amortization expense | $ | 115,819 | $ | 124,547 | $ | 129,486 | |||||||
FelCor_Stock_Based_Compensatio1
FelCor Stock Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Schedule of Restricted Stock/Unit Activity | A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2014, 2013 and 2012, and the changes during these years is presented below: | ||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Fair | Fair | Fair | |||||||||||||||||||
Market | Market | Market | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
at Grant | at Grant | at Grant | |||||||||||||||||||
Outstanding at beginning of the year | 5,504,825 | $ | 9 | 4,239,825 | $ | 10.45 | 4,290,318 | $ | 10.58 | ||||||||||||
Granted: | |||||||||||||||||||||
With 5-year pro rata vesting | — | $ | — | 15,000 | $ | 6.13 | 10,000 | $ | 4.4 | ||||||||||||
With up to 4-year pro rata vesting | 1,036,252 | $ | 6.7 | 1,250,000 | $ | 4.09 | — | $ | — | ||||||||||||
Forfeited | (2,250 | ) | $ | 9.62 | — | $ | — | (60,493 | ) | $ | 18.6 | ||||||||||
Outstanding at end of year | 6,538,827 | $ | 8.64 | 5,504,825 | $ | 9 | 4,239,825 | $ | 10.45 | ||||||||||||
Vested at end of year | (5,029,308 | ) | $ | 9.52 | (4,234,825 | ) | $ | 10.46 | (3,936,492 | ) | $ | 10.97 | |||||||||
Unvested at end of year | 1,509,519 | $ | 5.7 | 1,270,000 | $ | 4.12 | 303,333 | $ | 3.71 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of revenues from continuing operations and investment in hotel assets | The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): | ||||||||||||||||||||||||
Revenue For the Year Ended | Investment in Hotel Assets | ||||||||||||||||||||||||
December 31, | as of December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
California | $ | 277,458 | $ | 257,418 | $ | 241,892 | $ | 450,068 | $ | 468,033 | $ | 480,982 | |||||||||||||
Florida | 135,972 | 124,142 | 119,841 | 234,421 | 244,104 | 264,248 | |||||||||||||||||||
Texas | 85,724 | 78,287 | 75,906 | 148,253 | 95,910 | 104,641 | |||||||||||||||||||
Massachusetts | 85,665 | 76,505 | 68,117 | 172,062 | 183,446 | 189,571 | |||||||||||||||||||
Other states | 328,382 | 342,398 | 341,459 | 594,987 | 647,366 | 738,336 | |||||||||||||||||||
Canada | 8,386 | 14,686 | 14,911 | — | 14,408 | 16,786 | |||||||||||||||||||
Total | $ | 921,587 | $ | 893,436 | $ | 862,126 | $ | 1,599,791 | $ | 1,653,267 | $ | 1,794,564 | |||||||||||||
Quarterly_Operating_Results_un1
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||||||||
Schedule of quarterly operating results (unaudited) | FelCor | ||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | |||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | |||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | |||||||
Net income (loss) attributable to FelCor | $ | (14,818 | ) | $ | 24,281 | $ | 72,391 | $ | 10,245 | ||||||||
Net income (loss) attributable to FelCor common stockholders | $ | (24,496 | ) | $ | 14,603 | $ | 62,713 | $ | 567 | ||||||||
Comprehensive income (loss) attributable to FelCor | $ | (15,254 | ) | $ | 24,853 | $ | 47,499 | $ | 10,064 | ||||||||
Basic and diluted per common share data: | |||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | 0.01 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | — | ||||||||
Basic weighted average common shares outstanding | 124,146 | 124,169 | 124,168 | 124,188 | |||||||||||||
Diluted weighted average common shares outstanding | 124,146 | 125,386 | 125,526 | 125,146 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | |||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | |||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | ||||||||
Net income (loss) attributable to FelCor | $ | (26,185 | ) | $ | (18,683 | ) | $ | 3,230 | $ | (19,866 | ) | ||||||
Net loss attributable to FelCor common stockholders | $ | (35,863 | ) | $ | (28,361 | ) | $ | (6,448 | ) | $ | (29,545 | ) | |||||
Comprehensive income (loss) attributable to FelCor | $ | (26,540 | ) | $ | (19,247 | ) | $ | 3,557 | $ | (20,376 | ) | ||||||
Basic and diluted per common share data: | |||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | ||||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | |||||
Basic weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 | |||||||||||||
Diluted weighted average common shares outstanding | 123,814 | 123,814 | 123,817 | 123,827 | |||||||||||||
FelCor Lodging LP [Member] | |||||||||||||||||
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||||||||
Schedule of quarterly operating results (unaudited) | FelCor LP | ||||||||||||||||
2014 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 221,349 | $ | 259,515 | $ | 234,056 | $ | 206,667 | |||||||||
Income (loss) from continuing operations | $ | (20,428 | ) | $ | 9,324 | $ | 44,022 | $ | (5,168 | ) | |||||||
Discontinued operations | $ | 135 | $ | 5 | $ | (8 | ) | $ | (492 | ) | |||||||
Net income (loss) attributable to FelCor LP | $ | (14,939 | ) | $ | 24,352 | $ | 72,576 | $ | 10,247 | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | $ | (24,617 | ) | $ | 14,674 | $ | 62,898 | $ | 569 | ||||||||
Comprehensive income (loss) attributable to FelCor LP | $ | (15,378 | ) | $ | 24,927 | $ | 47,578 | $ | 10,066 | ||||||||
Basic and diluted per common unit data: | |||||||||||||||||
Net income (loss) from continuing operations | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | 0.01 | ||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | |||||||||
Net income (loss) | $ | (0.20 | ) | $ | 0.12 | $ | 0.5 | $ | — | ||||||||
Basic weighted average common units outstanding | 124,764 | 124,783 | 124,781 | 124,799 | |||||||||||||
Diluted weighted average common units outstanding | 124,764 | 126,000 | 126,164 | 125,764 | |||||||||||||
2013 | First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
Total revenues | $ | 208,937 | $ | 239,856 | $ | 230,429 | $ | 214,214 | |||||||||
Loss from continuing operations | $ | (27,458 | ) | $ | (28,915 | ) | $ | (8,158 | ) | $ | (19,262 | ) | |||||
Discontinued operations | $ | 853 | $ | 6,120 | $ | 11,947 | $ | (910 | ) | ||||||||
Net income (loss) attributable to FelCor LP | $ | (26,365 | ) | $ | (18,823 | ) | $ | 3,198 | $ | (20,011 | ) | ||||||
Net loss attributable to FelCor LP common unitholders | $ | (36,043 | ) | $ | (28,501 | ) | $ | (6,480 | ) | $ | (29,690 | ) | |||||
Comprehensive income (loss) attributable to FelCor LP | $ | (26,722 | ) | $ | (19,390 | ) | $ | 3,527 | $ | (20,524 | ) | ||||||
Basic and diluted per common unit data: | |||||||||||||||||
Net loss from continuing operations | $ | (0.30 | ) | $ | (0.28 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Discontinued operations | $ | 0.01 | $ | 0.05 | $ | 0.09 | $ | (0.01 | ) | ||||||||
Net loss | $ | (0.29 | ) | $ | (0.23 | ) | $ | (0.05 | ) | $ | (0.24 | ) | |||||
Basic weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 | |||||||||||||
Diluted weighted average common units outstanding | 124,435 | 124,435 | 124,435 | 124,444 | |||||||||||||
FelCor_LPs_Consolidating_Finan1
FelCor LP's Consolidating Financial Information (Tables) (FelCor Lodging LP [Member]) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
FelCor Lodging LP [Member] | ||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||
Schedule of Condensed Balance Sheet | CONSOLIDATING BALANCE SHEET | |||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Net investment in hotels | $ | — | $ | 908,796 | $ | 690,995 | $ | — | $ | 1,599,791 | ||||||||||
Hotel development | — | — | 297,466 | — | 297,466 | |||||||||||||||
Equity investment in consolidated entities | 1,364,470 | — | — | (1,364,470 | ) | — | ||||||||||||||
Investment in unconsolidated entities | 7,270 | 6,514 | 1,311 | — | 15,095 | |||||||||||||||
Hotels held for sale | — | — | 47,145 | — | 47,145 | |||||||||||||||
Cash and cash equivalents | 5,717 | 32,923 | 8,507 | — | 47,147 | |||||||||||||||
Restricted cash | — | 12,199 | 8,297 | — | 20,496 | |||||||||||||||
Accounts receivable, net | 963 | 26,343 | 499 | — | 27,805 | |||||||||||||||
Deferred expenses, net | 17,203 | — | 8,624 | — | 25,827 | |||||||||||||||
Other assets | 4,866 | 11,558 | 7,462 | — | 23,886 | |||||||||||||||
Total assets | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
Debt, net | $ | 1,050,000 | $ | — | $ | 576,654 | $ | (40,787 | ) | $ | 1,585,867 | |||||||||
Distributions payable | 13,709 | — | 118 | — | 13,827 | |||||||||||||||
Accrued expenses and other liabilities | 27,174 | 94,190 | 14,117 | — | 135,481 | |||||||||||||||
Total liabilities | 1,090,883 | 94,190 | 590,889 | (40,787 | ) | 1,735,175 | ||||||||||||||
Redeemable units, at redemption value | 6,616 | — | — | — | 6,616 | |||||||||||||||
Preferred units | 478,749 | — | — | — | 478,749 | |||||||||||||||
Common units | (175,759 | ) | 904,296 | 419,387 | (1,323,683 | ) | (175,759 | ) | ||||||||||||
Total FelCor LP partners’ capital | 302,990 | 904,296 | 419,387 | (1,323,683 | ) | 302,990 | ||||||||||||||
Noncontrolling interests | — | (153 | ) | 18,588 | — | 18,435 | ||||||||||||||
Preferred capital in consolidated joint venture | — | — | 41,442 | — | 41,442 | |||||||||||||||
Total partners’ capital | 302,990 | 904,143 | 479,417 | (1,323,683 | ) | 362,867 | ||||||||||||||
Total liabilities and partners’ capital | $ | 1,400,489 | $ | 998,333 | $ | 1,070,306 | $ | (1,364,470 | ) | $ | 2,104,658 | |||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | 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, at redemption value | 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 | |||||||||
Schedule of Condensed Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | |||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 917,981 | $ | — | $ | — | $ | 917,981 | ||||||||||
Percentage lease revenue | 4,181 | — | 62,627 | (66,808 | ) | — | ||||||||||||||
Other revenue | 6 | 3,143 | 457 | — | 3,606 | |||||||||||||||
Total revenue | 4,187 | 921,124 | 63,084 | (66,808 | ) | 921,587 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 606,113 | — | — | 606,113 | |||||||||||||||
Taxes, insurance and lease expense | 1,401 | 135,603 | 14,730 | (66,808 | ) | 84,926 | ||||||||||||||
Corporate expenses | 427 | 19,035 | 10,123 | — | 29,585 | |||||||||||||||
Depreciation and amortization | 2,717 | 69,094 | 44,008 | — | 115,819 | |||||||||||||||
Other expenses | 178 | 12,330 | 5,444 | — | 17,952 | |||||||||||||||
Total operating expenses | 4,723 | 842,175 | 74,305 | (66,808 | ) | 854,395 | ||||||||||||||
Operating income | (536 | ) | 78,949 | (11,221 | ) | — | 67,192 | |||||||||||||
Interest expense, net | (71,024 | ) | (758 | ) | (18,913 | ) | — | (90,695 | ) | |||||||||||
Debt extinguishment | (3,823 | ) | — | (947 | ) | — | (4,770 | ) | ||||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | — | — | — | 30,176 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | — | — | — | 20,737 | |||||||||||||||
Other gains, net | — | 100 | — | — | 100 | |||||||||||||||
Income before equity in income from unconsolidated entities | (24,470 | ) | 78,291 | (31,081 | ) | — | 22,740 | |||||||||||||
Equity in income from consolidated entities | 113,267 | — | — | (113,267 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 4,682 | 374 | (46 | ) | — | 5,010 | ||||||||||||||
Income from continuing operations | 93,479 | 78,665 | (31,127 | ) | (113,267 | ) | 27,750 | |||||||||||||
Loss from discontinued operations | — | 27 | (387 | ) | — | (360 | ) | |||||||||||||
Income before gain on sale of hotels | 93,479 | 78,692 | (31,514 | ) | (113,267 | ) | 27,390 | |||||||||||||
Gain on sale of hotels, net | (1,243 | ) | 21,887 | 46,118 | — | 66,762 | ||||||||||||||
Net income | 92,236 | 100,579 | 14,604 | (113,267 | ) | 94,152 | ||||||||||||||
Income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | |||||||||||||
Net income attributable to FelCor LP | 92,236 | 100,918 | 12,349 | (113,267 | ) | 92,236 | ||||||||||||||
Preferred distributions | (38,712 | ) | — | — | — | (38,712 | ) | |||||||||||||
Net income attributable to FelCor LP common unitholders | $ | 53,524 | $ | 100,918 | $ | 12,349 | $ | (113,267 | ) | $ | 53,524 | |||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 890,006 | $ | — | $ | — | $ | 890,006 | ||||||||||
Percentage lease revenue | 5,041 | — | 62,903 | (67,944 | ) | — | ||||||||||||||
Other revenue | 9 | 2,976 | 445 | — | 3,430 | |||||||||||||||
Total revenue | 5,050 | 892,982 | 63,348 | (67,944 | ) | 893,436 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 600,931 | — | — | 600,931 | |||||||||||||||
Taxes, insurance and lease expense | 2,078 | 148,932 | 13,128 | (67,944 | ) | 96,194 | ||||||||||||||
Corporate expenses | 553 | 17,966 | 8,477 | — | 26,996 | |||||||||||||||
Depreciation and amortization | 4,438 | 71,898 | 43,288 | — | 119,624 | |||||||||||||||
Impairment loss | 14,294 | — | 10,147 | — | 24,441 | |||||||||||||||
Conversion expenses | 23 | 666 | 445 | — | 1,134 | |||||||||||||||
Other expenses | 3,179 | 3,166 | 2,404 | — | 8,749 | |||||||||||||||
Total operating expenses | 24,565 | 843,559 | 77,889 | (67,944 | ) | 878,069 | ||||||||||||||
Operating income | (19,515 | ) | 49,423 | (14,541 | ) | — | 15,367 | |||||||||||||
Interest expense, net | (84,206 | ) | (1,270 | ) | (18,311 | ) | — | (103,787 | ) | |||||||||||
Other gains, net | — | — | 41 | — | 41 | |||||||||||||||
Loss before equity in income from unconsolidated entities | (103,721 | ) | 48,153 | (32,811 | ) | — | (88,379 | ) | ||||||||||||
Equity in income from consolidated entities | 40,276 | — | — | (40,276 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 4,183 | 449 | (46 | ) | — | 4,586 | ||||||||||||||
Loss from continuing operations | (59,262 | ) | 48,602 | (32,857 | ) | (40,276 | ) | (83,793 | ) | |||||||||||
Income from discontinued operations | (2,739 | ) | 1,842 | 18,907 | — | 18,010 | ||||||||||||||
Net loss | (62,001 | ) | 50,444 | (13,950 | ) | (40,276 | ) | (65,783 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | |||||||||||||||
Net loss attributable to FelCor LP | (62,001 | ) | 51,232 | (10,956 | ) | (40,276 | ) | (62,001 | ) | |||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (100,714 | ) | $ | 51,232 | $ | (10,956 | ) | $ | (40,276 | ) | $ | (100,714 | ) | ||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Hotel operating revenue | $ | — | $ | 858,941 | $ | — | $ | — | $ | 858,941 | ||||||||||
Percentage lease revenue | 5,160 | — | 71,858 | (77,018 | ) | — | ||||||||||||||
Other revenue | 21 | 2,752 | 412 | — | 3,185 | |||||||||||||||
Total revenue | 5,181 | 861,693 | 72,270 | (77,018 | ) | 862,126 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Hotel operating expenses | — | 587,813 | — | — | 587,813 | |||||||||||||||
Taxes, insurance and lease expense | 1,424 | 153,444 | 14,316 | (77,018 | ) | 92,166 | ||||||||||||||
Corporate expenses | 533 | 17,015 | 8,580 | — | 26,128 | |||||||||||||||
Depreciation and amortization | 4,778 | 63,533 | 48,073 | — | 116,384 | |||||||||||||||
Conversion expenses | 487 | 14,210 | 16,500 | — | 31,197 | |||||||||||||||
Other expenses | 685 | 3,375 | 566 | — | 4,626 | |||||||||||||||
Total operating expenses | 7,907 | 839,390 | 88,035 | (77,018 | ) | 858,314 | ||||||||||||||
Operating income | (2,726 | ) | 22,303 | (15,765 | ) | — | 3,812 | |||||||||||||
Interest expense, net | (86,617 | ) | (16,052 | ) | (18,883 | ) | — | (121,552 | ) | |||||||||||
Debt extinguishment | (55,056 | ) | (6,395 | ) | (10,899 | ) | — | (72,350 | ) | |||||||||||
Loss before equity in income from unconsolidated entities | (144,399 | ) | (144 | ) | (45,547 | ) | — | (190,090 | ) | |||||||||||
Equity in income from consolidated entities | 13,038 | — | — | (13,038 | ) | — | ||||||||||||||
Equity in income from unconsolidated entities | 2,589 | 236 | (46 | ) | — | 2,779 | ||||||||||||||
Loss from continuing operations | (128,772 | ) | 92 | (45,593 | ) | (13,038 | ) | (187,311 | ) | |||||||||||
Income from discontinued operations | (77 | ) | (9,745 | ) | 67,719 | — | 57,897 | |||||||||||||
Net loss | (128,849 | ) | (9,653 | ) | 22,126 | (13,038 | ) | (129,414 | ) | |||||||||||
Loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | ||||||||||||||
Net loss attributable to FelCor LP | (128,849 | ) | (8,874 | ) | 21,912 | (13,038 | ) | (128,849 | ) | |||||||||||
Preferred distributions | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Net loss attributable to FelCor LP common unitholders | $ | (167,562 | ) | $ | (8,874 | ) | $ | 21,912 | $ | (13,038 | ) | $ | (167,562 | ) | ||||||
Schedule of Condensed Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME | |||||||||||||||||||
For the year ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net income | $ | 92,236 | $ | 100,579 | $ | 14,604 | $ | (113,267 | ) | $ | 94,152 | |||||||||
Foreign currency translation adjustment | (490 | ) | (121 | ) | (369 | ) | 490 | (490 | ) | |||||||||||
Reclassification of foreign currency translation to gain | (24,553 | ) | (4,448 | ) | (20,105 | ) | 24,553 | (24,553 | ) | |||||||||||
Comprehensive income | 67,193 | 96,010 | (5,870 | ) | (88,224 | ) | 69,109 | |||||||||||||
Comprehensive income attributable to noncontrolling interests | — | 339 | (1,036 | ) | — | (697 | ) | |||||||||||||
Preferred distributions - consolidated joint venture | — | — | (1,219 | ) | — | (1,219 | ) | |||||||||||||
Comprehensive income attributable to FelCor LP | $ | 67,193 | $ | 96,349 | $ | (8,125 | ) | $ | (88,224 | ) | $ | 67,193 | ||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (62,001 | ) | $ | 50,444 | $ | (13,950 | ) | $ | (40,276 | ) | $ | (65,783 | ) | ||||||
Foreign currency translation adjustment | (1,108 | ) | (213 | ) | (895 | ) | 1,108 | (1,108 | ) | |||||||||||
Comprehensive loss | (63,109 | ) | 50,231 | (14,845 | ) | (39,168 | ) | (66,891 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 788 | 2,994 | — | 3,782 | |||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (63,109 | ) | $ | 51,019 | $ | (11,851 | ) | $ | (39,168 | ) | $ | (63,109 | ) | ||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary Guarantors | Non-Guarantor Subsidiaries | Eliminations | Total Consolidated | ||||||||||||||||
Net loss | $ | (128,849 | ) | $ | (9,653 | ) | $ | 22,126 | $ | (13,038 | ) | $ | (129,414 | ) | ||||||
Foreign currency translation adjustment | 303 | 16 | 287 | (303 | ) | 303 | ||||||||||||||
Comprehensive loss | (128,546 | ) | (9,637 | ) | 22,413 | (13,341 | ) | (129,111 | ) | |||||||||||
Comprehensive loss attributable to noncontrolling interests | — | 779 | (214 | ) | — | 565 | ||||||||||||||
Comprehensive loss attributable to FelCor LP | $ | (128,546 | ) | $ | (8,858 | ) | $ | 22,199 | $ | (13,341 | ) | $ | (128,546 | ) | ||||||
Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||
For the Year Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (65,903 | ) | $ | 150,663 | $ | 20,058 | $ | — | $ | 104,818 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (135 | ) | (58,017 | ) | (25,512 | ) | — | (83,664 | ) | |||||||||||
Hotel development | — | — | (86,565 | ) | — | (86,565 | ) | |||||||||||||
Net proceeds from asset dispositions | 6,488 | 13,967 | 143,163 | — | 163,618 | |||||||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154 | — | 878 | — | 4,032 | |||||||||||||||
Insurance proceeds | — | 521 | — | — | 521 | |||||||||||||||
Change in restricted cash | — | (3,571 | ) | 60,302 | — | 56,731 | ||||||||||||||
Distributions from unconsolidated entities | 7,472 | 5,356 | — | — | 12,828 | |||||||||||||||
Contributions to unconsolidated entities | (7 | ) | — | — | — | (7 | ) | |||||||||||||
Intercompany financing | 334,905 | — | — | (334,905 | ) | — | ||||||||||||||
Cash flows from investing activities | 351,877 | (41,744 | ) | 92,266 | (334,905 | ) | 67,494 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 473,062 | — | 473,062 | |||||||||||||||
Repayment of borrowings | (236,745 | ) | — | (386,361 | ) | — | (623,106 | ) | ||||||||||||
Payment of deferred financing costs | (4 | ) | — | (3,211 | ) | — | (3,215 | ) | ||||||||||||
Acquisition of noncontrolling interest | — | — | (5,850 | ) | — | (5,850 | ) | |||||||||||||
Distributions paid to noncontrolling interests | — | (850 | ) | (8,746 | ) | — | (9,596 | ) | ||||||||||||
Contributions from noncontrolling interests | — | 1,265 | 5,110 | — | 6,375 | |||||||||||||||
Net proceeds from issuance of preferred equity-consolidated joint venture | — | — | 41,442 | — | 41,442 | |||||||||||||||
Distributions paid to preferred unitholders | (38,712 | ) | — | — | — | (38,712 | ) | |||||||||||||
Distributions paid to common unitholders | (9,981 | ) | — | — | — | (9,981 | ) | |||||||||||||
Intercompany financing | — | (109,609 | ) | (225,296 | ) | 334,905 | — | |||||||||||||
Other | (42 | ) | — | (1,102 | ) | — | (1,144 | ) | ||||||||||||
Cash flows used in financing activities | (285,484 | ) | (109,194 | ) | (110,952 | ) | 334,905 | (170,725 | ) | |||||||||||
Effect of exchange rate changes on cash | — | (85 | ) | — | — | (85 | ) | |||||||||||||
Change in cash and cash equivalents | 490 | (360 | ) | 1,372 | — | 1,502 | ||||||||||||||
Cash and cash equivalents at beginning of period | 5,227 | 33,283 | 7,135 | — | 45,645 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,717 | $ | 32,923 | $ | 8,507 | $ | — | $ | 47,147 | ||||||||||
26. FelCor LP's Consolidating Financial Information — (continued) | ||||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (55,959 | ) | $ | 114,777 | $ | 9,643 | $ | — | $ | 68,461 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | 2,383 | (61,239 | ) | (42,501 | ) | — | (101,357 | ) | ||||||||||||
Hotel development | — | — | (60,553 | ) | — | (60,553 | ) | |||||||||||||
Net proceeds from asset dispositions | 9,650 | 17,750 | 71,420 | — | 98,820 | |||||||||||||||
Distributions from unconsolidated entities | 8,159 | 1,625 | — | — | 9,784 | |||||||||||||||
Contributions to unconsolidated entities | — | (1,500 | ) | — | — | (1,500 | ) | |||||||||||||
Intercompany financing | 73,730 | — | — | (73,730 | ) | — | ||||||||||||||
Other | — | 239 | 699 | — | 938 | |||||||||||||||
Cash flows used in investing activities | 93,922 | (43,125 | ) | (30,935 | ) | (73,730 | ) | (53,868 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | — | — | 164,000 | — | 164,000 | |||||||||||||||
Repayment of borrowings | — | — | (136,902 | ) | — | (136,902 | ) | |||||||||||||
Distributions paid to preferred unitholders | (38,713 | ) | — | — | — | (38,713 | ) | |||||||||||||
Intercompany financing | — | (69,561 | ) | (4,169 | ) | 73,730 | — | |||||||||||||
Other | (2,335 | ) | 832 | (1,510 | ) | — | (3,013 | ) | ||||||||||||
Cash flows used in financing activities | (41,048 | ) | (68,729 | ) | 21,419 | 73,730 | (14,628 | ) | ||||||||||||
Effect of exchange rate changes on cash | — | (65 | ) | — | — | (65 | ) | |||||||||||||
Change in cash and cash equivalents | (3,085 | ) | 2,858 | 127 | — | (100 | ) | |||||||||||||
Cash and cash equivalents at beginning of period | 8,312 | 30,425 | 7,008 | — | 45,745 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 5,227 | $ | 33,283 | $ | 7,135 | $ | — | $ | 45,645 | ||||||||||
26 | FelCor LP's Consolidating Financial Information — (continued) | |||||||||||||||||||
FELCOR LODGING LIMITED PARTNERSHIP | ||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
FelCor LP | Subsidiary | Non-Guarantor | Eliminations | Total | ||||||||||||||||
Guarantors | Subsidiaries | Consolidated | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||
Cash flows from operating activities | $ | (82,558 | ) | $ | 69,045 | $ | 60,822 | $ | — | $ | 47,309 | |||||||||
Investing activities: | ||||||||||||||||||||
Improvements and additions to hotels | (7,760 | ) | (79,696 | ) | (34,019 | ) | — | (121,475 | ) | |||||||||||
Hotel development | — | — | (24,849 | ) | — | (24,849 | ) | |||||||||||||
Net proceeds from asset dispositions | (14 | ) | 4,236 | 193,391 | — | 197,613 | ||||||||||||||
Distributions from unconsolidated entities | 12,914 | 625 | — | — | 13,539 | |||||||||||||||
Intercompany financing | (49,051 | ) | — | — | 49,051 | — | ||||||||||||||
Other | — | 5,285 | 1,028 | — | 6,313 | |||||||||||||||
Cash flows from investing activities | (43,911 | ) | (69,550 | ) | 135,551 | 49,051 | 71,141 | |||||||||||||
Financing activities: | ||||||||||||||||||||
Proceeds from borrowings | 525,000 | — | 473,611 | — | 998,611 | |||||||||||||||
Repayment of borrowings | (299,542 | ) | (208,027 | ) | (535,796 | ) | — | (1,043,365 | ) | |||||||||||
Payment of deferred financing costs | (7,719 | ) | (26 | ) | (10,125 | ) | — | (17,870 | ) | |||||||||||
Distributions paid to preferred unitholders | (106,461 | ) | — | — | — | (106,461 | ) | |||||||||||||
Intercompany financing | — | 169,919 | (120,868 | ) | (49,051 | ) | — | |||||||||||||
Other | — | 2,001 | 559 | — | 2,560 | |||||||||||||||
Cash flows used in financing activities | 111,278 | (36,133 | ) | (192,619 | ) | (49,051 | ) | (166,525 | ) | |||||||||||
Effect of exchange rate changes on cash | — | 62 | — | — | 62 | |||||||||||||||
Change in cash and cash equivalents | (15,191 | ) | (36,576 | ) | 3,754 | — | (48,013 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 23,503 | 67,001 | 3,254 | — | 93,758 | |||||||||||||||
Cash and cash equivalents at end of period | $ | 8,312 | $ | 30,425 | $ | 7,008 | $ | — | $ | 45,745 | ||||||||||
Organization_Narrative_Details
Organization - Narrative (Details) | 12 Months Ended | 0 Months Ended | |
Dec. 31, 2014 | Jul. 25, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 99.50% | ||
Aggregate shares and units outstanding (in shares) | 125,216,536 | ||
Common stock, shares outstanding (in shares) | 124,605,074 | ||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 618,000 | |
Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 5 | ||
Assets Held-for-sale [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 45 | ||
Number of rooms (in rooms) | 13,503 | ||
Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 5 | ||
United States [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of states (in states) | 17 | ||
California [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 11 | ||
Florida [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 7 | ||
Texas [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 6 | ||
California, Florida, Texas [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of states (in states) | 3 | ||
Percent of revenues generated from three states | 54.00% | ||
Forty-Three Hotels [Domain] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 43 | ||
One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 100.00% | ||
One Hundred Percent Owned [Member] | Forty-Three Hotels [Domain] | Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 100.00% | ||
One Hundred Percent Owned [Member] | Forty-Three Hotels [Domain] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 43 | ||
One Hundred Percent Owned [Member] | One Hotel [Member] | Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 100.00% | ||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Fifty Percent Owned [Member] | Three Hotels [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 3 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Operated With A Lease [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 45 | ||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 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 Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 25 | ||
Wyndham Hotel Group [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 8 | ||
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 3 | ||
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Marriott International Inc. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 3 | ||
Fairmont Hotels and Resorts [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 1 | ||
Morgans Hotel Group Corp. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Independent Management Company [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 1 | ||
FelCor Lodging LP [Member] | |||
Real Estate Properties [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | ||
Knickerbocker [Member] | Ninety-five Percent Owned [Member] | |||
Real Estate Properties [Line Items] | |||
Controlling Interest, Ownership Percentage by Parent | 95.00% | ||
Ownership in all properties, including held for sale [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 48 | ||
Ownership in all properties, excluding held for sale [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 46 |
Organization_Schedule_of_Distr
Organization - Schedule of Distribution of Consolidated Hotels (Details) (Consolidated Properties [Member]) | Dec. 31, 2014 |
Hotels | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 45 |
Number of rooms (in rooms) | 13,503 |
Embassy Suites Hotels | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 23 |
Number of rooms (in rooms) | 6,255 |
Wyndham and Wyndham Grand | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 8 |
Number of rooms (in rooms) | 2,528 |
Marriott and Renaissance | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 3 |
Number of rooms (in rooms) | 1,321 |
DoubleTree by Hilton and Hilton | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 3 |
Number of rooms (in rooms) | 802 |
Holiday Inn | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 3 |
Number of rooms (in rooms) | 1,256 |
Morgans and Royalton | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 2 |
Number of rooms (in rooms) | 285 |
Sheraton | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 2 |
Number of rooms (in rooms) | 673 |
Fairmont | |
Real Estate Properties [Line Items] | |
Number of Real Estate Properties | 1 |
Number of rooms (in rooms) | 383 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Principles of Consolidation and Investment in Unconsolidated Entities (Details) (Unconsolidated Entities [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
subsidiary | |
Unconsolidated Entities [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Recovery term in excess of which declines in value are considered other than temporary | 12 months |
Equity Method Investment, Ownership Percentage | 50.00% |
Number of subsidiaries considered variable interest entities | 0 |
Equity method investment, ownership percentage threshold | 50.00% |
Term basis for investment in unconsolidated entities depreciation | 40 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Investment in Hotels and Hotels Held for Sale (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |
Term of Inventory Amortization | 3 years |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Estimated property useful life | 40 years |
Minimum [Member] | Building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated property useful life | 15 years |
Minimum [Member] | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated property useful life | 3 years |
Maximum [Member] | Building improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated property useful life | 30 years |
Maximum [Member] | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated property useful life | 10 years |
Assets Held-for-sale [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Real Estate Properties | 2 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Other Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
segment | |||
Investment [Line Items] | |||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | ||
Maximum term of investments to be considered cash equivalents | 3 months | ||
Foreign currency translation | $0 | $24,937,000 | |
Capitalized costs | 25,900,000 | 23,600,000 | 22,200,000 |
Number of reportable segments (in segment) | 1 | ||
Reclassification of foreign currency translation to gain | $24,448,000 | $0 | $0 |
Term for sale to be probable once buyer completed due diligence review of asset | 12 months | ||
Unconsolidated Entities [Member] | |||
Investment [Line Items] | |||
Recovery term in excess of which declines in value are considered other than temporary | 12 months |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Distributions and Dividends and Reacquired Stock (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2012 | Jul. 31, 2012 | |
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||
Distributions payable | $13,827,000 | $11,047,000 | |||
Common Stock, Dividends, Per Share, Declared | $0.10 | $0.02 | $0 | ||
Preferred stock, dividends in arrears, amount paid | $37,700,000 | $30,000,000 | |||
Dividend Declared [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $0.10 | $0.02 |
Investment_in_Hotels_Details
Investment in Hotels (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | $2,450,478,000 | $2,583,068,000 | |
Investment in hotels, net | 1,599,791,000 | 1,653,267,000 | |
Improvements and additions to hotels | 83,664,000 | 101,357,000 | 121,475,000 |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 1,764,871,000 | 1,833,165,000 | |
Accumulated depreciation - Building and improvements | -661,758,000 | -698,146,000 | |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 431,851,000 | 482,628,000 | |
Accumulated depreciation - Building and improvements | -188,929,000 | -231,655,000 | |
Fully Depreciated Assets Retired | 68,900,000 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 232,141,000 | 234,447,000 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | $21,615,000 | $32,828,000 |
Consolidated_Joint_Venture_Pre1
Consolidated Joint Venture Preferred Equity/Capital (Details) (Knickerbocker [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Business Acquisition [Line Items] | |
Total Proceeds from Sale of Preferred Equity Under the Immigrant Investor Program | $45 |
Sale of Preferred Equity Under the Immigrant Investor Program, Percent | 3.50% |
Current Annual Return | 3.25% |
Non-compounding Annual Return | 0.25% |
Redemption Term | 5 years |
Current Return Increase | 8.00% |
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | 42 |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 41.4 |
Proceeds not yet received from Immigrant Investor Program | 1.9 |
Proceeds Received from Investor Immigration Program Subsequent to Year End | $1.10 |
Ninety-five Percent Owned [Member] | |
Business Acquisition [Line Items] | |
Controlling Interest, Ownership Percentage by Parent | 95.00% |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2014 |
Hotels | ||||
Impairment Charges [Line Items] | ||||
Impairment loss | $0 | $24,441 | $0 | |
Continuing and Discontinued Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Impairment loss | 28,800 | |||
Discontinued Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of Real Estate Properties | 5 | 10 | ||
Consolidated Properties [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of Real Estate Properties | 45 | |||
Unconsolidated Properties [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
Fair Value, Inputs, Level 2 [Member] | Discontinued Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of impaired hotels (in hotels) | 2 | 1 | ||
Impairment loss | 4,400 | 1,300 | ||
Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of impaired hotels (in hotels) | 2 | |||
Impairment loss | $24,400 | |||
Consolidated Hotels [Member] | Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | ||||
Impairment Charges [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Estimated stabilized growth rate | 3.00% | |||
Discounted cash flow term | 5 years | |||
Terminal capitalization rate | 8.00% | |||
Discount rate | 10.00% | |||
Minimum [Member] | ||||
Impairment Charges [Line Items] | ||||
EBITDA Multiple | 10 | |||
Maximum [Member] | ||||
Impairment Charges [Line Items] | ||||
EBITDA Multiple | 12 |
Conversion_Expenses_Details
Conversion Expenses (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate Properties [Line Items] | |||
Conversion expenses | $0 | $1,134,000 | $31,197,000 |
InterContinental Hotels Group [Member] | |||
Real Estate Properties [Line Items] | |||
Termination Fees | $30,700,000 | ||
Wyndham and Wyndham Grand | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties Converting Brands (in hotels) | 8 |
Hotel_Dispositions_Details
Hotel Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Hotel operating revenue | $917,981,000 | $890,006,000 | $858,941,000 | ||||||||
Operating expenses | -854,395,000 | -878,069,000 | -858,314,000 | ||||||||
Operating income | 67,192,000 | 15,367,000 | 3,812,000 | ||||||||
Interest expense, net | -90,695,000 | -103,787,000 | -121,552,000 | ||||||||
Debt extinguishment | -4,770,000 | 0 | -72,350,000 | ||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 | ||||||||
Other gains, net | 100,000 | 41,000 | 0 | ||||||||
Equity in income from unconsolidated entities | 5,010,000 | 4,586,000 | 2,779,000 | ||||||||
Income (loss) from continuing operations | -5,168,000 | 44,022,000 | 9,324,000 | -20,428,000 | -19,262,000 | -8,158,000 | -28,915,000 | -27,458,000 | 27,750,000 | -83,793,000 | -187,311,000 |
Gain on sale of hotels, net | 66,762,000 | 0 | 0 | ||||||||
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 | ||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | -697,000 | 3,782,000 | 565,000 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -137,000 | 497,000 | 842,000 | ||||||||
Net income (loss) attributable to reporting entity | 10,245,000 | 72,391,000 | 24,281,000 | -14,818,000 | -19,866,000 | 3,230,000 | -18,683,000 | -26,185,000 | 92,099,000 | -61,504,000 | -128,007,000 |
Income (loss) from discontinued operations | -492,000 | -8,000 | 5,000 | 135,000 | -910,000 | 11,947,000 | 6,120,000 | 853,000 | -360,000 | 18,010,000 | 57,897,000 |
Impairment loss | 0 | 24,441,000 | 0 | ||||||||
Reclassification of foreign currency translation to gain | -24,448,000 | 0 | 0 | ||||||||
Hotel Sold, Held-for-sale, or otherwise disposed ot [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 14 | 14 | |||||||||
Assets Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 2 | 2 | |||||||||
Hotels Sold or Otherwise Disposed of [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 8 | 8 | |||||||||
Hotel Sold & Not in Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 7 | 7 | |||||||||
Hotels Sold or Otherwise Disposed of [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Hotel operating revenue | 99,084,000 | 146,519,000 | 142,108,000 | ||||||||
Operating expenses | -95,233,000 | -169,160,000 | -142,036,000 | ||||||||
Operating income | 3,851,000 | -22,641,000 | 72,000 | ||||||||
Interest expense, net | -1,488,000 | -2,788,000 | -3,074,000 | ||||||||
Debt extinguishment | -920,000 | 0 | -181,000 | ||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 | ||||||||
Other gains, net | 0 | 41,000 | 0 | ||||||||
Equity in income from unconsolidated entities | 1,513,000 | 1,491,000 | 524,000 | ||||||||
Income (loss) from continuing operations | 33,132,000 | -23,897,000 | -2,659,000 | ||||||||
Gain on sale of hotels, net | 66,762,000 | 0 | 0 | ||||||||
Net income (loss) | 99,894,000 | -23,897,000 | -2,659,000 | ||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | -1,464,000 | 3,830,000 | -83,000 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | -355,000 | 98,000 | 14,000 | ||||||||
Net income (loss) attributable to reporting entity | 98,075,000 | -19,969,000 | -2,728,000 | ||||||||
Assets Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 1 | 1 | |||||||||
Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | 5 | 5 | 10 | ||||||||
Hotel operating revenue | 730,000 | 33,849,000 | 107,637,000 | ||||||||
Operating expenses | -677,000 | -34,553,000 | -95,600,000 | ||||||||
Operating income (loss) from discontinued operations | 53,000 | -704,000 | 12,037,000 | ||||||||
Interest expense, net | -66,000 | -793,000 | -5,832,000 | ||||||||
Debt extinguishment | -245,000 | 0 | -2,767,000 | ||||||||
Gain On Involuntary Conversion, Net | 0 | 66,000 | 0 | ||||||||
Gain (loss) on sale, net | -102,000 | 19,441,000 | 54,459,000 | ||||||||
Income (loss) from discontinued operations | -360,000 | 18,010,000 | 57,897,000 | ||||||||
Impairment charges | 4,400,000 | 1,300,000 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Impairment loss | $24,400,000 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 25, 2014 | Sep. 30, 2014 |
Hotels | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Long-term Debt | $1,585,867,000 | $1,663,226,000 | ||
Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Three Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Number of Real Estate Properties | 3 | |||
Thirteen Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 13 | |||
Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Long-term Debt | $23,500,000 |
Joint_Venture_Transaction_Deta
Joint Venture Transaction (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2014 | |
Joint Venture [Line Items] | ||||
Secured Debt | 64,000,000 | |||
Investment in unconsolidated entities | 15,095,000 | 46,943,000 | 19,900,000 | |
Acquisition of noncontrolling interest | 5,850,000 | |||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 | |
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | 0 | 0 | |
Amount Received for Difference in Values | 3,700,000 | |||
Ownership percentage by parent | 99.50% | |||
Amount paid to equalize trade | 2,200,000 | |||
Acquisition of noncontrolling interest | 5,850,000 | 0 | 0 | |
Assets | ||||
Investment in hotels | 130,100,000 | |||
Other assets | 1,300,000 | |||
Deferred expenses | 259,000 | |||
Total assets acquired | 131,659,000 | |||
Liabilities | ||||
Debt | 64,000,000 | |||
Net assets acquired | 67,659,000 | |||
Business Acquisition, Pro Forma Information [Abstract] | ||||
Net income (loss) | 94,869,000 | -65,670,000 | ||
Income (loss) per share/unit - basic | $0.43 | ($0.82) | ||
Income (loss) per share/unit - diluted | $0.43 | ($0.82) | ||
Unconsolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
Wholly Owned Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
Gain from remeasurement of unconsolidated entities, net | 20,700,000 | |||
Consolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 45 | |||
Non-FelCor Ownership [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
Joint Venture Transaction Costs | 457,000 | |||
Gain on sale of investment in unconsolidated entities, net | 30,200,000 | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Ownership percentage by parent | 100.00% | |||
Fifty-One Percent Owned [Member] | Consolidated Joint Venture | ||||
Joint Venture [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 51.00% | |||
One Hotel [Member] | Non-FelCor Ownership [Member] | ||||
Joint Venture [Line Items] | ||||
Former Joint Venture Partner | 10.00% | |||
One Hotel [Member] | One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Ownership percentage by parent | 100.00% | |||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Controlling Interest, Ownership Percentage by Parent | 90.00% | |||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Joint Venture | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Six Hotels [Member] | One Hundred Percent Owned [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 6 | |||
Ten Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 10 | |||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||
Joint Venture [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Additional Paid-in Capital | ||||
Joint Venture [Line Items] | ||||
Acquisition of noncontrolling interest | $3,508,000 | |||
Encumbered Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 8 | |||
Encumbered Hotels [Member] | One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | ||||
Joint Venture [Line Items] | ||||
Number of Real Estate Properties | 4 |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels, net of accumulated depreciation | $30,288 | $140,145 |
Total assets | 45,374 | 155,848 |
Debt | 34,192 | 146,358 |
Total liabilities | 36,974 | 152,068 |
Equity | $8,400 | $3,780 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment in Unconsolidated Entities [Abstract] | |||
Total revenues | $59,453 | $70,697 | $67,725 |
Net income (loss) | 12,561 | 12,892 | 9,278 |
Net income (loss) attributable to FelCor | 6,281 | 6,446 | 4,639 |
Depreciation of cost in excess of book value | -1,271 | -1,860 | -1,860 |
Equity in income (loss) from unconsolidated entities | $5,010 | $4,586 | $2,779 |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) (USD $) | Dec. 31, 2014 | Jul. 25, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities | $15,095 | $19,900 | $46,943 |
Hotel-related Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | -3,265 | -6,349 | |
Cost In Excess of Book Value of Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 10,895 | 45,053 | |
Land and Condominium Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $7,465 | $8,239 |
Investment_in_Unconsolidated_E6
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | $5,010 | $4,586 | $2,779 |
Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | 5,784 | 5,270 | 3,434 |
Other Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | ($774) | ($684) | ($655) |
Debt_Details
Debt (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||
Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2014 | Jul. 25, 2014 | Dec. 31, 2012 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Nov. 30, 2012 | |
Hotels | Hotels | |||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 35 | |||||||||||||
Decrease in Commitment Fee | 0.10% | |||||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | |||||||||||||
Long-term Debt | $1,585,867,000 | $1,663,226,000 | ||||||||||||
Debt extinguishment | -4,770,000 | 0 | -72,350,000 | |||||||||||
Debt extinguishment charges | 11,600,000 | |||||||||||||
Number of hotels secured by first lien mortgages and related security interests and / or negative pledges (in hotels) | 15 | |||||||||||||
Aggregate net book value | 1,400,000,000 | |||||||||||||
Interest expense | 90,695,000 | 103,787,000 | 121,552,000 | |||||||||||
Interest income | 48,000 | 78,000 | 138,000 | |||||||||||
Capitalized interest | 16,300,000 | 12,800,000 | 12,900,000 | |||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
2015 | 2,466,000 | |||||||||||||
2016 | 179,013,000 | |||||||||||||
2017 | 206,810,000 | |||||||||||||
2018 | 2,954,000 | |||||||||||||
2019 | 528,106,000 | |||||||||||||
Thereafter | 666,518,000 | |||||||||||||
Aggregate principal outstanding | 1,585,867,000 | |||||||||||||
Long-term debt | 1,585,867,000 | 1,663,226,000 | ||||||||||||
Libor Plus Two Point Five Percent Due July 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
Term of debt extension | 2 years | |||||||||||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||
Line of Credit [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Credit facility, capacity | 225,000,000 | |||||||||||||
Term of debt extension | 1 year | |||||||||||||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 8 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.38% | |||||||||||||
Long-term Debt | 111,500,000 | 88,000,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 111,500,000 | 88,000,000 | ||||||||||||
Line of Credit [Member] | Libor Plus Four Point Five Percent Due August 2014 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | |||||||||||||
Mortgages [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | 1 | |||||||||||||
Debt extinguishment charges | 62,100,000 | |||||||||||||
Notional amount of interest rate cap | 140,000,000 | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 1 | |||||||||||||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 3 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||
Long-term Debt | 140,000,000 | 0 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 140,000,000 | 0 | ||||||||||||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 4 | |||||||||||||
Interest rate | 4.95% | 4.95% | ||||||||||||
Long-term Debt | 124,278,000 | 126,220,000 | ||||||||||||
Face amount of debt | 160,800,000 | |||||||||||||
Number of loans (in loans) | 5 | |||||||||||||
Term of loan | 10 years | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 124,278,000 | 126,220,000 | ||||||||||||
Mortgages [Member] | Four Point Nine Four Percent Due October 2022 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 1 | |||||||||||||
Interest rate | 4.94% | |||||||||||||
Long-term Debt | 31,228,000 | 31,714,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 31,228,000 | 31,714,000 | ||||||||||||
Mortgages [Member] | Nine Point Zero Two Percent Due April 2014 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 9.02% | |||||||||||||
Repayments of secured debt | 107,000,000 | |||||||||||||
Mortgages [Member] | Libor Plus Two Point Two Zero Percent Due May 2013 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of secured debt | 60,000,000 | |||||||||||||
Hotels securing retired loans | 5 | |||||||||||||
Mortgages [Member] | Eight Point One Percent Mortgage Loan [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 8.10% | 8.10% | ||||||||||||
Repayments of secured debt | 186,500,000 | |||||||||||||
Mortgages [Member] | Libor Plus Three Point Zero Percent Due March 2017 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 4 | |||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||
Long-term Debt | 64,000,000 | 0 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 64,000,000 | 0 | ||||||||||||
Senior Notes [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 10.00% | 10.00% | 10.00% | |||||||||||
Senior debt repaid | 258,000,000 | |||||||||||||
Face amount of debt | 234,000,000 | |||||||||||||
Number of Real Estate Properties | 11 | |||||||||||||
Debt extinguishment | 3,800,000 | |||||||||||||
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 6 | |||||||||||||
Interest rate | 6.75% | |||||||||||||
Long-term Debt | 525,000,000 | 525,000,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 525,000,000 | 525,000,000 | ||||||||||||
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of encumbered hotels (in hotels) | 9 | |||||||||||||
Interest rate | 5.63% | |||||||||||||
Long-term Debt | 525,000,000 | 525,000,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 525,000,000 | 525,000,000 | ||||||||||||
Secured Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | 1,600,000,000 | 140,000,000 | 2 | |||||||||||
Repayments of secured debt | 19,200,000 | 15,600,000 | 17,100,000 | 10,900,000 | 9,600,000 | |||||||||
Number of Real Estate Properties | 3 | |||||||||||||
Debt extinguishment | 251,000 | 914,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 1,600,000,000 | 140,000,000 | 2 | |||||||||||
Construction Loans [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | |||||||||||||
Long-term Debt | 58,600,000 | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 58,600,000 | |||||||||||||
Construction Loans [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||||||||||
Long-term Debt | 6,300,000 | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 6,300,000 | |||||||||||||
Construction tranche [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | 58,562,000 | 0 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 58,562,000 | 0 | ||||||||||||
Cash collateralized tranche [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | 6,299,000 | 64,861,000 | ||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 6,299,000 | 64,861,000 | ||||||||||||
Retired Debt [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt | 302,431,000 | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Long-term debt | 302,431,000 | |||||||||||||
Knickerbocker [Member] | Construction Loans [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Remaining Borrowing Capacity of Construction Loan | 20,100,000 | |||||||||||||
Term of debt extension | 1 year | |||||||||||||
Maturities of Long-term Debt [Abstract] | ||||||||||||||
Maximum Borrowing Capacity of Construction Loan | $85,000,000 | |||||||||||||
Pool of Hotels Securing Repaid Loan [Member] | Mortgages [Member] | Nine Point Zero Two Percent Due April 2014 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Hotels securing retired loans | 7 | |||||||||||||
Hotels Mortgaged to Support New Loans [Member] | Mortgages [Member] | Nine Point Zero Two Percent Due April 2014 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Hotels securing retired loans | 4 | |||||||||||||
Hotels Unencumbered [Member] | Libor Plus Two Point Two Zero Percent Due May 2013 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Hotels securing retired loans | 3 | |||||||||||||
Non-Strategic [Member] | Mortgages [Member] | Libor Plus Two Point Two Zero Percent Due May 2013 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of unencumbered hotels (in hotels) | 2 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | Apr. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of debt | $1,600,000,000 | $1,700,000,000 | ||
Long-term Debt | 1,585,867,000 | 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 | 1,100,000,000 | 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 | 548,200,000 | 390,100,000 | ||
Secured Debt [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt | $1,600,000,000 | $140,000,000 | $2 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |
Distribution % of annual taxable income to stockholders | 90.00% |
Disqualification of REIT status | 4 years |
Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 534.8 |
Taxable REIT Subsidiaries [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 278 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Taxes [Line Items] | |||||||||||
Deferred Tax Assets, Valuation Allowance Percentage | 100.00% | 100.00% | |||||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Net income (loss) attributable to reporting entity | $10,245 | $72,391 | $24,281 | ($14,818) | ($19,866) | $3,230 | ($18,683) | ($26,185) | $92,099 | ($61,504) | ($128,007) |
Net income (loss) attributable to redeemable noncontrolling interests in FelCor LP | -137 | 497 | 842 | ||||||||
GAAP net loss (income) from REIT operations | -68,796 | 62,513 | 125,088 | ||||||||
GAAP net income (loss) of taxable subsidiaries | 94,152 | -65,783 | -129,414 | ||||||||
FelCor Lodging Trust Incorporated [Member] | |||||||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Net income (loss) attributable to reporting entity | 92,236 | -62,001 | -128,849 | ||||||||
GAAP net income (loss) of taxable subsidiaries | 92,236 | -62,001 | -128,849 | ||||||||
Book/tax differences, net: | |||||||||||
Gain/loss differences from dispositions | -99,946 | -2,032 | -30,747 | ||||||||
Impairment loss not deductible for tax | 0 | 28,795 | 1,335 | ||||||||
Conversion costs | -3,233 | -2,099 | 31,197 | ||||||||
Depreciation and amortization | 1,831 | 2,173 | 2,084 | ||||||||
Other book/tax differences | -1,674 | 8,453 | -9,226 | ||||||||
Noncontrolling interests | 329 | -4,017 | 4,112 | ||||||||
Net tax income (loss) of taxable subsidiaries | -33,897 | -31,240 | -126,333 | ||||||||
FelCor Lodging LP [Member] | |||||||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Net income (loss) attributable to reporting entity | 10,247 | 72,576 | 24,352 | -14,939 | -20,011 | 3,198 | -18,823 | -26,365 | 92,236 | -62,001 | -128,849 |
GAAP net income (loss) of taxable subsidiaries | 94,152 | -65,783 | -129,414 | ||||||||
Subsidiaries [Member] | |||||||||||
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
Net income (loss) attributable to reporting entity | 92,099 | -61,504 | -128,007 | ||||||||
GAAP net loss (income) from REIT operations | -68,796 | -62,513 | -125,088 | ||||||||
GAAP net income (loss) of taxable subsidiaries | 23,303 | 1,009 | -2,919 | ||||||||
Book/tax differences, net: | |||||||||||
Income Tax Reconciliation, Taxes Related to Joint Venture Transaction | 5,761 | 0 | 0 | ||||||||
Gain/loss differences from dispositions | 0 | 0 | -407 | ||||||||
Depreciation and amortization | -461 | 1,646 | 404 | ||||||||
Employee benefits not deductible for tax | -101 | 3,914 | 363 | ||||||||
Management fee recognition | -1,151 | -1,245 | -1,715 | ||||||||
Cancellation of debt | -3,188 | 0 | 0 | ||||||||
Foreign exchange | 0 | 0 | 12,907 | ||||||||
Capitalized TRS start-up costs | 11,859 | 4,981 | 0 | ||||||||
Other book/tax differences | 181 | 2,754 | 4,884 | ||||||||
Tax income of taxable subsidiaries before utilization of net operating losses | 36,203 | 13,059 | 13,517 | ||||||||
Utilization of net operating loss | -36,203 | -13,059 | -13,517 | ||||||||
Net tax income (loss) of taxable subsidiaries | 0 | 0 | 0 | ||||||||
Components of Deferred Tax Assets [Abstract] | |||||||||||
Accumulated net operating losses of TRSs | 107,027 | 119,355 | 107,027 | 119,355 | |||||||
Tax property basis in excess of book | 952 | 1,017 | 952 | 1,017 | |||||||
Accrued employee benefits not deductible for tax | 3,883 | 3,477 | 3,883 | 3,477 | |||||||
Management fee recognition | 81 | 464 | 81 | 464 | |||||||
Foreign exchange | 0 | 4,905 | 0 | 4,905 | |||||||
Capitalized TRS start-up costs | 6,399 | 1,893 | 6,399 | 1,893 | |||||||
Other | 1,261 | 701 | 1,261 | 701 | |||||||
Gross deferred tax asset | 119,603 | 131,812 | 119,603 | 131,812 | |||||||
Valuation allowance | -119,603 | -131,812 | -119,603 | -131,812 | |||||||
Deferred tax asset after valuation allowance | $0 | $0 | $0 | $0 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series A Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Dividend income (in dollars per share) | $0 | $0 | $0 |
Dividend income, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $1.95 | $1.95 | $5.36 |
Return of capital, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in dollars per share) | $1.95 | $1.95 | $5.36 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Series C Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Dividend income (in dollars per share) | $0 | $0 | $0 |
Dividend income, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $2 | $2 | $5.50 |
Return of capital, percent | 100.00% | 100.00% | 100.00% |
Dividends paid (in dollars per share) | $2 | $2 | $5.50 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Common Stock [Member] | |||
Income Taxes [Line Items] | |||
Dividend income (in dollars per share) | $0 | $0 | $0 |
Dividend income, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $0.08 | $0 | $0 |
Return of capital, percent | 100.00% | 0.00% | 0.00% |
Dividends paid (in dollars per share) | $0.08 | $0 | $0 |
Dividends paid, percent | 100.00% | 0.00% | 0.00% |
FelCor_Capital_StockFelCor_LP_1
FelCor Capital Stock/FelCor LP Partners' Capital - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Oct. 31, 2012 | Jul. 31, 2012 | Aug. 31, 2014 | |
Class of Stock [Line Items] | |||||||
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 | |||||
Preferred stock, dividends in arrears, amount paid | $37,700,000 | $30,000,000 | |||||
Distributions payable | 13,827,000 | 11,047,000 | |||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $1.95 | $1.95 | $1.95 | ||||
Preferred stock, shares issued upon conversion (in shares/units) | 0.7752 | ||||||
Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $2 | $2 | $2 | ||||
Preferred stock, dividend rate | 8.00% | ||||||
Preferred stock, redemption price (in dollars per share/unit) | $25 | ||||||
Preferred stock, liquidation preference (in dollars per share/unit) | $2,500 | ||||||
FelCor Lodging LP [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 | |||||
Distributions payable | 13,827,000 | 11,047,000 | |||||
FelCor Lodging LP [Member] | Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $1.95 | ||||||
Preferred stock, shares issued upon conversion (in shares/units) | 0.7752 | ||||||
FelCor Lodging LP [Member] | Series C Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $2 | ||||||
Preferred stock, dividend rate | 8.00% | ||||||
Preferred stock, redemption price (in dollars per share/unit) | $25 | ||||||
Preferred stock, liquidation preference (in dollars per share/unit) | $2,500 | ||||||
Ten Point Zero Zero Percent Due October 2014 [Member] | Senior Notes [Member] | |||||||
Class of Stock [Line Items] | |||||||
Debt repaid | 258,000,000 | ||||||
Face amount of debt | $234,000,000 | ||||||
Interest rate | 10.00% | 10.00% | 10.00% |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Narrative (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 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) | 611,000 | 618,000 | |
Redeemable units, at redemption value | $6,616 | $5,039 | $2,902 |
FelCor Lodging LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | ||
Redeemable units, at redemption value | 6,616 | 5,039 | |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | ||
Redeemable units, at redemption value | $6,600 | ||
Closing price of common stock | $10.82 |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Schedule of Changes in Redeemable Noncontrolling Interests (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | $5,039 | $2,902 | |
Conversion of units | -56 | -23 | -45 |
Redemption value allocation | 1,545 | 2,663 | 776 |
Distribution Made to Limited Partner, Cash Distributions Declared | -48 | 0 | |
Comprehensive income (loss): | |||
Foreign exchange translation | -1 | -6 | |
Net income (loss) | 137 | -497 | -842 |
Balance at end of period | 6,616 | 5,039 | 2,902 |
FelCor Lodging LP [Member] | |||
Comprehensive income (loss): | |||
Balance at end of period | $6,616 | $5,039 |
Hotel_Operating_Revenue_Depart2
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs - Narrative (Details) (USD $) | 1 Months Ended | 10 Months Ended | 12 Months Ended | 22 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Management Company NOI Guaranty, Annual Limit | $21.50 | |||
Management Company NOI Guaranty, Amount Recorded | 8 | 1.3 | 9.3 | |
Term of Management NOI Guaranty | 10 years | |||
Management Company NOI Guaranty | $100 | |||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | 100.00% | ||
Hotel Development and Other Property Related Costs [Member] | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | 100.00% | ||
Consolidated Hotels [Member] | Wyndham and Wyndham Grand | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Number of Real Estate Properties | 8 |
Schedule_of_Hotel_Operating_Re
- Schedule of Hotel Operating Revenue (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room revenue | $713,213 | $692,016 | $667,708 |
Food and beverage revenue | 157,607 | 151,233 | 142,962 |
Other operating departments | 47,161 | 46,757 | 48,271 |
Total hotel operating revenue | $917,981 | $890,006 | $858,941 |
Schedule_of_Hotel_Departmental
- Schedule of Hotel Departmental Expenses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room | $188,465 | $184,840 | $179,602 |
Food and beverage | 121,201 | 120,287 | 114,815 |
Other operating departments | 22,210 | 21,954 | 21,682 |
Total hotel departmental expenses | $331,876 | $327,081 | $316,099 |
Schedule_of_Other_PropertyRela
- Schedule of Other Property-Related Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property operating costs | $238,170 | $238,115 | $231,929 |
Hotel General and Administrative Expense [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property operating costs | 79,420 | 80,715 | 78,280 |
Marketing [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property operating costs | 77,939 | 74,770 | 72,342 |
Repair and Maintenance [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property operating costs | 43,886 | 45,057 | 44,319 |
Utilities [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property operating costs | $36,925 | $37,573 | $36,988 |
Taxes_Insurance_and_Lease_Expe2
Taxes, Insurance and Lease Expenses - Schedule of Taxes, Insurance and Lease Expense (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Taxes, Insurance and Lease Expenses [Line Items] | |||
Real estate and other taxes | $31,773,000 | $30,977,000 | $29,974,000 |
Property insurance, general liability insurance and other | 9,180,000 | 10,068,000 | 9,692,000 |
Total taxes, insurance and lease expense | 84,926,000 | 96,194,000 | 92,166,000 |
Hotel Lease [Member] | |||
Taxes, Insurance and Lease Expenses [Line Items] | |||
Lease expense | 31,635,000 | 44,087,000 | 41,342,000 |
Percentage rent | 17,300,000 | 22,200,000 | 19,600,000 |
Land Lease [Member] | |||
Taxes, Insurance and Lease Expenses [Line Items] | |||
Lease expense | 12,338,000 | 11,062,000 | 11,158,000 |
Percentage rent | $6,400,000 | $5,400,000 | $5,500,000 |
Two Hotels [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | |||
Taxes, Insurance and Lease Expenses [Line Items] | |||
Ownership percentage of lessee | 49.00% | ||
Equity method ownership percentage of lessor | 50.00% |
Land_Leases_and_Hotel_Rent_Det
Land Leases and Hotel Rent (Details) (USD $) | Dec. 31, 2014 | Jul. 25, 2014 |
In Thousands, unless otherwise specified | Hotels | |
Operating Leased Assets [Line Items] | ||
2015 | $10,953 | |
2016 | 10,208 | |
2017 | 6,554 | |
2018 | 6,220 | |
2019 | 5,846 | |
2020 and thereafter | 281,190 | |
Future minimum payments due | $320,971 | |
Unconsolidated Properties [Member] | ||
Operating Leased Assets [Line Items] | ||
Number of Real Estate Properties | 5 | |
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||
Operating Leased Assets [Line Items] | ||
Number of Real Estate Properties | 2 |
Income_loss_Per_ShareUnit_Deta
Income (loss) Per Share/Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | $10,245,000 | $72,391,000 | $24,281,000 | ($14,818,000) | ($19,866,000) | $3,230,000 | ($18,683,000) | ($26,185,000) | $92,099,000 | ($61,504,000) | ($128,007,000) |
Discontinued operations attributable to reporting entity | 359,000 | -16,963,000 | -57,515,000 | ||||||||
Income (loss) from continuing operations attributable to reporting entity | 92,458,000 | -78,467,000 | -185,522,000 | ||||||||
Less: Preferred dividends/distributions | -38,712,000 | -38,713,000 | -38,713,000 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | -8,000 | 0 | 0 | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | -20,000 | 0 | 0 | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | 53,718,000 | -117,180,000 | -224,235,000 | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | 53,359,000 | -100,217,000 | -166,720,000 | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | 124,188 | 124,168 | 124,169 | 124,146 | 123,827 | 123,817 | 123,814 | 123,814 | 124,158 | 123,818 | 123,634 |
Denominator for diluted income (loss) per share (in shares) | 125,146 | 125,526 | 125,386 | 124,146 | 123,827 | 123,817 | 123,814 | 123,814 | 124,892 | 123,818 | 123,634 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.01 | $0.50 | $0.12 | ($0.20) | ($0.23) | ($0.14) | ($0.28) | ($0.30) | $0.43 | ($0.95) | ($1.81) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.01) | $0.09 | $0.05 | $0.01 | $0 | $0.14 | $0.47 |
Net income (loss) (in dollars per share) | $0 | $0.50 | $0.12 | ($0.20) | ($0.24) | ($0.05) | ($0.23) | ($0.29) | $0.43 | ($0.81) | ($1.35) |
FelCor Lodging LP [Member] | |||||||||||
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | 10,247,000 | 72,576,000 | 24,352,000 | -14,939,000 | -20,011,000 | 3,198,000 | -18,823,000 | -26,365,000 | 92,236,000 | -62,001,000 | -128,849,000 |
Discontinued operations attributable to reporting entity | 360,000 | -17,047,000 | -57,804,000 | ||||||||
Income (loss) from continuing operations attributable to reporting entity | 92,596,000 | -79,048,000 | -186,653,000 | ||||||||
Less: Preferred dividends/distributions | -38,712,000 | -38,713,000 | -38,713,000 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | -8,000 | 0 | 0 | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | -20,000 | 0 | 0 | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | 53,856,000 | -117,761,000 | -225,366,000 | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | 53,496,000 | -100,714,000 | -167,562,000 | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | 124,799 | 124,781 | 124,783 | 124,764 | 124,444 | 124,435 | 124,435 | 124,435 | 124,772 | 124,437 | 124,262 |
Denominator for diluted income (loss) per share (in shares) | 125,764 | 126,164 | 126,000 | 124,764 | 124,444 | 124,435 | 124,435 | 124,435 | 125,511 | 124,437 | 124,262 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.01 | $0.50 | $0.12 | ($0.20) | ($0.23) | ($0.14) | ($0.28) | ($0.30) | $0.43 | ($0.95) | ($1.81) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.01) | $0.09 | $0.05 | $0.01 | $0 | $0.14 | $0.47 |
Net income (loss) (in dollars per share) | $0 | $0.50 | $0.12 | ($0.20) | ($0.24) | ($0.05) | ($0.23) | ($0.29) | $0.43 | ($0.81) | ($1.35) |
Antidilutive Securities [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Series A Convertible Preferred Shares/Units | 9,984 | 9,985 | 9,985 | ||||||||
Series A Preferred Shares / Units [Member] | |||||||||||
Basic and diluted income (loss) per share data: | |||||||||||
Dividends excluded from computation of earnings per share/unit | $25,100,000 | $25,100,000 | $25,100,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Earnings Per Share [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 [Line Items] | |||||||||||
Restricted Stock Units/Treasury Stock Method | 0 | 547 | 0 |
Commitments_Contingencies_and_1
Commitments, Contingencies and Related Party Transactions (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Term over which fee based liquidated damages would be calculated | 3 years |
Loss Contingency Accrual | $5,900,000 |
All-Risk [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Property insurance deductible | 100,000 |
Windstorm and Earthquake [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Property insurance deductible, percent | 5.00% |
Loss from Catastrophes [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Catastrophic insurance, basis term of events for probable maximum losses | 250 years |
General Liability [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Self-insured retention, per occurrence amount | $250,000 |
Number of hotels with self insurance (in hotels) | 37 |
Minimum [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Management fee, base percent fee | 1.00% |
Management fee, incentive percent fee | 2.00% |
Investment percentage of revenue for capital expenditures | 3.00% |
Management agreements term | 5 years |
License or royalty fee, percent | 4.00% |
Maximum [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Management fee, base percent fee | 3.00% |
Management fee, incentive percent fee | 3.00% |
Investment percentage of revenue for capital expenditures | 5.00% |
Management agreements term | 20 years |
License or royalty fee, percent | 5.00% |
InterContinental Hotels Group [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Management fee, base percent fee | 2.00% |
Management fee, room revenue percent fee | 5.00% |
Management Agreements [Member] | Consolidated Hotels [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Number of Real Estate Properties | 22 |
Franchise or License Agreements [Member] | Consolidated Hotels [Member] | |
Commitments, Contingencies and Related Party Transactions [Line Items] | |
Number of Real Estate Properties | 23 |
Supplemental_Cash_Flow_Disclos2
Supplemental Cash Flow Disclosure (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Supplemental Cash Flow Elements [Abstract] | |||
Conversion of operating partnership units into common shares - value | $56,000 | $23,000 | $45,000 |
Conversion of operating partnership units into common shares - shares | 6,080 | 3,839 | 11,473 |
Units received as payment for amounts owed to us by a unit holder | 3,571 | ||
Depreciation and amortization from continuing operations | 115,819,000 | 119,624,000 | 116,384,000 |
Depreciation and amortization from discontinued operations | 0 | 4,923,000 | 13,102,000 |
Total depreciation and amortization expense | 115,819,000 | 124,547,000 | 129,486,000 |
Debt retirement | 310,200,000 | 828,000,000 | |
Payment on line of credit | 251,000,000 | 132,000,000 | 192,000,000 |
Long-term Debt | 1,585,867,000 | 1,663,226,000 | |
Normal recurring principal payments | 3,300,000 | 4,900,000 | 23,300,000 |
Increase/Decrease in accrued expenses and other liabilities | -11,300,000 | 11,000,000 | -3,100,000 |
Libor Plus Four Point Zero Percent Due May 2016 [Member] | Construction tranche [Member] | |||
Supplemental Cash Flow Elements [Abstract] | |||
Long-term Debt | $58,562,000 | $0 |
FelCor_Stock_Based_Compensatio2
FelCor Stock Based Compensation Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
General disclosures | ||||
Number of plans (in plan) | 1 | |||
Restricted Stock [Member] | ||||
Shares | ||||
Outstanding at beginning of the year (in shares) | 6,538,827 | 5,504,825 | 4,239,825 | 4,290,318 |
Forfeited (in shares) | -2,250 | 0 | -60,493 | |
Outstanding at end of year (in shares) | 6,538,827 | 5,504,825 | 4,239,825 | 4,290,318 |
Vested at end of year (in shares) | -5,029,308 | -4,234,825 | -3,936,492 | |
Unvested at end of year (in shares) | 1,509,519 | 1,270,000 | 303,333 | |
Weighted Average Fair Market Value at Grant | ||||
Outstanding at beginning of the year (in dollars per share) | $9 | $10.45 | $10.58 | |
Forfeited (in dollars per share) | $9.62 | $0 | $18.60 | |
Outstanding at end of year (in dollars per share) | $8.64 | $9 | $10.45 | |
Vested at end of year (in dollars per share) | $9.52 | $10.46 | $10.97 | |
Unvested at end of year (in dollars per share) | $5.70 | $4.12 | $3.71 | |
Unearned compensation cost | ||||
Unearned compensation cost of unvested shares | $5,100,000 | $2,600,000 | ||
Unearned compensation cost of unvested shares, weighted average period for recognition | 2 years | |||
Allocated Share-based Compensation Expense | 3,700,000 | 2,200,000 | 786,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
General disclosures | ||||
Number of Vesting Increments | 3 | |||
Vesting Period | 4 years | |||
Number of Lodging REIT Peers | 10 | |||
Shares | ||||
Outstanding at beginning of the year (in shares) | 250,000 | |||
Outstanding at end of year (in shares) | 250,000 | |||
Liability Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,600,000 | 1,000,000 | ||
Unearned compensation cost | ||||
Allocated Share-based Compensation Expense | $2,700,000 | $963,000 | ||
The Plan [Member] | ||||
General disclosures | ||||
Number of shares authorized (in shares) | 6,100,000 | |||
Number of shares available for grant (in shares) | 6,003,250 | |||
The Plan [Member] | Minimum [Member] | ||||
General disclosures | ||||
Vesting Period | 3 years | |||
The Plan [Member] | Maximum [Member] | ||||
General disclosures | ||||
Vesting Period | 5 years | |||
Time or Performance Based Vesting [Member] | The Plan [Member] | ||||
General disclosures | ||||
Vesting Period | 4 years | |||
Five Year Pro Rata Vesting [Member] | Restricted Stock [Member] | ||||
Shares | ||||
Granted: (in shares) | 0 | 15,000 | 10,000 | |
Weighted Average Fair Market Value at Grant | ||||
Granted: (in dollars per share) | $0 | $6.13 | $4.40 | |
Four Year Pro Rata Vesting [Member] | Restricted Stock [Member] | ||||
Shares | ||||
Granted: (in shares) | 1,036,252 | 1,250,000 | 0 | |
Weighted Average Fair Market Value at Grant | ||||
Granted: (in dollars per share) | $6.70 | $4.09 | $0 |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Compensation and Retirement Disclosure [Abstract] | |||
Retirement savings plan, contributions by employer | $948,000 | $943,000 | $956,000 |
Health insurance benefits cost | $1,200,000 | $1,100,000 | $1,100,000 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments (in segment) | 1 | ||||||||||
Revenue | $206,667 | $234,056 | $259,515 | $221,349 | $214,214 | $230,429 | $239,856 | $208,937 | $921,587 | $893,436 | $862,126 |
Net investment in hotels | 1,599,791 | 1,653,267 | 1,599,791 | 1,653,267 | 1,794,564 | ||||||
California [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 277,458 | 257,418 | 241,892 | ||||||||
Net investment in hotels | 450,068 | 468,033 | 450,068 | 468,033 | 480,982 | ||||||
Florida [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 135,972 | 124,142 | 119,841 | ||||||||
Net investment in hotels | 234,421 | 244,104 | 234,421 | 244,104 | 264,248 | ||||||
Texas [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 85,724 | 78,287 | 75,906 | ||||||||
Net investment in hotels | 148,253 | 95,910 | 148,253 | 95,910 | 104,641 | ||||||
Massachusetts | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 85,665 | 76,505 | 68,117 | ||||||||
Net investment in hotels | 172,062 | 183,446 | 172,062 | 183,446 | 189,571 | ||||||
Other States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 328,382 | 342,398 | 341,459 | ||||||||
Net investment in hotels | 594,987 | 647,366 | 594,987 | 647,366 | 738,336 | ||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 8,386 | 14,686 | 14,911 | ||||||||
Net investment in hotels | $0 | $14,408 | $0 | $14,408 | $16,786 |
Quarterly_Operating_Results_un2
Quarterly Operating Results (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | $206,667 | $234,056 | $259,515 | $221,349 | $214,214 | $230,429 | $239,856 | $208,937 | $921,587 | $893,436 | $862,126 |
Income (loss) from continuing operations | -5,168 | 44,022 | 9,324 | -20,428 | -19,262 | -8,158 | -28,915 | -27,458 | 27,750 | -83,793 | -187,311 |
Discontinued operations | -492 | -8 | 5 | 135 | -910 | 11,947 | 6,120 | 853 | -360 | 18,010 | 57,897 |
Net income (loss) attributable to reporting entity | 10,245 | 72,391 | 24,281 | -14,818 | -19,866 | 3,230 | -18,683 | -26,185 | 92,099 | -61,504 | -128,007 |
Net income (loss) attributable to FelCor common stockholders | 567 | 62,713 | 14,603 | -24,496 | -29,545 | -6,448 | -28,361 | -35,863 | 53,387 | -100,217 | -166,720 |
Comprehensive income (loss) attributable to reporting entity | 10,064 | 47,499 | 24,853 | -15,254 | -20,376 | 3,557 | -19,247 | -26,540 | 67,162 | -62,606 | -127,706 |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.01 | $0.50 | $0.12 | ($0.20) | ($0.23) | ($0.14) | ($0.28) | ($0.30) | $0.43 | ($0.95) | ($1.81) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.01) | $0.09 | $0.05 | $0.01 | $0 | $0.14 | $0.47 |
Net income (loss) (in dollars per share) | $0 | $0.50 | $0.12 | ($0.20) | ($0.24) | ($0.05) | ($0.23) | ($0.29) | $0.43 | ($0.81) | ($1.35) |
Basic weighted average common shares/units outstanding (in shares) | 124,188 | 124,168 | 124,169 | 124,146 | 123,827 | 123,817 | 123,814 | 123,814 | 124,158 | 123,818 | 123,634 |
Diluted weighted average common shares/units outstanding (in shares) | 125,146 | 125,526 | 125,386 | 124,146 | 123,827 | 123,817 | 123,814 | 123,814 | 124,892 | 123,818 | 123,634 |
FelCor Lodging LP [Member] | |||||||||||
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | 206,667 | 234,056 | 259,515 | 221,349 | 214,214 | 230,429 | 239,856 | 208,937 | 921,587 | 893,436 | 862,126 |
Income (loss) from continuing operations | -5,168 | 44,022 | 9,324 | -20,428 | -19,262 | -8,158 | -28,915 | -27,458 | 27,750 | -83,793 | -187,311 |
Discontinued operations | -492 | -8 | 5 | 135 | -910 | 11,947 | 6,120 | 853 | -360 | 18,010 | 57,897 |
Net income (loss) attributable to reporting entity | 10,247 | 72,576 | 24,352 | -14,939 | -20,011 | 3,198 | -18,823 | -26,365 | 92,236 | -62,001 | -128,849 |
Net income (loss) attributable to FelCor LP common unitholders | 569 | 62,898 | 14,674 | -24,617 | -29,690 | -6,480 | -28,501 | -36,043 | 53,524 | -100,714 | -167,562 |
Comprehensive income (loss) attributable to reporting entity | $10,066 | $47,578 | $24,927 | ($15,378) | ($20,524) | $3,527 | ($19,390) | ($26,722) | $67,193 | ($63,109) | ($128,546) |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $0.01 | $0.50 | $0.12 | ($0.20) | ($0.23) | ($0.14) | ($0.28) | ($0.30) | $0.43 | ($0.95) | ($1.81) |
Discontinued operations (in dollars per share) | $0 | $0 | $0 | $0 | ($0.01) | $0.09 | $0.05 | $0.01 | $0 | $0.14 | $0.47 |
Net income (loss) (in dollars per share) | $0 | $0.50 | $0.12 | ($0.20) | ($0.24) | ($0.05) | ($0.23) | ($0.29) | $0.43 | ($0.81) | ($1.35) |
Basic weighted average common shares/units outstanding (in shares) | 124,799 | 124,781 | 124,783 | 124,764 | 124,444 | 124,435 | 124,435 | 124,435 | 124,772 | 124,437 | 124,262 |
Diluted weighted average common shares/units outstanding (in shares) | 125,764 | 126,164 | 126,000 | 124,764 | 124,444 | 124,435 | 124,435 | 124,435 | 125,511 | 124,437 | 124,262 |
FelCor_LPs_Consolidating_Finan2
FelCor LP's Consolidating Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2014 | Dec. 31, 2011 | |
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | $1,599,791,000 | $1,653,267,000 | $1,599,791,000 | $1,653,267,000 | $1,794,564,000 | ||||||||
Hotel development | 297,466,000 | 216,747,000 | 297,466,000 | 216,747,000 | |||||||||
Investment in unconsolidated entities | 15,095,000 | 46,943,000 | 15,095,000 | 46,943,000 | 19,900,000 | ||||||||
Hotels held for sale | 47,145,000 | 16,319,000 | 47,145,000 | 16,319,000 | |||||||||
Cash and cash equivalents | 47,147,000 | 45,645,000 | 47,147,000 | 45,645,000 | 45,745,000 | ||||||||
Restricted cash | 20,496,000 | 77,227,000 | 20,496,000 | 77,227,000 | |||||||||
Accounts receivable, net | 27,805,000 | 35,747,000 | 27,805,000 | 35,747,000 | |||||||||
Deferred expenses, net | 25,827,000 | 29,325,000 | 25,827,000 | 29,325,000 | |||||||||
Other assets | 23,886,000 | 23,060,000 | 23,886,000 | 23,060,000 | |||||||||
Total assets | 2,104,658,000 | 2,144,280,000 | 2,104,658,000 | 2,144,280,000 | |||||||||
Debt, net | 1,585,867,000 | 1,663,226,000 | 1,585,867,000 | 1,663,226,000 | |||||||||
Distributions payable | 13,827,000 | 11,047,000 | 13,827,000 | 11,047,000 | |||||||||
Accrued expenses and other liabilities | 135,481,000 | 150,738,000 | 135,481,000 | 150,738,000 | |||||||||
Total liabilities | 1,735,175,000 | 1,825,011,000 | 1,735,175,000 | 1,825,011,000 | |||||||||
Redeemable units, at redemption value | 6,616,000 | 5,039,000 | 6,616,000 | 5,039,000 | 2,902,000 | ||||||||
Accumulated other comprehensive income | 0 | 24,937,000 | 0 | 24,937,000 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442,000 | 0 | 41,442,000 | 0 | |||||||||
Total liabilities and equity | 2,104,658,000 | 2,144,280,000 | 2,104,658,000 | 2,144,280,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 917,981,000 | 890,006,000 | 858,941,000 | ||||||||||
Other revenue | 3,606,000 | 3,430,000 | 3,185,000 | ||||||||||
Total revenues | 206,667,000 | 234,056,000 | 259,515,000 | 221,349,000 | 214,214,000 | 230,429,000 | 239,856,000 | 208,937,000 | 921,587,000 | 893,436,000 | 862,126,000 | ||
Expenses: | |||||||||||||
Taxes, insurance and lease expense | 84,926,000 | 96,194,000 | 92,166,000 | ||||||||||
Corporate expenses | 29,585,000 | 26,996,000 | 26,128,000 | ||||||||||
Depreciation and amortization | 115,819,000 | 119,624,000 | 116,384,000 | ||||||||||
Impairment loss | 0 | 24,441,000 | 0 | ||||||||||
Conversion expenses | 0 | 1,134,000 | 31,197,000 | ||||||||||
Other expenses | 17,952,000 | 8,749,000 | 4,626,000 | ||||||||||
Total operating expenses | 854,395,000 | 878,069,000 | 858,314,000 | ||||||||||
Operating income (loss) | 67,192,000 | 15,367,000 | 3,812,000 | ||||||||||
Interest expense, net | -90,695,000 | -103,787,000 | -121,552,000 | ||||||||||
Debt extinguishment | -4,770,000 | 0 | -72,350,000 | ||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 | ||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | 0 | 0 | ||||||||||
Other gains, net | 100,000 | 41,000 | 0 | ||||||||||
Other gains, net | 100,000 | 107,000 | 0 | ||||||||||
Income (loss) before equity in income from unconsolidated entities | 22,740,000 | -88,379,000 | -190,090,000 | ||||||||||
Equity in income from unconsolidated entities | 5,010,000 | 4,586,000 | 2,779,000 | ||||||||||
Income (loss) from continuing operations | -5,168,000 | 44,022,000 | 9,324,000 | -20,428,000 | -19,262,000 | -8,158,000 | -28,915,000 | -27,458,000 | 27,750,000 | -83,793,000 | -187,311,000 | ||
Income (loss) from discontinued operations | -492,000 | -8,000 | 5,000 | 135,000 | -910,000 | 11,947,000 | 6,120,000 | 853,000 | -360,000 | 18,010,000 | 57,897,000 | ||
Income (loss) before gain on sale of hotels | 27,390,000 | -65,783,000 | -129,414,000 | ||||||||||
Gain on sale of hotels, net | 66,762,000 | 0 | 0 | ||||||||||
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -697,000 | 3,782,000 | 565,000 | ||||||||||
Preferred distributions - consolidated joint venture | -1,219,000 | 0 | 0 | ||||||||||
Net income (loss) attributable to reporting entity | 10,245,000 | 72,391,000 | 24,281,000 | -14,818,000 | -19,866,000 | 3,230,000 | -18,683,000 | -26,185,000 | 92,099,000 | -61,504,000 | -128,007,000 | ||
Preferred dividends | -38,712,000 | -38,713,000 | -38,713,000 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 | ||||||||||
Foreign currency translation adjustment | -490,000 | -1,108,000 | 303,000 | ||||||||||
Reclassification of foreign currency translation to gain | -24,448,000 | 0 | 0 | ||||||||||
Comprehensive income (loss) | 69,214,000 | -66,891,000 | -129,111,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -697,000 | 3,782,000 | 565,000 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | 10,064,000 | 47,499,000 | 24,853,000 | -15,254,000 | -20,376,000 | 3,557,000 | -19,247,000 | -26,540,000 | 67,162,000 | -62,606,000 | -127,706,000 | ||
Operating activities: | |||||||||||||
Cash flows from operating activities | 104,818,000 | 68,461,000 | 47,309,000 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | -83,664,000 | -101,357,000 | -121,475,000 | ||||||||||
Hotel development | -86,565,000 | -60,553,000 | -24,849,000 | ||||||||||
Net proceeds from asset dispositions | 163,618,000 | 98,820,000 | 197,613,000 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 4,032,000 | 0 | 0 | ||||||||||
Insurance proceeds | 521,000 | 238,000 | 0 | ||||||||||
Change in restricted cash | 56,731,000 | 700,000 | 6,313,000 | ||||||||||
Contributions to unconsolidated entities | -7,000 | -1,500,000 | 0 | ||||||||||
Distributions from unconsolidated entities | 4,128,000 | 4,440,000 | 4,160,000 | ||||||||||
Net cash flow provided by (used in) investing activities | 67,494,000 | -53,868,000 | 71,141,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 473,062,000 | 164,000,000 | 998,611,000 | ||||||||||
Repayment of borrowings | -623,106,000 | -136,902,000 | -1,043,365,000 | ||||||||||
Payment of deferred financing costs | -3,215,000 | -2,744,000 | -17,870,000 | ||||||||||
Acquisition of noncontrolling interest | -5,850,000 | 0 | 0 | ||||||||||
Distributions paid to noncontrolling interests | -9,596,000 | -4,259,000 | -1,056,000 | ||||||||||
Contributions from noncontrolling interests | 6,375,000 | 3,990,000 | 3,616,000 | ||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442,000 | 0 | 0 | ||||||||||
Distributions paid to common stockholders | -9,981,000 | 0 | 0 | ||||||||||
Net cash flow used in financing activities | -170,725,000 | -14,628,000 | -166,525,000 | ||||||||||
Effect of exchange rate changes on cash | -85,000 | -65,000 | 62,000 | ||||||||||
Change in cash and cash equivalents | 1,502,000 | -100,000 | -48,013,000 | ||||||||||
Cash and cash equivalents at beginning of periods | 45,645,000 | 45,745,000 | 45,645,000 | 45,745,000 | 93,758,000 | ||||||||
Cash and cash equivalents at end of periods | 47,147,000 | 45,645,000 | 47,147,000 | 45,645,000 | 45,745,000 | ||||||||
FelCor Lodging LP [Member] | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | 0 | 48,971,000 | 0 | 48,971,000 | |||||||||
Hotel development | 0 | 0 | 0 | 0 | |||||||||
Equity investment in consolidated entities | 1,364,470,000 | 1,508,593,000 | 1,364,470,000 | 1,508,593,000 | |||||||||
Investment in unconsolidated entities | 7,270,000 | 34,090,000 | 7,270,000 | 34,090,000 | |||||||||
Hotels held for sale | 0 | 0 | 0 | 0 | |||||||||
Cash and cash equivalents | 5,717,000 | 5,227,000 | 5,717,000 | 5,227,000 | 8,312,000 | ||||||||
Restricted cash | 0 | 0 | 0 | 0 | |||||||||
Accounts receivable, net | 963,000 | 516,000 | 963,000 | 516,000 | |||||||||
Deferred expenses, net | 17,203,000 | 20,540,000 | 17,203,000 | 20,540,000 | |||||||||
Other assets | 4,866,000 | 6,248,000 | 4,866,000 | 6,248,000 | |||||||||
Total assets | 1,400,489,000 | 1,624,185,000 | 1,400,489,000 | 1,624,185,000 | |||||||||
Debt, net | 1,050,000,000 | 1,279,190,000 | 1,050,000,000 | 1,279,190,000 | |||||||||
Distributions payable | 13,709,000 | 11,047,000 | 13,709,000 | 11,047,000 | |||||||||
Accrued expenses and other liabilities | 27,174,000 | 37,980,000 | 27,174,000 | 37,980,000 | |||||||||
Total liabilities | 1,090,883,000 | 1,328,217,000 | 1,090,883,000 | 1,328,217,000 | |||||||||
Redeemable units, at redemption value | 6,616,000 | 5,039,000 | 6,616,000 | 5,039,000 | |||||||||
Preferred units | 478,749,000 | 478,774,000 | 478,749,000 | 478,774,000 | |||||||||
Common units | -175,759,000 | -212,888,000 | -175,759,000 | -212,888,000 | |||||||||
Accumulated other comprehensive income | 25,043,000 | 25,043,000 | |||||||||||
Total FelCor LP partnersb capital | 302,990,000 | 290,929,000 | 302,990,000 | 290,929,000 | |||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 0 | 0 | |||||||||||
Total partnersb capital | 302,990,000 | 290,929,000 | 302,990,000 | 290,929,000 | |||||||||
Total liabilities and equity | 1,400,489,000 | 1,624,185,000 | 1,400,489,000 | 1,624,185,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 0 | 0 | 0 | ||||||||||
Percentage lease revenue | 4,181,000 | 5,041,000 | 5,160,000 | ||||||||||
Other revenue | 6,000 | 9,000 | 21,000 | ||||||||||
Total revenues | 4,187,000 | 5,050,000 | 5,181,000 | ||||||||||
Expenses: | |||||||||||||
Hotel operating expenses | 0 | 0 | 0 | ||||||||||
Taxes, insurance and lease expense | 1,401,000 | 2,078,000 | 1,424,000 | ||||||||||
Corporate expenses | 427,000 | 553,000 | 533,000 | ||||||||||
Depreciation and amortization | 2,717,000 | 4,438,000 | 4,778,000 | ||||||||||
Impairment loss | 14,294,000 | ||||||||||||
Conversion expenses | 23,000 | 487,000 | |||||||||||
Other expenses | 178,000 | 3,179,000 | 685,000 | ||||||||||
Total operating expenses | 4,723,000 | 24,565,000 | 7,907,000 | ||||||||||
Operating income (loss) | -536,000 | -19,515,000 | -2,726,000 | ||||||||||
Interest expense, net | -71,024,000 | -84,206,000 | -86,617,000 | ||||||||||
Debt extinguishment | -3,823,000 | -55,056,000 | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | ||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | ||||||||||||
Other gains, net | 0 | 0 | |||||||||||
Income (loss) before equity in income from unconsolidated entities | -24,470,000 | -103,721,000 | -144,399,000 | ||||||||||
Equity in income from consolidated entities | 113,267,000 | 40,276,000 | 13,038,000 | ||||||||||
Equity in income from unconsolidated entities | 4,682,000 | 4,183,000 | 2,589,000 | ||||||||||
Income (loss) from continuing operations | 93,479,000 | -59,262,000 | -128,772,000 | ||||||||||
Income (loss) from discontinued operations | 0 | -2,739,000 | -77,000 | ||||||||||
Income (loss) before gain on sale of hotels | 93,479,000 | ||||||||||||
Gain on sale of hotels, net | -1,243,000 | ||||||||||||
Net income (loss) | 92,236,000 | -62,001,000 | -128,849,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||
Net income (loss) attributable to reporting entity | 92,236,000 | -62,001,000 | -128,849,000 | ||||||||||
Preferred dividends | -38,712,000 | -38,713,000 | -38,713,000 | ||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 53,524,000 | -100,714,000 | -167,562,000 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | 92,236,000 | -62,001,000 | -128,849,000 | ||||||||||
Foreign currency translation adjustment | -490,000 | -1,108,000 | 303,000 | ||||||||||
Reclassification of foreign currency translation to gain | -24,553,000 | ||||||||||||
Comprehensive income (loss) | 67,193,000 | -63,109,000 | -128,546,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | 67,193,000 | -63,109,000 | -128,546,000 | ||||||||||
Operating activities: | |||||||||||||
Cash flows from operating activities | -65,903,000 | -55,959,000 | -82,558,000 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | -135,000 | 2,383,000 | -7,760,000 | ||||||||||
Hotel development | 0 | 0 | 0 | ||||||||||
Net proceeds from asset dispositions | 6,488,000 | 9,650,000 | -14,000 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154,000 | ||||||||||||
Insurance proceeds | 0 | ||||||||||||
Change in restricted cash | 0 | ||||||||||||
Distributions from unconsolidated entities | 7,472,000 | 8,159,000 | 12,914,000 | ||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Contributions to unconsolidated entities | -7,000 | ||||||||||||
Intercompany financing, investing activities | 334,905,000 | 73,730,000 | -49,051,000 | ||||||||||
Other | 0 | 0 | |||||||||||
Net cash flow provided by (used in) investing activities | 351,877,000 | 93,922,000 | -43,911,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 0 | 0 | 525,000,000 | ||||||||||
Repayment of borrowings | -236,745,000 | 0 | -299,542,000 | ||||||||||
Payment of deferred financing costs | -4,000 | -7,719,000 | |||||||||||
Acquisition of noncontrolling interest | 0 | ||||||||||||
Distributions paid to noncontrolling interests | 0 | ||||||||||||
Contributions from noncontrolling interests | 0 | ||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | ||||||||||||
Distributions paid to preferred unitholders | -38,712,000 | -38,713,000 | -106,461,000 | ||||||||||
Distributions paid to common stockholders | -9,981,000 | ||||||||||||
Intercompany financing, financing activities | 0 | 0 | 0 | ||||||||||
Other | -42,000 | -2,335,000 | 0 | ||||||||||
Net cash flow used in financing activities | -285,484,000 | -41,048,000 | 111,278,000 | ||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||||
Change in cash and cash equivalents | 490,000 | -3,085,000 | -15,191,000 | ||||||||||
Cash and cash equivalents at beginning of periods | 5,227,000 | 8,312,000 | 5,227,000 | 8,312,000 | 23,503,000 | ||||||||
Cash and cash equivalents at end of periods | 5,717,000 | 5,227,000 | 5,717,000 | 5,227,000 | 8,312,000 | ||||||||
Subsidiary Guarantors [Member] | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | 908,796,000 | 1,053,724,000 | 908,796,000 | 1,053,724,000 | |||||||||
Hotel development | 0 | 0 | 0 | 0 | |||||||||
Equity investment in consolidated entities | 0 | 0 | 0 | 0 | |||||||||
Investment in unconsolidated entities | 6,514,000 | 11,497,000 | 6,514,000 | 11,497,000 | |||||||||
Hotels held for sale | 0 | 0 | 0 | 0 | |||||||||
Cash and cash equivalents | 32,923,000 | 33,283,000 | 32,923,000 | 33,283,000 | 30,425,000 | ||||||||
Restricted cash | 12,199,000 | 9,051,000 | 12,199,000 | 9,051,000 | |||||||||
Accounts receivable, net | 26,343,000 | 34,366,000 | 26,343,000 | 34,366,000 | |||||||||
Deferred expenses, net | 0 | 0 | 0 | 0 | |||||||||
Other assets | 11,558,000 | 10,767,000 | 11,558,000 | 10,767,000 | |||||||||
Total assets | 998,333,000 | 1,152,688,000 | 998,333,000 | 1,152,688,000 | |||||||||
Debt, net | 0 | 11,953,000 | 0 | 11,953,000 | |||||||||
Distributions payable | 0 | 0 | 0 | 0 | |||||||||
Accrued expenses and other liabilities | 94,190,000 | 96,494,000 | 94,190,000 | 96,494,000 | |||||||||
Total liabilities | 94,190,000 | 108,447,000 | 94,190,000 | 108,447,000 | |||||||||
Redeemable units, at redemption value | 0 | 0 | 0 | 0 | |||||||||
Preferred units | 0 | 0 | 0 | 0 | |||||||||
Common units | 904,296,000 | 1,039,903,000 | 904,296,000 | 1,039,903,000 | |||||||||
Accumulated other comprehensive income | 4,569,000 | 4,569,000 | |||||||||||
Total FelCor LP partnersb capital | 904,296,000 | 1,044,472,000 | 904,296,000 | 1,044,472,000 | |||||||||
Noncontrolling interests | -153,000 | -231,000 | -153,000 | -231,000 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 0 | 0 | |||||||||||
Total partnersb capital | 904,143,000 | 1,044,241,000 | 904,143,000 | 1,044,241,000 | |||||||||
Total liabilities and equity | 998,333,000 | 1,152,688,000 | 998,333,000 | 1,152,688,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 917,981,000 | 890,006,000 | 858,941,000 | ||||||||||
Percentage lease revenue | 0 | 0 | 0 | ||||||||||
Other revenue | 3,143,000 | 2,976,000 | 2,752,000 | ||||||||||
Total revenues | 921,124,000 | 892,982,000 | 861,693,000 | ||||||||||
Expenses: | |||||||||||||
Hotel operating expenses | 606,113,000 | 600,931,000 | 587,813,000 | ||||||||||
Taxes, insurance and lease expense | 135,603,000 | 148,932,000 | 153,444,000 | ||||||||||
Corporate expenses | 19,035,000 | 17,966,000 | 17,015,000 | ||||||||||
Depreciation and amortization | 69,094,000 | 71,898,000 | 63,533,000 | ||||||||||
Impairment loss | 0 | ||||||||||||
Conversion expenses | 666,000 | 14,210,000 | |||||||||||
Other expenses | 12,330,000 | 3,166,000 | 3,375,000 | ||||||||||
Total operating expenses | 842,175,000 | 843,559,000 | 839,390,000 | ||||||||||
Operating income (loss) | 78,949,000 | 49,423,000 | 22,303,000 | ||||||||||
Interest expense, net | -758,000 | -1,270,000 | -16,052,000 | ||||||||||
Debt extinguishment | 0 | -6,395,000 | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | ||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | ||||||||||||
Other gains, net | 100,000 | 0 | |||||||||||
Income (loss) before equity in income from unconsolidated entities | 78,291,000 | 48,153,000 | -144,000 | ||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||
Equity in income from unconsolidated entities | 374,000 | 449,000 | 236,000 | ||||||||||
Income (loss) from continuing operations | 78,665,000 | 48,602,000 | 92,000 | ||||||||||
Income (loss) from discontinued operations | 27,000 | 1,842,000 | -9,745,000 | ||||||||||
Income (loss) before gain on sale of hotels | 78,692,000 | ||||||||||||
Gain on sale of hotels, net | 21,887,000 | ||||||||||||
Net income (loss) | 100,579,000 | 50,444,000 | -9,653,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 339,000 | 788,000 | 779,000 | ||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||
Net income (loss) attributable to reporting entity | 100,918,000 | 51,232,000 | -8,874,000 | ||||||||||
Preferred dividends | 0 | 0 | 0 | ||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 100,918,000 | 51,232,000 | -8,874,000 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | 100,579,000 | 50,444,000 | -9,653,000 | ||||||||||
Foreign currency translation adjustment | -121,000 | -213,000 | 16,000 | ||||||||||
Reclassification of foreign currency translation to gain | -4,448,000 | ||||||||||||
Comprehensive income (loss) | 96,010,000 | 50,231,000 | -9,637,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 339,000 | 788,000 | 779,000 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | 96,349,000 | 51,019,000 | -8,858,000 | ||||||||||
Operating activities: | |||||||||||||
Cash flows from operating activities | 150,663,000 | 114,777,000 | 69,045,000 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | -58,017,000 | -61,239,000 | -79,696,000 | ||||||||||
Hotel development | 0 | 0 | 0 | ||||||||||
Net proceeds from asset dispositions | 13,967,000 | 17,750,000 | 4,236,000 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | ||||||||||||
Insurance proceeds | 521,000 | ||||||||||||
Change in restricted cash | -3,571,000 | ||||||||||||
Distributions from unconsolidated entities | 5,356,000 | 1,625,000 | 625,000 | ||||||||||
Contributions to unconsolidated entities | -1,500,000 | ||||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | ||||||||||
Other | 239,000 | 5,285,000 | |||||||||||
Net cash flow provided by (used in) investing activities | -41,744,000 | -43,125,000 | -69,550,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | ||||||||||
Repayment of borrowings | 0 | 0 | -208,027,000 | ||||||||||
Payment of deferred financing costs | 0 | -26,000 | |||||||||||
Acquisition of noncontrolling interest | 0 | ||||||||||||
Distributions paid to noncontrolling interests | -850,000 | ||||||||||||
Contributions from noncontrolling interests | 1,265,000 | ||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | ||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | ||||||||||
Distributions paid to common stockholders | 0 | ||||||||||||
Intercompany financing, financing activities | -109,609,000 | -69,561,000 | 169,919,000 | ||||||||||
Other | 0 | 832,000 | 2,001,000 | ||||||||||
Net cash flow used in financing activities | -109,194,000 | -68,729,000 | -36,133,000 | ||||||||||
Effect of exchange rate changes on cash | -85,000 | -65,000 | 62,000 | ||||||||||
Change in cash and cash equivalents | -360,000 | 2,858,000 | -36,576,000 | ||||||||||
Cash and cash equivalents at beginning of periods | 33,283,000 | 30,425,000 | 33,283,000 | 30,425,000 | 67,001,000 | ||||||||
Cash and cash equivalents at end of periods | 32,923,000 | 33,283,000 | 32,923,000 | 33,283,000 | 30,425,000 | ||||||||
Non-Guarantor Subsidiaries [Member] | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | 690,995,000 | 550,572,000 | 690,995,000 | 550,572,000 | |||||||||
Hotel development | 297,466,000 | 216,747,000 | 297,466,000 | 216,747,000 | |||||||||
Equity investment in consolidated entities | 0 | 0 | 0 | 0 | |||||||||
Investment in unconsolidated entities | 1,311,000 | 1,356,000 | 1,311,000 | 1,356,000 | |||||||||
Hotels held for sale | 47,145,000 | 16,319,000 | 47,145,000 | 16,319,000 | |||||||||
Cash and cash equivalents | 8,507,000 | 7,135,000 | 8,507,000 | 7,135,000 | 7,008,000 | ||||||||
Restricted cash | 8,297,000 | 68,176,000 | 8,297,000 | 68,176,000 | |||||||||
Accounts receivable, net | 499,000 | 865,000 | 499,000 | 865,000 | |||||||||
Deferred expenses, net | 8,624,000 | 8,785,000 | 8,624,000 | 8,785,000 | |||||||||
Other assets | 7,462,000 | 17,998,000 | 7,462,000 | 17,998,000 | |||||||||
Total assets | 1,070,306,000 | 887,953,000 | 1,070,306,000 | 887,953,000 | |||||||||
Debt, net | 576,654,000 | 464,036,000 | 576,654,000 | 464,036,000 | |||||||||
Distributions payable | 118,000 | 0 | 118,000 | 0 | |||||||||
Accrued expenses and other liabilities | 14,117,000 | 16,264,000 | 14,117,000 | 16,264,000 | |||||||||
Total liabilities | 590,889,000 | 480,300,000 | 590,889,000 | 480,300,000 | |||||||||
Redeemable units, at redemption value | 0 | 0 | 0 | 0 | |||||||||
Preferred units | 0 | 0 | 0 | 0 | |||||||||
Common units | 419,387,000 | 363,647,000 | 419,387,000 | 363,647,000 | |||||||||
Accumulated other comprehensive income | 20,474,000 | 20,474,000 | |||||||||||
Total FelCor LP partnersb capital | 419,387,000 | 384,121,000 | 419,387,000 | 384,121,000 | |||||||||
Noncontrolling interests | 18,588,000 | 23,532,000 | 18,588,000 | 23,532,000 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442,000 | 41,442,000 | |||||||||||
Total partnersb capital | 479,417,000 | 407,653,000 | 479,417,000 | 407,653,000 | |||||||||
Total liabilities and equity | 1,070,306,000 | 887,953,000 | 1,070,306,000 | 887,953,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 0 | 0 | 0 | ||||||||||
Percentage lease revenue | 62,627,000 | 62,903,000 | 71,858,000 | ||||||||||
Other revenue | 457,000 | 445,000 | 412,000 | ||||||||||
Total revenues | 63,084,000 | 63,348,000 | 72,270,000 | ||||||||||
Expenses: | |||||||||||||
Hotel operating expenses | 0 | 0 | 0 | ||||||||||
Taxes, insurance and lease expense | 14,730,000 | 13,128,000 | 14,316,000 | ||||||||||
Corporate expenses | 10,123,000 | 8,477,000 | 8,580,000 | ||||||||||
Depreciation and amortization | 44,008,000 | 43,288,000 | 48,073,000 | ||||||||||
Impairment loss | 10,147,000 | ||||||||||||
Conversion expenses | 445,000 | 16,500,000 | |||||||||||
Other expenses | 5,444,000 | 2,404,000 | 566,000 | ||||||||||
Total operating expenses | 74,305,000 | 77,889,000 | 88,035,000 | ||||||||||
Operating income (loss) | -11,221,000 | -14,541,000 | -15,765,000 | ||||||||||
Interest expense, net | -18,913,000 | -18,311,000 | -18,883,000 | ||||||||||
Debt extinguishment | -947,000 | -10,899,000 | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | ||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | ||||||||||||
Other gains, net | 0 | 41,000 | |||||||||||
Income (loss) before equity in income from unconsolidated entities | -31,081,000 | -32,811,000 | -45,547,000 | ||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||
Equity in income from unconsolidated entities | -46,000 | -46,000 | -46,000 | ||||||||||
Income (loss) from continuing operations | -31,127,000 | -32,857,000 | -45,593,000 | ||||||||||
Income (loss) from discontinued operations | -387,000 | 18,907,000 | 67,719,000 | ||||||||||
Income (loss) before gain on sale of hotels | -31,514,000 | ||||||||||||
Gain on sale of hotels, net | 46,118,000 | ||||||||||||
Net income (loss) | 14,604,000 | -13,950,000 | 22,126,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -1,036,000 | 2,994,000 | -214,000 | ||||||||||
Preferred distributions - consolidated joint venture | -1,219,000 | ||||||||||||
Net income (loss) attributable to reporting entity | 12,349,000 | -10,956,000 | 21,912,000 | ||||||||||
Preferred dividends | 0 | 0 | 0 | ||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 12,349,000 | -10,956,000 | 21,912,000 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | 14,604,000 | -13,950,000 | 22,126,000 | ||||||||||
Foreign currency translation adjustment | -369,000 | -895,000 | 287,000 | ||||||||||
Reclassification of foreign currency translation to gain | -20,105,000 | ||||||||||||
Comprehensive income (loss) | -5,870,000 | -14,845,000 | 22,413,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -1,036,000 | 2,994,000 | -214,000 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | -8,125,000 | -11,851,000 | 22,199,000 | ||||||||||
Operating activities: | |||||||||||||
Cash flows from operating activities | 20,058,000 | 9,643,000 | 60,822,000 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | -25,512,000 | -42,501,000 | -34,019,000 | ||||||||||
Hotel development | -86,565,000 | -60,553,000 | -24,849,000 | ||||||||||
Net proceeds from asset dispositions | 143,163,000 | 71,420,000 | 193,391,000 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 878,000 | ||||||||||||
Insurance proceeds | 0 | ||||||||||||
Change in restricted cash | 60,302,000 | ||||||||||||
Distributions from unconsolidated entities | 0 | 0 | 0 | ||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | ||||||||||
Other | 699,000 | 1,028,000 | |||||||||||
Net cash flow provided by (used in) investing activities | 92,266,000 | -30,935,000 | 135,551,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 473,062,000 | 164,000,000 | 473,611,000 | ||||||||||
Repayment of borrowings | -386,361,000 | -136,902,000 | -535,796,000 | ||||||||||
Payment of deferred financing costs | -3,211,000 | -10,125,000 | |||||||||||
Acquisition of noncontrolling interest | -5,850,000 | ||||||||||||
Distributions paid to noncontrolling interests | -8,746,000 | ||||||||||||
Contributions from noncontrolling interests | 5,110,000 | ||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442,000 | ||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | ||||||||||
Distributions paid to common stockholders | 0 | ||||||||||||
Intercompany financing, financing activities | -225,296,000 | -4,169,000 | -120,868,000 | ||||||||||
Other | -1,102,000 | -1,510,000 | 559,000 | ||||||||||
Net cash flow used in financing activities | -110,952,000 | 21,419,000 | -192,619,000 | ||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||||
Change in cash and cash equivalents | 1,372,000 | 127,000 | 3,754,000 | ||||||||||
Cash and cash equivalents at beginning of periods | 7,135,000 | 7,008,000 | 7,135,000 | 7,008,000 | 3,254,000 | ||||||||
Cash and cash equivalents at end of periods | 8,507,000 | 7,135,000 | 8,507,000 | 7,135,000 | 7,008,000 | ||||||||
Eliminations [Member] | |||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | 0 | 0 | 0 | 0 | |||||||||
Hotel development | 0 | 0 | 0 | 0 | |||||||||
Equity investment in consolidated entities | -1,364,470,000 | -1,508,593,000 | -1,364,470,000 | -1,508,593,000 | |||||||||
Investment in unconsolidated entities | 0 | 0 | 0 | 0 | |||||||||
Hotels held for sale | 0 | 0 | 0 | 0 | |||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | ||||||||
Restricted cash | 0 | 0 | 0 | 0 | |||||||||
Accounts receivable, net | 0 | 0 | 0 | 0 | |||||||||
Deferred expenses, net | 0 | 0 | 0 | 0 | |||||||||
Other assets | 0 | -11,953,000 | 0 | -11,953,000 | |||||||||
Total assets | -1,364,470,000 | -1,520,546,000 | -1,364,470,000 | -1,520,546,000 | |||||||||
Debt, net | -40,787,000 | -91,953,000 | -40,787,000 | -91,953,000 | |||||||||
Distributions payable | 0 | 0 | 0 | 0 | |||||||||
Accrued expenses and other liabilities | 0 | 0 | 0 | 0 | |||||||||
Total liabilities | -40,787,000 | -91,953,000 | -40,787,000 | -91,953,000 | |||||||||
Redeemable units, at redemption value | 0 | 0 | 0 | 0 | |||||||||
Preferred units | 0 | 0 | 0 | 0 | |||||||||
Common units | -1,323,683,000 | -1,403,550,000 | -1,323,683,000 | -1,403,550,000 | |||||||||
Accumulated other comprehensive income | -25,043,000 | -25,043,000 | |||||||||||
Total FelCor LP partnersb capital | -1,323,683,000 | -1,428,593,000 | -1,323,683,000 | -1,428,593,000 | |||||||||
Noncontrolling interests | 0 | 0 | 0 | 0 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 0 | 0 | |||||||||||
Total partnersb capital | -1,323,683,000 | -1,428,593,000 | -1,323,683,000 | -1,428,593,000 | |||||||||
Total liabilities and equity | -1,364,470,000 | -1,520,546,000 | -1,364,470,000 | -1,520,546,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 0 | 0 | 0 | ||||||||||
Percentage lease revenue | -66,808,000 | -67,944,000 | -77,018,000 | ||||||||||
Other revenue | 0 | 0 | 0 | ||||||||||
Total revenues | -66,808,000 | -67,944,000 | -77,018,000 | ||||||||||
Expenses: | |||||||||||||
Hotel operating expenses | 0 | 0 | 0 | ||||||||||
Taxes, insurance and lease expense | -66,808,000 | -67,944,000 | -77,018,000 | ||||||||||
Corporate expenses | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Impairment loss | 0 | ||||||||||||
Conversion expenses | 0 | 0 | |||||||||||
Other expenses | 0 | 0 | 0 | ||||||||||
Total operating expenses | -66,808,000 | -67,944,000 | -77,018,000 | ||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||||
Interest expense, net | 0 | 0 | 0 | ||||||||||
Debt extinguishment | 0 | 0 | |||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | ||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | ||||||||||||
Other gains, net | 0 | 0 | |||||||||||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | ||||||||||
Equity in income from consolidated entities | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | ||||||||||
Income (loss) from continuing operations | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | ||||||||||
Income (loss) before gain on sale of hotels | -113,267,000 | ||||||||||||
Gain on sale of hotels, net | 0 | ||||||||||||
Net income (loss) | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||
Net income (loss) attributable to reporting entity | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
Preferred dividends | 0 | 0 | 0 | ||||||||||
Net income (loss) attributable to FelCor LP common unitholders | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | -113,267,000 | -40,276,000 | -13,038,000 | ||||||||||
Foreign currency translation adjustment | 490,000 | 1,108,000 | -303,000 | ||||||||||
Reclassification of foreign currency translation to gain | 24,553,000 | ||||||||||||
Comprehensive income (loss) | -88,224,000 | -39,168,000 | -13,341,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | -88,224,000 | -39,168,000 | -13,341,000 | ||||||||||
Operating activities: | |||||||||||||
Cash flows from operating activities | 0 | 0 | 0 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | 0 | 0 | |||||||||||
Hotel development | 0 | 0 | 0 | ||||||||||
Net proceeds from asset dispositions | 0 | 0 | 0 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | ||||||||||||
Insurance proceeds | 0 | ||||||||||||
Change in restricted cash | 0 | ||||||||||||
Distributions from unconsolidated entities | 0 | 0 | 0 | ||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Contributions to unconsolidated entities | 0 | ||||||||||||
Intercompany financing, investing activities | -334,905,000 | -73,730,000 | 49,051,000 | ||||||||||
Other | 0 | 0 | |||||||||||
Net cash flow provided by (used in) investing activities | -334,905,000 | -73,730,000 | 49,051,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | ||||||||||
Repayment of borrowings | 0 | 0 | 0 | ||||||||||
Payment of deferred financing costs | 0 | 0 | |||||||||||
Acquisition of noncontrolling interest | 0 | ||||||||||||
Distributions paid to noncontrolling interests | 0 | ||||||||||||
Contributions from noncontrolling interests | 0 | ||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | ||||||||||||
Distributions paid to preferred unitholders | 0 | 0 | 0 | ||||||||||
Distributions paid to common stockholders | 0 | ||||||||||||
Intercompany financing, financing activities | 334,905,000 | 73,730,000 | -49,051,000 | ||||||||||
Other | 0 | 0 | 0 | ||||||||||
Net cash flow used in financing activities | 334,905,000 | 73,730,000 | -49,051,000 | ||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | ||||||||||
Change in cash and cash equivalents | 0 | 0 | 0 | ||||||||||
Cash and cash equivalents at beginning of periods | 0 | 0 | 0 | 0 | 0 | ||||||||
Cash and cash equivalents at end of periods | 0 | 0 | 0 | 0 | 0 | ||||||||
Total Consolidated [Member] | |||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | ||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||||||
Net investment in hotels | 1,599,791,000 | 1,653,267,000 | 1,599,791,000 | 1,653,267,000 | |||||||||
Hotel development | 297,466,000 | 216,747,000 | 297,466,000 | 216,747,000 | |||||||||
Equity investment in consolidated entities | 0 | 0 | 0 | 0 | |||||||||
Investment in unconsolidated entities | 15,095,000 | 46,943,000 | 15,095,000 | 46,943,000 | |||||||||
Hotels held for sale | 47,145,000 | 16,319,000 | 47,145,000 | 16,319,000 | |||||||||
Cash and cash equivalents | 47,147,000 | 45,645,000 | 47,147,000 | 45,645,000 | 45,745,000 | ||||||||
Restricted cash | 20,496,000 | 77,227,000 | 20,496,000 | 77,227,000 | |||||||||
Accounts receivable, net | 27,805,000 | 35,747,000 | 27,805,000 | 35,747,000 | |||||||||
Deferred expenses, net | 25,827,000 | 29,325,000 | 25,827,000 | 29,325,000 | |||||||||
Other assets | 23,886,000 | 23,060,000 | 23,886,000 | 23,060,000 | |||||||||
Total assets | 2,104,658,000 | 2,144,280,000 | 2,104,658,000 | 2,144,280,000 | |||||||||
Debt, net | 1,585,867,000 | 1,663,226,000 | 1,585,867,000 | 1,663,226,000 | |||||||||
Distributions payable | 13,827,000 | 11,047,000 | 13,827,000 | 11,047,000 | |||||||||
Accrued expenses and other liabilities | 135,481,000 | 150,738,000 | 135,481,000 | 150,738,000 | |||||||||
Total liabilities | 1,735,175,000 | 1,825,011,000 | 1,735,175,000 | 1,825,011,000 | |||||||||
Redeemable units, at redemption value | 6,616,000 | 5,039,000 | 6,616,000 | 5,039,000 | |||||||||
Preferred units | 478,749,000 | 478,774,000 | 478,749,000 | 478,774,000 | |||||||||
Common units | -175,759,000 | -212,888,000 | -175,759,000 | -212,888,000 | |||||||||
Accumulated other comprehensive income | 0 | 25,043,000 | 0 | 25,043,000 | |||||||||
Total FelCor LP partnersb capital | 302,990,000 | 290,929,000 | 302,990,000 | 290,929,000 | |||||||||
Noncontrolling interests | 18,435,000 | 23,301,000 | 18,435,000 | 23,301,000 | |||||||||
Preferred equity in consolidated joint venture, liquidation value of $42,094 | 41,442,000 | 41,442,000 | |||||||||||
Total partnersb capital | 362,867,000 | 314,230,000 | 362,867,000 | 314,230,000 | 422,019,000 | 586,895,000 | |||||||
Total liabilities and equity | 2,104,658,000 | 2,144,280,000 | 2,104,658,000 | 2,144,280,000 | |||||||||
Revenues: | |||||||||||||
Hotel operating revenue | 917,981,000 | 890,006,000 | 858,941,000 | ||||||||||
Percentage lease revenue | 0 | 0 | 0 | ||||||||||
Other revenue | 3,606,000 | 3,430,000 | 3,185,000 | ||||||||||
Total revenues | 206,667,000 | 234,056,000 | 259,515,000 | 221,349,000 | 214,214,000 | 230,429,000 | 239,856,000 | 208,937,000 | 921,587,000 | 893,436,000 | 862,126,000 | ||
Expenses: | |||||||||||||
Hotel operating expenses | 606,113,000 | 600,931,000 | 587,813,000 | ||||||||||
Taxes, insurance and lease expense | 84,926,000 | 96,194,000 | 92,166,000 | ||||||||||
Corporate expenses | 29,585,000 | 26,996,000 | 26,128,000 | ||||||||||
Depreciation and amortization | 115,819,000 | 119,624,000 | 116,384,000 | ||||||||||
Impairment loss | 0 | 24,441,000 | 0 | ||||||||||
Conversion expenses | 0 | 1,134,000 | 31,197,000 | ||||||||||
Other expenses | 17,952,000 | 8,749,000 | 4,626,000 | ||||||||||
Total operating expenses | 854,395,000 | 878,069,000 | 858,314,000 | ||||||||||
Operating income (loss) | 67,192,000 | 15,367,000 | 3,812,000 | ||||||||||
Interest expense, net | -90,695,000 | -103,787,000 | -121,552,000 | ||||||||||
Debt extinguishment | -4,770,000 | 0 | -72,350,000 | ||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176,000 | 0 | 0 | ||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737,000 | 0 | 0 | ||||||||||
Other gains, net | 100,000 | 41,000 | 0 | ||||||||||
Other gains, net | 100,000 | 107,000 | 0 | ||||||||||
Income (loss) before equity in income from unconsolidated entities | 22,740,000 | -88,379,000 | -190,090,000 | ||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||
Equity in income from unconsolidated entities | 5,010,000 | 4,586,000 | 2,779,000 | ||||||||||
Income (loss) from continuing operations | -5,168,000 | 44,022,000 | 9,324,000 | -20,428,000 | -19,262,000 | -8,158,000 | -28,915,000 | -27,458,000 | 27,750,000 | -83,793,000 | -187,311,000 | ||
Income (loss) from discontinued operations | -492,000 | -8,000 | 5,000 | 135,000 | -910,000 | 11,947,000 | 6,120,000 | 853,000 | -360,000 | 18,010,000 | 57,897,000 | ||
Income (loss) before gain on sale of hotels | 27,390,000 | -65,783,000 | -129,414,000 | ||||||||||
Gain on sale of hotels, net | 66,762,000 | 0 | 0 | ||||||||||
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -697,000 | 3,782,000 | 565,000 | ||||||||||
Preferred distributions - consolidated joint venture | -1,219,000 | 0 | 0 | ||||||||||
Net income (loss) attributable to reporting entity | 10,247,000 | 72,576,000 | 24,352,000 | -14,939,000 | -20,011,000 | 3,198,000 | -18,823,000 | -26,365,000 | 92,236,000 | -62,001,000 | -128,849,000 | ||
Preferred dividends | -38,712,000 | -38,713,000 | -38,713,000 | ||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 569,000 | 62,898,000 | 14,674,000 | -24,617,000 | -29,690,000 | -6,480,000 | -28,501,000 | -36,043,000 | 53,524,000 | -100,714,000 | -167,562,000 | ||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||
Net income (loss) | 94,152,000 | -65,783,000 | -129,414,000 | ||||||||||
Foreign currency translation adjustment | -490,000 | -1,108,000 | 303,000 | ||||||||||
Reclassification of foreign currency translation to gain | -24,553,000 | 0 | 0 | ||||||||||
Comprehensive income (loss) | 69,109,000 | -66,891,000 | -129,111,000 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | -697,000 | 3,782,000 | 565,000 | ||||||||||
Comprehensive income (loss) attributable to reporting entity | 10,066,000 | 47,578,000 | 24,927,000 | -15,378,000 | -20,524,000 | 3,527,000 | -19,390,000 | -26,722,000 | 67,193,000 | -63,109,000 | -128,546,000 | ||
Operating activities: | |||||||||||||
Cash flows from operating activities | 104,818,000 | 68,461,000 | 47,309,000 | ||||||||||
Investing activities: | |||||||||||||
Improvements and additions to hotels | -83,664,000 | -101,357,000 | -121,475,000 | ||||||||||
Hotel development | -86,565,000 | -60,553,000 | -24,849,000 | ||||||||||
Net proceeds from asset dispositions | 163,618,000 | 98,820,000 | 197,613,000 | ||||||||||
Proceeds from unconsolidated joint venture transaction | 4,032,000 | 0 | 0 | ||||||||||
Insurance proceeds | 521,000 | 238,000 | 0 | ||||||||||
Change in restricted cash | 56,731,000 | 700,000 | 6,313,000 | ||||||||||
Distributions from unconsolidated entities | 12,828,000 | 9,784,000 | 13,539,000 | ||||||||||
Contributions to unconsolidated entities | -7,000 | -1,500,000 | 0 | ||||||||||
Distributions from unconsolidated entities | 4,128,000 | 4,440,000 | 4,160,000 | ||||||||||
Contributions to unconsolidated entities | -7,000 | ||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | ||||||||||
Other | 938,000 | 6,313,000 | |||||||||||
Net cash flow provided by (used in) investing activities | 67,494,000 | -53,868,000 | 71,141,000 | ||||||||||
Financing activities: | |||||||||||||
Proceeds from borrowings | 473,062,000 | 164,000,000 | 998,611,000 | ||||||||||
Repayment of borrowings | -623,106,000 | -136,902,000 | -1,043,365,000 | ||||||||||
Payment of deferred financing costs | -3,215,000 | -2,744,000 | -17,870,000 | ||||||||||
Acquisition of noncontrolling interest | -5,850,000 | 0 | 0 | ||||||||||
Distributions paid to noncontrolling interests | -9,596,000 | -4,259,000 | -1,056,000 | ||||||||||
Contributions from noncontrolling interests | 6,375,000 | 3,990,000 | 3,616,000 | ||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 41,442,000 | 0 | 0 | ||||||||||
Distributions paid to preferred unitholders | -38,712,000 | -38,713,000 | -106,461,000 | ||||||||||
Distributions paid to common stockholders | -9,981,000 | 0 | 0 | ||||||||||
Intercompany financing, financing activities | 0 | 0 | 0 | ||||||||||
Other | -1,144,000 | -3,013,000 | 2,560,000 | ||||||||||
Net cash flow used in financing activities | -170,725,000 | -14,628,000 | -166,525,000 | ||||||||||
Effect of exchange rate changes on cash | -85,000 | -65,000 | 62,000 | ||||||||||
Change in cash and cash equivalents | 1,502,000 | -100,000 | -48,013,000 | ||||||||||
Cash and cash equivalents at beginning of periods | 45,645,000 | 45,745,000 | 45,645,000 | 45,745,000 | 93,758,000 | ||||||||
Cash and cash equivalents at end of periods | $47,147,000 | $45,645,000 | $47,147,000 | $45,645,000 | $45,745,000 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2014 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $458,014,000 | |||
Initial Cost | ||||
Land | 232,159,000 | |||
Building and Improvements | 1,477,846,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -20,000 | |||
Building and Improvements | 352,304,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 232,139,000 | |||
Building and Improvements | 1,830,150,000 | |||
Total | 2,062,289,000 | 2,175,100,000 | 2,305,896,000 | |
Accumulated Depreciation Buildings & Improvements | 661,758,000 | 698,146,000 | 693,114,000 | |
Reconciliation of Land and Buildings and Improvements: | ||||
Balance at beginning of period | 2,175,100,000 | 2,305,896,000 | 2,528,930,000 | |
Additions during period: | ||||
Acquisitions from joint venture transaction | 108,901,000 | 0 | 0 | |
Improvements | 21,167,000 | 21,236,000 | 44,887,000 | |
Deductions during period: | ||||
Disposition of properties | -242,879,000 | -152,032,000 | -267,921,000 | |
Balance at end of period before impairment charges | 2,062,289,000 | 2,175,100,000 | 2,305,896,000 | |
Cumulative impairment charges on real estate assets owned at end of period | -65,277,000 | -107,492,000 | -95,121,000 | |
Balance at end of period | 1,997,012,000 | 2,067,608,000 | 2,210,775,000 | |
Reconciliation of Accumulated Depreciation | ||||
Balance at beginning of period | 698,146,000 | 693,114,000 | 723,982,000 | |
Additions during period: | ||||
Depreciation for the period | 56,564,000 | 58,643,000 | 64,953,000 | |
Deductions during period: | ||||
Disposition of properties | -92,952,000 | -53,611,000 | -95,821,000 | |
Balance at end of period | 661,758,000 | 698,146,000 | 693,114,000 | |
SEC Schedule III, Real Estate, Federal Income Tax Basis | 2,100,000,000 | |||
Birmingham, AL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,550,000 | |||
Initial Cost | ||||
Land | 2,843,000 | |||
Building and Improvements | 29,286,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,581,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,843,000 | |||
Building and Improvements | 33,867,000 | |||
Total | 36,710,000 | |||
Accumulated Depreciation Buildings & Improvements | 15,501,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 36,710,000 | |||
Deductions during period: | ||||
Balance at end of period | 15,501,000 | |||
Phoenix - Biltmore, AZ [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,866,000 | |||
Initial Cost | ||||
Land | 4,694,000 | |||
Building and Improvements | 38,998,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,468,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,694,000 | |||
Building and Improvements | 43,466,000 | |||
Total | 48,160,000 | |||
Accumulated Depreciation Buildings & Improvements | 19,993,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 48,160,000 | |||
Deductions during period: | ||||
Balance at end of period | 19,993,000 | |||
Indian Wells - Esmeralda Resort and Spa, CA [Member] | ||||
Initial Cost | ||||
Land | 30,948,000 | |||
Building and Improvements | 73,507,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 6,573,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 30,948,000 | |||
Building and Improvements | 80,080,000 | |||
Total | 111,028,000 | |||
Accumulated Depreciation Buildings & Improvements | 13,883,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 111,028,000 | |||
Deductions during period: | ||||
Balance at end of period | 13,883,000 | |||
Los Angeles - International Airport - South, CA [Member] | ||||
Initial Cost | ||||
Land | 2,660,000 | |||
Building and Improvements | 17,997,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 5,878,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,660,000 | |||
Building and Improvements | 23,875,000 | |||
Total | 26,535,000 | |||
Accumulated Depreciation Buildings & Improvements | 10,233,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 26,535,000 | |||
Deductions during period: | ||||
Balance at end of period | 10,233,000 | |||
Milpitas - Silicon Valley, CA [Member] | ||||
Initial Cost | ||||
Land | 4,021,000 | |||
Building and Improvements | 23,677,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,237,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,021,000 | |||
Building and Improvements | 27,914,000 | |||
Total | 31,935,000 | |||
Accumulated Depreciation Buildings & Improvements | 12,895,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 31,935,000 | |||
Deductions during period: | ||||
Balance at end of period | 12,895,000 | |||
Napa Valley, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,563,000 | |||
Initial Cost | ||||
Land | 2,218,000 | |||
Building and Improvements | 14,205,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 7,036,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,218,000 | |||
Building and Improvements | 21,241,000 | |||
Total | 23,459,000 | |||
Accumulated Depreciation Buildings & Improvements | 8,437,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 23,459,000 | |||
Deductions during period: | ||||
Balance at end of period | 8,437,000 | |||
Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,480,000 | |||
Initial Cost | ||||
Land | 2,930,000 | |||
Building and Improvements | 22,125,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 11,340,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,930,000 | |||
Building and Improvements | 33,465,000 | |||
Total | 36,395,000 | |||
Accumulated Depreciation Buildings & Improvements | 14,222,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 36,395,000 | |||
Deductions during period: | ||||
Balance at end of period | 14,222,000 | |||
San Diego Bayside, CA [Member] | ||||
Initial Cost | ||||
Building and Improvements | 68,229,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 13,383,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 81,612,000 | |||
Total | 81,612,000 | |||
Accumulated Depreciation Buildings & Improvements | 42,241,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 81,612,000 | |||
Deductions during period: | ||||
Balance at end of period | 42,241,000 | |||
San Francisco - Airport/Waterfront, CA [Member] | ||||
Initial Cost | ||||
Building and Improvements | 39,929,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 7,205,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 47,134,000 | |||
Total | 47,134,000 | |||
Accumulated Depreciation Buildings & Improvements | 20,366,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 47,134,000 | |||
Deductions during period: | ||||
Balance at end of period | 20,366,000 | |||
San Francisco - Airport/South San Francisco, CA [Member] | ||||
Initial Cost | ||||
Land | 3,418,000 | |||
Building and Improvements | 31,737,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 5,322,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3,418,000 | |||
Building and Improvements | 37,059,000 | |||
Total | 40,477,000 | |||
Accumulated Depreciation Buildings & Improvements | 16,821,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 40,477,000 | |||
Deductions during period: | ||||
Balance at end of period | 16,821,000 | |||
San Francisco - Fisherman's Wharf, CA [Member] | ||||
Initial Cost | ||||
Building and Improvements | 61,883,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 18,086,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 79,969,000 | |||
Total | 79,969,000 | |||
Accumulated Depreciation Buildings & Improvements | 39,279,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 79,969,000 | |||
Deductions during period: | ||||
Balance at end of period | 39,279,000 | |||
San Francisco - Union Square, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 82,810,000 | |||
Initial Cost | ||||
Land | 8,466,000 | |||
Building and Improvements | 73,684,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -434,000 | |||
Building and Improvements | 53,800,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 8,032,000 | |||
Building and Improvements | 127,484,000 | |||
Total | 135,516,000 | |||
Accumulated Depreciation Buildings & Improvements | 45,954,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 135,516,000 | |||
Deductions during period: | ||||
Balance at end of period | 45,954,000 | |||
Santa Monica Beach - at the Pier, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,134,000 | |||
Initial Cost | ||||
Land | 10,200,000 | |||
Building and Improvements | 16,580,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 1,655,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 10,200,000 | |||
Building and Improvements | 18,235,000 | |||
Total | 28,435,000 | |||
Accumulated Depreciation Buildings & Improvements | 4,686,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 28,435,000 | |||
Deductions during period: | ||||
Balance at end of period | 4,686,000 | |||
Deerfield Beach - Resort & Spa, FL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,228,000 | |||
Initial Cost | ||||
Land | 4,523,000 | |||
Building and Improvements | 29,443,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 68,000 | |||
Building and Improvements | 6,957,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,591,000 | |||
Building and Improvements | 36,400,000 | |||
Total | 40,991,000 | |||
Accumulated Depreciation Buildings & Improvements | 16,537,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 40,991,000 | |||
Deductions during period: | ||||
Balance at end of period | 16,537,000 | |||
Ft. Lauderdale - 17th Street, FL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,301,000 | |||
Initial Cost | ||||
Land | 5,329,000 | |||
Building and Improvements | 47,850,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -163,000 | |||
Building and Improvements | 7,322,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 5,166,000 | |||
Building and Improvements | 55,172,000 | |||
Total | 60,338,000 | |||
Accumulated Depreciation Buildings & Improvements | 25,347,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 60,338,000 | |||
Deductions during period: | ||||
Balance at end of period | 25,347,000 | |||
Miami - International Airport, FL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,714,000 | |||
Initial Cost | ||||
Land | 4,135,000 | |||
Building and Improvements | 24,950,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 7,044,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,135,000 | |||
Building and Improvements | 31,994,000 | |||
Total | 36,129,000 | |||
Accumulated Depreciation Buildings & Improvements | 14,425,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 36,129,000 | |||
Deductions during period: | ||||
Balance at end of period | 14,425,000 | |||
Orlando - International Airport, FL [Member] | ||||
Initial Cost | ||||
Land | 2,549,000 | |||
Building and Improvements | 22,188,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 6,000 | |||
Building and Improvements | 3,819,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,555,000 | |||
Building and Improvements | 26,007,000 | |||
Total | 28,562,000 | |||
Accumulated Depreciation Buildings & Improvements | 9,768,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 28,562,000 | |||
Deductions during period: | ||||
Balance at end of period | 9,768,000 | |||
Orlando - International Drive South/Convention, FL [Member] | ||||
Initial Cost | ||||
Land | 1,632,000 | |||
Building and Improvements | 13,870,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,190,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1,632,000 | |||
Building and Improvements | 18,060,000 | |||
Total | 19,692,000 | |||
Accumulated Depreciation Buildings & Improvements | 8,871,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 19,692,000 | |||
Deductions during period: | ||||
Balance at end of period | 8,871,000 | |||
Orlando - Walt Disney World Resort, FL [Member] | ||||
Initial Cost | ||||
Building and Improvements | 28,092,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 3,559,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 31,651,000 | |||
Total | 31,651,000 | |||
Accumulated Depreciation Buildings & Improvements | 18,778,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 31,651,000 | |||
Deductions during period: | ||||
Balance at end of period | 18,778,000 | |||
St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||
Initial Cost | ||||
Building and Improvements | 100,823,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 8,023,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 108,846,000 | |||
Total | 108,846,000 | |||
Accumulated Depreciation Buildings & Improvements | 20,826,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 108,846,000 | |||
Deductions during period: | ||||
Balance at end of period | 20,826,000 | |||
Atlanta - Buckhead, GA [Member] | ||||
Initial Cost | ||||
Land | 7,303,000 | |||
Building and Improvements | 38,996,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -300,000 | |||
Building and Improvements | 3,720,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 7,003,000 | |||
Building and Improvements | 42,716,000 | |||
Total | 49,719,000 | |||
Accumulated Depreciation Buildings & Improvements | 19,002,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 49,719,000 | |||
Deductions during period: | ||||
Balance at end of period | 19,002,000 | |||
Chicago Lombard/ Oak Brook, IL [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,176,000 | |||
Initial Cost | ||||
Land | 4,400,000 | |||
Building and Improvements | 22,018,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 159,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,400,000 | |||
Building and Improvements | 22,177,000 | |||
Total | 26,577,000 | |||
Accumulated Depreciation Buildings & Improvements | 230,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 26,577,000 | |||
Deductions during period: | ||||
Balance at end of period | 230,000 | |||
New Orleans - French Quarter, LA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,324,000 | |||
Initial Cost | ||||
Building and Improvements | 50,732,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 10,842,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 61,574,000 | |||
Total | 61,574,000 | |||
Accumulated Depreciation Buildings & Improvements | 23,692,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 61,574,000 | |||
Deductions during period: | ||||
Balance at end of period | 23,692,000 | |||
Boston - at Beacon Hill, MA [Member] | ||||
Initial Cost | ||||
Building and Improvements | 45,192,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 9,563,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 54,755,000 | |||
Total | 54,755,000 | |||
Accumulated Depreciation Buildings & Improvements | 31,961,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 54,755,000 | |||
Deductions during period: | ||||
Balance at end of period | 31,961,000 | |||
Boston - Copley Plaza, MA [Member] | ||||
Initial Cost | ||||
Land | 27,600,000 | |||
Building and Improvements | 62,500,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 14,666,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 27,600,000 | |||
Building and Improvements | 77,166,000 | |||
Total | 104,766,000 | |||
Accumulated Depreciation Buildings & Improvements | 8,413,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 104,766,000 | |||
Deductions during period: | ||||
Balance at end of period | 8,413,000 | |||
Boston - Marlborough, MA [Member] | ||||
Initial Cost | ||||
Land | 948,000 | |||
Building and Improvements | 8,143,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 761,000 | |||
Building and Improvements | 15,649,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1,709,000 | |||
Building and Improvements | 23,792,000 | |||
Total | 25,501,000 | |||
Accumulated Depreciation Buildings & Improvements | 10,346,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 25,501,000 | |||
Deductions during period: | ||||
Balance at end of period | 10,346,000 | |||
Minneapolis - Airport, MN [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,864,000 | |||
Initial Cost | ||||
Land | 5,417,000 | |||
Building and Improvements | 36,508,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 24,000 | |||
Building and Improvements | 3,060,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 5,441,000 | |||
Building and Improvements | 39,568,000 | |||
Total | 45,009,000 | |||
Accumulated Depreciation Buildings & Improvements | 18,415,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 45,009,000 | |||
Deductions during period: | ||||
Balance at end of period | 18,415,000 | |||
New York - Morgans [Member] | ||||
Initial Cost | ||||
Land | 16,200,000 | |||
Building and Improvements | 29,872,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 1,450,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 16,200,000 | |||
Building and Improvements | 31,322,000 | |||
Total | 47,522,000 | |||
Accumulated Depreciation Buildings & Improvements | 2,790,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 47,522,000 | |||
Deductions during period: | ||||
Balance at end of period | 2,790,000 | |||
New York - Royalton [Member] | ||||
Initial Cost | ||||
Land | 32,500,000 | |||
Building and Improvements | 48,423,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 2,570,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 32,500,000 | |||
Building and Improvements | 50,993,000 | |||
Total | 83,493,000 | |||
Accumulated Depreciation Buildings & Improvements | 4,584,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 83,493,000 | |||
Deductions during period: | ||||
Balance at end of period | 4,584,000 | |||
Philadelphia - Historic District, PA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,700,000 | |||
Initial Cost | ||||
Land | 3,164,000 | |||
Building and Improvements | 27,535,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Building and Improvements | 10,987,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3,171,000 | |||
Building and Improvements | 38,522,000 | |||
Total | 41,693,000 | |||
Accumulated Depreciation Buildings & Improvements | 17,295,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 41,693,000 | |||
Deductions during period: | ||||
Balance at end of period | 17,295,000 | |||
Philadelphia - Society Hill, PA [Member] | ||||
Initial Cost | ||||
Land | 4,542,000 | |||
Building and Improvements | 45,121,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 9,677,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,542,000 | |||
Building and Improvements | 54,798,000 | |||
Total | 59,340,000 | |||
Accumulated Depreciation Buildings & Improvements | 23,076,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 59,340,000 | |||
Deductions during period: | ||||
Balance at end of period | 23,076,000 | |||
Pittsburgh - at University Center (Oakland), PA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,105,000 | |||
Initial Cost | ||||
Building and Improvements | 25,031,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 3,865,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 28,896,000 | |||
Total | 28,896,000 | |||
Accumulated Depreciation Buildings & Improvements | 12,284,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 28,896,000 | |||
Deductions during period: | ||||
Balance at end of period | 12,284,000 | |||
Charleston - Mills House, SC [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,919,000 | |||
Initial Cost | ||||
Land | 3,251,000 | |||
Building and Improvements | 28,295,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 7,000 | |||
Building and Improvements | 8,155,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3,258,000 | |||
Building and Improvements | 36,450,000 | |||
Total | 39,708,000 | |||
Accumulated Depreciation Buildings & Improvements | 13,620,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 39,708,000 | |||
Deductions during period: | ||||
Balance at end of period | 13,620,000 | |||
Myrtle Beach - Oceanfront Resort, SC [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,149,000 | |||
Initial Cost | ||||
Land | 2,940,000 | |||
Building and Improvements | 24,988,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 12,268,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,940,000 | |||
Building and Improvements | 37,256,000 | |||
Total | 40,196,000 | |||
Accumulated Depreciation Buildings & Improvements | 14,382,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 40,196,000 | |||
Deductions during period: | ||||
Balance at end of period | 14,382,000 | |||
Myrtle Beach Resort [Member] | ||||
Initial Cost | ||||
Land | 9,000,000 | |||
Building and Improvements | 19,844,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 6,000 | |||
Building and Improvements | 31,893,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 9,006,000 | |||
Building and Improvements | 51,737,000 | |||
Total | 60,743,000 | |||
Accumulated Depreciation Buildings & Improvements | 16,565,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 60,743,000 | |||
Deductions during period: | ||||
Balance at end of period | 16,565,000 | |||
Nashville - Opryland - Airport (Briley Parkway), TN [Member] | ||||
Initial Cost | ||||
Building and Improvements | 27,734,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,648,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 32,382,000 | |||
Total | 32,382,000 | |||
Accumulated Depreciation Buildings & Improvements | 18,557,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 32,382,000 | |||
Deductions during period: | ||||
Balance at end of period | 18,557,000 | |||
Austin, TX [Member] | ||||
Initial Cost | ||||
Land | 2,508,000 | |||
Building and Improvements | 21,908,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 4,890,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 2,508,000 | |||
Building and Improvements | 26,798,000 | |||
Total | 29,306,000 | |||
Accumulated Depreciation Buildings & Improvements | 11,519,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 29,306,000 | |||
Deductions during period: | ||||
Balance at end of period | 11,519,000 | |||
Austin Central, TX [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,848,000 | |||
Initial Cost | ||||
Land | 7,400,000 | |||
Building and Improvements | 33,285,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 7,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 7,400,000 | |||
Building and Improvements | 33,292,000 | |||
Total | 40,692,000 | |||
Accumulated Depreciation Buildings & Improvements | 347,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 40,692,000 | |||
Deductions during period: | ||||
Balance at end of period | 347,000 | |||
Dallas - Love Field, TX [Member] | ||||
Initial Cost | ||||
Land | 1,934,000 | |||
Building and Improvements | 16,674,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 5,128,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 1,934,000 | |||
Building and Improvements | 21,802,000 | |||
Total | 23,736,000 | |||
Accumulated Depreciation Buildings & Improvements | 9,959,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 23,736,000 | |||
Deductions during period: | ||||
Balance at end of period | 9,959,000 | |||
Houston - Medical Center, TX [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,299,000 | |||
Initial Cost | ||||
Building and Improvements | 22,027,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 7,247,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 0 | |||
Building and Improvements | 29,274,000 | |||
Total | 29,274,000 | |||
Accumulated Depreciation Buildings & Improvements | 11,348,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 29,274,000 | |||
Deductions during period: | ||||
Balance at end of period | 11,348,000 | |||
San Antonio- International Airport, TX [Member] | ||||
Initial Cost | ||||
Land | 4,900,000 | |||
Building and Improvements | 20,568,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 37,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 4,900,000 | |||
Building and Improvements | 20,605,000 | |||
Total | 25,505,000 | |||
Accumulated Depreciation Buildings & Improvements | 214,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 25,505,000 | |||
Deductions during period: | ||||
Balance at end of period | 214,000 | |||
San Antonio- NW I-10, TX [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,984,000 | |||
Initial Cost | ||||
Land | 3,900,000 | |||
Building and Improvements | 12,430,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3,900,000 | |||
Building and Improvements | 12,430,000 | |||
Total | 16,330,000 | |||
Accumulated Depreciation Buildings & Improvements | 129,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 16,330,000 | |||
Deductions during period: | ||||
Balance at end of period | 129,000 | |||
Burlington Hotel & Conference Center, VT [Member] | ||||
Initial Cost | ||||
Land | 3,136,000 | |||
Building and Improvements | 27,283,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -2,000 | |||
Building and Improvements | 7,078,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 3,134,000 | |||
Building and Improvements | 34,361,000 | |||
Total | 37,495,000 | |||
Accumulated Depreciation Buildings & Improvements | 13,226,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 37,495,000 | |||
Deductions during period: | ||||
Balance at end of period | 13,226,000 | |||
Hotels [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 458,014,000 | |||
Initial Cost | ||||
Land | 231,609,000 | |||
Building and Improvements | 1,474,160,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | -20,000 | |||
Building and Improvements | 352,037,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 231,589,000 | |||
Building and Improvements | 1,826,197,000 | |||
Total | 2,057,786,000 | |||
Accumulated Depreciation Buildings & Improvements | 661,017,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 2,057,786,000 | |||
Deductions during period: | ||||
Balance at end of period | 661,017,000 | |||
Other properties (less than 5% of total) [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost | ||||
Land | 550,000 | |||
Building and Improvements | 3,686,000 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 267,000 | |||
Gross Amounts at Which Carried at Close of Period | ||||
Land | 550,000 | |||
Building and Improvements | 3,953,000 | |||
Total | 4,503,000 | |||
Accumulated Depreciation Buildings & Improvements | 741,000 | |||
Deductions during period: | ||||
Balance at end of period before impairment charges | 4,503,000 | |||
Deductions during period: | ||||
Balance at end of period | $741,000 | |||
Minimum [Member] | Birmingham, AL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Phoenix - Biltmore, AZ [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Indian Wells - Esmeralda Resort and Spa, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Los Angeles - International Airport - South, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Milpitas - Silicon Valley, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Napa Valley, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Diego Bayside, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Francisco - Airport/Waterfront, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Francisco - Union Square, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Santa Monica Beach - at the Pier, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Miami - International Airport, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Orlando - International Airport, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Orlando - International Drive South/Convention, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Orlando - Walt Disney World Resort, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Atlanta - Buckhead, GA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Chicago Lombard/ Oak Brook, IL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | New Orleans - French Quarter, LA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Boston - at Beacon Hill, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Boston - Copley Plaza, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Boston - Marlborough, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Minneapolis - Airport, MN [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | New York - Morgans [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | New York - Royalton [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Philadelphia - Historic District, PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Philadelphia - Society Hill, PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Charleston - Mills House, SC [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Myrtle Beach Resort [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Nashville - Opryland - Airport (Briley Parkway), TN [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Austin, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Austin Central, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Dallas - Love Field, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Houston - Medical Center, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Antonio- International Airport, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | San Antonio- NW I-10, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Minimum [Member] | Burlington Hotel & Conference Center, VT [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 15 years | |||
Maximum [Member] | Birmingham, AL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Phoenix - Biltmore, AZ [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Indian Wells - Esmeralda Resort and Spa, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Los Angeles - International Airport - South, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Milpitas - Silicon Valley, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Napa Valley, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Diego Bayside, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Francisco - Airport/Waterfront, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Francisco - Union Square, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Santa Monica Beach - at the Pier, CA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Miami - International Airport, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Orlando - International Airport, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Orlando - International Drive South/Convention, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Orlando - Walt Disney World Resort, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Atlanta - Buckhead, GA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Chicago Lombard/ Oak Brook, IL [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | New Orleans - French Quarter, LA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Boston - at Beacon Hill, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Boston - Copley Plaza, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Boston - Marlborough, MA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Minneapolis - Airport, MN [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | New York - Morgans [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | New York - Royalton [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Philadelphia - Historic District, PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Philadelphia - Society Hill, PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Charleston - Mills House, SC [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Myrtle Beach Resort [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Nashville - Opryland - Airport (Briley Parkway), TN [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Austin, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Austin Central, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Dallas - Love Field, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Houston - Medical Center, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Antonio- International Airport, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | San Antonio- NW I-10, TX [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Maximum [Member] | Burlington Hotel & Conference Center, VT [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Life Upon Which Depreciation is Computed | 40 years | |||
Ten Point Zero Zero Percent Due October 2014 [Member] | Senior Notes [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Interest rate | 10.00% | 10.00% | ||
Six Point Seven Five Percent Due June 2019 [Member] | Senior Notes [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Interest rate | 6.75% | |||
Five Point Six Two Five Percent Due March 2023 [Member] | Senior Notes [Member] | ||||
Gross Amounts at Which Carried at Close of Period | ||||
Interest rate | 5.63% |