Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 27, 2015 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | FCH | |
Entity Registrant Name | FelCor Lodging Trust Incorporated | |
Entity Central Index Key | 923,603 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 143,388,304 | |
FelCor Lodging LP [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Registrant Name | FelCor Lodging LP | |
Entity Central Index Key | 1,048,789 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $880,002 and $850,687 at September 30, 2015 and December 31, 2014, respectively | $ 1,694,066 | $ 1,599,791 |
Hotel development | 48,655 | 297,466 |
Investment in unconsolidated entities | 10,938 | 15,095 |
Hotels held for sale | 0 | 47,145 |
Cash and cash equivalents | 56,911 | 47,147 |
Restricted cash | 24,701 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $230 and $241 at September 30, 2015 and December 31, 2014, respectively | 37,085 | 27,805 |
Deferred expenses, net of accumulated amortization of $6,864 and $17,111 at September 30, 2015 and December 31, 2014, respectively | 25,240 | 25,827 |
Other assets | 16,574 | 23,886 |
Total assets | 1,914,170 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,418,632 | 1,585,867 |
Distributions payable | 12,450 | 13,827 |
Accrued expenses and other liabilities | 132,321 | 135,481 |
Total liabilities | $ 1,563,403 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at September 30, 2015 and December 31, 2014 | $ 4,323 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 143,382 and 124,605 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 1,434 | 1,246 |
Additional paid-in capital | 2,566,123 | 2,353,666 |
Accumulated deficit | (2,582,726) | (2,530,671) |
Total FelCor stockholders’ equity | 294,168 | 302,990 |
Noncontrolling interests in other partnerships | 9,090 | 18,435 |
Preferred equity in consolidated joint venture, liquidation value of $43,926 and $42,094 at September 30, 2015 and December 31, 2014, respectively | 43,186 | 41,442 |
Total equity | 346,444 | 362,867 |
Total liabilities and equity | 1,914,170 | 2,104,658 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $880,002 and $850,687 at September 30, 2015 and December 31, 2014, respectively | 1,694,066 | 1,599,791 |
Hotel development | 48,655 | 297,466 |
Investment in unconsolidated entities | 10,938 | 15,095 |
Hotels held for sale | 0 | 47,145 |
Cash and cash equivalents | 56,911 | 47,147 |
Restricted cash | 24,701 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $230 and $241 at September 30, 2015 and December 31, 2014, respectively | 37,085 | 27,805 |
Deferred expenses, net of accumulated amortization of $6,864 and $17,111 at September 30, 2015 and December 31, 2014, respectively | 25,240 | 25,827 |
Other assets | 16,574 | 23,886 |
Total assets | 1,914,170 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,418,632 | 1,585,867 |
Distributions payable | 12,450 | 13,827 |
Accrued expenses and other liabilities | 132,321 | 135,481 |
Total liabilities | $ 1,563,403 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at September 30, 2015 and December 31, 2014 | $ 4,323 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $43,926 and $42,094 at September 30, 2015 and December 31, 2014, respectively | 43,186 | 41,442 |
Total liabilities and equity | 1,914,170 | 2,104,658 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 478,749 |
Common units, 143,382 and 124,605 units issued and outstanding at September 30, 2015 and December 31, 2014, respectively | (15,169) | (175,759) |
Total FelCor LP partners’ capital | 294,168 | 302,990 |
Noncontrolling interests | 9,090 | 18,435 |
Preferred capital in consolidated joint venture | 43,186 | 41,442 |
Total partners’ capital | 346,444 | 362,867 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at September 30, 2015 and December 31, 2014 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
FelCor Lodging LP [Member] | Series C Cumulative Redeemable Preferred Units, 68 units issued and outstanding at December 31, 2014 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 0 | 169,412 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at September 30, 2015 and December 31, 2014 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | 309,337 | 309,337 |
Series C Cumulative Redeemable Preferred Stock, 68 shares, liquidation value of $169,950, issued and outstanding at December 31, 2014 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | $ 0 | $ 169,412 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accumulated depreciation | $ 880,002 | $ 850,687 |
Allowance for doubtful accounts | 230 | 241 |
Accumulated amortization of deferred expenses | $ 6,864 | $ 17,111 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 611,000 | 611,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued and outstanding | 143,382,409 | 124,605,074 |
Joint Venture Liquidation Value | $ 43,926 | $ 42,094 |
Series A Preferred Stock [Member] | ||
Preferred Stock, shares issued | 12,879,000 | 12,879,000 |
Preferred Stock, shares outstanding | 12,879,000 | 12,879,000 |
Preferred Stock, liquidation value | $ 321,987 | $ 321,987 |
Series C Preferred Stock [Member] | ||
Preferred Stock, shares issued | 0 | 68,000 |
Preferred Stock, shares outstanding | 0 | 68,000 |
Preferred Stock, liquidation value | $ 0 | $ 169,950 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 880,002 | 850,687 |
Allowance for doubtful accounts | 230 | 241 |
Accumulated amortization of deferred expenses | $ 6,864 | $ 17,111 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |
Units of redeemable units issued | 611,000 | 611,000 |
Units of redeemable units outstanding | 611,000 | 611,000 |
Common units issued and outstanding | 143,382,409 | 124,605,074 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A Cumulative Convertible Preferred Units issued | 12,879,000 | 12,879,000 |
Series A Cumulative Convertible Preferred Units outstanding | 12,879,000 | 12,879,000 |
FelCor Lodging LP [Member] | Series C Preferred Units [Member] | ||
Series C Cumulative Redeemable Preferred Units issued | 0 | 68,000 |
Series C Cumulative Redeemable Preferred Units outstanding | 0 | 68,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Hotel operating revenue | $ 223,474 | $ 232,449 | $ 672,808 | $ 711,750 |
Other revenue | 1,678 | 1,607 | 7,142 | 3,170 |
Total revenues | 225,152 | 234,056 | 679,950 | 714,920 |
Expenses: | ||||
Hotel departmental expenses | 78,514 | 82,731 | 236,202 | 255,882 |
Other property-related costs | 55,893 | 59,441 | 170,579 | 183,931 |
Management and franchise fees | 9,138 | 9,632 | 27,425 | 28,805 |
Taxes, insurance and lease expense | 12,716 | 19,053 | 43,933 | 69,276 |
Corporate expenses | 4,672 | 6,442 | 19,775 | 21,914 |
Depreciation and amortization | 28,988 | 28,523 | 85,510 | 87,206 |
Impairment loss | 20,861 | 0 | 20,861 | 0 |
Other expenses | 5,807 | 9,746 | 11,446 | 13,874 |
Total operating expenses | 216,589 | 215,568 | 615,731 | 660,888 |
Operating income | 8,563 | 18,488 | 64,219 | 54,032 |
Interest expense, net | (19,602) | (21,922) | (59,361) | (71,644) |
Debt extinguishment | (13) | (4,730) | (30,909) | (4,763) |
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 |
Gain from remeasurement of unconsolidated entities, net | 0 | 20,733 | 0 | 20,733 |
Other gains, net | 0 | 0 | 166 | 100 |
Income (loss) before equity in income from unconsolidated entities | (11,052) | 42,753 | (25,885) | 28,642 |
Equity in income from unconsolidated entities | 321 | 1,347 | 7,983 | 4,756 |
Income (loss) from continuing operations before income tax expense | (10,731) | 44,100 | (17,902) | 33,398 |
Income tax expense | (1,054) | (78) | (1,392) | (480) |
Income (loss) from continuing operations | (11,785) | 44,022 | (19,294) | 32,918 |
Income (loss) from discontinued operations | 498 | (8) | 419 | 132 |
Income (loss) before gain on sale of hotels | (11,287) | 44,014 | (18,875) | 33,050 |
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 |
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 227 | (646) | (4,405) | (830) |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 61 | (185) | 150 | (135) |
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) |
Net income (loss) attributable to reporting entity | (8,208) | 72,391 | (4,709) | 81,854 |
Preferred dividends | (6,279) | (9,678) | (23,860) | (29,034) |
Redemption of preferred stock | 0 | 0 | (6,096) | 0 |
Net income (loss) attributable to FelCor common stockholders | $ (14,487) | $ 62,713 | $ (34,665) | $ 52,820 |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Basic | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.43 |
Weighted Average Number of Shares Outstanding, Basic | 142,982 | 124,168 | 136,009 | 124,159 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Diluted | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Weighted Average Number of Shares Outstanding, Diluted | 142,982 | 125,526 | 136,009 | 125,289 |
FelCor Lodging LP [Member] | ||||
Revenues: | ||||
Hotel operating revenue | $ 223,474 | $ 232,449 | $ 672,808 | $ 711,750 |
Other revenue | 1,678 | 1,607 | 7,142 | 3,170 |
Total revenues | 225,152 | 234,056 | 679,950 | 714,920 |
Expenses: | ||||
Hotel departmental expenses | 78,514 | 82,731 | 236,202 | 255,882 |
Other property-related costs | 55,893 | 59,441 | 170,579 | 183,931 |
Management and franchise fees | 9,138 | 9,632 | 27,425 | 28,805 |
Taxes, insurance and lease expense | 12,716 | 19,053 | 43,933 | 69,276 |
Corporate expenses | 4,672 | 6,442 | 19,775 | 21,914 |
Depreciation and amortization | 28,988 | 28,523 | 85,510 | 87,206 |
Impairment loss | 20,861 | 0 | 20,861 | 0 |
Other expenses | 5,807 | 9,746 | 11,446 | 13,874 |
Total operating expenses | 216,589 | 215,568 | 615,731 | 660,888 |
Operating income | 8,563 | 18,488 | 64,219 | 54,032 |
Interest expense, net | (19,602) | (21,922) | (59,361) | (71,644) |
Debt extinguishment | (13) | (4,730) | (30,909) | (4,763) |
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 |
Gain from remeasurement of unconsolidated entities, net | 0 | 20,733 | 0 | 20,733 |
Other gains, net | 0 | 0 | 166 | 100 |
Income (loss) before equity in income from unconsolidated entities | (11,052) | 42,753 | (25,885) | 28,642 |
Equity in income from unconsolidated entities | 321 | 1,347 | 7,983 | 4,756 |
Income (loss) from continuing operations before income tax expense | (10,731) | 44,100 | (17,902) | 33,398 |
Income tax expense | (1,054) | (78) | (1,392) | (480) |
Income (loss) from continuing operations | (11,785) | 44,022 | (19,294) | 32,918 |
Income (loss) from discontinued operations | 498 | (8) | 419 | 132 |
Income (loss) before gain on sale of hotels | (11,287) | 44,014 | (18,875) | 33,050 |
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 |
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 227 | (646) | (4,405) | (830) |
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) |
Net income (loss) attributable to reporting entity | (8,269) | 72,576 | (4,859) | 81,989 |
Preferred dividends | (6,279) | (9,678) | (23,860) | (29,034) |
Redemption of preferred stock | 0 | 0 | (6,096) | 0 |
Net income (loss) attributable to FelCor LP common unitholders | $ (14,548) | $ 62,898 | $ (34,815) | $ 52,955 |
Basic and diluted per common share/unit data: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Basic | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Weighted Average Number of Shares Outstanding, Basic | 143,594 | 124,781 | 136,621 | 124,774 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Diluted | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Weighted Average Number of Shares Outstanding, Diluted | 143,594 | 126,164 | 136,621 | 125,916 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net income (loss) | $ (8,133) | $ 73,570 | $ 616 | $ 83,689 |
Foreign currency translation adjustment | 0 | (445) | 0 | (490) |
Reclassification of foreign currency translation to gain | 0 | (24,448) | 0 | (24,448) |
Comprehensive income (loss) | (8,133) | 48,677 | 616 | 58,751 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 227 | (646) | (4,405) | (830) |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 61 | (184) | 150 | (134) |
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) |
Comprehensive income (loss) attributable to FelCor | (8,208) | 47,499 | (4,709) | 56,917 |
FelCor Lodging LP [Member] | ||||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 |
Foreign currency translation adjustment | 0 | (445) | 0 | (490) |
Reclassification of foreign currency translation to gain | 0 | (24,553) | 0 | (24,553) |
Comprehensive income (loss) | (8,133) | 48,572 | 616 | 58,646 |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | 227 | (646) | (4,405) | (830) |
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) |
Comprehensive income (loss) attributable to FelCor | $ (8,269) | $ 47,578 | $ (4,859) | $ 56,946 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | $1.4625 per Series A preferred share | Series C Preferred Stock [Member] | Dividend per common stock | Preferred Stock | Preferred StockSeries C Preferred Stock [Member] | Common Stock | Additional Paid-in Capital | Additional Paid-in CapitalSeries C Preferred Stock [Member] | Accumulated Other Comprehensive Income | Accumulated Deficit | Accumulated Deficit$1.4625 per Series A preferred share | Accumulated DeficitSeries C Preferred Stock [Member] | Accumulated DeficitDividend per common stock | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Income (Loss) |
Shares, Issued - beginning balance at Dec. 31, 2013 | 12,948 | 124,051 | |||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2013 | $ 314,230 | $ 478,774 | $ 1,240 | $ 2,354,328 | $ 24,937 | $ (2,568,350) | $ 23,301 | $ 0 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Conversion of preferred stock into common stock | 0 | $ (8) | 8 | ||||||||||||||
Issuance of stock awards - shares | 349 | ||||||||||||||||
Issuance of stock awards - value | 0 | $ 4 | (4) | ||||||||||||||
Stock awards - amortization | 3,066 | 3,066 | |||||||||||||||
Redemption of preferred stock | 0 | ||||||||||||||||
Forfeiture of stock awards - shares | (117) | ||||||||||||||||
Forfeiture of stock awards - value | (932) | $ (1) | 0 | (931) | |||||||||||||
Conversion of operating partnership units into common shares - shares | 6 | ||||||||||||||||
Conversion of operating partnership units into common shares, Value | 56 | 56 | |||||||||||||||
Allocation to redeemable noncontrolling interests | (642) | (642) | |||||||||||||||
Contribution from noncontrolling interests | 5,508 | 5,508 | |||||||||||||||
Distribution to noncontrolling interests | (8,634) | (8,634) | |||||||||||||||
Acquisition of noncontrolling interests | (5,850) | (3,508) | (2,342) | ||||||||||||||
Dividends, Common Stock | $ (7,556) | $ (7,556) | |||||||||||||||
Preferred dividends | (870) | $ (18,837) | $ (10,197) | $ (18,837) | $ (10,197) | (870) | |||||||||||
Issuance of preferred equity - consolidated joint venture | 41,443 | 41,443 | |||||||||||||||
Foreign exchange translation | (489) | $ (489) | |||||||||||||||
Reclassification of foreign currency translation to gain | (24,448) | (24,448) | |||||||||||||||
Net income (loss) | 81,854 | 830 | 870 | 83,554 | |||||||||||||
Comprehensive Income (Loss) | 58,617 | 58,617 | |||||||||||||||
Shares, Issued - ending balance at Sep. 30, 2014 | 12,948 | 124,289 | |||||||||||||||
Stockholders' Equity, ending balance at Sep. 30, 2014 | 369,402 | $ 478,766 | $ 1,243 | 2,353,304 | 0 | (2,524,017) | 18,663 | 41,443 | |||||||||
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | |||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2014 | 362,867 | $ 478,749 | $ 1,246 | 2,353,666 | 0 | (2,530,671) | 18,435 | 41,442 | |||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of common stock - shares | 18,400 | ||||||||||||||||
Issuance of common stock | 198,651 | $ 184 | 198,467 | ||||||||||||||
Issuance of stock awards - shares | 379 | ||||||||||||||||
Issuance of stock awards - value | 694 | $ 4 | 690 | ||||||||||||||
Stock awards - amortization and severance | 5,702 | 5,702 | |||||||||||||||
Redemption of Preferred Stock, Shares | (68) | ||||||||||||||||
Redemption of preferred stock | (6,096) | (169,986) | $ (169,412) | $ 5,522 | (6,096) | ||||||||||||
Forfeiture of stock awards - shares | (2) | ||||||||||||||||
Forfeiture of stock awards - value | (8) | $ 0 | 0 | (8) | |||||||||||||
Conversion of operating partnership units into common shares, Value | 0 | ||||||||||||||||
Allocation to redeemable noncontrolling interests | 2,076 | 2,076 | |||||||||||||||
Contribution from noncontrolling interests | 2,544 | 2,544 | |||||||||||||||
Distribution to noncontrolling interests | (16,294) | (16,294) | |||||||||||||||
Dividends, Common Stock | $ (17,382) | $ (17,382) | |||||||||||||||
Preferred dividends | (1,070) | $ (18,837) | $ (5,023) | 0 | $ (18,837) | $ (5,023) | (1,070) | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,744 | 1,744 | |||||||||||||||
Net income (loss) | (4,709) | 4,405 | 1,070 | 766 | |||||||||||||
Comprehensive Income (Loss) | 766 | $ 766 | |||||||||||||||
Shares, Issued - ending balance at Sep. 30, 2015 | 12,879 | 143,382 | |||||||||||||||
Stockholders' Equity, ending balance at Sep. 30, 2015 | $ 346,444 | $ 309,337 | $ 1,434 | $ 2,566,123 | $ 0 | $ (2,582,726) | $ 9,090 | $ 43,186 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Common Stock, Dividends, Per Share, Declared | $ 0.12 | $ 0.06 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 1.4625 | 1.4625 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 1 | $ 1.50 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) shares in Thousands, $ in Thousands | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member]Preferred Units | FelCor Lodging LP [Member]Common Units | FelCor Lodging LP [Member]Accumulated Other Comprehensive Income | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture | FelCor Lodging LP [Member]Comprehensive Income (Loss) | Preferred Equity in Consolidated Joint Venture | Series C Preferred Units [Member]FelCor Lodging LP [Member] | Series C Preferred Units [Member]FelCor Lodging LP [Member]Preferred Units | Series C Preferred Units [Member]FelCor Lodging LP [Member]Common Units |
Partners' Capital, Beginning Balance at Dec. 31, 2013 | $ 314,230 | $ 478,774 | $ (212,888) | $ 25,043 | $ 23,301 | $ 0 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Conversion of preferred stock into common stock | $ 0 | 0 | (8) | 8 | ||||||||
FelCor restricted stock compensation | 2,134 | 2,134 | ||||||||||
Redemption of preferred stock | 0 | 0 | ||||||||||
Contributions | 5,508 | 5,508 | ||||||||||
Distributions | (46,094) | (36,590) | (8,634) | (870) | ||||||||
Allocation to redeemable units | (615) | (615) | ||||||||||
Acquisition of noncontrolling interests | (5,850) | (5,850) | (3,508) | (2,342) | ||||||||
Issuance of preferred equity - consolidated joint venture | 41,443 | 41,443 | 41,443 | $ 41,443 | ||||||||
Comprehensive income (loss): | ||||||||||||
Foreign exchange translation | (490) | (490) | (490) | $ (490) | ||||||||
Reclassification of foreign currency translation to gain | (24,553) | (24,553) | (24,553) | |||||||||
Net income (loss) | 83,689 | 83,689 | 81,989 | 830 | 870 | 83,689 | ||||||
Comprehensive Income | 58,751 | 58,646 | 58,646 | |||||||||
Partners' Capital, Ending Balance at Sep. 30, 2014 | 369,402 | 478,766 | (169,470) | 0 | 18,663 | 41,443 | ||||||
Partners' Capital, Beginning Balance at Dec. 31, 2014 | $ 362,867 | 478,749 | $ (175,759) | 0 | 18,435 | 41,442 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Issuance of common units | 198,651 | 198,651 | ||||||||||
FelCor restricted stock compensation | $ 6,388 | $ 6,388 | ||||||||||
Redemption of preferred stock | (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | |||||||
Contributions | 2,544 | 2,544 | ||||||||||
Distributions | (58,673) | (41,309) | (16,294) | (1,070) | ||||||||
Allocation to redeemable units | 2,293 | 2,293 | ||||||||||
Issuance of preferred equity - consolidated joint venture | 1,744 | 1,744 | 1,744 | $ 1,744 | ||||||||
Comprehensive income (loss): | ||||||||||||
Foreign exchange translation | 0 | 0 | ||||||||||
Net income (loss) | 616 | 616 | (4,859) | 4,405 | 1,070 | 616 | ||||||
Comprehensive Income | $ 616 | 616 | $ 616 | |||||||||
Partners' Capital, Ending Balance at Sep. 30, 2015 | $ 346,444 | $ 309,337 | $ (15,169) | $ 0 | $ 9,090 | $ 43,186 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 616 | $ 83,689 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 85,510 | 87,206 |
Gain on sale of hotels and other assets, net | (20,065) | (51,129) |
Gain on sale of investment in unconsolidated entities, net | 0 | (30,184) |
Gain from remeasurement of unconsolidated entities, net | 0 | (20,733) |
Amortization of deferred financing fees and debt discount | 4,085 | 8,136 |
Amortization of fixed stock and directors’ compensation | 5,214 | 4,490 |
Equity based severance | 1,352 | 0 |
Equity in income from unconsolidated entities | (7,983) | (4,756) |
Distributions of income from unconsolidated entities | 5,680 | 3,394 |
Debt extinguishment | 30,909 | 5,008 |
Impairment loss | 20,861 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (9,696) | 271 |
Other assets | 1,529 | (4,834) |
Accrued expenses and other liabilities | (3,958) | 7,107 |
Net cash flow provided by operating activities | 114,054 | 87,665 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (35,979) | (65,547) |
Hotel development | (31,599) | (63,381) |
Net proceeds from asset sales | 190,035 | 119,991 |
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 |
Change in restricted cash – investing | (4,204) | 42,964 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities in excess of earnings | 6,460 | 10,658 |
Net cash flow provided by investing activities | 124,987 | 48,972 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 979,000 | 439,607 |
Repayment of borrowings | (1,166,693) | (553,867) |
Payment of deferred financing fees | (14,348) | (3,052) |
Acquisition of noncontrolling interest | 0 | (5,850) |
Distributions paid to noncontrolling interests | (16,294) | (8,634) |
Contributions from noncontrolling interests | 2,544 | 5,508 |
Distributions paid to FelCor LP limited partners | (68) | (31) |
Distributions paid to preferred stockholders | (26,125) | (29,034) |
Redemption of preferred stock | (169,986) | 0 |
Preferred distributions - consolidated joint venture | (1,070) | (757) |
Distributions paid to common stockholders | (16,498) | (7,453) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,443 |
Net proceeds from common stock issuance | 198,651 | 0 |
Net cash flow used in financing activities | (229,143) | (122,120) |
Effect of exchange rate changes on cash | (134) | (52) |
Net change in cash and cash equivalents | 9,764 | 14,465 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 56,911 | 60,110 |
Supplemental cash flow information – interest paid, net of capitalized interest | 55,215 | 67,187 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 59,812 | 47,312 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of investment in unconsolidated entities, net | 0 | |
Gain from remeasurement of unconsolidated entities, net | 0 | |
Equity in income from unconsolidated entities | 34 | 34 |
Changes in assets and liabilities: | ||
Net cash flow provided by operating activities | 94,271 | 67,135 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (14,302) | (28,453) |
Hotel development | (31,599) | (63,381) |
Net proceeds from asset sales | 190,454 | 107,084 |
Proceeds from unconsolidated joint venture transaction | 878 | |
Change in restricted cash – investing | (2,240) | 44,747 |
Insurance proceeds | 0 | 0 |
Net cash flow provided by investing activities | 142,313 | 60,875 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 504,000 | 439,607 |
Repayment of borrowings | (621,240) | (317,129) |
Payment of deferred financing fees | (5,848) | (3,048) |
Acquisition of noncontrolling interest | (5,850) | |
Distributions paid to noncontrolling interests | (15,893) | (7,950) |
Contributions from noncontrolling interests | 2,031 | 4,607 |
Redemption of preferred stock | 0 | |
Distributions paid to common stockholders | 0 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,443 |
Net proceeds from common unit issuance | 0 | |
Net cash flow used in financing activities | (243,097) | (131,233) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | (6,513) | (3,223) |
Cash and cash equivalents at beginning of periods | 8,507 | 7,135 |
Cash and cash equivalents at end of periods | 1,994 | 3,912 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 616 | 83,689 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 85,510 | 87,206 |
Gain on sale of hotels and other assets, net | (20,065) | (51,129) |
Gain on sale of investment in unconsolidated entities, net | 0 | (30,184) |
Gain from remeasurement of unconsolidated entities, net | 0 | (20,733) |
Amortization of deferred financing fees and debt discount | 4,085 | 8,136 |
Amortization of fixed stock and directors’ compensation | 5,214 | 4,490 |
Equity based severance | 1,352 | 0 |
Equity in income from unconsolidated entities | (7,983) | (4,756) |
Distributions of income from unconsolidated entities | 5,680 | 3,394 |
Debt extinguishment | 30,909 | 5,008 |
Impairment loss | 20,861 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (9,696) | 271 |
Other assets | 1,529 | (4,834) |
Accrued expenses and other liabilities | (3,958) | 7,107 |
Net cash flow provided by operating activities | 114,054 | 87,665 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (35,979) | (65,547) |
Hotel development | (31,599) | (63,381) |
Net proceeds from asset sales | 190,035 | 119,991 |
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 |
Change in restricted cash – investing | (4,204) | 42,964 |
Insurance proceeds | 274 | 255 |
Distributions from unconsolidated entities in excess of earnings | 6,460 | 10,658 |
Net cash flow provided by investing activities | 124,987 | 48,972 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 979,000 | 439,607 |
Repayment of borrowings | (1,166,693) | (553,867) |
Payment of deferred financing fees | (14,348) | (3,052) |
Acquisition of noncontrolling interest | 0 | (5,850) |
Distributions paid to noncontrolling interests | (16,294) | (8,634) |
Contributions from noncontrolling interests | 2,544 | 5,508 |
Distributions paid to FelCor LP limited partners | (68) | (31) |
Distributions paid to preferred stockholders | (26,125) | (29,034) |
Redemption of preferred stock | (169,986) | 0 |
Preferred distributions - consolidated joint venture | (1,070) | (757) |
Distributions paid to common stockholders | (16,498) | (7,453) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,443 |
Net proceeds from common unit issuance | 198,651 | 0 |
Net cash flow used in financing activities | (229,143) | (122,120) |
Effect of exchange rate changes on cash | (134) | (52) |
Net change in cash and cash equivalents | 9,764 | 14,465 |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 |
Cash and cash equivalents at end of periods | 56,911 | 60,110 |
Supplemental cash flow information – interest paid, net of capitalized interest | $ 55,215 | $ 67,187 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2015 | |
Organization [Abstract] | |
Organization | Organization FelCor Lodging Trust Incorporated (NYSE:FCH), or FelCor, is a Maryland corporation, operating as a real estate investment trust, or REIT. FelCor is the sole general partner of, and the owner of a greater than 99.5% partnership interest in, FelCor Lodging Limited Partnership, or FelCor LP, through which we held ownership interests in 41 hotels as of September 30, 2015 . At September 30, 2015 , we had an aggregate of 143,993,871 shares and units outstanding, consisting of 143,382,409 shares of FelCor common stock and 611,462 FelCor LP units not owned by FelCor. Of our 41 hotels as of September 30, 2015 , we owned 100% interests in 38 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. The Knickerbocker opened in February 2015, and based on its partial completion as of September 30, 2015, we have transferred $284.8 million of the development into investment in hotels, with the remaining investment ( $48.7 million ) classified as hotel development. We consolidate our real estate interests in the 39 hotels in which we hold majority interests, and we record the real estate interests of the two hotels in which we hold indirect 50% interests using the equity method. We lease 40 of the 41 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 our operating lessees, we consolidate our interests in all 40 leased hotels (which we refer to as our Consolidated Hotels) and reflect their operating revenues and expenses in our statements of operations. We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest of this hotel by the equity method) and majority real estate interests in our remaining 39 Consolidated Hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution of our 40 Consolidated Hotels at September 30, 2015 : Brand Hotels Rooms Embassy Suites Hotels ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 40 12,272 At September 30, 2015 , our Consolidated Hotels were located in 15 states, with concentrations in California ( 11 hotels), Florida ( six hotels) and Massachusetts ( three hotels). Approximately 60% of our revenue was generated from hotels in these three states during the first nine months of 2015 . At September 30, 2015 , of our Consolidated Hotels: (i) subsidiaries of Hilton Worldwide, or Hilton, managed 20 hotels; (ii) subsidiaries of Wyndham Worldwide, 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 two hotels; (v) subsidiaries of Starwood Hotels & 1. Organization — (continued) Resorts Worldwide Inc., or Starwood, managed two hotels; (vi) a subsidiary of Fairmont Raffles Hotels International, or Fairmont, managed one hotel; (vii) a subsidiary of Highgate Hotels, or Highgate, managed one hotel; (viii) a subsidiary of Morgans Hotel Group Corporation, or Morgans, managed two hotels; and (ix) Aimbridge Hospitality managed one hotel. The information in our consolidated financial statements for the three and nine months ended September 30, 2015 and 2014 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three and nine months ended September 30, 2015 and 2014 , include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair statement of the results for the periods. Income taxes in prior periods have been reclassified from taxes, insurance and lease expense to conform to the current period presentation of a single line for income tax expense on our consolidated statement of operations. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2014 , included in our Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of actual operating results for the entire year. |
Joint Venture Transaction
Joint Venture Transaction | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [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 of that transaction, we owned 100% of five of those hotels and none of the other five hotels. We also obtained 100% ownership 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 wholly-owned by us compared to the five hotels in which we no longer had any ownership subsequent to the transaction. As a result of these transactions, we recorded the following in the third quarter of 2014: • A $20.7 million gain on the remeasurement of the fair value of the five previously unconsolidated hotels, which we controlled and wholly-owned following the transaction; • A $30.2 million gain on the disposition of our unconsolidated interests in the five other hotels (net of $457,000 in transaction costs); • A $3.5 million decrease in Additional Paid-In Capital related to our acquisition of the 10% noncontrolling interest of another hotel, which we wholly-owned following the transaction. 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% 2. Joint Venture Transaction — (continued) controlling interest in the hotel lessee that operated the eleventh hotel. After unwinding the joint ventures, we no longer had any interest in five lessees and owned 100% in the lessees of the six hotels we owned outright following the transaction. 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: 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). 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 decrease in our investment in unconsolidated entities. The following unaudited consolidated pro forma results of operations for the three and nine months ended September 30, 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. 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. Three Months Ended Nine Months Ended September 30, September 30, 2014 2013 2014 2013 Net income (loss) $ 73,640 $ 3,378 $ 84,408 $ (45,201 ) Income (loss) per share/unit - basic $ 0.50 $ (0.06 ) $ 0.43 $ (0.57 ) Income (loss) per share/unit - diluted $ 0.50 $ (0.06 ) $ 0.42 $ (0.57 ) |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2015 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At September 30, 2015 and December 31, 2014 , we owned 50% interests in joint ventures that owned two and three hotels, respectively. 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 consolidate all of our majority-owned subsidiaries in our financial statements. We make adjustments to our equity in income from unconsolidated entities related to the difference between our basis in investment in unconsolidated entities compared to the historical basis of the assets recorded by the joint ventures. The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): September 30, December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 21,684 $ 30,288 Total assets $ 32,510 $ 45,374 Debt $ 22,994 $ 34,192 Total liabilities $ 25,486 $ 36,974 Equity $ 7,024 $ 8,400 Our unconsolidated entities’ debt at September 30, 2015 and December 31, 2014 consisted entirely of non-recourse mortgage debt. In May 2015, one of our joint ventures sold a hotel, resulting in a $7.1 million gain that we include in our equity in income from unconsolidated entities. In connection with selling this hotel, the joint venture repaid the outstanding $10.5 million mortgage loan encumbering this hotel. The following table (which, among other things, reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ 10,642 $ 15,699 $ 27,622 $ 52,644 Net income $ 836 $ 3,121 $ 22,906 $ 11,800 Net income attributable to FelCor $ 418 $ 1,561 $ 11,453 $ 5,900 Cost in excess of joint venture book value of sold hotel — — (3,140 ) — Depreciation of cost in excess of book value (97 ) (214 ) (330 ) (1,144 ) Equity in income from unconsolidated entities $ 321 $ 1,347 $ 7,983 $ 4,756 3. Investment in Unconsolidated Entities — (continued) The following table summarizes the components of our investments in unconsolidated entities (in thousands): September 30, December 31, 2015 2014 Equity basis of hotel joint venture investments $ (3,795 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,426 10,895 Equity basis of land and condominium joint venture investments 7,307 7,465 Investment in unconsolidated entities $ 10,938 $ 15,095 The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel investments $ (63 ) $ 1,029 $ 8,141 $ 5,022 Other investments 384 318 (158 ) (266 ) Equity in income from unconsolidated entities $ 321 $ 1,347 $ 7,983 $ 4,756 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity September 30, December 31, Hotels Rate (%) Date 2015 2014 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ — Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 122,923 124,278 Mortgage debt 1 4.94 October 2022 30,848 31,228 Line of credit 7 LIBOR + 2.75 June 2019 (b) 200,000 — The Knickerbocker loan (c) Construction tranche 1 LIBOR + 4.00 May 2016 58,562 58,562 Cash collateralized tranche — LIBOR + 1.25 May 2016 6,299 6,299 Retired debt — — — — 840,500 Total 22 $ 1,418,632 $ 1,585,867 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels. (b) Our line of credit can be extended for one year (to 2020), subject to satisfying certain conditions. (c) This construction loan (total capacity of $85.0 million ) finances the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. In February 2015, we sold a hotel and repaid $13.0 million in mortgage debt secured by that hotel that would have otherwise matured in March 2017. In May 2015, we issued $475 million aggregate principal amount of our 6.00% unsecured senior notes due 2025. We used the proceeds from that issuance, together with cash on hand and funds drawn under our line of credit, to repurchase and redeem $525 million in aggregate principal amount of our 6.75% senior secured notes due 2019, which was secured by mortgages on six hotels. We incurred $28.4 million of debt extinguishment charges relating to prepayment premiums and the write-off of deferred loan costs in connection with this transaction. 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 June 2015, we amended and restated our secured line of credit facility primarily to expand our borrowing capacity from $225 million to $400 million . The amended facility now matures in June 2020 (extended from June 2017), assuming we exercise a one-year extension option that is subject to certain conditions. Borrowings under the facility bear interest at LIBOR (no floor) plus an applicable margin ranging from 225 to 275 basis points (reduced from 337.5 basis points), depending on our leverage. The facility is secured by mortgages on seven hotels and permits partial release and substitution of properties, subject to certain conditions. We incurred $164,000 of debt extinguishment charges (relating to writing-off deferred loan costs) when amending the facility. We concurrently repaid a $140 million term loan that otherwise matured in 2017, bore interest at LIBOR plus 250 basis points and was secured by mortgages on three hotels, including one hotel that is part of the security for the amended facility. We incurred $2.0 million of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. 4. Debt — (continued) In June 2015, when we sold two hotels, we repaid a $49.1 million loan secured by mortgages on three hotels (including the two sold hotels), that would have otherwise matured in March 2017. We sold the remaining hotel that had been mortgaged to secure this loan in September 2015. We incurred $237,000 of debt extinguishment charges relating to writing-off deferred loan costs for the repaid loan. We reported $19.6 million and $21.9 million of interest expense for the three months ended September 30, 2015 and 2014 , respectively, which is net of: (i) interest income of $6,000 and $13,000 and (ii) capitalized interest of $565,000 and $4.1 million , respectively. We reported $59.4 million and $71.6 million of interest expense for the nine months ended September 30, 2015 and 2014 , respectively, which is net of: (i) interest income of $18,000 and $41,000 and (ii) capitalized interest of $5.6 million and $12.4 million , respectively. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
FelCor Capital Stock/FelCor LP Partners' Capital | FelCor Capital Stock/FelCor LP Partners’ Capital In April 2015, FelCor issued 18.4 million shares of its common stock at $11.25 per share in a public offering. FelCor contributed the net proceeds from the offering ( $199 million ) to FelCor LP in exchange for 18.4 million common units of limited partnership interests. In April 2015, FelCor called for redemption of all of its outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock and all depositary shares representing the Series C Preferred Stock. FelCor redeemed those shares of Series C Preferred Stock and the depositary shares, and FelCor LP concurrently redeemed its Series C Preferred Units, on May 14, 2015 using proceeds from the equity offering. Including dividends of $491,000 , the total redemption price was $170.4 million . We reduced income available to common shareholders (unitholders) by $6.1 million for the nine months ended September 30, 2015 , primarily representing the original issuance costs ( $5.5 million ) and discount ( $538,000 ) of the redeemed Series C Preferred Stock (Units). |
Hotel Operating Revenue, Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 9 Months Ended |
Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs Hotel operating revenue from continuing operations was comprised of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Room revenue $ 177,378 $ 185,969 $ 521,750 $ 556,036 Food and beverage revenue 34,370 34,287 116,365 119,543 Other operating departments 11,726 12,193 34,693 36,171 Total hotel operating revenue $ 223,474 $ 232,449 $ 672,808 $ 711,750 Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. We record all rebates or discounts, 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. We make appropriate allowances for doubtful accounts, which we record as bad debt expense. 6. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,485 19.9 % $ 48,348 20.8 % Food and beverage 29,457 13.2 28,667 12.3 Other operating departments 4,572 2.0 5,716 2.5 Total hotel departmental expenses $ 78,514 35.1 % $ 82,731 35.6 % Nine Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 131,419 19.5 % $ 145,666 20.5 % Food and beverage 91,431 13.6 92,920 13.1 Other operating departments 13,352 2.0 17,296 2.4 Total hotel departmental expenses $ 236,202 35.1 % $ 255,882 36.0 % Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 19,493 8.7 % $ 19,669 8.5 % Marketing 18,595 8.3 19,013 8.2 Repair and maintenance 9,724 4.4 10,887 4.7 Utilities 8,081 3.6 9,872 4.2 Total other property-related costs $ 55,893 25.0 % $ 59,441 25.6 % 6. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Nine Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 59,388 8.8 % $ 60,638 8.5 % Marketing 58,295 8.7 60,233 8.5 Repair and maintenance 29,816 4.4 33,906 4.8 Utilities 23,080 3.5 29,154 4.0 Total other property-related costs $ 170,579 25.4 % $ 183,931 25.8 % Wyndham has guaranteed minimum levels of annual net operating income at each of the hotels it manages for us. W e recorded $1.3 million and $524,000 for the pro rata portions of the projected aggregate full-year guaranties for the nine months ended September 30, 2015 and 2014 , respectively (of which $258,000 and $93,000 is attributable to the three months ended September 30, 2015 and 2014 , respectively). We record these amounts as a reduction of Wyndham's contractual management and other fees. |
Taxes, Insurance and Lease Expe
Taxes, Insurance and Lease Expense | 9 Months Ended |
Sep. 30, 2015 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Taxes, Insurance and Lease Expense | Taxes, Insurance and Lease Expense Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel lease expense (a) $ 1,524 $ 5,537 $ 5,762 $ 29,224 Land lease expense (b) 3,892 3,670 10,684 9,292 Real estate and other taxes 5,691 7,634 22,048 23,365 Property insurance, general liability insurance and other 1,609 2,212 5,439 7,395 Total taxes, insurance and lease expense $ 12,716 $ 19,053 $ 43,933 $ 69,276 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $726,000 and $3.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $2.8 million and $16.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $2.4 million and $2.2 million for the three months ended September 30, 2015 and 2014 , respectively, and $6.1 million and $4.9 million for the nine months ended September 30, 2015 and 2014 , respectively. |
Impairment Charges
Impairment Charges | 9 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [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. 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. In the third quarter of 2015, we recorded a $20.9 million impairment charge related to a hotel that no longer meets our investment criteria, resulting in a reduced estimated hold period. The impairment charge was determined using Level 3 input under authoritative guidance for fair value measurements. For this estimate, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3% , a discounted cash flow term of five years , a terminal capitalization rate of 8% , and a discount rate of 11% . As we do not consider a sale of this hotel to be probable within the next twelve months, the hotel is not considered to be held for sale at September 30, 2015. 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. |
Hotel Dispositions
Hotel Dispositions | 9 Months Ended |
Sep. 30, 2015 | |
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, 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. We only apply these new provisions prospectively; consequently, we continue to report hotels that were considered discontinued operations for the year ended December 31, 2013 and prior years as discontinued operations in all periods presented. During the nine months ended September 30, 2015 , we sold eight hotels. In the nine months ended September 30, 2014, we sold six 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. We designate a hotel as held for sale when the sale is probable within the next twelve months. Excluding the hotel held for sale at December 31, 2013, we included operations for the sold hotels, and those hotels designated as held for sale, in income (loss) from continuing operations as shown in the statements of operations for the three and nine months ended September 30, 2015 and 2014 , as disposition of these hotels does not represent a strategic shift in our business. 9. Hotel Dispositions — (continued) The following table includes condensed financial information primarily related to 12 of 13 hotels sold in 2014 (the remaining hotel was held for sale as of December 31, 2013) and eight hotels sold during the nine months ended September 30, 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel operating revenue $ 2,890 $ 32,952 $ 32,150 $ 135,918 Operating expenses (2,396 ) (30,633 ) (26,016 ) (130,856 ) Operating income 494 2,319 6,134 5,062 Interest expense, net — (575 ) (1,031 ) (1,854 ) Debt extinguishment — (914 ) (309 ) (932 ) Gain on sale of investment in unconsolidated entities, net — 30,184 — 30,184 Equity in income from unconsolidated entities 14 690 7,111 3,209 Income from continuing operations 508 31,704 11,905 35,669 Gain on sale of hotels, net (a) 3,154 29,556 19,491 50,639 Net income 3,662 61,260 31,396 86,308 Net loss (income) attributable to noncontrolling interests in other partnerships 45 (838 ) (5,146 ) (1,333 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (16 ) (290 ) (110 ) (408 ) Net income attributable to FelCor $ 3,691 $ 60,132 $ 26,140 $ 84,567 (a) We recorded 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. |
Income (Loss) Per Share_Unit
Income (Loss) Per Share/Unit | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | Income (Loss) Per Share/Unit The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor $ (8,208 ) $ 72,391 $ (4,709 ) $ 81,854 Discontinued operations attributable to FelCor (496 ) 8 (425 ) (131 ) Income (loss) from continuing operations attributable to FelCor (8,704 ) 72,399 (5,134 ) 81,723 Less: Preferred dividends (6,279 ) (9,678 ) (23,860 ) (29,034 ) Less: Redemption of preferred stock — — (6,096 ) — Less: Dividends declared on unvested restricted stock (13 ) (2 ) (40 ) (5 ) Less: Undistributed earnings allocated to unvested restricted stock — (48 ) — (18 ) Numerator for continuing operations attributable to FelCor common stockholders (14,996 ) 62,671 (35,130 ) 52,666 Discontinued operations attributable to FelCor 496 (8 ) 425 131 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (14,500 ) $ 62,663 $ (34,705 ) $ 52,797 Denominator: Denominator for basic income (loss) per share 142,982 124,168 136,009 124,159 Denominator for diluted income (loss) per share 142,982 125,526 136,009 125,289 Basic and diluted income (loss) per share data: Basic: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.43 Diluted: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 10. Income (Loss) Per Share/Unit — (continued) FelCor LP Income (Loss) Per Unit Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ (8,269 ) $ 72,576 $ (4,859 ) $ 81,989 Discontinued operations attributable to FelCor LP (498 ) 8 (427 ) (132 ) Income (loss) from continuing operations attributable to FelCor LP (8,767 ) 72,584 (5,286 ) 81,857 Less: Preferred distributions (6,279 ) (9,678 ) (23,860 ) (29,034 ) Less: Redemption of preferred units — — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (13 ) (2 ) (40 ) (5 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — (48 ) — (18 ) Numerator for continuing operations attributable to FelCor LP common unitholders (15,059 ) 62,856 (35,282 ) 52,800 Discontinued operations attributable to FelCor LP 498 (8 ) 427 132 Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ (14,561 ) $ 62,848 $ (34,855 ) $ 52,932 Denominator: Denominator for basic income (loss) per unit 143,594 124,781 136,621 124,774 Denominator for diluted income (loss) per unit 143,594 126,164 136,621 125,916 Basic and diluted income (loss) per unit data: Basic: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Diluted: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 We include the net gain (loss) on sale of hotels attributable to FelCor/FelCor LP in income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations. We do not include the following securities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Series A convertible preferred shares/units 9,984 9,985 9,984 9,985 FelCor restricted stock units 1,173 — 1,136 — 10. Income (Loss) Per Share/Unit — (continued) Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended September 30, 2015 and 2014 , and $18.8 million for the nine months ended September 30, 2015 and 2014. 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 ten lodging REIT peers. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Disclosures about fair value of our financial instruments are based on pertinent information available to management as of September 30, 2015 and 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. 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 debt for which trading prices are publicly available is based on observable market data (a Level 2 input) and has an estimated fair value of $1.0 billion and $1.1 billion at September 30, 2015 and December 31, 2014 , respectively; and (iii) our debt for which trading prices are not publicly available 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 $427.5 million and $548.2 million at September 30, 2015 and December 31, 2014 , respectively. The estimated fair value of all our debt was $1.4 billion and $1.6 billion at September 30, 2015 and December 31, 2014 , respectively. The carrying value of our debt was $1.4 billion and $1.6 billion at September 30, 2015 and December 31, 2014 , respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units | Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period. 12. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) At September 30, 2015 , we had 611,462 limited partnership units outstanding carried at $4.3 million . The value of these outstanding units is based on the closing price of FelCor’s common stock at September 30, 2015 ( $7.07 per share). Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2015 and 2014 are shown below (in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (56 ) Redemption value allocation (2,076 ) 642 Distributions paid to unitholders (67 ) (36 ) Comprehensive income (loss): Foreign exchange translation — (1 ) Net income (loss) (150 ) 135 Balance at end of period $ 4,323 $ 5,723 |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Consolidated Joint Venture Preferred Equity/Capital | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that is redeveloping The Knickerbocker raised $45 million through the sale of redeemable preferred equity under the EB-5 immigrant investor program. The purchasers receive a 3.25% current annual return (which increases to 8% if we do not redeem this equity interest before the fifth anniversary of its issuance), plus a 0.25% non-compounding annual return payable at redemption. The venture received $42.0 million in gross proceeds ( $41.4 million net of issuance costs) in 2014 and $1.8 million during the nine months ended September 30, 2015 . The venture will receive the remaining $1.2 million as investors’ visas are approved. We used our 95% share of the proceeds to repay borrowings under our line of credit (which were used to fund the redevelopment). |
Contingency (Notes)
Contingency (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingency | Contingency One of our consolidated subsidiaries has been engaged in a commercial dispute with a third party. Under generally accepted accounting principles, we recorded $5.9 million in other expenses during the third quarter of 2014 to establish a provision for our estimate of our maximum exposure for this contingency. We paid the disputed amount in January 2015 but continued asserting our contractual rights. In June 2015, we settled the commercial dispute and recovered $3.7 million (net of legal costs) of the expense recorded in 2014, which we have recorded in other revenue for the nine months ended September 30, 2015. |
Severance
Severance | 9 Months Ended |
Sep. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Severance | Severance During the three and nine months ended September 30, 2015, we recorded severance charges of $3.6 million , included in other expenses, related to certain FelCor officers. |
Recently Issue Accounting Stand
Recently Issue Accounting Standards Recently Issue Accounting Standards | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. 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, 2017, and early adoption is permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on our financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Under ASU 2015-03, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This amendment provides additional guidance within ASU 2015-03 for debt issuance costs related to line of credit arrangements. These amendments are effective for the first interim period within annual reporting periods beginning after December 15, 2015, and early adoption is permitted. We are evaluating what impact (if any) adopting this guidance will have on our financial position or results of operations. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
FelCor Lodging LP [Member] | |
Guarantor Obligations [Line Items] | |
FelCor LP's Consolidating Financial Information | FelCor LP’s Consolidating Financial Information Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/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 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 St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt. The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) 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, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) 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, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. 17. FelCor LP’s Consolidating Financial Information — (continued) The following tables present consolidating information for the Subsidiary Guarantors. FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 621,978 $ 1,072,088 $ — $ 1,694,066 Hotel development — — 48,655 — 48,655 Equity investment in consolidated entities 1,292,813 — — (1,292,813 ) — Investment in unconsolidated entities 4,544 5,118 1,276 — 10,938 Cash and cash equivalents 18,453 36,464 1,994 — 56,911 Restricted cash — 14,163 10,538 — 24,701 Accounts receivable, net 440 33,459 3,186 — 37,085 Deferred expenses, net 16,163 — 9,077 — 25,240 Other assets 4,512 8,615 3,447 — 16,574 Total assets $ 1,336,925 $ 719,797 $ 1,150,261 $ (1,292,813 ) $ 1,914,170 Debt $ 1,000,000 $ — $ 458,068 $ (39,436 ) $ 1,418,632 Distributions payable 12,331 — 119 — 12,450 Accrued expenses and other liabilities 26,103 88,390 17,828 — 132,321 Total liabilities 1,038,434 88,390 476,015 (39,436 ) 1,563,403 Redeemable units, at redemption value 4,323 — — — 4,323 Preferred units 309,337 — — — 309,337 Common units (15,169 ) 632,039 621,338 (1,253,377 ) (15,169 ) Total FelCor LP partners’ capital 294,168 632,039 621,338 (1,253,377 ) 294,168 Noncontrolling interests — (632 ) 9,722 — 9,090 Preferred capital in consolidated joint venture — — 43,186 — 43,186 Total partners’ capital 294,168 631,407 674,246 (1,253,377 ) 346,444 Total liabilities and partners’ capital $ 1,336,925 $ 719,797 $ 1,150,261 $ (1,292,813 ) $ 1,914,170 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 757,694 $ 842,097 $ — $ 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 11,510 7,510 — 23,886 Total assets $ 1,400,489 $ 847,183 $ 1,221,456 $ (1,364,470 ) $ 2,104,658 Debt $ 1,050,000 $ — $ 576,654 $ (40,787 ) $ 1,585,867 Distributions payable 13,709 — 118 — 13,827 Accrued expenses and other liabilities 27,174 93,690 14,617 — 135,481 Total liabilities 1,090,883 93,690 591,389 (40,787 ) 1,735,175 Redeemable units, at redemption value 6,616 — — — 6,616 Preferred units 478,749 — — — 478,749 Common units (175,759 ) 753,646 570,037 (1,323,683 ) (175,759 ) Total FelCor LP partners’ capital 302,990 753,646 570,037 (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 302,990 753,493 630,067 (1,323,683 ) 362,867 Total liabilities and partners’ capital $ 1,400,489 $ 847,183 $ 1,221,456 $ (1,364,470 ) $ 2,104,658 . FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 223,474 $ — $ — $ 223,474 Percentage lease revenue — — 44,523 (44,523 ) — Other revenue 3 1,497 178 — 1,678 Total revenues 3 224,971 44,701 (44,523 ) 225,152 Expenses: Hotel operating expenses — 143,545 — — 143,545 Taxes, insurance and lease expense 533 53,272 3,434 (44,523 ) 12,716 Corporate expenses — 2,718 1,954 — 4,672 Depreciation and amortization 49 11,876 17,063 — 28,988 Impairment loss — 20,861 — — 20,861 Other expenses 3,626 1,311 870 — 5,807 Total operating expenses 4,208 233,583 23,321 (44,523 ) 216,589 Operating income (4,205 ) (8,612 ) 21,380 — 8,563 Interest expense, net (14,302 ) 3 (5,303 ) — (19,602 ) Debt extinguishment (13 ) — — — (13 ) Loss before equity in income from unconsolidated entities (18,520 ) (8,609 ) 16,077 — (11,052 ) Equity in income from consolidated entities 10,069 — — (10,069 ) — Equity in income from unconsolidated entities 417 (85 ) (11 ) — 321 Loss from continuing operations before income tax expense (8,034 ) (8,694 ) 16,066 (10,069 ) (10,731 ) Income tax expense (194 ) (860 ) — — (1,054 ) Loss from continuing operations (8,228 ) (9,554 ) 16,066 (10,069 ) (11,785 ) Income from discontinued operations — (2 ) 500 — 498 Loss before gain on sale of hotels (8,228 ) (9,556 ) 16,566 (10,069 ) (11,287 ) Gain on sale of hotels, net (41 ) (31 ) 3,226 — 3,154 Net loss (8,269 ) (9,587 ) 19,792 (10,069 ) (8,133 ) Loss attributable to noncontrolling interests — 81 146 — 227 Preferred distributions - consolidated joint venture — — (363 ) — (363 ) Net loss attributable to FelCor LP (8,269 ) (9,506 ) 19,575 (10,069 ) (8,269 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (14,548 ) $ (9,506 ) $ 19,575 $ (10,069 ) $ (14,548 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Three Months Ended September 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 232,449 $ — $ — $ 232,449 Percentage lease revenue 2,537 — 36,131 (38,668 ) — Other revenue 3 1,425 179 — 1,607 Total revenues 2,540 233,874 36,310 (38,668 ) 234,056 Expenses: Hotel operating expenses — 151,804 — — 151,804 Taxes, insurance and lease expense 492 52,036 5,193 (38,668 ) 19,053 Corporate expenses 152 3,801 2,489 — 6,442 Depreciation and amortization 694 14,075 13,754 — 28,523 Other expenses 84 7,116 2,546 — 9,746 Total operating expenses 1,422 228,832 23,982 (38,668 ) 215,568 Operating income 1,118 5,042 12,328 — 18,488 Interest expense, net (16,850 ) (126 ) (4,946 ) — (21,922 ) Debt extinguishment (3,816 ) — (914 ) — (4,730 ) Gain on sale of investment in unconsolidated entities, net 30,184 — — — 30,184 Gain from remeasurement of unconsolidated entities, net 20,733 — — — 20,733 Income before equity in income from unconsolidated entities 31,369 4,916 6,468 — 42,753 Equity in income from consolidated entities 40,734 — — (40,734 ) — Equity in income from unconsolidated entities 1,099 259 (11 ) — 1,347 Income from continuing operations before income tax expense 73,202 5,175 6,457 (40,734 ) 44,100 Income tax expense (14 ) (64 ) — — (78 ) Income from continuing operations 73,188 5,111 6,457 (40,734 ) 44,022 Loss from discontinued operations — (8 ) — — (8 ) Income before gain on sale of hotels 73,188 5,103 6,457 (40,734 ) 44,014 Gain on sale of hotels, net (612 ) 22,176 7,992 — 29,556 Net income 72,576 27,279 14,449 (40,734 ) 73,570 Income attributable to noncontrolling interests — 217 (863 ) — (646 ) Preferred distributions - consolidated joint venture — — (348 ) — (348 ) Net income attributable to FelCor LP 72,576 27,496 13,238 (40,734 ) 72,576 Preferred distributions (9,678 ) — — — (9,678 ) Net income attributable to FelCor LP common unitholders $ 62,898 $ 27,496 $ 13,238 $ (40,734 ) $ 62,898 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 672,808 $ — $ — $ 672,808 Percentage lease revenue — — 130,397 (130,397 ) — Other revenue 111 6,645 386 — 7,142 Total revenues 111 679,453 130,783 (130,397 ) 679,950 Expenses: Hotel operating expenses — 434,206 — — 434,206 Taxes, insurance and lease expense 422 159,103 14,805 (130,397 ) 43,933 Corporate expenses — 11,010 8,765 — 19,775 Depreciation and amortization 138 37,770 47,602 — 85,510 Impairment loss — 20,861 — — 20,861 Other expenses 3,629 6,820 997 — 11,446 Total operating expenses 4,189 669,770 72,169 (130,397 ) 615,731 Operating income (4,078 ) 9,683 58,614 — 64,219 Interest expense, net (42,613 ) 8 (16,756 ) — (59,361 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (75,150 ) 9,691 39,574 — (25,885 ) Equity in income from consolidated entities 62,807 — — (62,807 ) — Equity in income from unconsolidated entities 8,060 (43 ) (34 ) — 7,983 Loss from continuing operations before income tax expense (4,283 ) 9,648 39,540 (62,807 ) (17,902 ) Income tax expense (256 ) (1,136 ) — — (1,392 ) Loss from continuing operations (4,539 ) 8,512 39,540 (62,807 ) (19,294 ) Income from discontinued operations — 2 417 — 419 Loss before gain on sale of hotels (4,539 ) 8,514 39,957 (62,807 ) (18,875 ) Gain on sale of hotels, net (320 ) (44 ) 19,855 — 19,491 Net income (4,859 ) 8,470 59,812 (62,807 ) 616 Income attributable to noncontrolling interests — 591 (4,996 ) — (4,405 ) Preferred distributions - consolidated joint venture — — (1,070 ) — (1,070 ) Net loss attributable to FelCor LP (4,859 ) 9,061 53,746 (62,807 ) (4,859 ) Preferred distributions (23,860 ) — — — (23,860 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (34,815 ) $ 9,061 $ 53,746 $ (62,807 ) $ (34,815 ) 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Nine Months Ended September 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 711,750 $ — $ — $ 711,750 Percentage lease revenue 5,846 — 100,719 (106,565 ) — Other revenue 4 2,774 392 — 3,170 Total revenues 5,850 714,524 101,111 (106,565 ) 714,920 Expenses: Hotel operating expenses — 468,618 — — 468,618 Taxes, insurance and lease expense 1,287 160,081 14,473 (106,565 ) 69,276 Corporate expenses 423 12,944 8,547 — 21,914 Depreciation and amortization 2,678 43,332 41,196 — 87,206 Other expenses 119 8,745 5,010 — 13,874 Total operating expenses 4,507 693,720 69,226 (106,565 ) 660,888 Operating income 1,343 20,804 31,885 — 54,032 Interest expense, net (57,634 ) (760 ) (13,250 ) — (71,644 ) Debt extinguishment (3,816 ) — (947 ) — (4,763 ) Gain on sale of investment in unconsolidated entities, net 30,184 — — — 30,184 Gain from remeasurement of unconsolidated entities, net 20,733 — — — 20,733 Other gains, net — 100 — — 100 Income before equity in income from unconsolidated entities (9,190 ) 20,144 17,688 — 28,642 Equity in income from consolidated entities 88,114 — — (88,114 ) — Equity in income from unconsolidated entities 4,213 577 (34 ) — 4,756 Income from continuing operations 83,137 20,721 17,654 (88,114 ) 33,398 Income tax expense (88 ) (392 ) — — (480 ) Income from continuing operations 83,049 20,329 17,654 (88,114 ) 32,918 Income from discontinued operations — 26 106 — 132 Income before gain on sale of hotels 83,049 20,355 17,760 (88,114 ) 33,050 Gain on sale of hotels, net (1,060 ) 22,147 29,552 — 50,639 Net income 81,989 42,502 47,312 (88,114 ) 83,689 Income attributable to noncontrolling interests — 238 (1,068 ) — (830 ) Preferred distributions - consolidated joint venture — — (870 ) — (870 ) Net income attributable to FelCor LP 81,989 42,740 45,374 (88,114 ) 81,989 Preferred distributions (29,034 ) — — — (29,034 ) Net income attributable to FelCor LP common unitholders $ 52,955 $ 42,740 $ 45,374 $ (88,114 ) $ 52,955 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Three Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (8,269 ) $ (9,587 ) $ 19,792 $ (10,069 ) $ (8,133 ) Foreign currency translation adjustment — — — — — Comprehensive loss (8,269 ) (9,587 ) 19,792 (10,069 ) (8,133 ) Comprehensive loss attributable to noncontrolling interests — 81 146 — 227 Preferred distributions - consolidated joint venture — — (363 ) — (363 ) Comprehensive loss attributable to FelCor LP $ (8,269 ) $ (9,506 ) $ 19,575 $ (10,069 ) $ (8,269 ) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 72,576 $ 27,279 $ 14,449 $ (40,734 ) $ 73,570 Foreign currency translation adjustment (445 ) (103 ) (342 ) 445 (445 ) Reclassification of foreign currency translation to gain (24,553 ) (4,448 ) (20,105 ) 24,553 (24,553 ) Comprehensive income 47,578 22,728 (5,998 ) (15,736 ) 48,572 Comprehensive income attributable to noncontrolling interests — 217 (863 ) — (646 ) Preferred distributions - consolidated joint venture — — (348 ) — (348 ) Comprehensive income attributable to FelCor LP $ 47,578 $ 22,945 $ (7,209 ) $ (15,736 ) $ 47,578 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Nine Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ (4,859 ) $ 8,470 $ 59,812 $ (62,807 ) $ 616 Foreign currency translation adjustment — — — — — Comprehensive income (4,859 ) 8,470 59,812 (62,807 ) 616 Comprehensive income attributable to noncontrolling interests — 591 (4,996 ) — (4,405 ) Preferred distributions - consolidated joint venture — — (1,070 ) — (1,070 ) Comprehensive loss attributable to FelCor LP $ (4,859 ) $ 9,061 $ 53,746 $ (62,807 ) $ (4,859 ) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 81,989 $ 42,502 $ 47,312 $ (88,114 ) $ 83,689 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 56,946 37,933 26,838 (63,071 ) 58,646 Comprehensive income attributable to noncontrolling interests — 238 (1,068 ) — (830 ) Preferred distributions - consolidated joint venture — — (870 ) — (870 ) Comprehensive income attributable to FelCor LP $ 56,946 $ 38,171 $ 24,900 $ (63,071 ) $ 56,946 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,101 ) $ 59,884 $ 94,271 $ — $ 114,054 Investing activities: Improvements and additions to hotels (13 ) (21,664 ) (14,302 ) — (35,979 ) Hotel development — — (31,599 ) — (31,599 ) Net proceeds from asset sales (429 ) 10 190,454 — 190,035 Insurance proceeds 274 — — — 274 Change in restricted cash - investing — (1,964 ) (2,240 ) — (4,204 ) Distributions from unconsolidated entities 6,460 — — — 6,460 Intercompany financing 139,524 — — (139,524 ) — Cash flows from investing activities 145,816 (23,618 ) 142,313 (139,524 ) 124,987 Financing activities: Proceeds from borrowings 475,000 — 504,000 — 979,000 Repayment of borrowings (545,453 ) — (621,240 ) — (1,166,693 ) Payment of deferred financing fees (8,500 ) — (5,848 ) — (14,348 ) Distributions paid to noncontrolling interests — (401 ) (15,893 ) — (16,294 ) Contributions from noncontrolling interests — 513 2,031 — 2,544 Redemption of preferred units (169,986 ) — — — (169,986 ) Distributions paid to preferred unitholders (26,125 ) — — — (26,125 ) Distributions paid to common unitholders (16,498 ) — — — (16,498 ) Net proceeds from issuance of preferred capital - consolidated joint venture — — 1,744 — 1,744 Net proceeds from common stock issuance 198,651 — — — 198,651 Intercompany financing — (32,703 ) (106,821 ) 139,524 — Other (68 ) — (1,070 ) — (1,138 ) Cash flows from financing activities (92,979 ) (32,591 ) (243,097 ) 139,524 (229,143 ) Effect of exchange rate changes on cash — (134 ) — — (134 ) Change in cash and cash equivalents 12,736 3,541 (6,513 ) — 9,764 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 18,453 $ 36,464 $ 1,994 $ — $ 56,911 17. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (50,911 ) $ 71,441 $ 67,135 $ — $ 87,665 Investing activities: Improvements and additions to hotels (409 ) (36,685 ) (28,453 ) — (65,547 ) Hotel development — — (63,381 ) — (63,381 ) Net proceeds from asset sales (1,091 ) 13,998 107,084 — 119,991 Proceeds from unconsolidated joint venture transaction 3,154 — 878 — 4,032 Insurance proceeds — 255 — — 255 Change in restricted cash - investing — (1,783 ) 44,747 — 42,964 Distributions from unconsolidated entities 6,052 4,606 — — 10,658 Intercompany financing 328,666 — — (328,666 ) — Cash flows from investing activities 336,372 (19,609 ) 60,875 (328,666 ) 48,972 Financing activities: Proceeds from borrowings — — 439,607 — 439,607 Repayment of borrowings (236,738 ) — (317,129 ) — (553,867 ) Payment of deferred financing fees (4 ) — (3,048 ) — (3,052 ) Acquisition of noncontrolling interest — — (5,850 ) — (5,850 ) Distributions paid to preferred unitholders (29,034 ) — — — (29,034 ) Distributions paid to common unitholders (7,453 ) — — — (7,453 ) Distributions paid to noncontrolling interests — (684 ) (7,950 ) — (8,634 ) Contributions from noncontrolling interests — 901 4,607 — 5,508 Net proceeds from issuance of preferred capital- consolidated joint venture — — 41,443 — 41,443 Intercompany financing — (46,510 ) (282,156 ) 328,666 — Other (31 ) — (757 ) — (788 ) Cash flows from financing activities (273,260 ) (46,293 ) (131,233 ) 328,666 (122,120 ) Effect of exchange rate changes on cash — (52 ) — — (52 ) Change in cash and cash equivalents 12,201 5,487 (3,223 ) — 14,465 Cash and cash equivalents at beginning of period 5,227 33,283 7,135 — 45,645 Cash and cash equivalents at end of period $ 17,428 $ 38,770 $ 3,912 $ — $ 60,110 |
Recently Issue Accounting Sta27
Recently Issue Accounting Standards (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. 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, 2017, and early adoption is permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on our financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. Under ASU 2015-03, debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. This amendment provides additional guidance within ASU 2015-03 for debt issuance costs related to line of credit arrangements. These amendments are effective for the first interim period within annual reporting periods beginning after December 15, 2015, and early adoption is permitted. We are evaluating what impact (if any) adopting this guidance will have on our financial position or results of operations. |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 40 Consolidated Hotels at September 30, 2015 : Brand Hotels Rooms Embassy Suites Hotels ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 40 12,272 |
Joint Venture Transaction (Tabl
Joint Venture Transaction (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | 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: 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 |
Business Acquisition, Pro Forma Information | The following unaudited consolidated pro forma results of operations for the three and nine months ended September 30, 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. 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. Three Months Ended Nine Months Ended September 30, September 30, 2014 2013 2014 2013 Net income (loss) $ 73,640 $ 3,378 $ 84,408 $ (45,201 ) Income (loss) per share/unit - basic $ 0.50 $ (0.06 ) $ 0.43 $ (0.57 ) Income (loss) per share/unit - diluted $ 0.50 $ (0.06 ) $ 0.42 $ (0.57 ) |
Investment in Unconsolidated 30
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Investment in Unconsolidated Entities [Abstract] | |
Schedule of Combined Balance Sheet Information of Unconsolidated Entities | The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): September 30, December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 21,684 $ 30,288 Total assets $ 32,510 $ 45,374 Debt $ 22,994 $ 34,192 Total liabilities $ 25,486 $ 36,974 Equity $ 7,024 $ 8,400 |
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table (which, among other things, reflects decreases attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014) sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ 10,642 $ 15,699 $ 27,622 $ 52,644 Net income $ 836 $ 3,121 $ 22,906 $ 11,800 Net income attributable to FelCor $ 418 $ 1,561 $ 11,453 $ 5,900 Cost in excess of joint venture book value of sold hotel — — (3,140 ) — Depreciation of cost in excess of book value (97 ) (214 ) (330 ) (1,144 ) Equity in income from unconsolidated entities $ 321 $ 1,347 $ 7,983 $ 4,756 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investments in unconsolidated entities (in thousands): September 30, December 31, 2015 2014 Equity basis of hotel joint venture investments $ (3,795 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,426 10,895 Equity basis of land and condominium joint venture investments 7,307 7,465 Investment in unconsolidated entities $ 10,938 $ 15,095 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel investments $ (63 ) $ 1,029 $ 8,141 $ 5,022 Other investments 384 318 (158 ) (266 ) Equity in income from unconsolidated entities $ 321 $ 1,347 $ 7,983 $ 4,756 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity September 30, December 31, Hotels Rate (%) Date 2015 2014 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ — Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 122,923 124,278 Mortgage debt 1 4.94 October 2022 30,848 31,228 Line of credit 7 LIBOR + 2.75 June 2019 (b) 200,000 — The Knickerbocker loan (c) Construction tranche 1 LIBOR + 4.00 May 2016 58,562 58,562 Cash collateralized tranche — LIBOR + 1.25 May 2016 6,299 6,299 Retired debt — — — — 840,500 Total 22 $ 1,418,632 $ 1,585,867 (a) This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels. (b) Our line of credit can be extended for one year (to 2020), subject to satisfying certain conditions. (c) This construction loan (total capacity of $85.0 million ) finances the redevelopment of The Knickerbocker and can be extended for one year, subject to satisfying certain conditions. |
Hotel Operating Revenue, Depa32
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Schedule of Hotel Operating Revenue | Hotel operating revenue from continuing operations was comprised of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Room revenue $ 177,378 $ 185,969 $ 521,750 $ 556,036 Food and beverage revenue 34,370 34,287 116,365 119,543 Other operating departments 11,726 12,193 34,693 36,171 Total hotel operating revenue $ 223,474 $ 232,449 $ 672,808 $ 711,750 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 44,485 19.9 % $ 48,348 20.8 % Food and beverage 29,457 13.2 28,667 12.3 Other operating departments 4,572 2.0 5,716 2.5 Total hotel departmental expenses $ 78,514 35.1 % $ 82,731 35.6 % Nine Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 131,419 19.5 % $ 145,666 20.5 % Food and beverage 91,431 13.6 92,920 13.1 Other operating departments 13,352 2.0 17,296 2.4 Total hotel departmental expenses $ 236,202 35.1 % $ 255,882 36.0 % |
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 19,493 8.7 % $ 19,669 8.5 % Marketing 18,595 8.3 19,013 8.2 Repair and maintenance 9,724 4.4 10,887 4.7 Utilities 8,081 3.6 9,872 4.2 Total other property-related costs $ 55,893 25.0 % $ 59,441 25.6 % 6. Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs — (continued) Nine Months Ended September 30, 2015 2014 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 59,388 8.8 % $ 60,638 8.5 % Marketing 58,295 8.7 60,233 8.5 Repair and maintenance 29,816 4.4 33,906 4.8 Utilities 23,080 3.5 29,154 4.0 Total other property-related costs $ 170,579 25.4 % $ 183,931 25.8 % |
Taxes, Insurance and Lease Ex33
Taxes, Insurance and Lease Expense (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Schedule of Taxes, Insurance and Lease Expense | Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel lease expense (a) $ 1,524 $ 5,537 $ 5,762 $ 29,224 Land lease expense (b) 3,892 3,670 10,684 9,292 Real estate and other taxes 5,691 7,634 22,048 23,365 Property insurance, general liability insurance and other 1,609 2,212 5,439 7,395 Total taxes, insurance and lease expense $ 12,716 $ 19,053 $ 43,933 $ 69,276 (a) We record hotel lease expense for the consolidated operating lessees of hotels owned by unconsolidated entities and partially offset this expense through noncontrolling interests in other partnerships (generally 49% ). We record our 50% share of the corresponding lease income through equity in income from unconsolidated entities. Hotel lease expense includes percentage rent of $726,000 and $3.3 million for the three months ended September 30, 2015 and 2014 , respectively, and $2.8 million and $16.0 million for the nine months ended September 30, 2015 and 2014 , respectively, and reflects a decrease attributable to the unwinding of our 10-hotel unconsolidated joint ventures in July 2014. (b) We include in land lease expense percentage rent of $2.4 million and $2.2 million for the three months ended September 30, 2015 and 2014 , respectively, and $6.1 million and $4.9 million for the nine months ended September 30, 2015 and 2014 , respectively. |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups | The following table includes condensed financial information primarily related to 12 of 13 hotels sold in 2014 (the remaining hotel was held for sale as of December 31, 2013) and eight hotels sold during the nine months ended September 30, 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Hotel operating revenue $ 2,890 $ 32,952 $ 32,150 $ 135,918 Operating expenses (2,396 ) (30,633 ) (26,016 ) (130,856 ) Operating income 494 2,319 6,134 5,062 Interest expense, net — (575 ) (1,031 ) (1,854 ) Debt extinguishment — (914 ) (309 ) (932 ) Gain on sale of investment in unconsolidated entities, net — 30,184 — 30,184 Equity in income from unconsolidated entities 14 690 7,111 3,209 Income from continuing operations 508 31,704 11,905 35,669 Gain on sale of hotels, net (a) 3,154 29,556 19,491 50,639 Net income 3,662 61,260 31,396 86,308 Net loss (income) attributable to noncontrolling interests in other partnerships 45 (838 ) (5,146 ) (1,333 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (16 ) (290 ) (110 ) (408 ) Net income attributable to FelCor $ 3,691 $ 60,132 $ 26,140 $ 84,567 (a) We recorded 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. |
Income (Loss) Per Share_Unit (T
Income (Loss) Per Share/Unit (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor $ (8,208 ) $ 72,391 $ (4,709 ) $ 81,854 Discontinued operations attributable to FelCor (496 ) 8 (425 ) (131 ) Income (loss) from continuing operations attributable to FelCor (8,704 ) 72,399 (5,134 ) 81,723 Less: Preferred dividends (6,279 ) (9,678 ) (23,860 ) (29,034 ) Less: Redemption of preferred stock — — (6,096 ) — Less: Dividends declared on unvested restricted stock (13 ) (2 ) (40 ) (5 ) Less: Undistributed earnings allocated to unvested restricted stock — (48 ) — (18 ) Numerator for continuing operations attributable to FelCor common stockholders (14,996 ) 62,671 (35,130 ) 52,666 Discontinued operations attributable to FelCor 496 (8 ) 425 131 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (14,500 ) $ 62,663 $ (34,705 ) $ 52,797 Denominator: Denominator for basic income (loss) per share 142,982 124,168 136,009 124,159 Denominator for diluted income (loss) per share 142,982 125,526 136,009 125,289 Basic and diluted income (loss) per share data: Basic: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.43 Diluted: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 |
Schedule Securities Excluded from Computation of Earnings Per Share | We do not include the following securities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Series A convertible preferred shares/units 9,984 9,985 9,984 9,985 FelCor restricted stock units 1,173 — 1,136 — |
FelCor Lodging LP [Member] | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Income (Loss) Per Unit Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Numerator: Net income (loss) attributable to FelCor LP $ (8,269 ) $ 72,576 $ (4,859 ) $ 81,989 Discontinued operations attributable to FelCor LP (498 ) 8 (427 ) (132 ) Income (loss) from continuing operations attributable to FelCor LP (8,767 ) 72,584 (5,286 ) 81,857 Less: Preferred distributions (6,279 ) (9,678 ) (23,860 ) (29,034 ) Less: Redemption of preferred units — — (6,096 ) — Less: Distributions declared on FelCor unvested restricted stock (13 ) (2 ) (40 ) (5 ) Less: Undistributed earnings allocated to FelCor unvested restricted stock — (48 ) — (18 ) Numerator for continuing operations attributable to FelCor LP common unitholders (15,059 ) 62,856 (35,282 ) 52,800 Discontinued operations attributable to FelCor LP 498 (8 ) 427 132 Numerator for basic and diluted income (loss) attributable to FelCor common unitholders $ (14,561 ) $ 62,848 $ (34,855 ) $ 52,932 Denominator: Denominator for basic income (loss) per unit 143,594 124,781 136,621 124,774 Denominator for diluted income (loss) per unit 143,594 126,164 136,621 125,916 Basic and diluted income (loss) per unit data: Basic: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Diluted: Income (loss) from continuing operations $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 Net income (loss) $ (0.10 ) $ 0.50 $ (0.26 ) $ 0.42 |
Redeemable Noncontrolling Int36
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the nine months ended September 30, 2015 and 2014 are shown below (in thousands): Nine Months Ended September 30, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (56 ) Redemption value allocation (2,076 ) 642 Distributions paid to unitholders (67 ) (36 ) Comprehensive income (loss): Foreign exchange translation — (1 ) Net income (loss) (150 ) 135 Balance at end of period $ 4,323 $ 5,723 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2014Hotels | Sep. 30, 2015USD ($)RoomsHotelsStatesshares | Dec. 31, 2014USD ($)Hotelsshares | |
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 99.50% | ||
Number of hotels | 13 | ||
Hotel development | $ | $ 48,655 | $ 297,466 | |
Aggregate shares and units outstanding (in shares) | shares | 143,993,871 | ||
Common stock, shares outstanding (in shares) | shares | 143,382,409 | ||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,000 | 611,000 | |
Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 5 | ||
Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | Rooms | 40 | ||
UNITED STATES | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of states (in states) | States | 15 | ||
CALIFORNIA | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 11 | ||
FLORIDA | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 6 | ||
MASSACHUSETTS | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 3 | ||
California, Florida, Massachusetts [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of states (in states) | States | 3 | ||
Percent of revenues generated from three states | 60.00% | ||
Thirty-Nine Hotels [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 39 | ||
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] | Thirty-Eight Hotels [Member] | Wholly Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Ownership percentage by parent | 100.00% | ||
One Hundred Percent Owned [Member] | Thirty-Eight Hotels [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 38 | ||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Fifty Percent Owned [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 2 | ||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Operated With A Lease [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 40 | ||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Hilton Worldwide [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 20 | ||
Wyndham Worldwide [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 8 | ||
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 2 | ||
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 2 | ||
Marriott International Inc. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 3 | ||
Fairmont Raffles Hotels International [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Morgans Hotel Group Corp. [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 2 | ||
Highgate Hotels [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Aimbridge Hospitality [Member] | Consolidated Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
FelCor Lodging LP [Member] | |||
Real Estate Properties [Line Items] | |||
Hotel development | $ | $ 48,655 | $ 297,466 | |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,462 | ||
The Knickerbocker® | Ninety-five Percent Owned [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 1 | ||
Hotel development | $ | $ 48,700 | ||
Gross investment in hotels | $ | $ 284,800 | ||
Controlling Interest, Ownership Percentage by Parent | 95.00% | ||
Ownership in all properties, including held for sale [Member] | |||
Real Estate Properties [Line Items] | |||
Number of hotels | 41 |
Organization (Schedule of Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) | Sep. 30, 2015RoomsHotels | Dec. 31, 2014Hotels |
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 13 | |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 40 | |
Number of rooms (in rooms) | 12,272 | |
Embassy Suites Hotels® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 18 | |
Number of rooms (in rooms) | 4,982 | |
Wyndham® and Wyndham Grand® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 8 | |
Number of rooms (in rooms) | 2,528 | |
Marriott® and Renaissance® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 3 | |
Number of rooms (in rooms) | 1,321 | |
Holiday Inn® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 968 | |
DoubleTree by Hilton® and Hilton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 3 | |
Number of rooms (in rooms) | 802 | |
Sheraton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 673 | |
Fairmont® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 1 | |
Number of rooms (in rooms) | 383 | |
The Knickerbocker® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 1 | |
Number of rooms (in rooms) | 330 | |
Morgans® and Royalton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Hotels | 2 | |
Number of rooms (in rooms) | 285 |
Joint Venture Transaction (Narr
Joint Venture Transaction (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2014USD ($)Hotels | Sep. 30, 2015USD ($)RoomsHotels | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)RoomsHotels | Sep. 30, 2014USD ($) | Dec. 31, 2014Hotels | |
Equity Method Investment, Amount Sold | $ 19,900,000 | |||||
Amount Received for Difference in Values | 3,700,000 | |||||
Amount paid to equalize trade | 2,200,000 | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 99.50% | |||||
Acquisition of noncontrolling interest | $ 5,900,000 | $ 0 | $ 5,850,000 | |||
Number of hotels | Hotels | 13 | |||||
Gain on sale of investment in unconsolidated entities, net | $ 0 | $ 30,184,000 | 0 | 30,184,000 | ||
Gain from remeasurement of unconsolidated entities, net | $ 0 | $ 20,733,000 | $ 0 | 20,733,000 | ||
Acquisition of noncontrolling interests | 5,850,000 | |||||
Non-FelCor Ownership [Member] | ||||||
Former Joint Venture Partner | 0.00% | |||||
Number of hotels | Hotels | 5 | |||||
Gain on sale of investment in unconsolidated entities, net | $ 30,200,000 | |||||
Joint Venture Transaction Costs | $ 457,000 | |||||
Consolidated Joint Venture [Member] | Fifty-One Percent Owned [Member] | ||||||
Equity Method Investment, Ownership Percentage | 51.00% | |||||
Wholly Owned Properties [Member] | ||||||
Number of hotels | Hotels | 5 | |||||
Gain from remeasurement of unconsolidated entities, net | $ 20,700,000 | |||||
Wholly Owned Properties [Member] | One Hundred Percent Owned [Member] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 100.00% | |||||
Consolidated Properties [Member] | ||||||
Number of hotels | Rooms | 40 | 40 | ||||
Unconsolidated Properties [Member] | Fifty Percent Owned [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
One Hotel [Member] | Non-FelCor Ownership [Member] | ||||||
Former Joint Venture Partner | 10.00% | |||||
One Hotel [Member] | Consolidated Joint Venture [Member] | Ninety Percent Owned [Member] | ||||||
Number of hotels | Hotels | 1 | |||||
One Hotel [Member] | Consolidated Properties [Member] | Fifty Percent Owned [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||
Number of hotels | 1 | 1 | ||||
One Hotel [Member] | Consolidated Properties [Member] | Ninety Percent Owned [Member] | ||||||
Controlling Interest, Ownership Percentage by Parent | 90.00% | |||||
One Hotel [Member] | Unconsolidated Properties [Member] | Fifty Percent Owned [Member] | ||||||
Number of hotels | Hotels | 1 | 1 | ||||
Six Hotels [Member] | One Hundred Percent Owned [Member] | ||||||
Number of hotels | Hotels | 6 | |||||
Ten Hotels [Member] | Unconsolidated Properties [Member] | Fifty Percent Owned [Member] | ||||||
Number of hotels | Hotels | 10 | |||||
Additional Paid-in Capital | ||||||
Acquisition of noncontrolling interests | $ 3,500,000 | $ 3,508,000 |
Joint Venture Transaction (Asse
Joint Venture Transaction (Assets Acquired and Liabilities Assumed) (Details) $ in Thousands | Jul. 31, 2014USD ($) |
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 |
Joint Venture Transaction (Pro
Joint Venture Transaction (Pro Forma) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Business Combinations [Abstract] | ||||
Net income (loss) | $ 73,640 | $ 3,378 | $ 84,408 | $ (45,201) |
Income (loss) per share/unit - basic (usd per share) | $ 0.50 | $ (0.06) | $ 0.43 | $ (0.57) |
Income (loss) per share/unit - diluted (usd per share) | $ 0.50 | $ (0.06) | $ 0.42 | $ (0.57) |
Investment in Unconsolidated 42
Investment in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Hotels | Jul. 31, 2014Hotels | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of hotels, net | $ | $ 3,154 | $ 29,556 | $ 19,491 | $ 50,639 | ||
Number of hotels | 13 | |||||
Long-term Debt | $ | $ 1,418,632 | $ 1,418,632 | $ 1,585,867 | |||
Wholly Owned Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of hotels | 5 | |||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Two 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 hotels | 2 | 2 | ||||
Three Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Number of hotels | 3 | |||||
One Hotel [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of hotels, net | $ | $ 7,100 | |||||
Number of hotels | 1 | 1 | ||||
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% | 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% | 50.00% | ||||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of hotels | 1 | 1 | ||||
Secured Debt [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Repayments of Secured Debt | $ | $ 13,000 | |||||
Secured Debt [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Repayments of Secured Debt | $ | $ 10,500 |
Investment in Unconsolidated 43
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 21,684 | $ 30,288 |
Total assets | 32,510 | 45,374 |
Debt | 22,994 | 34,192 |
Total liabilities | 25,486 | 36,974 |
Equity | 7,024 | 8,400 |
Long-term Debt | $ 1,418,632 | $ 1,585,867 |
Investment in Unconsolidated 44
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Real Estate Properties [Line Items] | ||||
Total revenues | $ 10,642 | $ 15,699 | $ 27,622 | $ 52,644 |
Net income (loss) | 836 | 3,121 | 22,906 | 11,800 |
Net income (loss) attributable to FelCor | 418 | 1,561 | 11,453 | 5,900 |
Cost in excess of joint venture book value of sold hotel | 0 | 0 | (3,140) | 0 |
Depreciation of cost in excess of book value | (97) | (214) | (330) | (1,144) |
Equity in income from unconsolidated entities | $ 321 | $ 1,347 | $ 7,983 | $ 4,756 |
Investment in Unconsolidated 45
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 10,938 | $ 15,095 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (3,795) | (3,265) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,426 | 10,895 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 7,307 | $ 7,465 |
Investment in Unconsolidated 46
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 321 | $ 1,347 | $ 7,983 | $ 4,756 |
Hotel investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | (63) | 1,029 | 8,141 | 5,022 |
Other investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in income from unconsolidated entities | $ 384 | $ 318 | $ (158) | $ (266) |
Debt (Details)
Debt (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)Hotels | |
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 22 | 22 | |||
Long-term Debt | $ 1,418,632,000 | $ 1,418,632,000 | $ 1,585,867,000 | ||
Debt extinguishment | (13,000) | $ (4,730,000) | (30,909,000) | $ (4,763,000) | |
Interest expense | 19,602,000 | 21,922,000 | 59,361,000 | 71,644,000 | |
Interest income | 6,000 | 13,000 | 18,000 | 41,000 | |
Capitalized interest | $ 565,000 | $ 4,100,000 | $ 5,600,000 | $ 12,400,000 | |
Number of hotels | Hotels | 13 | ||||
The Knickerbocker® | |||||
Debt Instrument [Line Items] | |||||
Term of debt extension | 1 year | ||||
Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Term of debt extension | 1 year | ||||
Line of Credit [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 7 | 7 | |||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 2.75% | ||||
Long-term Debt | $ 200,000,000 | $ 200,000,000 | $ 0 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | $ 400,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.25% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.75% | ||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.375% | ||||
Debt extinguishment | $ 164,000 | ||||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000,000 | 225,000,000 | |||
Construction Loans [Member] | The Knickerbocker® | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity of construction loan | $ 85,000,000 | $ 85,000,000 | |||
Mortgages [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July Two Thousand Seventeen [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 3 | 3 | |||
Repayments of Secured Debt | $ 140,000,000 | ||||
Variable rate basis spread | 2.50% | ||||
Debt extinguishment | $ 2,000,000 | ||||
Mortgages [Member] | Libor Plus Three Point Zero Percent Due March 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 3 | 3 | |||
Debt extinguishment | $ 237,000 | ||||
Repayments of Debt | $ 49,100,000 | ||||
Number Of Encumbered Hotels Sold | Hotels | 2 | 2 | |||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 4 | 4 | |||
Interest rate | 4.95% | 4.95% | |||
Long-term Debt | $ 122,923,000 | $ 122,923,000 | 124,278,000 | ||
Mortgages [Member] | Four Point Nine Four Percent Due October 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Interest rate | 4.94% | 4.94% | |||
Long-term Debt | $ 30,848,000 | $ 30,848,000 | 31,228,000 | ||
Senior Secured Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 9 | 9 | |||
Interest rate | 5.625% | 5.625% | |||
Long-term Debt | $ 525,000,000 | $ 525,000,000 | 525,000,000 | ||
Senior Secured Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 6 | 6 | |||
Interest rate | 6.75% | 6.75% | |||
Repayments of Secured Debt | $ 525,000,000 | ||||
Debt extinguishment | $ 28,400,000 | ||||
Unsecured Senior Notes [Member] | Six Point Zero Zero Percent Due June 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 0 | 0 | |||
Interest rate | 6.00% | 6.00% | |||
Long-term Debt | $ 475,000,000 | $ 475,000,000 | 0 | ||
Construction tranche [Member] | Libor Plus Four Point Zero Percent Due May 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of encumbered hotels (in hotels) | Hotels | 1 | 1 | |||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 4.00% | ||||
Long-term Debt | $ 58,562,000 | $ 58,562,000 | 58,562,000 | ||
Cash collateralized tranche [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable rate basis | LIBOR | ||||
Variable rate basis spread | 1.25% | ||||
Long-term Debt | $ 6,299,000 | 6,299,000 | 6,299,000 | ||
Retired Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt | $ 0 | 0 | $ 840,500,000 | ||
Secured Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Secured Debt | $ 13,000,000 |
FelCor Capital Stock_FelCor L48
FelCor Capital Stock/FelCor LP Partners' Capital (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May. 31, 2015 | Apr. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||||||
Proceeds from common stock issuance, net | $ 198,651,000 | $ 0 | ||||||
Payments for Repurchase of Redeemable Preferred Stock | 169,986,000 | 0 | ||||||
Redemption of preferred stock | $ 0 | $ 0 | 6,096,000 | $ 0 | ||||
Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redeemable preferred stock dividends | $ 491,000 | |||||||
Payments for Repurchase of Redeemable Preferred Stock | $ 170,400,000 | |||||||
Redemption of preferred stock | 169,986,000 | |||||||
Stock issuance costs | 5,500,000 | |||||||
Preferred stock, discount on shares | $ 538,000 | $ 538,000 | ||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 18,400 | 143,382 | 124,289 | 143,382 | 124,289 | 124,605 | 124,051 | |
Shares issued, price per share (usd per share) | $ 11.25 | |||||||
Proceeds from common stock issuance, net | $ 199,000,000 | |||||||
Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued | 12,879 | 12,948 | 12,879 | 12,948 | 12,947 | 12,948 | ||
Preferred Stock | Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred stock dividend rate | 8.00% | |||||||
Redemption of preferred stock | $ 169,412,000 | |||||||
Retained Earnings [Member] | Series C Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Redemption of preferred stock | $ 6,100,000 | $ 6,096,000 | ||||||
FelCor LP [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Payments to acquire limited partnership units | $ 199,000,000 | |||||||
Limited partners' capital account, units acquired (shares) | 18,400 |
Hotel Operating Revenue, Depa49
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room revenue | $ 177,378 | $ 185,969 | $ 521,750 | $ 556,036 |
Food and beverage revenue | 34,370 | 34,287 | 116,365 | 119,543 |
Other operating departments | 11,726 | 12,193 | 34,693 | 36,171 |
Total hotel operating revenue | $ 223,474 | $ 232,449 | $ 672,808 | $ 711,750 |
Hotel Operating Revenue, Depa50
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||||
Room | $ 44,485 | $ 48,348 | $ 131,419 | $ 145,666 |
Room as a percent of total hotel operating revenue | 19.90% | 20.80% | 19.50% | 20.50% |
Food and beverage | $ 29,457 | $ 28,667 | $ 91,431 | $ 92,920 |
Food and beverage as a percent of total hotel operating revenue | 13.20% | 12.30% | 13.60% | 13.10% |
Other operating departments | $ 4,572 | $ 5,716 | $ 13,352 | $ 17,296 |
Other operating departments as a percent of total hotel operating revenue | 2.00% | 2.50% | 2.00% | 2.40% |
Hotel departmental expenses | $ 78,514 | $ 82,731 | $ 236,202 | $ 255,882 |
Hotel departmental expenses as a percent of total hotel operating revenue | 35.10% | 35.60% | 35.10% | 36.00% |
Hotel Operating Revenue, Depa51
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 55,893 | $ 59,441 | $ 170,579 | $ 183,931 |
Other property-related costs as a percent of total hotel operating revenue | 25.00% | 25.60% | 25.40% | 25.80% |
Hotel general and administrative expense | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 19,493 | $ 19,669 | $ 59,388 | $ 60,638 |
Other property-related costs as a percent of total hotel operating revenue | 8.70% | 8.50% | 8.80% | 8.50% |
Marketing | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 18,595 | $ 19,013 | $ 58,295 | $ 60,233 |
Other property-related costs as a percent of total hotel operating revenue | 8.30% | 8.20% | 8.70% | 8.50% |
Repair and maintenance | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 9,724 | $ 10,887 | $ 29,816 | $ 33,906 |
Other property-related costs as a percent of total hotel operating revenue | 4.40% | 4.70% | 4.40% | 4.80% |
Utilities | ||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||||
Other property-related costs | $ 8,081 | $ 9,872 | $ 23,080 | $ 29,154 |
Other property-related costs as a percent of total hotel operating revenue | 3.60% | 4.20% | 3.50% | 4.00% |
Hotel Operating Revenue, Depa52
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014Hotels | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||||
Number of hotels | 13 | ||||
Management Company NOI Guaranty, Amount Recorded | $ | $ 258,000 | $ 93,000 | $ 1,300,000 | $ 524,000 |
Taxes, Insurance and Lease Ex53
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014Hotels | |
Taxes, Insurance and Lease Expense [Line Items] | |||||
Real estate and other taxes | $ 5,691,000 | $ 7,634,000 | $ 22,048,000 | $ 23,365,000 | |
Property insurance, general liability insurance and other | 1,609,000 | 2,212,000 | 5,439,000 | 7,395,000 | |
Total taxes, insurance and lease expense | 12,716,000 | 19,053,000 | 43,933,000 | 69,276,000 | |
Number of hotels | Hotels | 13 | ||||
Hotel Lease [Member] | |||||
Taxes, Insurance and Lease Expense [Line Items] | |||||
Lease expense | 1,524,000 | 5,537,000 | 5,762,000 | 29,224,000 | |
Percentage rent | 726,000 | 3,300,000 | 2,800,000 | 16,000,000 | |
Land Lease [Member] | |||||
Taxes, Insurance and Lease Expense [Line Items] | |||||
Lease expense | 3,892,000 | 3,670,000 | 10,684,000 | 9,292,000 | |
Percentage rent | $ 2,400,000 | $ 2,200,000 | $ 6,100,000 | $ 4,900,000 | |
One Hotel [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | |||||
Taxes, Insurance and Lease Expense [Line Items] | |||||
Ownership percentage of lessee | 49.00% | 49.00% | |||
Equity method ownership percentage of lessor | 50.00% | 50.00% |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Impairment [Line Items] | ||||
Impairment loss | $ 20,861 | $ 0 | $ 20,861 | $ 0 |
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Impairment [Line Items] | ||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||
Fair Value Assumptions, Expected Term | 5 years | |||
Fair Value Inputs, Terminal Capitalization Rate | 8.00% | |||
Fair Value Inputs, Discount Rate | 11.00% |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($)Hotels | Sep. 30, 2015USD ($)Hotels | Sep. 30, 2014USD ($)Hotels | Dec. 31, 2014Hotels | Dec. 31, 2013Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Hotel operating revenue | $ 223,474 | $ 232,449 | $ 672,808 | $ 711,750 | ||
Operating Expenses | (216,589) | (215,568) | (615,731) | (660,888) | ||
Operating Income (Loss) | 8,563 | 18,488 | 64,219 | 54,032 | ||
Interest expense, net | (19,602) | (21,922) | (59,361) | (71,644) | ||
Debt extinguishment | 13 | 4,730 | 30,909 | 4,763 | ||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 | ||
Equity in income from unconsolidated entities | 321 | 1,347 | 7,983 | 4,756 | ||
Income (Loss) from Continuing Operations | (11,785) | 44,022 | (19,294) | 32,918 | ||
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 | ||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 | ||
Net loss (income) attributable to noncontrolling interests in other partnerships | 227 | (646) | (4,405) | (830) | ||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 61 | (185) | 150 | (135) | ||
Net income (loss) attributable to reporting entity | $ (8,208) | 72,391 | $ (4,709) | 81,854 | ||
Number of hotels | Hotels | 13 | |||||
Reclassification of foreign currency translation to gain | 24,400 | |||||
Hotels Sold or Otherwise Disposed of [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Number of hotels | Hotels | 8 | 8 | ||||
Hotels Sold or Otherwise Disposed of [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Hotel operating revenue | $ 2,890 | 32,952 | $ 32,150 | 135,918 | ||
Operating Expenses | (2,396) | (30,633) | (26,016) | (130,856) | ||
Operating Income (Loss) | 494 | 2,319 | 6,134 | 5,062 | ||
Interest expense, net | 0 | (575) | (1,031) | (1,854) | ||
Debt extinguishment | 0 | (914) | (309) | (932) | ||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 | ||
Equity in income from unconsolidated entities | 14 | 690 | 7,111 | 3,209 | ||
Income (Loss) from Continuing Operations | 508 | 31,704 | 11,905 | 35,669 | ||
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 | ||
Net income (loss) | 3,662 | 61,260 | 31,396 | 86,308 | ||
Net loss (income) attributable to noncontrolling interests in other partnerships | 45 | (838) | (5,146) | (1,333) | ||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (16) | (290) | (110) | (408) | ||
Net income (loss) attributable to reporting entity | $ 3,691 | $ 60,132 | $ 26,140 | $ 84,567 | ||
Number of hotels | Hotels | 6 | 6 | 12 | |||
Assets Held-for-sale [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Number of hotels | Hotels | 1 | |||||
Unconsolidated Properties [Member] | Hotels Sold or Otherwise Disposed of [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||||||
Number of hotels | Hotels | 5 | 5 |
Income (Loss) Per Share_Unit (D
Income (Loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)incrementpeer$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | |
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (8,208) | $ 72,391 | $ (4,709) | $ 81,854 |
Discontinued operations attributable to FelCor | (496) | 8 | (425) | (131) |
Income (loss) from continuing operations attributable to FelCor | (8,704) | 72,399 | (5,134) | 81,723 |
Less: Preferred dividends | (6,279) | (9,678) | (23,860) | (29,034) |
Redemption of preferred stock | 0 | 0 | (6,096) | 0 |
Less: Dividends declared on unvested restricted stock | (13) | (2) | (40) | (5) |
Undistributed earnings allocated to FelCor's unvested restricted stock | 0 | (48) | 0 | (18) |
Numerator for continuing operations attributable to FelCor common stockholders | (14,996) | 62,671 | (35,130) | 52,666 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ (14,500) | $ 62,663 | $ (34,705) | $ 52,797 |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 142,982 | 124,168 | 136,009 | 124,159 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 142,982 | 125,526 | 136,009 | 125,289 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ / shares | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Basic | $ / shares | (0.10) | 0.50 | (0.26) | 0.43 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | (0.10) | 0.50 | (0.26) | 0.42 |
Earnings Per Share, Diluted | $ / shares | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
FelCor Lodging LP [Member] | ||||
Numerator: | ||||
Net income (loss) attributable to FelCor | $ (8,269) | $ 72,576 | $ (4,859) | $ 81,989 |
Discontinued operations attributable to FelCor | (498) | 8 | (427) | (132) |
Income (loss) from continuing operations attributable to FelCor | (8,767) | 72,584 | (5,286) | 81,857 |
Less: Preferred dividends | (6,279) | (9,678) | (23,860) | (29,034) |
Redemption of preferred stock | 0 | 0 | (6,096) | 0 |
Less: Dividends declared on unvested restricted stock | (13) | (2) | (40) | (5) |
Undistributed earnings allocated to FelCor's unvested restricted stock | 0 | (48) | 0 | (18) |
Numerator for continuing operations attributable to FelCor common stockholders | (15,059) | 62,856 | (35,282) | 52,800 |
Numerator for basic and diluted income (loss) attributable to FelCor common stockholders | $ (14,561) | $ 62,848 | $ (34,855) | $ 52,932 |
Denominator: | ||||
Weighted Average Number of Shares Outstanding, Basic | shares | 143,594 | 124,781 | 136,621 | 124,774 |
Weighted Average Number of Shares Outstanding, Diluted | shares | 143,594 | 126,164 | 136,621 | 125,916 |
Basic and diluted income (loss) per share data: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ / shares | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
Earnings Per Share, Basic | $ / shares | (0.10) | 0.50 | (0.26) | 0.42 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | (0.10) | 0.50 | (0.26) | 0.42 |
Earnings Per Share, Diluted | $ / shares | $ (0.10) | $ 0.50 | $ (0.26) | $ 0.42 |
SeriesA Preferred Shares / Units [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Dividends excluded from computation of earnings per share/unit | $ 6,300 | $ 6,300 | $ 18,800 | $ 18,800 |
Antidilutive Securities [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Series A Convertible Preferred Shares/Units | shares | 9,984 | 9,985 | 9,984 | 9,985 |
Restricted Stock Units (RSUs) [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Number of Vesting Increments | increment | 3 | |||
Vesting Period | 4 years | |||
Number of Lodging REIT Peers | peer | 10 | |||
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | ||||
Earnings Per Share/Unit [Line Items] | ||||
Restricted Stock Units/Treasury Stock Method | shares | 1,173 | 0 | 1,136 | 0 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,418,632 | $ 1,585,867 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,400,000 | 1,600,000 |
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 | 1,000,000 | 1,100,000 |
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 | $ 427,500 | $ 548,200 |
Redeemable Noncontrolling Int58
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | ||
Redeemable units | $ 4,323 | $ 6,616 | $ 5,723 | $ 5,039 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |||
Redeemable units | $ 4,323 | $ 6,616 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 4,300 | |||
Closing price of common stock | $ 7.07 |
Redeemable Noncontrolling Int59
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | $ 6,616 | $ 5,039 | ||
Conversion of units | 0 | (56) | ||
Redemption value allocation | (2,076) | 642 | ||
Distributions paid to unitholders | (67) | (36) | ||
Comprehensive income (loss): | ||||
Foreign exchange translation | 0 | (1) | ||
Net Income (loss) | $ (61) | $ 185 | (150) | 135 |
Balance at end of period | 4,323 | 5,723 | 4,323 | 5,723 |
Preferred dividends | (6,279) | (9,678) | (23,860) | (29,034) |
FelCor Lodging LP [Member] | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance at beginning of period | 6,616 | |||
Comprehensive income (loss): | ||||
Balance at end of period | 4,323 | 4,323 | ||
Preferred dividends | (6,279) | $ (9,678) | (23,860) | $ (29,034) |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Comprehensive income (loss): | ||||
Balance at end of period | $ 4,300 | $ 4,300 |
Consolidated Joint Venture Pr60
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||
Preferred capital in consolidated joint venture | $ 43,186 | $ 41,442 |
The Knickerbocker® | ||
Schedule of Equity Method Investments [Line Items] | ||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | $ 45,000 | |
Current Annual Return | 3.25% | |
Non-compounding Annual Return | 0.25% | |
Current Return Increase | 8.00% | |
Gross Proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 1,800 | 42,000 |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | $ 41,400 | |
Proceeds not yet received from Immigrant Investor Program | $ 1,200 | |
Ninety-five Percent Owned [Member] | The Knickerbocker® | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership percentage by parent | 95.00% |
Contingency (Details)
Contingency (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2014Hotels | |
Loss Contingencies [Line Items] | |||
Number of hotels | Hotels | 13 | ||
Loss Contingency Accrual | $ 5.9 | ||
Contract Dispute Recovery, net | $ 3.7 |
Severance (Details)
Severance (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Other Expense [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Severance costs | $ 3.6 | $ 3.6 |
FelCor LP's Consolidating Fin63
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | $ 1,694,066 | $ 1,599,791 | |||||||
Hotel development | 48,655 | 297,466 | |||||||
Investment in unconsolidated entities | 10,938 | 15,095 | |||||||
Hotels held for sale | 0 | 47,145 | |||||||
Cash and cash equivalents | $ 56,911 | $ 60,110 | $ 47,147 | $ 45,645 | 56,911 | 47,147 | $ 60,110 | $ 45,645 | |
Restricted cash | 24,701 | 20,496 | |||||||
Accounts receivable, net | 37,085 | 27,805 | |||||||
Deferred expenses, net | 25,240 | 25,827 | |||||||
Other assets | 16,574 | 23,886 | |||||||
Total assets | 1,914,170 | 2,104,658 | |||||||
Debt, net | 1,418,632 | 1,585,867 | |||||||
Distributions payable | 12,450 | 13,827 | |||||||
Accrued expenses and other liabilities | 132,321 | 135,481 | |||||||
Total liabilities | 1,563,403 | 1,735,175 | |||||||
Redeemable units | 4,323 | 6,616 | 5,723 | 5,039 | |||||
Preferred capital in consolidated joint venture | 43,186 | 41,442 | |||||||
Total liabilities and equity | 1,914,170 | 2,104,658 | |||||||
Revenues: | |||||||||
Hotel operating revenue | 223,474 | 232,449 | 672,808 | 711,750 | |||||
Other revenue | 1,678 | 1,607 | 7,142 | 3,170 | |||||
Total revenues | 225,152 | 234,056 | 679,950 | 714,920 | |||||
Expenses: | |||||||||
Taxes, insurance and lease expense | 12,716 | 19,053 | 43,933 | 69,276 | |||||
Corporate expenses | 4,672 | 6,442 | 19,775 | 21,914 | |||||
Depreciation and amortization | 28,988 | 28,523 | 85,510 | 87,206 | |||||
Impairment loss | 20,861 | 0 | 20,861 | 0 | |||||
Other expenses | 5,807 | 9,746 | 11,446 | 13,874 | |||||
Total operating expenses | 216,589 | 215,568 | 615,731 | 660,888 | |||||
Operating income | 8,563 | 18,488 | 64,219 | 54,032 | |||||
Interest expense, net | (19,602) | (21,922) | (59,361) | (71,644) | |||||
Debt extinguishment | (13) | (4,730) | (30,909) | (4,763) | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 | |||||
Gain from remeasurement of unconsolidated entities, net | 0 | 20,733 | 0 | 20,733 | |||||
Other gains, net | 0 | 0 | 166 | 100 | |||||
Income (loss) before equity in income from unconsolidated entities | (11,052) | 42,753 | (25,885) | 28,642 | |||||
Equity in income from unconsolidated entities | 321 | 1,347 | 7,983 | 4,756 | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | (10,731) | 44,100 | (17,902) | 33,398 | |||||
Income tax expense | (1,054) | (78) | (1,392) | (480) | |||||
Income (Loss) from Continuing Operations | (11,785) | 44,022 | (19,294) | 32,918 | |||||
Income (loss) from discontinued operations | 498 | (8) | 419 | 132 | |||||
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 | |||||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 227 | (646) | (4,405) | (830) | |||||
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) | |||||
Net income (loss) attributable to reporting entity | (8,208) | 72,391 | (4,709) | 81,854 | |||||
Preferred distributions | 6,279 | 9,678 | 23,860 | 29,034 | |||||
Redemption of preferred units | 0 | 0 | (6,096) | 0 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 | |||||
Foreign currency translation adjustment | 0 | (445) | 0 | (490) | |||||
Reclassification of foreign currency translation to gain | 24,400 | ||||||||
Comprehensive income (loss) | (8,133) | 48,677 | 616 | 58,751 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 227 | (646) | (4,405) | (830) | |||||
Comprehensive income (loss) attributable to FelCor | (8,208) | 47,499 | (4,709) | 56,917 | |||||
Operating activities: | |||||||||
Cash flows from operating activities | 114,054 | 87,665 | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | (35,979) | (65,547) | |||||||
Hotel development | (31,599) | (63,381) | |||||||
Net proceeds from asset sales | 190,035 | 119,991 | |||||||
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | |||||||
Insurance proceeds | 274 | 255 | |||||||
Change in restricted cash - investing | (4,204) | 42,964 | |||||||
Net cash flow provided by investing activities | 124,987 | 48,972 | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 979,000 | 439,607 | |||||||
Repayment of borrowings | (1,166,693) | (553,867) | |||||||
Payment of deferred financing fees | (14,348) | (3,052) | |||||||
Acquisition of noncontrolling interest | $ (5,900) | 0 | (5,850) | ||||||
Distributions paid to noncontrolling interests | (16,294) | (8,634) | |||||||
Contributions from noncontrolling interests | 2,544 | 5,508 | |||||||
Redemption of preferred units | (169,986) | 0 | |||||||
Distributions paid to common stockholders | (16,498) | (7,453) | |||||||
Net proceeds from common stock issuance | 198,651 | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,744 | 41,443 | |||||||
Net cash flow used in financing activities | (229,143) | (122,120) | |||||||
Effect of exchange rate changes on cash | (134) | (52) | |||||||
Change in cash and cash equivalents | 9,764 | 14,465 | |||||||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | |||||||
Cash and cash equivalents at end of periods | 56,911 | 60,110 | 56,911 | 60,110 | |||||
FelCor Lodging LP [Member] | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | 0 | 0 | |||||||
Hotel development | 0 | 0 | |||||||
Equity investment in consolidated entities | 1,292,813 | 1,364,470 | |||||||
Investment in unconsolidated entities | 4,544 | 7,270 | |||||||
Hotels held for sale | 0 | ||||||||
Cash and cash equivalents | 18,453 | 17,428 | 5,717 | 5,227 | 18,453 | 5,717 | 17,428 | 5,227 | |
Restricted cash | 0 | 0 | |||||||
Accounts receivable, net | 440 | 963 | |||||||
Deferred expenses, net | 16,163 | 17,203 | |||||||
Other assets | 4,512 | 4,866 | |||||||
Total assets | 1,336,925 | 1,400,489 | |||||||
Debt, net | 1,000,000 | 1,050,000 | |||||||
Distributions payable | 12,331 | 13,709 | |||||||
Accrued expenses and other liabilities | 26,103 | 27,174 | |||||||
Total liabilities | 1,038,434 | 1,090,883 | |||||||
Redeemable units | 4,323 | 6,616 | |||||||
Preferred units | 309,337 | 478,749 | |||||||
Common units | (15,169) | (175,759) | |||||||
Total FelCor LP partners' capital | 294,168 | 302,990 | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Preferred capital in consolidated joint venture | 0 | 0 | |||||||
Total partners’ capital | 294,168 | 302,990 | |||||||
Total liabilities and equity | 1,336,925 | 1,400,489 | |||||||
Revenues: | |||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | 0 | 2,537 | 0 | 5,846 | |||||
Other revenue | 3 | 3 | 111 | 4 | |||||
Total revenues | 3 | 2,540 | 111 | 5,850 | |||||
Expenses: | |||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | |||||
Taxes, insurance and lease expense | 533 | 492 | 422 | 1,287 | |||||
Corporate expenses | 0 | 152 | 0 | 423 | |||||
Depreciation and amortization | 49 | 694 | 138 | 2,678 | |||||
Impairment loss | 0 | 0 | |||||||
Other expenses | 3,626 | 84 | 3,629 | 119 | |||||
Total operating expenses | 4,208 | 1,422 | 4,189 | 4,507 | |||||
Operating income | (4,205) | 1,118 | (4,078) | 1,343 | |||||
Interest expense, net | (14,302) | (16,850) | (42,613) | (57,634) | |||||
Debt extinguishment | (13) | (3,816) | (28,459) | (3,816) | |||||
Gain on sale of investment in unconsolidated entities, net | 30,184 | 30,184 | |||||||
Gain from remeasurement of unconsolidated entities, net | 20,733 | 20,733 | |||||||
Other gains, net | 0 | 0 | |||||||
Income (loss) before equity in income from unconsolidated entities | (18,520) | 31,369 | (75,150) | (9,190) | |||||
Equity in income from consolidated entities | 10,069 | 40,734 | 62,807 | 88,114 | |||||
Equity in income from unconsolidated entities | 417 | 1,099 | 8,060 | 4,213 | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | (8,034) | 73,202 | (4,283) | 83,137 | |||||
Income tax expense | (194) | (14) | (256) | (88) | |||||
Income (Loss) from Continuing Operations | (8,228) | 73,188 | (4,539) | 83,049 | |||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |||||
Income (Loss) before gain (loss) on sale of hotels | (8,228) | 73,188 | (4,539) | 83,049 | |||||
Gain on sale of hotels, net | (41) | (612) | (320) | (1,060) | |||||
Net income (loss) | (8,269) | 72,576 | (4,859) | 81,989 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Net income (loss) attributable to reporting entity | (8,269) | 72,576 | (4,859) | 81,989 | |||||
Preferred distributions | 6,279 | 9,678 | 23,860 | 29,034 | |||||
Redemption of preferred units | (6,096) | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | (14,548) | 62,898 | (34,815) | 52,955 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | (8,269) | 72,576 | (4,859) | 81,989 | |||||
Foreign currency translation adjustment | 0 | (445) | 0 | (490) | |||||
Reclassification of foreign currency translation to gain | (24,553) | (24,553) | |||||||
Comprehensive income (loss) | (8,269) | 47,578 | (4,859) | 56,946 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Comprehensive income (loss) attributable to FelCor | (8,269) | 47,578 | (4,859) | 56,946 | |||||
Operating activities: | |||||||||
Cash flows from operating activities | (40,101) | (50,911) | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | (13) | (409) | |||||||
Hotel development | 0 | 0 | |||||||
Net proceeds from asset sales | (429) | (1,091) | |||||||
Proceeds from unconsolidated joint venture transaction | 3,154 | ||||||||
Insurance proceeds | 274 | 0 | |||||||
Change in restricted cash - investing | 0 | 0 | |||||||
Distributions from unconsolidated entities | 6,460 | 6,052 | |||||||
Intercompany financing | 139,524 | 328,666 | |||||||
Net cash flow provided by investing activities | 145,816 | 336,372 | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 475,000 | 0 | |||||||
Repayment of borrowings | (545,453) | (236,738) | |||||||
Payment of deferred financing fees | (8,500) | (4) | |||||||
Acquisition of noncontrolling interest | 0 | ||||||||
Distributions paid to noncontrolling interests | 0 | 0 | |||||||
Contributions from noncontrolling interests | 0 | 0 | |||||||
Redemption of preferred units | (169,986) | ||||||||
Distributions paid to preferred unitholders | (26,125) | (29,034) | |||||||
Distributions paid to common stockholders | (16,498) | (7,453) | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | |||||||
Net proceeds from common stock issuance | 198,651 | ||||||||
Intercompany financing | 0 | 0 | |||||||
Other | (68) | (31) | |||||||
Net cash flow used in financing activities | (92,979) | (273,260) | |||||||
Effect of exchange rate changes on cash | 0 | 0 | |||||||
Change in cash and cash equivalents | 12,736 | 12,201 | |||||||
Cash and cash equivalents at beginning of periods | 5,717 | 5,227 | |||||||
Cash and cash equivalents at end of periods | 18,453 | 17,428 | 18,453 | 17,428 | |||||
Guarantor Subsidiaries [Member] | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | 621,978 | 757,694 | |||||||
Hotel development | 0 | 0 | |||||||
Equity investment in consolidated entities | 0 | 0 | |||||||
Investment in unconsolidated entities | 5,118 | 6,514 | |||||||
Hotels held for sale | 0 | ||||||||
Cash and cash equivalents | 36,464 | 38,770 | 32,923 | 33,283 | 36,464 | 32,923 | 38,770 | 33,283 | |
Restricted cash | 14,163 | 12,199 | |||||||
Accounts receivable, net | 33,459 | 26,343 | |||||||
Deferred expenses, net | 0 | 0 | |||||||
Other assets | 8,615 | 11,510 | |||||||
Total assets | 719,797 | 847,183 | |||||||
Debt, net | 0 | 0 | |||||||
Distributions payable | 0 | 0 | |||||||
Accrued expenses and other liabilities | 88,390 | 93,690 | |||||||
Total liabilities | 88,390 | 93,690 | |||||||
Redeemable units | 0 | 0 | |||||||
Preferred units | 0 | 0 | |||||||
Common units | 632,039 | 753,646 | |||||||
Total FelCor LP partners' capital | 632,039 | 753,646 | |||||||
Noncontrolling interests | (632) | (153) | |||||||
Preferred capital in consolidated joint venture | 0 | 0 | |||||||
Total partners’ capital | 631,407 | 753,493 | |||||||
Total liabilities and equity | 719,797 | 847,183 | |||||||
Revenues: | |||||||||
Hotel operating revenue | 223,474 | 232,449 | 672,808 | 711,750 | |||||
Percentage lease revenue | 0 | 0 | 0 | 0 | |||||
Other revenue | 1,497 | 1,425 | 6,645 | 2,774 | |||||
Total revenues | 224,971 | 233,874 | 679,453 | 714,524 | |||||
Expenses: | |||||||||
Hotel operating expenses | 143,545 | 151,804 | 434,206 | 468,618 | |||||
Taxes, insurance and lease expense | 53,272 | 52,036 | 159,103 | 160,081 | |||||
Corporate expenses | 2,718 | 3,801 | 11,010 | 12,944 | |||||
Depreciation and amortization | 11,876 | 14,075 | 37,770 | 43,332 | |||||
Impairment loss | 20,861 | 20,861 | |||||||
Other expenses | 1,311 | 7,116 | 6,820 | 8,745 | |||||
Total operating expenses | 233,583 | 228,832 | 669,770 | 693,720 | |||||
Operating income | (8,612) | 5,042 | 9,683 | 20,804 | |||||
Interest expense, net | 3 | (126) | 8 | (760) | |||||
Debt extinguishment | 0 | 0 | 0 | 0 | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | |||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | |||||||
Other gains, net | 0 | 100 | |||||||
Income (loss) before equity in income from unconsolidated entities | (8,609) | 4,916 | 9,691 | 20,144 | |||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated entities | (85) | 259 | (43) | 577 | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | (8,694) | 5,175 | 9,648 | 20,721 | |||||
Income tax expense | (860) | (64) | (1,136) | (392) | |||||
Income (Loss) from Continuing Operations | (9,554) | 5,111 | 8,512 | 20,329 | |||||
Income (loss) from discontinued operations | (2) | (8) | 2 | 26 | |||||
Income (Loss) before gain (loss) on sale of hotels | (9,556) | 5,103 | 8,514 | 20,355 | |||||
Gain on sale of hotels, net | (31) | 22,176 | (44) | 22,147 | |||||
Net income (loss) | (9,587) | 27,279 | 8,470 | 42,502 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 81 | 217 | 591 | 238 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Net income (loss) attributable to reporting entity | (9,506) | 27,496 | 9,061 | 42,740 | |||||
Preferred distributions | 0 | 0 | 0 | 0 | |||||
Redemption of preferred units | 0 | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | (9,506) | 27,496 | 9,061 | 42,740 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | (9,587) | 27,279 | 8,470 | 42,502 | |||||
Foreign currency translation adjustment | 0 | (103) | 0 | (121) | |||||
Reclassification of foreign currency translation to gain | (4,448) | (4,448) | |||||||
Comprehensive income (loss) | (9,587) | 22,728 | 8,470 | 37,933 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 81 | 217 | 591 | 238 | |||||
Comprehensive income (loss) attributable to FelCor | (9,506) | 22,945 | 9,061 | 38,171 | |||||
Operating activities: | |||||||||
Cash flows from operating activities | 59,884 | 71,441 | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | (21,664) | (36,685) | |||||||
Hotel development | 0 | 0 | |||||||
Net proceeds from asset sales | 10 | 13,998 | |||||||
Proceeds from unconsolidated joint venture transaction | 0 | ||||||||
Insurance proceeds | 0 | 255 | |||||||
Change in restricted cash - investing | (1,964) | (1,783) | |||||||
Distributions from unconsolidated entities | 0 | 4,606 | |||||||
Intercompany financing | 0 | 0 | |||||||
Net cash flow provided by investing activities | (23,618) | (19,609) | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 0 | 0 | |||||||
Repayment of borrowings | 0 | 0 | |||||||
Payment of deferred financing fees | 0 | 0 | |||||||
Acquisition of noncontrolling interest | 0 | ||||||||
Distributions paid to noncontrolling interests | (401) | (684) | |||||||
Contributions from noncontrolling interests | 513 | 901 | |||||||
Redemption of preferred units | 0 | ||||||||
Distributions paid to preferred unitholders | 0 | 0 | |||||||
Distributions paid to common stockholders | 0 | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | |||||||
Net proceeds from common stock issuance | 0 | ||||||||
Intercompany financing | (32,703) | (46,510) | |||||||
Other | 0 | 0 | |||||||
Net cash flow used in financing activities | (32,591) | (46,293) | |||||||
Effect of exchange rate changes on cash | (134) | (52) | |||||||
Change in cash and cash equivalents | 3,541 | 5,487 | |||||||
Cash and cash equivalents at beginning of periods | 32,923 | 33,283 | |||||||
Cash and cash equivalents at end of periods | 36,464 | 38,770 | 36,464 | 38,770 | |||||
Non-Guarantor Subsidiaries [Member] | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | 1,072,088 | 842,097 | |||||||
Hotel development | 48,655 | 297,466 | |||||||
Equity investment in consolidated entities | 0 | 0 | |||||||
Investment in unconsolidated entities | 1,276 | 1,311 | |||||||
Hotels held for sale | 47,145 | ||||||||
Cash and cash equivalents | 1,994 | 3,912 | 8,507 | 7,135 | 1,994 | 8,507 | 3,912 | 7,135 | |
Restricted cash | 10,538 | 8,297 | |||||||
Accounts receivable, net | 3,186 | 499 | |||||||
Deferred expenses, net | 9,077 | 8,624 | |||||||
Other assets | 3,447 | 7,510 | |||||||
Total assets | 1,150,261 | 1,221,456 | |||||||
Debt, net | 458,068 | 576,654 | |||||||
Distributions payable | 119 | 118 | |||||||
Accrued expenses and other liabilities | 17,828 | 14,617 | |||||||
Total liabilities | 476,015 | 591,389 | |||||||
Redeemable units | 0 | 0 | |||||||
Preferred units | 0 | 0 | |||||||
Common units | 621,338 | 570,037 | |||||||
Total FelCor LP partners' capital | 621,338 | 570,037 | |||||||
Noncontrolling interests | 9,722 | 18,588 | |||||||
Preferred capital in consolidated joint venture | 43,186 | 41,442 | |||||||
Total partners’ capital | 674,246 | 630,067 | |||||||
Total liabilities and equity | 1,150,261 | 1,221,456 | |||||||
Revenues: | |||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | 44,523 | 36,131 | 130,397 | 100,719 | |||||
Other revenue | 178 | 179 | 386 | 392 | |||||
Total revenues | 44,701 | 36,310 | 130,783 | 101,111 | |||||
Expenses: | |||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | |||||
Taxes, insurance and lease expense | 3,434 | 5,193 | 14,805 | 14,473 | |||||
Corporate expenses | 1,954 | 2,489 | 8,765 | 8,547 | |||||
Depreciation and amortization | 17,063 | 13,754 | 47,602 | 41,196 | |||||
Impairment loss | 0 | 0 | |||||||
Other expenses | 870 | 2,546 | 997 | 5,010 | |||||
Total operating expenses | 23,321 | 23,982 | 72,169 | 69,226 | |||||
Operating income | 21,380 | 12,328 | 58,614 | 31,885 | |||||
Interest expense, net | (5,303) | (4,946) | (16,756) | (13,250) | |||||
Debt extinguishment | 0 | (914) | (2,450) | (947) | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | |||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | |||||||
Other gains, net | 166 | 0 | |||||||
Income (loss) before equity in income from unconsolidated entities | 16,077 | 6,468 | 39,574 | 17,688 | |||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated entities | (11) | (11) | (34) | (34) | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | 16,066 | 6,457 | 39,540 | 17,654 | |||||
Income tax expense | 0 | 0 | 0 | 0 | |||||
Income (Loss) from Continuing Operations | 16,066 | 6,457 | 39,540 | 17,654 | |||||
Income (loss) from discontinued operations | 500 | 0 | 417 | 106 | |||||
Income (Loss) before gain (loss) on sale of hotels | 16,566 | 6,457 | 39,957 | 17,760 | |||||
Gain on sale of hotels, net | 3,226 | 7,992 | 19,855 | 29,552 | |||||
Net income (loss) | 19,792 | 14,449 | 59,812 | 47,312 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 146 | (863) | (4,996) | (1,068) | |||||
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) | |||||
Net income (loss) attributable to reporting entity | 19,575 | 13,238 | 53,746 | 45,374 | |||||
Preferred distributions | 0 | 0 | 0 | 0 | |||||
Redemption of preferred units | 0 | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | 19,575 | 13,238 | 53,746 | 45,374 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | 19,792 | 14,449 | 59,812 | 47,312 | |||||
Foreign currency translation adjustment | 0 | (342) | 0 | (369) | |||||
Reclassification of foreign currency translation to gain | (20,105) | (20,105) | |||||||
Comprehensive income (loss) | 19,792 | (5,998) | 59,812 | 26,838 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 146 | (863) | (4,996) | (1,068) | |||||
Comprehensive income (loss) attributable to FelCor | 19,575 | (7,209) | 53,746 | 24,900 | |||||
Operating activities: | |||||||||
Cash flows from operating activities | 94,271 | 67,135 | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | (14,302) | (28,453) | |||||||
Hotel development | (31,599) | (63,381) | |||||||
Net proceeds from asset sales | 190,454 | 107,084 | |||||||
Proceeds from unconsolidated joint venture transaction | 878 | ||||||||
Insurance proceeds | 0 | 0 | |||||||
Change in restricted cash - investing | (2,240) | 44,747 | |||||||
Distributions from unconsolidated entities | 0 | 0 | |||||||
Intercompany financing | 0 | 0 | |||||||
Net cash flow provided by investing activities | 142,313 | 60,875 | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 504,000 | 439,607 | |||||||
Repayment of borrowings | (621,240) | (317,129) | |||||||
Payment of deferred financing fees | (5,848) | (3,048) | |||||||
Acquisition of noncontrolling interest | (5,850) | ||||||||
Distributions paid to noncontrolling interests | (15,893) | (7,950) | |||||||
Contributions from noncontrolling interests | 2,031 | 4,607 | |||||||
Redemption of preferred units | 0 | ||||||||
Distributions paid to preferred unitholders | 0 | 0 | |||||||
Distributions paid to common stockholders | 0 | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,744 | 41,443 | |||||||
Net proceeds from common stock issuance | 0 | ||||||||
Intercompany financing | (106,821) | (282,156) | |||||||
Other | (1,070) | (757) | |||||||
Net cash flow used in financing activities | (243,097) | (131,233) | |||||||
Effect of exchange rate changes on cash | 0 | 0 | |||||||
Change in cash and cash equivalents | (6,513) | (3,223) | |||||||
Cash and cash equivalents at beginning of periods | 8,507 | 7,135 | |||||||
Cash and cash equivalents at end of periods | 1,994 | 3,912 | 1,994 | 3,912 | |||||
Consolidation, Eliminations [Member] | |||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | 0 | 0 | |||||||
Hotel development | 0 | 0 | |||||||
Equity investment in consolidated entities | (1,292,813) | (1,364,470) | |||||||
Investment in unconsolidated entities | 0 | 0 | |||||||
Hotels held for sale | 0 | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Restricted cash | 0 | 0 | |||||||
Accounts receivable, net | 0 | 0 | |||||||
Deferred expenses, net | 0 | 0 | |||||||
Other assets | 0 | 0 | |||||||
Total assets | (1,292,813) | (1,364,470) | |||||||
Debt, net | (39,436) | (40,787) | |||||||
Distributions payable | 0 | 0 | |||||||
Accrued expenses and other liabilities | 0 | 0 | |||||||
Total liabilities | (39,436) | (40,787) | |||||||
Redeemable units | 0 | 0 | |||||||
Preferred units | 0 | 0 | |||||||
Common units | (1,253,377) | (1,323,683) | |||||||
Total FelCor LP partners' capital | (1,253,377) | (1,323,683) | |||||||
Noncontrolling interests | 0 | 0 | |||||||
Preferred capital in consolidated joint venture | 0 | 0 | |||||||
Total partners’ capital | (1,253,377) | (1,323,683) | |||||||
Total liabilities and equity | (1,292,813) | (1,364,470) | |||||||
Revenues: | |||||||||
Hotel operating revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | (44,523) | (38,668) | (130,397) | (106,565) | |||||
Other revenue | 0 | 0 | 0 | 0 | |||||
Total revenues | (44,523) | (38,668) | (130,397) | (106,565) | |||||
Expenses: | |||||||||
Hotel operating expenses | 0 | 0 | 0 | 0 | |||||
Taxes, insurance and lease expense | (44,523) | (38,668) | (130,397) | (106,565) | |||||
Corporate expenses | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment loss | 0 | 0 | |||||||
Other expenses | 0 | 0 | 0 | 0 | |||||
Total operating expenses | (44,523) | (38,668) | (130,397) | (106,565) | |||||
Operating income | 0 | 0 | 0 | 0 | |||||
Interest expense, net | 0 | 0 | 0 | 0 | |||||
Debt extinguishment | 0 | 0 | 0 | 0 | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 0 | |||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 0 | |||||||
Other gains, net | 0 | 0 | |||||||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | |||||
Equity in income from consolidated entities | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | 0 | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Income tax expense | 0 | 0 | 0 | 0 | |||||
Income (Loss) from Continuing Operations | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Income (loss) from discontinued operations | 0 | 0 | 0 | 0 | |||||
Income (Loss) before gain (loss) on sale of hotels | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Gain on sale of hotels, net | 0 | 0 | 0 | 0 | |||||
Net income (loss) | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Net income (loss) attributable to reporting entity | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Preferred distributions | 0 | 0 | 0 | 0 | |||||
Redemption of preferred units | 0 | ||||||||
Net income (loss) attributable to FelCor LP common unitholders | (10,069) | (40,734) | (62,807) | (88,114) | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | (10,069) | (40,734) | (62,807) | (88,114) | |||||
Foreign currency translation adjustment | 0 | 445 | 0 | 490 | |||||
Reclassification of foreign currency translation to gain | 24,553 | 24,553 | |||||||
Comprehensive income (loss) | (10,069) | (15,736) | (62,807) | (63,071) | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Comprehensive income (loss) attributable to FelCor | (10,069) | (15,736) | (62,807) | (63,071) | |||||
Operating activities: | |||||||||
Cash flows from operating activities | 0 | 0 | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | 0 | 0 | |||||||
Hotel development | 0 | 0 | |||||||
Net proceeds from asset sales | 0 | 0 | |||||||
Proceeds from unconsolidated joint venture transaction | 0 | ||||||||
Insurance proceeds | 0 | 0 | |||||||
Change in restricted cash - investing | 0 | 0 | |||||||
Distributions from unconsolidated entities | 0 | 0 | |||||||
Intercompany financing | (139,524) | (328,666) | |||||||
Net cash flow provided by investing activities | (139,524) | (328,666) | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 0 | 0 | |||||||
Repayment of borrowings | 0 | 0 | |||||||
Payment of deferred financing fees | 0 | 0 | |||||||
Acquisition of noncontrolling interest | 0 | ||||||||
Distributions paid to noncontrolling interests | 0 | 0 | |||||||
Contributions from noncontrolling interests | 0 | 0 | |||||||
Redemption of preferred units | 0 | ||||||||
Distributions paid to preferred unitholders | 0 | 0 | |||||||
Distributions paid to common stockholders | 0 | 0 | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | |||||||
Net proceeds from common stock issuance | 0 | ||||||||
Intercompany financing | 139,524 | 328,666 | |||||||
Other | 0 | 0 | |||||||
Net cash flow used in financing activities | 139,524 | 328,666 | |||||||
Effect of exchange rate changes on cash | 0 | 0 | |||||||
Change in cash and cash equivalents | 0 | 0 | |||||||
Cash and cash equivalents at beginning of periods | 0 | 0 | |||||||
Cash and cash equivalents at end of periods | $ 0 | 0 | 0 | 0 | |||||
Total Consolidated [Member] | |||||||||
Guarantor Obligations [Line Items] | |||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | ||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | |||||||||
Net investment in hotels | 1,694,066 | 1,599,791 | |||||||
Hotel development | 48,655 | 297,466 | |||||||
Equity investment in consolidated entities | 0 | 0 | |||||||
Investment in unconsolidated entities | 10,938 | 15,095 | |||||||
Hotels held for sale | 0 | 47,145 | |||||||
Cash and cash equivalents | $ 56,911 | 60,110 | 47,147 | 45,645 | 56,911 | 47,147 | 60,110 | 45,645 | |
Restricted cash | 24,701 | 20,496 | |||||||
Accounts receivable, net | 37,085 | 27,805 | |||||||
Deferred expenses, net | 25,240 | 25,827 | |||||||
Other assets | 16,574 | 23,886 | |||||||
Total assets | 1,914,170 | 2,104,658 | |||||||
Debt, net | 1,418,632 | 1,585,867 | |||||||
Distributions payable | 12,450 | 13,827 | |||||||
Accrued expenses and other liabilities | 132,321 | 135,481 | |||||||
Total liabilities | 1,563,403 | 1,735,175 | |||||||
Redeemable units | 4,323 | 6,616 | |||||||
Preferred units | 309,337 | 478,749 | |||||||
Common units | (15,169) | (175,759) | |||||||
Total FelCor LP partners' capital | 294,168 | 302,990 | |||||||
Noncontrolling interests | 9,090 | 18,435 | |||||||
Preferred capital in consolidated joint venture | 43,186 | 41,442 | |||||||
Total partners’ capital | 346,444 | 362,867 | $ 369,402 | $ 314,230 | |||||
Total liabilities and equity | $ 1,914,170 | $ 2,104,658 | |||||||
Revenues: | |||||||||
Hotel operating revenue | 223,474 | 232,449 | 672,808 | 711,750 | |||||
Percentage lease revenue | 0 | 0 | 0 | 0 | |||||
Other revenue | 1,678 | 1,607 | 7,142 | 3,170 | |||||
Total revenues | 225,152 | 234,056 | 679,950 | 714,920 | |||||
Expenses: | |||||||||
Hotel operating expenses | 143,545 | 151,804 | 434,206 | 468,618 | |||||
Taxes, insurance and lease expense | 12,716 | 19,053 | 43,933 | 69,276 | |||||
Corporate expenses | 4,672 | 6,442 | 19,775 | 21,914 | |||||
Depreciation and amortization | 28,988 | 28,523 | 85,510 | 87,206 | |||||
Impairment loss | 20,861 | 0 | 20,861 | 0 | |||||
Other expenses | 5,807 | 9,746 | 11,446 | 13,874 | |||||
Total operating expenses | 216,589 | 215,568 | 615,731 | 660,888 | |||||
Operating income | 8,563 | 18,488 | 64,219 | 54,032 | |||||
Interest expense, net | (19,602) | (21,922) | (59,361) | (71,644) | |||||
Debt extinguishment | (13) | (4,730) | (30,909) | (4,763) | |||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,184 | 0 | 30,184 | |||||
Gain from remeasurement of unconsolidated entities, net | 0 | 20,733 | 0 | 20,733 | |||||
Other gains, net | 0 | 0 | 166 | 100 | |||||
Income (loss) before equity in income from unconsolidated entities | (11,052) | 42,753 | (25,885) | 28,642 | |||||
Equity in income from consolidated entities | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated entities | 321 | 1,347 | 7,983 | 4,756 | |||||
Income (Loss) from Continuing Operations before Income Tax Expense | (10,731) | 44,100 | (17,902) | 33,398 | |||||
Income tax expense | (1,054) | (78) | (1,392) | (480) | |||||
Income (Loss) from Continuing Operations | (11,785) | 44,022 | (19,294) | 32,918 | |||||
Income (loss) from discontinued operations | 498 | (8) | 419 | 132 | |||||
Income (Loss) before gain (loss) on sale of hotels | (11,287) | 44,014 | (18,875) | 33,050 | |||||
Gain on sale of hotels, net | 3,154 | 29,556 | 19,491 | 50,639 | |||||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 227 | (646) | (4,405) | (830) | |||||
Preferred distributions - consolidated joint venture | (363) | (348) | (1,070) | (870) | |||||
Net income (loss) attributable to reporting entity | (8,269) | 72,576 | (4,859) | 81,989 | |||||
Preferred distributions | 6,279 | 9,678 | 23,860 | 29,034 | |||||
Redemption of preferred units | 0 | 0 | (6,096) | 0 | |||||
Net income (loss) attributable to FelCor LP common unitholders | (14,548) | 62,898 | (34,815) | 52,955 | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | |||||||||
Net income (loss) | (8,133) | 73,570 | 616 | 83,689 | |||||
Foreign currency translation adjustment | 0 | (445) | 0 | (490) | |||||
Reclassification of foreign currency translation to gain | (24,553) | (24,553) | |||||||
Comprehensive income (loss) | (8,133) | 48,572 | 616 | 58,646 | |||||
Comprehensive income/(loss) attributable to noncontrolling interests | 227 | (646) | (4,405) | (830) | |||||
Comprehensive income (loss) attributable to FelCor | (8,269) | 47,578 | (4,859) | 56,946 | |||||
Operating activities: | |||||||||
Cash flows from operating activities | 114,054 | 87,665 | |||||||
Investing activities: | |||||||||
Improvements and additions to hotels | (35,979) | (65,547) | |||||||
Hotel development | (31,599) | (63,381) | |||||||
Net proceeds from asset sales | 190,035 | 119,991 | |||||||
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | |||||||
Insurance proceeds | 274 | 255 | |||||||
Change in restricted cash - investing | (4,204) | 42,964 | |||||||
Distributions from unconsolidated entities | 6,460 | 10,658 | |||||||
Intercompany financing | 0 | 0 | |||||||
Net cash flow provided by investing activities | 124,987 | 48,972 | |||||||
Financing activities: | |||||||||
Proceeds from borrowings | 979,000 | 439,607 | |||||||
Repayment of borrowings | (1,166,693) | (553,867) | |||||||
Payment of deferred financing fees | (14,348) | (3,052) | |||||||
Acquisition of noncontrolling interest | 0 | (5,850) | |||||||
Distributions paid to noncontrolling interests | (16,294) | (8,634) | |||||||
Contributions from noncontrolling interests | 2,544 | 5,508 | |||||||
Redemption of preferred units | (169,986) | 0 | |||||||
Distributions paid to preferred unitholders | (26,125) | (29,034) | |||||||
Distributions paid to common stockholders | (16,498) | (7,453) | |||||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 1,744 | 41,443 | |||||||
Net proceeds from common stock issuance | 198,651 | 0 | |||||||
Intercompany financing | 0 | 0 | |||||||
Other | (1,138) | (788) | |||||||
Net cash flow used in financing activities | (229,143) | (122,120) | |||||||
Effect of exchange rate changes on cash | (134) | (52) | |||||||
Change in cash and cash equivalents | 9,764 | 14,465 | |||||||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | |||||||
Cash and cash equivalents at end of periods | $ 56,911 | $ 60,110 | $ 56,911 | $ 60,110 |