Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FCH | ||
Entity Registrant Name | FelCor Lodging Trust Incorporated | ||
Entity Central Index Key | 923,603 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 139,580,734 | ||
Entity Public Float | $ 1,376,810,762 | ||
FelCor Lodging LP [Member] | |||
Document and Entity Information [Line Items] | |||
Entity Registrant Name | FelCor Lodging LP | ||
Entity Central Index Key | 1,048,789 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $899,575 and $850,687 at December 31, 2015 and 2014, respectively | $ 1,729,531 | $ 1,599,791 |
Hotel development | 0 | 297,466 |
Investment in unconsolidated entities | 9,575 | 15,095 |
Hotels held for sale | 0 | 47,145 |
Cash and cash equivalents | 59,786 | 47,147 |
Restricted cash | 17,702 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $204 and $241 at December 31, 2015 and 2014, respectively | 28,136 | 27,805 |
Deferred expenses, net of accumulated amortization of $8,230 and $17,111 at December 31, 2015 and 2014, respectively | 24,455 | 25,827 |
Other assets | 14,792 | 23,886 |
Total assets | 1,883,977 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,427,954 | 1,585,867 |
Distributions payable | 15,140 | 13,827 |
Accrued expenses and other liabilities | 125,274 | 135,481 |
Total liabilities | $ 1,568,368 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at December 31, 2015 and 2014 | $ 4,464 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 141,808 and 124,605 shares issued and outstanding at December 31, 2015 and 2014, respectively | 1,418 | 1,246 |
Additional paid-in capital | 2,567,515 | 2,353,666 |
Accumulated deficit | (2,618,117) | (2,530,671) |
Total FelCor stockholders’ equity | 260,153 | 302,990 |
Noncontrolling interests in other partnerships | 7,806 | 18,435 |
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 43,186 | 41,442 |
Total equity | 311,145 | 362,867 |
Total liabilities and equity | 1,883,977 | 2,104,658 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $899,575 and $850,687 at December 31, 2015 and 2014, respectively | 1,729,531 | 1,599,791 |
Hotel development | 0 | 297,466 |
Investment in unconsolidated entities | 9,575 | 15,095 |
Hotels held for sale | 0 | 47,145 |
Cash and cash equivalents | 59,786 | 47,147 |
Restricted cash | 17,702 | 20,496 |
Accounts receivable, net of allowance for doubtful accounts of $204 and $241 at December 31, 2015 and 2014, respectively | 28,136 | 27,805 |
Deferred expenses, net of accumulated amortization of $8,230 and $17,111 at December 31, 2015 and 2014, respectively | 24,455 | 25,827 |
Other assets | 14,792 | 23,886 |
Total assets | 1,883,977 | 2,104,658 |
Liabilities and Equity | ||
Debt | 1,427,954 | 1,585,867 |
Distributions payable | 15,140 | 13,827 |
Accrued expenses and other liabilities | 125,274 | 135,481 |
Total liabilities | $ 1,568,368 | $ 1,735,175 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at December 31, 2015 and 2014 | $ 4,464 | $ 6,616 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Accumulated other comprehensive income | 0 | 0 |
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 43,186 | 41,442 |
Total liabilities and equity | 1,883,977 | 2,104,658 |
Preferred units: | ||
Preferred units, contributed capital | 309,337 | 478,749 |
Common units, 141,808 and 124,605 units issued and outstanding at December 31, 2015 and 2014, respectively | (49,184) | (175,759) |
Total FelCor LP partners’ capital | 260,153 | 302,990 |
Noncontrolling interests | 7,806 | 18,435 |
Preferred capital in consolidated joint venture | 43,186 | 41,442 |
Total partners’ capital | 311,145 | 362,867 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at December 31, 2015 and 2014, respectively | ||
Preferred units: | ||
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 units, contributed capital | 0 | 169,412 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at December 31, 2015 and 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Accumulated depreciation | $ 899,575 | $ 850,687 |
Allowance for doubtful accounts | 204 | 241 |
Accumulated amortization of deferred expenses | 8,230 | 17,111 |
Debt discount | $ 0 | $ 0 |
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 (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued and outstanding (in shares) | 141,808,000 | 124,605,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 12,879,000 | 12,879,000 |
Preferred stock, shares outstanding (in shares) | 12,879,000 | 12,879,000 |
Preferred stock, liquidation value | $ 321,987 | $ 321,987 |
Series C Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 68,000 |
Preferred stock, shares outstanding (in shares) | 0 | 68,000 |
Preferred stock, liquidation value | $ 0 | $ 169,950 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 899,575 | 850,687 |
Allowance for doubtful accounts | 204 | 241 |
Accumulated amortization of deferred expenses | 8,230 | 17,111 |
Debt discount | $ 0 | $ 0 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 |
Units of redeemable units issued (in shares) | 611,000 | 611,000 |
Units of redeemable units outstanding (in shares) | 611,000 | 611,000 |
Common units issued and outstanding (in shares) | 141,808,000 | 124,605,000 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A cumulative convertible preferred units issued (in shares) | 12,879,000 | 12,879,000 |
Series A cumulative convertible preferred units outstanding (in shares) | 12,879,000 | 12,879,000 |
FelCor Lodging LP [Member] | Series C Preferred Units [Member] | ||
Series C cumulative redeemable preferred units issued (in shares) | 0 | 68,000 |
Series C cumulative redeemable preferred units outstanding (in shares) | 0 | 68,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Hotel operating revenue | $ 878,371 | $ 917,981 | $ 890,006 |
Other revenue | 7,883 | 3,606 | 3,430 |
Total revenues | 886,254 | 921,587 | 893,436 |
Expenses: | |||
Hotel departmental expenses | 313,141 | 331,876 | 327,081 |
Other property-related costs | 223,546 | 238,170 | 238,115 |
Management and franchise fees | 35,572 | 36,067 | 35,735 |
Taxes, insurance and lease expense | 59,207 | 84,266 | 95,542 |
Corporate expenses | 27,283 | 29,585 | 26,996 |
Depreciation and amortization | 114,452 | 115,819 | 119,624 |
Impairment loss | 20,861 | 0 | 24,441 |
Conversion expenses | 0 | 0 | 1,134 |
Other expenses | 12,479 | 17,952 | 8,749 |
Total operating expenses | 806,541 | 853,735 | 877,417 |
Operating income | 79,713 | 67,852 | 16,019 |
Interest expense, net | (79,118) | (90,695) | (103,787) |
Debt extinguishment | (30,909) | (4,770) | 0 |
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 |
Gain from remeasurement of unconsolidated entities, net | 0 | 20,737 | 0 |
Other gains, net | 166 | 100 | 41 |
Income (loss) before equity in income from unconsolidated entities | (30,148) | 23,400 | (87,727) |
Equity in income from unconsolidated entities | 7,833 | 5,010 | 4,586 |
Income (loss) from continuing operations before income tax expense | (22,315) | 28,410 | (83,141) |
Income tax expense | (1,245) | (660) | (652) |
Income (loss) from continuing operations | (23,560) | 27,750 | (83,793) |
Income (loss) from discontinued operations | 669 | (360) | 18,010 |
Income (loss) before gain on sale of hotels | (22,891) | 27,390 | (65,783) |
Gain on sale of hotels, net | 19,426 | 66,762 | 0 |
Net income (loss) | (3,465) | 94,152 | (65,783) |
Net loss (income) attributable to noncontrolling interests in other partnerships | (4,157) | (697) | 3,782 |
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 194 | (137) | 497 |
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 |
Net income (loss) attributable to reporting entity | (8,865) | 92,099 | (61,504) |
Preferred dividends | (30,138) | (38,712) | (38,713) |
Redemption of preferred stock | (6,096) | 0 | 0 |
Net income (loss) attributable to FelCor common stockholders | $ (45,099) | $ 53,387 | $ (100,217) |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.33) | $ 0.43 | $ (0.95) |
Net income (loss) (in dollars per share) | $ (0.33) | $ 0.43 | $ (0.81) |
Basic weighted average common shares/units outstanding (in shares) | 137,730 | 124,158 | 123,818 |
Diluted weighted average common shares/units outstanding (in shares) | 137,730 | 124,892 | 123,818 |
FelCor Lodging LP [Member] | |||
Revenues: | |||
Hotel operating revenue | $ 878,371 | $ 917,981 | $ 890,006 |
Other revenue | 7,883 | 3,606 | 3,430 |
Total revenues | 886,254 | 921,587 | 893,436 |
Expenses: | |||
Hotel departmental expenses | 313,141 | 331,876 | 327,081 |
Other property-related costs | 223,546 | 238,170 | 238,115 |
Management and franchise fees | 35,572 | 36,067 | 35,735 |
Taxes, insurance and lease expense | 59,207 | 84,266 | 95,542 |
Corporate expenses | 27,283 | 29,585 | 26,996 |
Depreciation and amortization | 114,452 | 115,819 | 119,624 |
Impairment loss | 20,861 | 0 | 24,441 |
Conversion expenses | 0 | 0 | 1,134 |
Other expenses | 12,479 | 17,952 | 8,749 |
Total operating expenses | 806,541 | 853,735 | 877,417 |
Operating income | 79,713 | 67,852 | 16,019 |
Interest expense, net | (79,118) | (90,695) | (103,787) |
Debt extinguishment | (30,909) | (4,770) | 0 |
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 |
Gain from remeasurement of unconsolidated entities, net | 0 | 20,737 | 0 |
Other gains, net | 166 | 100 | 41 |
Income (loss) before equity in income from unconsolidated entities | (30,148) | 23,400 | (87,727) |
Equity in income from unconsolidated entities | 7,833 | 5,010 | 4,586 |
Income (loss) from continuing operations before income tax expense | (22,315) | 28,410 | (83,141) |
Income tax expense | (1,245) | (660) | (652) |
Income (loss) from continuing operations | (23,560) | 27,750 | (83,793) |
Income (loss) from discontinued operations | 669 | (360) | 18,010 |
Income (loss) before gain on sale of hotels | (22,891) | 27,390 | (65,783) |
Gain on sale of hotels, net | 19,426 | 66,762 | 0 |
Net income (loss) | (3,465) | 94,152 | (65,783) |
Net loss (income) attributable to noncontrolling interests in other partnerships | (4,157) | (697) | 3,782 |
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 |
Net income (loss) attributable to reporting entity | (9,059) | 92,236 | (62,001) |
Preferred dividends | (30,138) | (38,712) | (38,713) |
Redemption of preferred stock | (6,096) | 0 | 0 |
Net income (loss) attributable to FelCor LP common unitholders | $ (45,293) | $ 53,524 | $ (100,714) |
Basic and diluted per common share/unit data: | |||
Income (loss) from continuing operations (in dollars per share) | $ (0.33) | $ 0.43 | $ (0.95) |
Net income (loss) (in dollars per share) | $ (0.33) | $ 0.43 | $ (0.81) |
Basic weighted average common shares/units outstanding (in shares) | 138,341 | 124,772 | 124,437 |
Diluted weighted average common shares/units outstanding (in shares) | 138,341 | 125,511 | 124,437 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ (3,465) | $ 94,152 | $ (65,783) |
Foreign currency translation adjustment | 0 | (490) | (1,108) |
Reclassification of foreign currency translation to gain | 0 | (24,448) | 0 |
Comprehensive income (loss) | (3,465) | 69,214 | (66,891) |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | (4,157) | (697) | 3,782 |
Comprehensive loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 194 | (136) | 503 |
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 |
Comprehensive income (loss) attributable to reporting entity | (8,865) | 67,162 | (62,606) |
FelCor Lodging LP [Member] | |||
Net income (loss) | (3,465) | 94,152 | (65,783) |
Foreign currency translation adjustment | 0 | (490) | (1,108) |
Reclassification of foreign currency translation to gain | 0 | (24,553) | 0 |
Comprehensive income (loss) | (3,465) | 69,109 | (66,891) |
Comprehensive loss (income) attributable to noncontrolling interests in other partnerships | (4,157) | (697) | 3,782 |
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 |
Comprehensive income (loss) attributable to reporting entity | $ (9,059) | $ 67,193 | $ (63,109) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) | Total | Dividend per common share | $1.95 per Series A preferred share | $2.00 per Series C depositary preferred share | Preferred Stock | Preferred Stock$2.00 per Series C depositary preferred share | Common Stock [Member] | Additional Paid-in Capital | Additional Paid-in Capital$2.00 per Series C depositary preferred share | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitDividend per common share | Accumulated Deficit$1.95 per Series A preferred share | Accumulated Deficit$2.00 per Series C depositary preferred share | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture | Comprehensive Loss |
Shares, Issued - beginning balance at Dec. 31, 2012 | 12,948,000 | 124,117,000 | |||||||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2012 | $ 422,019,000 | $ 478,774,000 | $ 1,241,000 | $ 2,353,581,000 | $ 26,039,000 | $ (2,464,968,000) | $ 27,352,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||
Issuance of stock awards - shares | 15,000 | ||||||||||||||||
Issuance of stock awards - value | 0 | $ 0 | 0 | ||||||||||||||
Stock awards - amortization | 3,387,000 | 3,387,000 | |||||||||||||||
Forfeiture of stock awards - shares | (85,000) | ||||||||||||||||
Forfeiture of stock awards - value | (664,000) | $ (1,000) | 0 | (663,000) | |||||||||||||
Redemption of preferred stock | $ 0 | ||||||||||||||||
Conversion of operating partnership units into common shares - shares | 3,839 | 4,000 | |||||||||||||||
Conversion of operating partnership units into common shares - value | $ 23,000 | 23,000 | |||||||||||||||
Allocation to redeemable noncontrolling interests | (2,663,000) | (2,663,000) | |||||||||||||||
Contributions from noncontrolling interests | 3,990,000 | 3,990,000 | |||||||||||||||
Distribution to noncontrolling interests | (4,259,000) | (4,259,000) | |||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2013 | 12,948,000 | 124,051,000 | |||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2013 | 314,230,000 | $ 478,774,000 | $ 1,240,000 | 2,354,328,000 | 24,937,000 | (2,568,350,000) | 23,301,000 | ||||||||||
Dividends declared: | |||||||||||||||||
Dividends, Common Stock | $ (2,502,000) | $ (2,502,000) | |||||||||||||||
Dividends, Preferred Stock | $ (25,117,000) | $ (13,596,000) | $ (25,117,000) | $ (13,596,000) | |||||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||
Foreign exchange translation | (1,102,000) | $ (1,102,000) | |||||||||||||||
Net income (loss) | (61,504,000) | (3,782,000) | (65,286,000) | ||||||||||||||
Comprehensive income (loss) | (66,388,000) | (66,388,000) | |||||||||||||||
Conversion of Preferred Stock, Shares Issued upon Conversion | (1,000) | ||||||||||||||||
Conversion of Preferred Stock, Amount Converted | 0 | $ (25,000) | 25,000 | ||||||||||||||
Issuance of stock awards - shares | 864,000 | ||||||||||||||||
Issuance of stock awards - value | 0 | $ 9,000 | (9,000) | ||||||||||||||
Stock awards - amortization and severance | 4,319,000 | 4,319,000 | |||||||||||||||
Forfeiture of stock awards - shares | (316,000) | ||||||||||||||||
Forfeiture of stock awards - value | (3,117,000) | $ (3,000) | 0 | (3,114,000) | |||||||||||||
Redemption of preferred stock | $ 0 | ||||||||||||||||
Conversion of operating partnership units into common shares - shares | 6,080 | 6,000 | |||||||||||||||
Conversion of operating partnership units into common shares - value | $ 55,700 | 56,000 | |||||||||||||||
Allocation to redeemable noncontrolling interests | (1,545,000) | (1,545,000) | |||||||||||||||
Contributions from noncontrolling interests | 6,375,000 | 6,375,000 | |||||||||||||||
Distribution to noncontrolling interests | (9,596,000) | (9,596,000) | |||||||||||||||
Acquisition of noncontrolling interest | (5,850,000) | (3,508,000) | (2,342,000) | ||||||||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442,000 | $ 41,442,000 | |||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2014 | 12,947,000 | 124,605,000 | |||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2014 | 362,867,000 | $ 478,749,000 | $ 1,246,000 | 2,353,666,000 | 0 | (2,530,671,000) | 18,435,000 | 41,442,000 | |||||||||
Dividends declared: | |||||||||||||||||
Dividends, Common Stock | (12,594,000) | (12,594,000) | |||||||||||||||
Dividends, Preferred Stock | (1,219,000) | (25,116,000) | (13,596,000) | (25,116,000) | (13,596,000) | (1,219,000) | |||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||
Foreign exchange translation | (489,000) | (489,000) | |||||||||||||||
Reclassification of foreign currency translation to gain | (24,448,000) | (24,448,000) | |||||||||||||||
Net income (loss) | 92,099,000 | 697,000 | 1,219,000 | 94,015,000 | |||||||||||||
Comprehensive income (loss) | 69,078,000 | 69,078,000 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,400,000 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | 198,648,000 | $ 184,000 | 198,464,000 | ||||||||||||||
Issuance of stock awards - shares | 1,050,000 | ||||||||||||||||
Issuance of stock awards - value | 738,000 | $ 11,000 | 727,000 | ||||||||||||||
Stock Repurchased During Period, Shares | (1,971,000) | ||||||||||||||||
Stock Repurchased During Period, Value | (14,362,000) | $ (20,000) | (14,342,000) | ||||||||||||||
Stock awards - amortization and severance | 7,271,000 | 7,271,000 | |||||||||||||||
Forfeiture of stock awards - shares | (276,000) | ||||||||||||||||
Forfeiture of stock awards - value | (2,054,000) | $ (3,000) | 0 | (2,051,000) | |||||||||||||
Redemption of Preferred Stock, Shares | 68,000 | ||||||||||||||||
Redemption of preferred stock | (6,096,000) | (169,986,000) | $ (169,412,000) | $ 5,522,000 | (6,096,000) | ||||||||||||
Conversion of operating partnership units into common shares - value | 0 | ||||||||||||||||
Allocation to redeemable noncontrolling interests | 1,865,000 | 1,865,000 | |||||||||||||||
Contributions from noncontrolling interests | 2,809,000 | 2,809,000 | |||||||||||||||
Distribution to noncontrolling interests | (17,595,000) | (17,595,000) | |||||||||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 1,744,000 | 1,744,000 | |||||||||||||||
Shares, Issued - ending balance at Dec. 31, 2015 | 12,879,000 | 141,808,000 | |||||||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2015 | 311,145,000 | $ 309,337,000 | $ 1,418,000 | $ 2,567,515,000 | $ 0 | (2,618,117,000) | 7,806,000 | 43,186,000 | |||||||||
Dividends declared: | |||||||||||||||||
Dividends, Common Stock | $ (25,954,000) | $ (25,954,000) | |||||||||||||||
Dividends, Preferred Stock | (1,437,000) | $ (25,115,000) | $ (5,023,000) | $ (25,115,000) | $ (5,023,000) | (1,437,000) | |||||||||||
Comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships): | |||||||||||||||||
Net income (loss) | $ (8,865,000) | $ 4,157,000 | $ 1,437,000 | (3,271,000) | |||||||||||||
Comprehensive income (loss) | $ (3,271,000) | $ (3,271,000) |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.10 | $ 0.02 |
Series A Preferred Stock [Member] | |||
Preferred dividends (in dollars per share) | 1.95 | 1.95 | 1.95 |
Series C Preferred Stock [Member] | |||
Preferred dividends (in dollars per share) | $ 1 | $ 2 | $ 2 |
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 (Loss) | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member]Comprehensive Loss | 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, 2012 | $ 422,019 | $ 478,774 | $ (110,258) | $ 26,151 | $ 27,352 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||
FelCor restricted stock compensation | 2,723 | 2,723 | |||||||||
Redemption of preferred stock | $ 0 | 0 | |||||||||
Contributions | 3,990 | 3,990 | |||||||||
Distributions | (45,474) | (41,215) | (4,259) | ||||||||
Allocation to redeemable units | (2,137) | (2,137) | |||||||||
Partners' Capital, Ending Balance at Dec. 31, 2013 | 314,230 | $ 478,774 | (212,888) | 25,043 | 23,301 | ||||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | (1,108) | (1,108) | (1,108) | $ (1,108) | |||||||
Net income (loss) | (65,783) | (65,783) | (62,001) | (3,782) | (65,783) | ||||||
Comprehensive income (loss) | (66,891) | (66,891) | (66,891) | ||||||||
Conversion of Stock, Shares Converted | (25) | ||||||||||
Conversion of Preferred Stock, Amount Converted | 0 | 25 | |||||||||
FelCor restricted stock compensation | 1,202 | 1,202 | |||||||||
Redemption of preferred stock | 0 | 0 | |||||||||
Contributions | 6,375 | 6,375 | |||||||||
Distributions | (62,121) | (51,306) | (9,596) | $ (1,219) | |||||||
Allocation to redeemable units | (1,520) | (1,520) | |||||||||
Acquisition of noncontrolling interest | (5,850) | (5,850) | (3,508) | (2,342) | |||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 41,442 | 41,442 | 41,442 | ||||||||
Partners' Capital, Ending Balance at Dec. 31, 2014 | 362,867 | $ 478,749 | (175,759) | 0 | 18,435 | 41,442 | |||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | (490) | (490) | (490) | (490) | |||||||
Reclassification of foreign currency translation to gain | (24,553) | (24,553) | |||||||||
Net income (loss) | 94,152 | 94,152 | 92,236 | 697 | 1,219 | 94,152 | |||||
Comprehensive income (loss) | 69,214 | 69,109 | 69,109 | ||||||||
Stock Issued During Period, Value, New Issues | 198,648 | 198,648 | |||||||||
FelCor restricted stock compensation | 5,955 | 5,955 | |||||||||
Repurchase of common units | (14,362) | (14,362) | |||||||||
Redemption of preferred stock | (6,096) | (6,096) | $ (169,986) | $ (169,412) | $ (574) | ||||||
Contributions | 2,809 | 2,809 | |||||||||
Distributions | (75,217) | (56,185) | (17,595) | (1,437) | |||||||
Allocation to redeemable units | 2,152 | 2,152 | |||||||||
Issuance of Preferred Equity in Consolidated Joint Venture | 1,744 | 1,744 | 1,744 | ||||||||
Partners' Capital, Ending Balance at Dec. 31, 2015 | 311,145 | $ 309,337 | (49,184) | $ 0 | 7,806 | 43,186 | |||||
Comprehensive Income (loss): | |||||||||||
Foreign exchange translation | 0 | 0 | |||||||||
Net income (loss) | (3,465) | (3,465) | $ (9,059) | $ 4,157 | $ 1,437 | (3,465) | |||||
Comprehensive income (loss) | $ (3,465) | $ (3,465) | $ (3,465) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (3,465) | $ 94,152 | $ (65,783) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 114,452 | 115,819 | 124,547 |
Gain on sale of hotels and other assets, net | (20,250) | (66,760) | (19,548) |
Gain on sale of investment in unconsolidated entities, net | 0 | (30,176) | 0 |
Gain from remeasurement of unconsolidated entities, net | 0 | (20,737) | 0 |
Amortization of deferred financing fees and debt discount | 5,425 | 9,558 | 11,082 |
Amortization of fixed stock and directors’ compensation | 7,121 | 6,122 | 5,869 |
Equity based severance | 1,352 | 0 | 1,051 |
Equity in income from unconsolidated entities | (7,833) | (5,010) | (4,586) |
Distributions of income from unconsolidated entities | 6,051 | 4,128 | 4,440 |
Debt extinguishment | 30,909 | 5,015 | 0 |
Impairment loss | 20,861 | 0 | 28,795 |
Changes in assets and liabilities: | |||
Accounts receivable | (2,998) | 4,875 | (10,858) |
Other assets | 3,194 | (6,975) | (6,061) |
Accrued expenses and other liabilities | (10,210) | (5,193) | (487) |
Net cash flow provided by operating activities | 144,609 | 104,818 | 68,461 |
Cash flows from investing activities: | |||
Improvements and additions to hotels | (48,436) | (83,664) | (101,357) |
Hotel development | (33,525) | (86,565) | (60,553) |
Net proceeds from asset sales | 187,949 | 163,618 | 98,820 |
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | 0 |
Change in restricted cash - investing | 2,794 | 56,731 | 700 |
Insurance proceeds | 477 | 521 | 238 |
Distributions from unconsolidated entities in excess of earnings | 7,317 | 12,828 | 9,784 |
Contributions to unconsolidated entities | (15) | (7) | (1,500) |
Net cash flow provided by (used in) investing activities | 116,561 | 67,494 | (53,868) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 1,025,438 | 473,062 | 164,000 |
Repayment of borrowings | (1,203,809) | (623,106) | (136,902) |
Payment of deferred financing costs | (14,952) | (3,215) | (2,744) |
Acquisition of noncontrolling interest | 0 | (5,850) | 0 |
Distributions paid to noncontrolling interests | (17,595) | (9,596) | (4,259) |
Contributions from noncontrolling interests | 2,809 | 6,375 | 3,990 |
Distributions paid to FelCor LP limited partners | (93) | (42) | 0 |
Distributions paid to preferred stockholders | (32,404) | (38,712) | (38,713) |
Redemption of preferred stock | (169,986) | 0 | 0 |
Repurchase of common stock | (14,362) | 0 | 0 |
Preferred distributions - consolidated joint venture | (1,431) | (1,102) | 0 |
Distributions paid to common stockholders | (22,385) | (9,981) | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,442 | 0 |
Net proceeds from common stock issuance | 198,648 | 0 | 0 |
Net cash flow used in financing activities | (248,378) | (170,725) | (14,628) |
Effect of exchange rate changes on cash | (153) | (85) | (65) |
Net change in cash and cash equivalents | 12,639 | 1,502 | (100) |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | 45,745 |
Cash and cash equivalents at end of periods | 59,786 | 47,147 | 45,645 |
Supplemental cash flow information — interest paid, net of capitalized interest | 74,585 | 86,734 | 84,839 |
Income Taxes Paid | 1,187 | 660 | 652 |
FelCor Lodging LP [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (3,465) | 94,152 | (65,783) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 114,452 | 115,819 | 124,547 |
Gain on sale of hotels and other assets, net | (20,250) | (66,760) | (19,548) |
Gain on sale of investment in unconsolidated entities, net | 0 | (30,176) | 0 |
Gain from remeasurement of unconsolidated entities, net | 0 | (20,737) | 0 |
Other gains, net | (41) | ||
Amortization of deferred financing fees and debt discount | 5,425 | 9,558 | 11,082 |
Amortization of fixed stock and directors’ compensation | 7,121 | 6,122 | 5,869 |
Equity based severance | 1,352 | 0 | 1,051 |
Equity in income from unconsolidated entities | (7,833) | (5,010) | (4,586) |
Distributions of income from unconsolidated entities | 6,051 | 4,128 | 4,440 |
Debt extinguishment | 30,909 | 5,015 | 0 |
Impairment loss | 20,861 | 0 | 28,795 |
Changes in assets and liabilities: | |||
Accounts receivable | (2,998) | 4,875 | (10,858) |
Other assets | 3,194 | (6,975) | (6,061) |
Accrued expenses and other liabilities | (10,210) | (5,193) | (487) |
Net cash flow provided by operating activities | 144,609 | 104,818 | 68,461 |
Cash flows from investing activities: | |||
Improvements and additions to hotels | (48,436) | (83,664) | (101,357) |
Hotel development | (33,525) | (86,565) | (60,553) |
Net proceeds from asset sales | 187,949 | 163,618 | 98,820 |
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | 0 |
Change in restricted cash - investing | 2,794 | 56,731 | 700 |
Insurance proceeds | 477 | 521 | 238 |
Distributions from unconsolidated entities in excess of earnings | 7,317 | 12,828 | 9,784 |
Contributions to unconsolidated entities | (15) | (7) | (1,500) |
Net cash flow provided by (used in) investing activities | 116,561 | 67,494 | (53,868) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 1,025,438 | 473,062 | 164,000 |
Repayment of borrowings | (1,203,809) | (623,106) | (136,902) |
Payment of deferred financing costs | (14,952) | (3,215) | (2,744) |
Acquisition of noncontrolling interest | 0 | (5,850) | 0 |
Distributions paid to noncontrolling interests | (17,595) | (9,596) | (4,259) |
Contributions from noncontrolling interests | 2,809 | 6,375 | 3,990 |
Distributions paid to FelCor LP limited partners | (93) | (42) | 0 |
Distributions paid to preferred stockholders | (32,404) | (38,712) | (38,713) |
Redemption of preferred stock | (169,986) | 0 | 0 |
Repurchase of common stock | (14,362) | 0 | 0 |
Preferred distributions - consolidated joint venture | (1,431) | (1,102) | 0 |
Distributions paid to common stockholders | (22,385) | (9,981) | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,442 | 0 |
Net proceeds from common unit issuance | 198,648 | 0 | 0 |
Net cash flow used in financing activities | (248,378) | (170,725) | (14,628) |
Effect of exchange rate changes on cash | (153) | (85) | (65) |
Net change in cash and cash equivalents | 12,639 | 1,502 | (100) |
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | 45,745 |
Cash and cash equivalents at end of periods | 59,786 | 47,147 | 45,645 |
Supplemental cash flow information — interest paid, net of capitalized interest | 74,585 | 86,734 | 84,839 |
Income Taxes Paid | $ 1,187 | $ 660 | $ 652 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 December 31, 2015 . At December 31, 2015 , we had an aggregate of 142,419,283 shares and units outstanding, consisting of 141,807,821 shares of FelCor common stock and 611,462 units of FelCor LP units not owned by FelCor. Of our 41 hotels as of December 31, 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 we transferred $329.8 million of development into investment in hotels through December 31, 2015. We had no remaining costs in hotel development as of December 31, 2015. 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 interest in these hotels). The following table illustrates the distribution of our 40 Consolidated Hotels at December 31, 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 Suites 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 December 31, 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 in 2015 . At December 31, 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 & 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. 2. Summary of Significant Accounting Policies — (continued) Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: • Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity ( i.e., a distribution of earnings); and • Cash distributions in excess of aggregate historical earnings are recorded as an investing activity ( i.e., a distribution of contributed capital). Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. Generally, we consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. 2. Summary of Significant Accounting Policies — (continued) Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. Taxes, insurance and lease expense — For the year ended December 31, 2015, taxes, insurance and lease expense includes an out-of-period adjustment of $1.6 million related to straight-line lease expense from prior years for a ground lease associated with one of our consolidated hotels. The $1.6 million adjustment represents the cumulative additional rent that should have been recognized in prior years on a straight-line basis, with the credit being included in accrued expenses and other liabilities on the consolidated balance sheet. Management has evaluated the impact to all previously reported periods and concluded all previously issued financial statements are not materially misstated, nor is the impact of the adjustment material to the three-months or the year ended December 31, 2015. Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments have been reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013 . In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs were capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2015 , 2014 and 2013 , were $13.3 million , $25.9 million and $23.6 million , respectively. Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). 2. Summary of Significant Accounting Policies — (continued) We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash ( i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. Segment Information — We have determined that our business is conducted in one operating segment. Distributions and Dividends — FelCor declared aggregate common dividends of $0.18 , $0.10 and $0.02 per share in 2015, 2014 and 2013, respectively. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s 2. Summary of Significant Accounting Policies — (continued) common stock or, at our option, the cash equivalent thereof. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. 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 February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt ASU 2015-02 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures. 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. In February 2016, the FASB issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as we have certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. |
Investment in Hotels
Investment in Hotels | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotels | Investment in Hotels Investment in hotels consisted of the following (in thousands): December 31, 2015 2014 Building and improvements $ 1,859,100 $ 1,764,871 Furniture, fixtures and equipment 449,437 431,851 Land 294,384 232,141 Construction in progress 26,185 21,615 2,629,106 2,450,478 Accumulated depreciation - Building and improvements (697,386 ) (661,758 ) Accumulated depreciation - Furniture, fixtures and equipment (202,189 ) (188,929 ) $ 1,729,531 $ 1,599,791 In 2015 , we retired fully depreciated furniture, fixtures and equipment aggregating approximately $41.9 million and fully depreciated assets for building and improvements aggregating approximately $9.6 million . We invested $48.4 million and $83.7 million in additions and improvements to our Consolidated Hotels during the years ended December 31, 2015 and 2014 , respectively. |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital | 12 Months Ended |
Dec. 31, 2015 | |
Hotel Development [Abstract] | |
Hotel Development | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that developed The Knickerbocker raised $45 million through the sale of redeemable preferred equity/capital 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 year ended December 31, 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 funds borrowed under our line of credit (which were used to fund the redevelopment). |
Impairment Charges
Impairment Charges | 12 Months Ended |
Dec. 31, 2015 | |
Impairment Charges [Abstract] | |
Impairment Charges | Impairment Charges Our hotels are comprised of operations and cash flows that can clearly be distinguished, operationally and for financial reporting purposes, from the remainder of our operations. Accordingly, we consider our hotels to be components for purposes of determining impairment charges. 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. As part of our long-term strategic plan to enhance stockholder value and achieve or exceed targeted returns on invested capital, we sell and acquire hotels to improve our overall portfolio quality, enhance diversification and improve growth rates. In that regard, we regularly review each hotel in our portfolio in terms of projected performances, future capital expenditure requirements and market dynamics and concentration risk. Based on this analysis, we may establish a plan to sell our interests in certain hotels (some of which are owned by unconsolidated joint ventures) that no longer meet our investment criteria. As a consequence, we would shorten our estimated hold periods for those hotels and test the consolidated hotels for impairment when they are approved as non-strategic hotels. When the hotels owned by unconsolidated joint ventures are designated by those ventures as non-strategic, the joint ventures will test for impairment based on the reduced estimated hold periods. In 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 5 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 December 31, 2015. Generally, we consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. In 2013 , we recorded a $28.8 million impairment charge ( $24.4 million related to two hotels included in continuing operations and $4.4 million related to two hotels included in discontinued operations). The $4.4 million impairment charge was primarily based on third-party offers to purchase (a Level 2 input under authoritative guidance for fair value measurements) at prices below our previously estimated fair market values for those properties. These are hotels we had identified as sale candidates in prior years, reducing their estimated hold period at that time. The $24.4 million impairment charge related to two hotels identified as no longer meeting our investment criteria, thereby significantly reducing their respective estimated hold periods, resulting in impairments on both hotels. Impairment charges related to these two hotels were determined using Level 3 inputs, as follows: • with respect to one hotel, we used a discounted cash flow analysis with an estimated stabilized growth rate of 3.0% , a discounted cash flow term of five years , a terminal capitalization rate of 8.0% , and a discount rate of 10.0% ; and 5. Impairment Charges— (continued) • with respect to the other hotel, we used information based on EBITDA multiples ranging from 10 to 12 times. We may record additional impairment charges if operating results of individual hotels are materially different from our forecasts, the economy and lodging industry weakens, or we shorten our contemplated holding period for additional hotels. |
Conversion Expenses
Conversion Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Conversion Expenses [Abstract] | |
Conversion Expenses | Conversion Expenses In March 2013, we converted eight hotels to Wyndham brands and management. The expenses incurred related to converting these hotels were classified as conversion expenses in the accompanying statements of operations. Expenses for the year ended December 31, 2012 included $30.7 million of accrued IHG termination fees, which were paid in 2013, while $1.1 million was incurred in 2013 for additional costs related to the conversion to the Wyndham brand. |
Hotel Dispositions
Hotel Dispositions | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2015 , we sold eight hotels. In 2014 , we sold eight hotels, one of which was previously held for sale at December 31, 2013, and disposed of five unconsolidated hotels when we unwound our joint ventures as discussed in Note 8. At December 31, 2014 , we had two hotels held for sale, both of which subsequently sold. We designate a hotel as held for sale when the sale is probable within the next 12 months. Generally, we consider a sale to be probable when a buyer completes its due diligence review, we have an executed contract for sale and we have received a substantial non-refundable deposit. Excluding the hotel held for sale at December 31, 2013, w e included operations for the sold hotels, and those hotels designated as held for sale at December 31, 2014, in income (loss) from continuing operations as shown in the statements of operations for the years ended December 31, 2015 , 2014 and 2013 , as disposition of these hotels does not represent a strategic shift in our business. 7. Hotel Dispositions — (continued) The following table includes 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 year ended December 31, 2015 included in continuing operations (in thousands): Year Ended December 31, 2015 2014 2013 Hotel operating revenue $ 32,150 $ 157,109 $ 201,533 Operating expenses (a) (25,971 ) (148,915 ) (224,744 ) Operating income (loss) 6,179 8,194 (23,211 ) Interest expense, net (1,031 ) (2,475 ) (3,390 ) Debt extinguishment (309 ) (932 ) — Gain on sale of investment in unconsolidated entities, net — 30,176 — Other gains, net — — 42 Equity in income from unconsolidated entities 7,111 3,294 3,037 Income (loss) from continuing operations 11,950 38,257 (23,522 ) Gain on sale of hotels, net (b) 19,426 66,762 — Net income (loss) 31,376 105,019 (23,522 ) Net loss (income) attributable to noncontrolling interests in other partnerships (5,166 ) (977 ) 4,555 Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP (110 ) (382 ) 93 Net income (loss) attributable to FelCor $ 26,100 $ 103,660 $ (18,874 ) (a) Operating expenses include impairment charges of $24.4 million for the year ended December 31, 2013 . (b) 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 2014, which substantially liquidated all of our foreign investments. Discontinued operations include the results of operations for one hotel sold in 2014 (which was held for sale at December 31, 2013 ) and five hotels sold in 2013 . The following table summarizes the condensed financial information for those hotels (in thousands): Year Ended December 31, 2015 2014 2013 Hotel operating revenue $ — $ 730 $ 33,849 Operating expenses (a) 11 (677 ) (34,553 ) Operating income (loss) from discontinued operations 11 53 (704 ) Interest expense, net — (66 ) (793 ) Debt extinguishment — (245 ) — Gain on involuntary conversion — — 66 Gain (loss) on sale, net 658 (102 ) 19,441 Income (loss) from discontinued operations $ 669 $ (360 ) $ 18,010 (a) Operating expenses in discontinued operations include impairment charges of $4.4 million for the year ended December 31, 2013 . |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At December 31, 2015 and 2014, we owned 50% interests in joint ventures that owned two hotels 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. 9. Investment in Unconsolidated Entities — (continued) The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 23,047 $ 30,288 Total assets $ 29,336 $ 45,374 Debt $ 22,866 $ 34,192 Total liabilities $ 24,844 $ 36,974 Equity $ 4,492 $ 8,400 Our unconsolidated entities’ debt at December 31, 2015 and 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. In September 2014, one of our other unconsolidated joint ventures refinanced its debt with a new $23.5 million loan maturing in October 2024. 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): Year Ended December 31, 2015 2014 2013 Total revenues $ 32,591 $ 59,453 $ 70,697 Net income $ 22,799 $ 12,561 $ 12,892 Net income attributable to FelCor $ 11,400 $ 6,281 $ 6,446 Cost in excess of joint venture book value of sold hotel $ (3,140 ) $ — $ — Depreciation of cost in excess of book value $ (427 ) $ (1,271 ) $ (1,860 ) Equity in income from unconsolidated entities $ 7,833 $ 5,010 $ 4,586 The following table summarizes the components of our investment in unconsolidated entities (in thousands): December 31, 2015 2014 Equity basis of hotel joint venture investments $ (4,216 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,329 10,895 Equity basis of land and condominium joint venture investments 6,462 7,465 Investment in unconsolidated entities $ 9,575 $ 15,095 The following table summarizes the components of our equity in income from unconsolidated entities (in thousands): Year Ended December 31, 2015 2014 2013 Hotel investments $ 8,535 $ 5,784 $ 5,270 Other investments (702 ) (774 ) (684 ) Equity in income from unconsolidated entities $ 7,833 $ 5,010 $ 4,586 |
Joint Venture Transaction (Note
Joint Venture Transaction (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Joint Venture Transaction [Abstract] | |
Joint Venture Transaction | Joint Venture Transaction In July 2014, we unwound unconsolidated joint ventures in which we held 50% interests that collectively owned 10 hotels. As a consequence 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. Our joint ventures had an outstanding loan that was secured by eight of these hotels and was bifurcated when the joint ventures were unwound. That loan bore interest at one-month LIBOR plus 3% , matured in March 2017 and was freely pre-payable in whole or in part. Subsequent to the unwinding of the joint ventures, we were only liable for our $64 million share of the bifurcated non-recourse loan, which was secured by mortgages on four of the five former joint venture hotels that we wholly-owned. In 2015, this loan was repaid in connection with the sale of three of the four hotels securing the loan. The remaining hotel was sold later in the year. As a result of these transactions, we recorded the following in 2014: • A $20.7 million gain on the remeasurement of the fair value of the five previously unconsolidated hotels, which we 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); and • 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% 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. 8. Joint Venture Transaction — (continued) The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity ( i.e. , a business combination) through this, primarily non-cash, transaction (in thousands): Assets Investment in hotels $ 130,100 Other assets 1,300 Deferred expenses 259 Total assets acquired $ 131,659 Liabilities Debt $ 64,000 Net assets acquired $ 67,659 The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for buildings and furniture, fixtures, and equipment). The sales comparison approach used inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach used inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age and the square footage of the respective buildings. The fair value of the debt was based on the estimated principal amount of debt having the same debt service requirements that could have been borrowed on the transaction date, at then current market interest rates. The non-cash transaction also resulted in a $19.9 million reduction in our investment in unconsolidated entities. The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. Year Ended December 31, 2014 2013 Net income (loss) $ 94,869 $ (65,670 ) Income (loss) per share/unit - basic $ 0.43 $ (0.82 ) Income (loss) per share/unit - diluted $ 0.43 $ (0.82 ) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (in thousands): Encumbered Interest Maturity 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 122,237 124,278 Mortgage debt 1 4.94 October 2022 30,717 31,228 Line of credit (b) 7 LIBOR + 2.75 June 2019 190,000 — Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 64,861 Retired debt — — — — 840,500 Total 22 $ 1,427,954 $ 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, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit. (c) This loan can be extended for one year, subject to satisfying certain conditions A t December 31, 2014, $6.3 million of this loan was secured by cash collateral with an interest rate of LIBOR + 1.25% . 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 unused commitment fee decreased 5 basis points to 35 basis points. 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. 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. 10. Debt — (continued) During 2015, we increased our borrowings under our loan secured by The Knickerbocker from $64.9 million to the $85.0 million commitment. Also, in November 2015, we amended our Knickerbocker loan to lower the interest rate to LIBOR plus 300 basis points and extend the maturity to November 2018, subject to satisfying certain conditions. In January 2014, we repaid a $10.9 million secured loan, otherwise maturing in July 2014, when we sold a hotel. In March 2014, we repaid a $17.1 million loan, secured by a hotel, otherwise maturing in June 2014. We incurred $251,000 of debt extinguishment costs in connection with repaying these loans. In April 2014, we repaid two loans totaling $15.6 million , each secured by a hotel, otherwise maturing in July 2014. In May 2014, we repaid an additional $19.2 million loan, secured by a hotel, otherwise maturing in August 2014. In July 2014, we obtained a $140 million term loan secured by three hotels. The loan bore interest at LIBOR (no floor) plus 2.5% and was repaid in June 2015. In August 2014, we used proceeds from the July 2014 term loan, cash on hand and borrowings under our line of credit to repay the remaining $234 million of our 10% senior secured notes. These notes, which would have matured October 2014, were secured by 11 properties. We incurred $3.8 million of debt extinguishment costs in connection with repaying these notes. In September 2014, we repaid a $9.6 million secured loan, otherwise maturing in July 2016, when we sold a hotel. We incurred $914,000 of debt extinguishment costs in connection with repaying this loan. Our senior notes, which are guaranteed by FelCor, require that we satisfy total leverage, secured leverage and interest coverage tests in order to: (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. We currently exceed all minimum thresholds. In addition, our 5.625% senior notes are secured by a combination of first lien mortgages and related security interests on nine hotels, as well as pledges of equity interests in certain subsidiaries of FelCor LP, and the 6.00% senior unsecured notes require us to maintain at least a minimum amount of unencumbered assets. At December 31, 2015 , we had consolidated secured debt totaling $953.0 million , encumbering 22 of our consolidated hotels with a $1.1 billion aggregate net book value. Except for our 5.625% senior secured notes due 2023 and our line of credit, our secured debt is generally recourse solely to the specific hotels securing the debt, except in case of fraud, misapplication of funds and certain other customary limited recourse carve-out provisions that could extend recourse to us. Much of our secured debt allows us to substitute collateral under certain conditions and is freely prepayable, (subject in some instances to various prepayment, yield maintenance or defeasance obligations). Most of our secured debt (other than our 5.625% senior secured notes and our line of credit) is subject to lock-box arrangements under certain circumstances. We are permitted to spend an amount required to cover our hotel operating expenses, taxes, debt service, insurance and capital expenditure reserves, even if revenues are flowing through a lock-box triggered by a specified debt service coverage ratio not being met. All of our consolidated loans subject to lock-box provisions currently exceed the applicable minimum debt service coverage ratios. 10. Debt — (continued) We reported $79.1 million , $90.7 million , and $103.8 million of interest expense for the years ended December 31, 2015 , 2014 , and 2013 , respectively, which is net of: (i) interest income of $24,000 , $48,000 , and $78,000 , and (ii) capitalized interest of $6.0 million , $16.3 million , and $12.8 million , respectively. To fulfill requirements under one of our loans, we entered into an interest rate cap agreement with an aggregate notional amount of $140 million at December 31, 2015 and 2014. This interest rate cap was not designated as a hedge and had an insignificant fair value at December 31, 2015 and 2014, resulting in no significant impact on earnings. Future scheduled principal payments on debt obligations at December 31, 2015 are as follows (in thousands): Year 2016 $ 2,488 2017 87,810 2018 2,954 2019 193,106 2020 3,245 Thereafter 1,138,351 $ 1,427,954 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our 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 December 31, 2015 and 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 $438.8 million and $548.2 million at December 31, 2015 and 2014 , respectively. The estimated fair value of all our debt was $1.5 billion and $1.6 billion at December 31, 2015 and 2014 , respectively. The carrying value of our debt was $1.4 billion and $1.6 billion at December 31, 2015 and 2014 , respectively. Disclosures about fair value of financial instruments are based on pertinent information available to management as of December 31, 2015 and 2014 . Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes FelCor LP is a partnership for federal income tax purposes, and is not subject to federal income tax. However, under its partnership agreement, it is required to reimburse FelCor for any tax payments they are required to make. Accordingly, the tax information herein represents disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally is not subject to federal income taxation at the corporate level on taxable income that is distributed to its stockholders. FelCor may, however, be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotels are subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposes restrictions on the ownership and transfer of shares of its common stock. FelCor LP expects to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles our TRSs’ GAAP net income (loss) to federal taxable income (in thousands): Year Ended December 31, 2015 2014 2013 GAAP consolidated net income (loss) attributable to FelCor LP $ (9,059 ) $ 92,236 $ (62,001 ) Loss (income) allocated to FelCor LP unitholders 194 (137 ) 497 GAAP consolidated net income (loss) attributable to FelCor (8,865 ) 92,099 (61,504 ) GAAP net loss (income) from REIT operations 21,838 (68,796 ) 62,513 GAAP net income (loss) of taxable subsidiaries 12,973 23,303 1,009 Taxes related to joint venture transaction — 5,761 — Gain/loss differences from dispositions (872 ) — — Depreciation and amortization (a) (1,877 ) (461 ) 1,646 Employee benefits not deductible for tax (588 ) (101 ) 3,914 Management fee recognition (107 ) (1,151 ) (1,245 ) Cancellation of debt — (3,188 ) — Capitalized TRS start-up costs — 11,859 4,981 Other book/tax differences 3,827 181 2,754 Federal tax income of taxable subsidiaries before utilization of net operating losses 13,356 36,203 13,059 Utilization of net operating loss (13,356 ) (36,203 ) (13,059 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (a) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. 12. Income Taxes — (continued) Included in our consolidated statement of operations are $1.2 million , $660,000 and $652,000 related to current state income taxes for the years ended December 31, 2015, 2014 and 2013, respectively. State income taxes in 2014 and 2013 have been reclassified from taxes, insurance and lease expense to conform to the 2015 presentation of a separate line for income tax expense on our consolidated statement of operations. Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2015 2014 Accumulated net operating losses of TRSs $ 98,367 $ 107,027 Tax property basis compared to book (4,518 ) 952 Accrued employee benefits not deductible for tax 4,889 3,883 Management fee recognition — 81 Historic tax credits (a) 25,375 — Capitalized TRS start-up costs — 6,399 Other 109 1,261 Gross deferred tax asset 124,222 119,603 Valuation allowance (124,222 ) (119,603 ) Deferred tax asset after valuation allowance $ — $ — (a) Because of the completion of construction at The Knickerbocker in 2015, one of our TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and do not expire. We provided a valuation allowance against our deferred tax asset, that results in no net deferred tax asset at December 31, 2015 and 2014 . We recorded a 100% valuation allowance related to our TRSs net deferred tax asset because we believe it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with our net operating losses is dependent on projections of future taxable income, for which there is uncertainty when considering our historic results and cyclical nature of the lodging industry. Accordingly, no provision or benefit for income taxes is reflected in the accompanying consolidated statements of operations. At December 31, 2015 , our TRSs had net operating loss carryforwards for federal income tax purposes of $264.6 million , which are available to offset future taxable income, if any, and do not begin to expire until 2023. 12. Income Taxes — (continued) The following table reconciles REIT GAAP net income (loss) to taxable income (loss) (in thousands): Year Ended December 31, 2015 2014 2013 GAAP net income (loss) from REIT operations $ (21,838 ) $ 68,796 $ (62,513 ) Book/tax differences, net: Dividend income from TRS 24,809 — — Depreciation and amortization (a) 3,937 1,831 2,173 Noncontrolling interests (400 ) 329 (4,017 ) Gain/loss differences from dispositions 18,335 (99,946 ) (2,032 ) Impairment loss not deductible for tax 20,861 — 28,795 Conversion costs (2,881 ) (3,233 ) (2,099 ) Other 1,153 (1,674 ) 8,453 Tax income (loss) (b) $ 43,976 $ (33,897 ) $ (31,240 ) (a) Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods . (b) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2015, our distributions were in excess of 100% of taxable income. At December 31, 2015 , FelCor had net operating loss carryforwards for federal income tax purposes of $534.2 million , which it expects to use to offset future distribution requirements. For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized, in accordance with the requirements under the Code, as follows: 2015 2014 2013 Amount % Amount % Amount % Preferred Stock – Series A Capital gains $ 1.23 63.08 $ — — $ — — Dividend income $ 0.72 36.92 $ — — $ — — Return of capital — (c) — 1.95 (b) 100.00 1.95 (a) 100.00 $ 1.95 100.00 $ 1.95 100.00 $ 1.95 100.00 Preferred Stock – Series C Capital gains $ 0.63 63.00 $ — — $ — — Dividend income $ 0.37 37.00 $ — — $ — — Return of capital — (c) — 2.00 (b) 100.00 2.00 (a) 100.00 $ 1.00 100.00 $ 2.00 100.00 $ 2.00 100.00 Common Stock Capital gains $ — — $ — — $ — — Dividend income $ — — $ — — $ — — Return of capital 0.16 (c) 100.00 0.08 100.00 — — $ 0.16 100.00 $ 0.08 100.00 $ — — (a) Fourth quarter 2012 preferred dividends were paid January 31, 2013, and were treated as 2013 distributions for tax purposes. (b) Fourth quarter 2013 preferred and common dividends were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. (c) Fourth quarter 2014 preferred and common dividends were paid January 29, 2015, and were treated as 2015 distributions for tax purposes. |
FelCor Capital Stock_FelCor LP
FelCor Capital Stock/FelCor LP Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Capital Stock / Partners' Capital [Abstract] | |
FelCor Capital Stock/FelCor Partners' Capital | FelCor Capital Stock/FelCor LP Partners' Capital FelCor, as FelCor LP’s general partner, is obligated to contribute the net proceeds from any issuance of its equity securities to FelCor LP in exchange for units, corresponding in number and terms to the equity securities issued. Preferred Stock/Units FelCor’s Board of Directors is authorized to provide for the issuance of up to 20 million shares of preferred stock in one or more series, to establish the number of shares in each series, to fix the designation, powers, preferences and rights of each such series, and the qualifications, limitations or restrictions thereof. Our Series A preferred stock (units) bears an annual cumulative dividend (distribution) payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of common stock (units) into which the Series A preferred stock (units) is then convertible. Each share (unit) of the Series A preferred stock (units) is convertible at the holder’s option to 0.7752 shares of common stock (units), subject to certain adjustments. 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 year ended December 31, 2015 , primarily representing the original issuance costs ( $5.5 million ) and discount ( $538,000 ) of the redeemed Series C Preferred Stock (Units). Common Stock/Units 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 October 2015, our Board approved a stock repurchase program. Under the new stock repurchase program, FelCor may repurchase up to $100 million of its common stock over the next two years . FelCor may repurchase shares in transactions on the open market, in privately-negotiated transactions or by other means, including Rule 10b5-1 trading plans, in accordance with applicable securities laws and other restrictions. For the year ended December 31, 2015, FelCor paid $14.4 million (including commissions) repurchasing approximately 2.0 million shares of its common stock at an average price of $7.26 per share. Since then, the number of repurchased shares has increased to 4.3 million shares for a total of $29.0 million (including commissions), at an average price of $6.68 per share. There is no guaranty as to the number of shares that will be repurchased, and we may extend, suspend or discontinue our repurchase program at any time without notice at our discretion. Repurchased shares (units) are re-designated as authorized but unissued. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 12 Months Ended |
Dec. 31, 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. At December 31, 2015 , we had 611,462 limited partnership units outstanding carried at $4.5 million . The value of these outstanding units is based on the closing price of FelCor’s common stock at December 31, 2015 ( $7.30 /share). Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): Year Ended December 31, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (56 ) Redemption value allocation (1,865 ) 1,545 Distributions paid to unitholders (93 ) (48 ) Comprehensive income (loss): Foreign exchange translation — (1 ) Net income (loss) (194 ) 137 Balance at end of period $ 4,464 $ 6,616 |
Hotel Operating Revenue, Depart
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs | 12 Months Ended |
Dec. 31, 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 Operating Costs Hotel operating revenue from continuing operations was comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Room revenue $ 673,276 $ 713,213 $ 692,016 Food and beverage revenue 158,531 157,607 151,233 Other operating departments 46,564 47,161 46,757 Total hotel operating revenue $ 878,371 $ 917,981 $ 890,006 Nearly all of our revenue is comprised of hotel operating revenues. 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. The remainder of our revenue was from condominium management fee income and other sources. 15. Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs — (continued) Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Room $ 172,252 $ 188,465 $ 184,840 Food and beverage 123,384 121,201 120,287 Other operating departments 17,505 22,210 21,954 Total hotel departmental expenses $ 313,141 $ 331,876 $ 327,081 Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Year Ended December 31, 2015 2014 2013 Hotel general and administrative expense $ 78,233 $ 79,420 $ 80,715 Marketing 76,548 77,939 74,770 Repair and maintenance 39,091 43,886 45,057 Utilities 29,674 36,925 37,573 Total other property-related costs $ 223,546 $ 238,170 $ 238,115 In March 2013, we rebranded and transitioned management at eight hotels located in strategic markets to Wyndham brands. Wyndham's parent guaranteed a minimum level of net operating income for each year of the initial 10 -year term, subject to an aggregate $100 million limit over the term (of which we have received or accrued $10.8 million through 2015) and an annual $21.5 million limit. Amounts recorded under the guaranty are accounted for, to the extent available, as a reduction in contractual management and other fees paid and payable to Wyndham. Any amounts in excess of those fees will be recorded as revenue when earned. For the years ended December 31, 2015, 2014, and for March through December 2013 (the first ten months during which Wyndham managed the hotels for FelCor), we have recorded $1.4 million , $1.3 million , and $8.1 million , respectively, for the guaranty as a reduction of Wyndham's contractual management and other fees. |
Taxes, Insurance and Lease Expe
Taxes, Insurance and Lease Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Taxes, Insurance and Lease Expenses | Taxes, Insurance and Lease Expenses Taxes, insurance and lease expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Hotel lease expense (a) $ 7,107 $ 31,635 $ 44,087 Land lease expense (b) 15,458 12,338 11,062 Real estate and other taxes 29,469 31,113 30,325 Property insurance, general liability insurance and other 7,173 9,180 10,068 Total taxes, insurance and lease expense $ 59,207 $ 84,266 $ 95,542 (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 $3.4 million , $17.3 million and $22.2 million for the years ended December 31, 2015 , 2014 , and 2013 , 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 $7.7 million , $6.4 million and $5.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Land Leases and Hotel Rent
Land Leases and Hotel Rent | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Land Leases and Hotel Rent | Land Leases and Hotel Rent We lease land occupied by certain hotels from third parties under various operating leases that expire through 2090. Certain land leases contain contingent rent features based on gross revenue at the respective hotels. In addition, we recognize rent expense for one hotel that is owned by an unconsolidated entity and is leased to our consolidated lessee. These leases require the payment of base rents and contingent rent based on revenues at the respective hotels. Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2015 , were as follows (in thousands): Year 2016 $ 9,436 2017 6,569 2018 6,248 2019 5,884 2020 5,905 2021 and thereafter 242,582 $ 276,624 |
Income (loss) Per Share_Unit
Income (loss) Per Share/Unit | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | oss) Per Share/Unit The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to FelCor $ (8,865 ) $ 92,099 $ (61,504 ) Discontinued operations attributable to FelCor (674 ) 359 (16,963 ) Income (loss) from continuing operations attributable to FelCor (9,539 ) 92,458 (78,467 ) Less: Preferred dividends (30,138 ) (38,712 ) (38,713 ) Less: Redemption of preferred stock (6,096 ) — — Less: Dividends declared on unvested restricted stock (56 ) (8 ) — Less: Undistributed earnings allocated to unvested restricted stock — (20 ) — Numerator for continuing operations attributable to FelCor common stockholders (45,829 ) 53,718 (117,180 ) Discontinued operations attributable to FelCor 674 (359 ) 16,963 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (45,155 ) $ 53,359 $ (100,217 ) Denominator: Denominator for basic income (loss) per share 137,730 124,158 123,818 Denominator for diluted income (loss) per share 137,730 124,892 123,818 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.33 ) $ 0.43 $ (0.95 ) Discontinued operations $ — $ — $ 0.14 Net income (loss) $ (0.33 ) $ 0.43 $ (0.81 ) 18. Income (Loss) Per Share/Unit — (continued) FelCor LP Income (Loss) Per Unit Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to FelCor LP $ (9,059 ) $ 92,236 $ (62,001 ) Discontinued operations attributable to FelCor LP (677 ) 360 (17,047 ) Income (loss) from continuing operations attributable to FelCor LP (9,736 ) 92,596 (79,048 ) Less: Preferred distributions (30,138 ) (38,712 ) (38,713 ) Less: Redemption of preferred units (6,096 ) — — Less: Distributions declared on FelCor unvested restricted stock (56 ) (8 ) — Less: Undistributed earnings allocated to FelCor unvested restricted stock — (20 ) — Numerator for continuing operations attributable to FelCor LP common unitholders (46,026 ) 53,856 (117,761 ) Discontinued operations attributable to FelCor LP 677 (360 ) 17,047 Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders $ (45,349 ) $ 53,496 $ (100,714 ) Denominator: Denominator for basic income (loss) per unit 138,341 124,772 124,437 Denominator for diluted income (loss) per unit 138,341 125,511 124,437 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.33 ) $ 0.43 $ (0.95 ) Discontinued operations $ — $ — $ 0.14 Net income (loss) $ (0.33 ) $ 0.43 $ (0.81 ) The income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations includes the net gain on sale of hotels attributable to FelCor/FelCor LP. 18. Income (Loss) Per Share/Unit — (continued) Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (unaudited, in thousands): Year Ended December 31, 2015 2014 2013 Series A convertible preferred shares/units 9,984 9,984 9,985 FelCor restricted stock units 488 — 547 Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $25.1 million for all periods presented. We grant our executive officers restricted stock units each year, which provides them with the potential to earn shares of our common stock in three increments over four years . The actual number of shares that vest is determined based on total stockholder return relative to a group of 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments, Contingencies and Related Party Transactions [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments and Contingencies Our property insurance has a $100,000 “all-risk” deductible and, a 5% deductible (insured value) for named windstorm coverage and for California earthquake coverage. Substantial uninsured or not fully-insured losses would have a material adverse impact on our operating results, cash flows and financial condition. Catastrophic losses, such as the losses caused by hurricanes in 2005, could make the cost of insuring against these types of losses prohibitively expensive or difficult to find. In an effort to limit the cost of insurance, we purchase catastrophic insurance coverage based on probable maximum losses based on 250 -year events and have only purchased terrorism insurance to the extent required by our lenders. We have established a self-insured retention of $250,000 per occurrence for general liability insurance with regard to 32 of our hotels. The remainder of our hotels participate in general liability programs sponsored by our managers, with no deductible. Our hotels are operated under various management agreements that call for minimum base management fees, which generally range from 1 to 3% of total revenue, with the exception of our IHG-managed hotels, whose base management fees are 2% of total revenue plus 5% of room revenue. Most of our management agreements also allow for incentive management fees that are subordinated to our return on investment and are generally capped at 2 to 3% of total revenue. In addition, the management agreements generally require us to invest approximately 3 to 5% of revenues for capital expenditures. The management agreements generally have terms from 5 to 20 years and generally have renewal options. The management agreements governing the operations of 22 of our Consolidated Hotels contain the right and license to operate the hotel under the specified brands. The remaining 18 Consolidated Hotels operate under franchise or license agreements that are separate from our management agreements. Typically, our franchise or license agreements provide for a license fee or royalty of 4 to 5.5% of room revenues. In the event 19. Commitments and Contingencies - (continued) we breach one of these agreements, in addition to losing the right to use the brand name for the operation of the applicable hotel, we may be liable, under certain circumstances, for liquidated damages equal to the fees paid to the franchisor with respect to that hotel during the three preceding years. At December 31, 2015 , we have $15.3 million in purchase obligations related to planned renovations at our hotels, most of which we expect to spend in 2016. One of our consolidated subsidiaries was engaged in a commercial contract dispute with a third party that related to circumstances that arose prior to December 31, 2014. Under generally accepted accounting principles, we recorded $5.9 million in other expenses in 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 contract 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 year ended December 31, 2015. There is no litigation pending or known to be threatened against us or affecting any of our hotels, other than claims arising in the ordinary course of business or which are not considered to be material. Furthermore, most of these claims are substantially covered by insurance. We do not believe that any claims known to us, individually or in the aggregate, will have a material adverse effect on us. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosure | Supplemental Cash Flow Disclosure In 2014 and 2013 , we allocated $55,700 and $23,000 , respectively, of noncontrolling interests to additional paid-in capital with regard to the exchange of 6,080 and 3,839 units, respectively, for common stock. Depreciation and amortization expense is comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Depreciation and amortization from continuing operations $ 114,452 $ 115,819 $ 119,624 Depreciation and amortization from discontinued operations — — 4,923 Total depreciation and amortization expense $ 114,452 $ 115,819 $ 124,547 For the year ended December 31, 2015, our repayment of borrowings consisted of debt retirement of $880.5 million , payments on our line of credit of $314.5 million , payments on the cash collateralized tranche of our Knickerbocker loan of $6.3 million and normal recurring principal payments of $2.6 million . For the year ended December 31, 2014, our repayment of borrowings consisted of debt retirement of $310.2 million , payments on our line of credit of $251.0 million , payments on the cash collateralized tranche of our Knickerbocker loan of $58.6 million and normal recurring principal payments of $3.3 million . For the year ended December 31, 2013, our repayment of borrowings consisted of payments on our line of credit of $132.0 million and normal recurring principal payments of $4.9 million . For the years ended December 31, 2015, 2014, and 2013, the changes in accrued expenses and other liabilities related to investment in hotels and hotel development were an increase of $2.7 million , a decrease of $11.3 million , and an increase of $11.0 million , respectively. |
FelCor Stock Based Compensation
FelCor Stock Based Compensation Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
FelCor Stock Based Compensation Plans | FelCor Stock Based Compensation Plans FelCor sponsors one restricted stock and stock option plan, or the Plan. FelCor is authorized to issue up to 6,100,000 shares of common stock under the Plan pursuant to awards granted in the form of incentive stock options, non-qualified stock options, and restricted stock. Stock grants vest either over three to five years in equal annual installments or over a four year schedule, subject to time-based and performance-based vesting. There were 4,889,106 shares available for grant under the Plan at December 31, 2015 . FelCor Restricted Stock and Restricted Stock Units A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2015 , 2014 and 2013 , and the changes during these years is presented below: 2015 2014 2013 Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares unvested at beginning of the year 1,509,519 $ 5.70 1,270,000 $ 4.12 303,333 $ 3.71 Granted: With 5-year pro rata vesting 50,000 $ 8.02 — $ — 15,000 $ 6.13 With up to 4-year pro rata vesting 1,066,394 $ 8.14 1,036,252 $ 6.70 1,250,000 $ 4.09 Forfeited (2,250 ) $ 9.62 (2,250 ) $ 9.62 — $ — Vested (793,540 ) $ 6.61 (794,483 ) $ 4.46 (298,333 ) $ 3.72 Shares unvested at end of the year 1,830,123 $ 6.79 1,509,519 $ 5.70 1,270,000 $ 4.12 Our executive officers were granted restricted stock units providing them with the potential to earn common shares, collectively, vesting in three increments over four years , based on total stockholder return relative to a group of 10 lodging REIT peers. The fixed cost of these grants is amortized over the vesting period. The unearned compensation cost of FelCor’s granted but unvested restricted stock and units was $6.9 million and $5.1 million , as of December 31, 2015 and 2014, respectively. The weighted average period over which the December 31, 2015 cost is to be amortized is approximately one year . Amortization expense for fixed stock compensation related to our restricted stock and units was $5.1 million , $3.7 million , and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. The restricted stock unit grant also provides that to the extent any of these executive officers earn more than 250,000 shares upon vesting of this grant, the excess is settled in cash. To the extent there is excess likely to settle in cash, these awards are accounted for as liability awards, the fair value of which is remeasured at the end of each reporting period. In 2015, we paid $1.9 million for the excess cash settlement for vested awards. The liability accrued for these awards expected to be settled in cash was $2.6 million and $3.6 million as of December 31, 2015 and 2014, respectively. Amortization expense for our variable stock compensation was $798,000 , $2.7 million , and $963,000 for the years ended December 31, 2015, 2014 and 2013, respectively. Fair value estimates are based on a Monte Carlo simulation. 21. FelCor Stock Based Compensation Plans — (continued) The assumptions used in this simulation include the following: 2015 2014 2013 Annual volatility (a) 48.11 % 53.78 % 61.12 % Dividend rate (b) $ 0.04 $ 0.02 $ — Risk-free rate 1.32 % 1.13 % 0.50 % (a) Based on share price history. (b) Based on dividend rate at time of award. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefits | Employee Benefits FelCor offers a 401(k) retirement savings plan and health insurance benefits to its employees. FelCor’s matching contribution to our 401(k) plan totaled $1.0 million during 2015 , $948,000 during 2014 and $943,000 for 2013 . Health insurance benefits cost $1.3 million for the year ended December 31, 2015 , $1.2 million for 2014 , and $1.1 million for 2013 . During the year ended December 31, 2015 , we recorded severance charges of $3.7 million , included in other expenses, related to certain FelCor officers. FelCor LP has no employees, and FelCor, as FelCor LP’s sole general partner, performs FelCor LP’s management functions. The employees at our hotels are employees of the respective management companies. Under the management agreements, we reimburse the management companies for the compensation and benefits related to the employees who work at our hotels. We are not, however, the sponsors of their employee benefit plans. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have determined that our business is conducted in one operating segment because of the similar economic characteristics of our hotels. The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): Revenue For the Year Ended December 31, Investment in Hotel Assets as of December 31, 2015 2014 2013 2015 2014 2013 California $ 299,422 $ 277,458 $ 257,418 $ 410,009 $ 450,068 $ 468,033 Florida 138,055 135,972 124,142 215,657 234,421 244,104 Massachusetts 93,685 85,665 76,505 162,875 172,062 183,446 South Carolina 63,258 58,398 50,839 112,038 115,726 119,334 Other states 291,834 355,708 369,846 828,952 627,514 623,942 Canada — 8,386 14,686 — — 14,408 Total $ 886,254 $ 921,587 $ 893,436 $ 1,729,531 $ 1,599,791 $ 1,653,267 |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) Our unaudited consolidated quarterly operating data for the years ended December 31, 2015 and 2014 follows (in thousands, except per share/unit data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management’s opinion, however, that quarterly operating data for hotel enterprises are not indicative of results to be achieved in succeeding quarters or years. In order to obtain a more accurate indication of performance, there should be a review of operating results, changes in stockholders’ equity (or partners’ capital) and cash flows for a period of several years. FelCor 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Net loss attributable to FelCor common stockholders $ (2,895 ) $ (17,283 ) $ (14,487 ) $ (10,434 ) Comprehensive income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Basic and diluted per common share data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Discontinued operations $ — $ — $ — $ — Net loss $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common shares outstanding 124,519 140,322 142,982 142,823 Diluted weighted average common shares outstanding 124,519 140,322 142,982 142,823 2014 First Second Third Fourth Total revenues $ 221,349 $ 259,515 $ 234,056 $ 206,667 Income (loss) from continuing operations $ (20,428 ) $ 9,324 $ 44,022 $ (5,168 ) Discontinued operations $ 135 $ 5 $ (8 ) $ (492 ) Net income (loss) attributable to FelCor $ (14,818 ) $ 24,281 $ 72,391 $ 10,245 Net income (loss) attributable to FelCor common stockholders $ (24,496 ) $ 14,603 $ 62,713 $ 567 Comprehensive income (loss) attributable to FelCor $ (15,254 ) $ 24,853 $ 47,499 $ 10,064 Basic and diluted per common share data: Net income (loss) from continuing operations $ (0.20 ) $ 0.12 $ 0.50 $ 0.01 Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.20 ) $ 0.12 $ 0.50 $ — Basic weighted average common shares outstanding 124,146 124,169 124,168 124,188 Diluted weighted average common shares outstanding 124,146 125,386 125,526 125,146 24. Quarterly Operating Results (unaudited) – (continued) FelCor LP 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Net loss attributable to FelCor LP common unitholders $ (2,909 ) $ (17,358 ) $ (14,548 ) $ (10,478 ) Comprehensive income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Basic and diluted per common unit data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Discontinued operations $ — $ — $ — $ — Net loss $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common units outstanding 125,130 140,933 143,594 143,434 Diluted weighted average common units outstanding 125,130 140,933 143,594 143,434 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 221,349 $ 259,515 $ 234,056 $ 206,667 Income (loss) from continuing operations $ (20,428 ) $ 9,324 $ 44,022 $ (5,168 ) Discontinued operations $ 135 $ 5 $ (8 ) $ (492 ) Net income (loss) attributable to FelCor LP $ (14,939 ) $ 24,352 $ 72,576 $ 10,247 Net income (loss) attributable to FelCor LP common unitholders $ (24,617 ) $ 14,674 $ 62,898 $ 569 Comprehensive income (loss) attributable to FelCor LP $ (15,378 ) $ 24,927 $ 47,578 $ 10,066 Basic and diluted per common unit data: Net income (loss) from continuing operations $ (0.20 ) $ 0.12 $ 0.50 $ 0.01 Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.20 ) $ 0.12 $ 0.50 $ — Basic weighted average common units outstanding 124,764 124,783 124,781 124,799 Diluted weighted average common units outstanding 124,764 126,000 126,164 125,764 |
Recently Issued Accounting Stan
Recently Issued Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. 2. Summary of Significant Accounting Policies — (continued) Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: • Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity ( i.e., a distribution of earnings); and • Cash distributions in excess of aggregate historical earnings are recorded as an investing activity ( i.e., a distribution of contributed capital). Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. Generally, we consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. 2. Summary of Significant Accounting Policies — (continued) Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. Taxes, insurance and lease expense — For the year ended December 31, 2015, taxes, insurance and lease expense includes an out-of-period adjustment of $1.6 million related to straight-line lease expense from prior years for a ground lease associated with one of our consolidated hotels. The $1.6 million adjustment represents the cumulative additional rent that should have been recognized in prior years on a straight-line basis, with the credit being included in accrued expenses and other liabilities on the consolidated balance sheet. Management has evaluated the impact to all previously reported periods and concluded all previously issued financial statements are not materially misstated, nor is the impact of the adjustment material to the three-months or the year ended December 31, 2015. Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments have been reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013 . In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs were capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2015 , 2014 and 2013 , were $13.3 million , $25.9 million and $23.6 million , respectively. Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). 2. Summary of Significant Accounting Policies — (continued) We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash ( i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. Segment Information — We have determined that our business is conducted in one operating segment. Distributions and Dividends — FelCor declared aggregate common dividends of $0.18 , $0.10 and $0.02 per share in 2015, 2014 and 2013, respectively. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s 2. Summary of Significant Accounting Policies — (continued) common stock or, at our option, the cash equivalent thereof. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. 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 February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. The Company will adopt ASU 2015-02 on January 1, 2016, and it is not expected to have a material impact on the Company's consolidated financial statements and disclosures. 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. In February 2016, the FASB issued ASU 2016-02 - Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The ASU is expected to impact our consolidated financial statements as we have certain operating lease arrangements. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. We are in the process of evaluating the impact of this new guidance. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
FelCor Lodging LP [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
FelCor LP's Consolidating Financial Information | FelCor LP's Consolidating Financial Information Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/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. 26. FelCor LP's Consolidating Financial Information - (continued) The following tables present consolidating information for the Subsidiary Guarantors. FELCOR LODGING LIMITED PARTNERSHIP CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 625,835 $ 1,103,696 $ — $ 1,729,531 Equity investment in consolidated entities 1,260,779 — — (1,260,779 ) — Investment in unconsolidated entities 4,440 3,871 1,264 — 9,575 Cash and cash equivalents 21,219 34,294 4,273 — 59,786 Restricted cash — 15,442 2,260 — 17,702 Accounts receivable, net 644 25,575 1,917 — 28,136 Deferred expenses, net 15,774 — 8,681 — 24,455 Other assets 3,587 8,786 2,419 — 14,792 Total assets $ 1,306,443 $ 713,803 $ 1,124,510 $ (1,260,779 ) $ 1,883,977 Debt $ 1,000,000 $ — $ 467,390 $ (39,436 ) $ 1,427,954 Distributions payable 15,016 — 124 — 15,140 Accrued expenses and other liabilities 26,810 83,787 14,677 — 125,274 Total liabilities 1,041,826 83,787 482,191 (39,436 ) 1,568,368 Redeemable units, at redemption value 4,464 — — — 4,464 Preferred units 309,337 — — — 309,337 Common units (49,184 ) 630,833 590,510 (1,221,343 ) (49,184 ) Total FelCor LP partners’ capital 260,153 630,833 590,510 (1,221,343 ) 260,153 Noncontrolling interests — (817 ) 8,623 — 7,806 Preferred capital in consolidated joint venture — — 43,186 — 43,186 Total partners’ capital 260,153 630,016 642,319 (1,221,343 ) 311,145 Total liabilities and partners’ capital $ 1,306,443 $ 713,803 $ 1,124,510 $ (1,260,779 ) $ 1,883,977 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP 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 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 878,371 $ — $ — $ 878,371 Percentage lease revenue — — 126,867 (126,867 ) — Other revenue 143 7,288 452 — 7,883 Total revenue 143 885,659 127,319 (126,867 ) 886,254 Expenses: Hotel operating expenses — 572,259 — — 572,259 Taxes, insurance and lease expense 490 163,550 22,034 (126,867 ) 59,207 Corporate expenses — 15,023 12,260 — 27,283 Depreciation and amortization 188 49,589 64,675 — 114,452 Impairment loss — 20,861 — — 20,861 Other expenses 3,995 7,451 1,033 — 12,479 Total operating expenses 4,673 828,733 100,002 (126,867 ) 806,541 Operating income (4,530 ) 56,926 27,317 — 79,713 Interest expense, net (57,062 ) 13 (22,069 ) — (79,118 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (90,051 ) 56,939 2,964 — (30,148 ) Equity in income from consolidated entities 73,274 — — (73,274 ) — Equity in income from unconsolidated entities 8,368 (489 ) (46 ) — 7,833 Loss from continuing operations before income tax expense (8,409 ) 56,450 2,918 (73,274 ) (22,315 ) Income tax expense (252 ) (993 ) — — (1,245 ) Loss from continuing operations (8,661 ) 55,457 2,918 (73,274 ) (23,560 ) Income from discontinued operations — 2 667 — 669 Loss before gain on sale of hotels (8,661 ) 55,459 3,585 (73,274 ) (22,891 ) Gain on sale of hotels, net (398 ) (82 ) 19,906 — 19,426 Net loss (9,059 ) 55,377 23,491 (73,274 ) (3,465 ) Income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Net loss attributable to FelCor LP (9,059 ) 56,146 17,128 (73,274 ) (9,059 ) Preferred distributions (30,138 ) — — — (30,138 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (45,293 ) $ 56,146 $ 17,128 $ (73,274 ) $ (45,293 ) 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 917,981 $ — $ — $ 917,981 Percentage lease revenue 4,181 — 91,176 (95,357 ) — Other revenue 6 3,143 457 — 3,606 Total revenue 4,187 921,124 91,633 (95,357 ) 921,587 Expenses: Hotel operating expenses — 606,113 — — 606,113 Taxes, insurance and lease expense 1,267 158,550 19,806 (95,357 ) 84,266 Corporate expenses 427 16,886 12,272 — 29,585 Depreciation and amortization 2,717 56,668 56,434 — 115,819 Other expenses 178 12,330 5,444 — 17,952 Total operating expenses 4,589 850,547 93,956 (95,357 ) 853,735 Operating income (402 ) 70,577 (2,323 ) — 67,852 Interest expense, net (71,024 ) (758 ) (18,913 ) — (90,695 ) Debt extinguishment (3,823 ) — (947 ) — (4,770 ) Gain on sale of investment in unconsolidated entities, net 30,176 — — — 30,176 Gain from remeasurement of unconsolidated entities, net 20,737 — — — 20,737 Other gains, net — 100 — — 100 Income before equity in income from unconsolidated entities (24,336 ) 69,919 (22,183 ) — 23,400 Equity in income from consolidated entities 113,267 — — (113,267 ) — Equity in income from unconsolidated entities 4,682 374 (46 ) — 5,010 Income from continuing operations before income tax expense 93,613 70,293 (22,229 ) (113,267 ) 28,410 Income tax expense (134 ) (526 ) — — (660 ) Income from continuing operations 93,479 69,767 (22,229 ) (113,267 ) 27,750 Loss from discontinued operations — 27 (387 ) — (360 ) Income before gain on sale of hotels 93,479 69,794 (22,616 ) (113,267 ) 27,390 Gain on sale of hotels, net (1,243 ) 21,887 46,118 — 66,762 Net income 92,236 91,681 23,502 (113,267 ) 94,152 Income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Net income attributable to FelCor LP 92,236 92,020 21,247 (113,267 ) 92,236 Preferred distributions (38,712 ) — — — (38,712 ) Net income attributable to FelCor LP common unitholders $ 53,524 $ 92,020 $ 21,247 $ (113,267 ) $ 53,524 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 890,006 $ — $ — $ 890,006 Percentage lease revenue 5,041 — 90,500 (95,541 ) — Other revenue 9 2,976 445 — 3,430 Total revenue 5,050 892,982 90,945 (95,541 ) 893,436 Expenses: Hotel operating expenses — 600,931 — — 600,931 Taxes, insurance and lease expense 1,946 171,215 17,922 (95,541 ) 95,542 Corporate expenses 553 15,749 10,694 — 26,996 Depreciation and amortization 4,438 59,547 55,639 — 119,624 Conversion expenses 23 468 643 — 1,134 Impairment loss 14,294 — 10,147 — 24,441 Other expenses 3,179 3,166 2,404 — 8,749 Total operating expenses 24,433 851,076 97,449 (95,541 ) 877,417 Operating income (19,383 ) 41,906 (6,504 ) — 16,019 Interest expense, net (84,206 ) (1,270 ) (18,311 ) — (103,787 ) Other gains, net — — 41 — 41 Loss before equity in income from unconsolidated entities (103,589 ) 40,636 (24,774 ) — (87,727 ) Equity in income from consolidated entities 40,276 — — (40,276 ) — Equity in income from unconsolidated entities 4,183 449 (46 ) — 4,586 Loss from continuing operations before income tax expense (59,130 ) 41,085 (24,820 ) (40,276 ) (83,141 ) Income tax expense (132 ) (520 ) — — (652 ) Loss from continuing operations (59,262 ) 40,565 (24,820 ) (40,276 ) (83,793 ) Income from discontinued operations (2,739 ) (1,495 ) 22,244 — 18,010 Net loss (62,001 ) 39,070 (2,576 ) (40,276 ) (65,783 ) Loss attributable to noncontrolling interests — 788 2,994 — 3,782 Net loss attributable to FelCor LP (62,001 ) 39,858 418 (40,276 ) (62,001 ) Preferred distributions (38,713 ) — — — (38,713 ) Net loss attributable to FelCor LP common unitholders $ (100,714 ) $ 39,858 $ 418 $ (40,276 ) $ (100,714 ) 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (9,059 ) $ 55,377 $ 23,491 $ (73,274 ) $ (3,465 ) Foreign currency translation adjustment — — — — — Comprehensive loss (9,059 ) 55,377 23,491 (73,274 ) (3,465 ) Comprehensive income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Comprehensive loss attributable to FelCor LP $ (9,059 ) $ 56,146 $ 17,128 $ (73,274 ) $ (9,059 ) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 92,236 $ 91,681 $ 23,502 $ (113,267 ) $ 94,152 Foreign currency translation adjustment (490 ) (121 ) (369 ) 490 (490 ) Reclassification of foreign currency translation to gain (24,553 ) (4,448 ) (20,105 ) 24,553 (24,553 ) Comprehensive income 67,193 87,112 3,028 (88,224 ) 69,109 Comprehensive income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Comprehensive income attributable to FelCor LP $ 67,193 $ 87,451 $ 773 $ (88,224 ) $ 67,193 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (62,001 ) $ 39,070 $ (2,576 ) $ (40,276 ) $ (65,783 ) Foreign currency translation adjustment (1,108 ) (213 ) (895 ) 1,108 (1,108 ) Comprehensive loss (63,109 ) 38,857 (3,471 ) (39,168 ) (66,891 ) Comprehensive loss attributable to noncontrolling interests — 788 2,994 — 3,782 Comprehensive loss attributable to FelCor LP $ (63,109 ) $ 39,645 $ (477 ) $ (39,168 ) $ (63,109 ) 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (56,183 ) $ 123,894 $ 76,898 $ — $ 144,609 Investing activities: Improvements and additions to hotels 242 (42,039 ) (6,639 ) — (48,436 ) Hotel development — — (33,525 ) — (33,525 ) Net proceeds from asset dispositions (569 ) (659 ) 189,177 — 187,949 Insurance proceeds 274 — 203 — 477 Change in restricted cash — (3,243 ) 6,037 — 2,794 Distributions from unconsolidated entities 6,517 800 — — 7,317 Contributions to unconsolidated entities (15 ) — — — (15 ) Intercompany financing 184,776 — — (184,776 ) — Cash flows from investing activities 191,225 (45,141 ) 155,253 (184,776 ) 116,561 Financing activities: Proceeds from borrowings 475,000 — 550,438 — 1,025,438 Repayment of borrowings (545,453 ) — (658,356 ) — (1,203,809 ) Payment of deferred financing costs (8,505 ) — (6,447 ) — (14,952 ) Distributions paid to noncontrolling interests — (444 ) (17,151 ) — (17,595 ) Contributions from noncontrolling interests — 548 2,261 — 2,809 Net proceeds from issuance of preferred equity-consolidated joint venture — — 1,744 — 1,744 Net proceeds from common stock issuance 198,648 — — — 198,648 Redemption of preferred stock (169,986 ) — — — (169,986 ) Repurchase of common stock (14,362 ) — — — (14,362 ) Distributions paid to preferred unitholders (32,404 ) — — — (32,404 ) Distributions paid to common unitholders (22,385 ) — — — (22,385 ) Intercompany financing — (77,333 ) (107,443 ) 184,776 — Other (93 ) — (1,431 ) — (1,524 ) Cash flows used in financing activities (119,540 ) (77,229 ) (236,385 ) 184,776 (248,378 ) Effect of exchange rate changes on cash — (153 ) — — (153 ) Change in cash and cash equivalents 15,502 1,371 (4,234 ) — 12,639 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 21,219 $ 34,294 $ 4,273 $ — $ 59,786 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (65,903 ) $ 128,716 $ 42,005 $ — $ 104,818 Investing activities: Improvements and additions to hotels (135 ) (47,496 ) (36,033 ) — (83,664 ) Hotel development — — (86,565 ) — (86,565 ) Net proceeds from asset dispositions 6,488 13,984 143,146 — 163,618 Proceeds from unconsolidated joint venture transaction 3,154 — 878 — 4,032 Insurance proceeds — 521 — — 521 Distributions from unconsolidated entities 7,472 5,356 — — 12,828 Contributions to unconsolidated entities (7 ) — — — (7 ) Change in restricted cash - investing — (3,571 ) 60,302 — 56,731 Intercompany financing 334,905 — — (334,905 ) — Cash flows used in investing activities 351,877 (31,206 ) 81,728 (334,905 ) 67,494 Financing activities: Proceeds from borrowings — — 473,062 — 473,062 Repayment of borrowings (236,745 ) — (386,361 ) — (623,106 ) Payment of deferred financing costs (4 ) — (3,211 ) — (3,215 ) Acquisition of noncontrolling interests — — (5,850 ) — (5,850 ) Distributions paid to noncontrolling interests — (850 ) (8,746 ) — (9,596 ) Contributions from noncontrolling interests — 1,265 5,110 — 6,375 Net proceeds from issuance of preferred equity-consolidated joint venture — — 41,442 — 41,442 Distributions paid to preferred unitholders (38,712 ) — — — (38,712 ) Distributions paid to common unitholders (9,981 ) — — — (9,981 ) Intercompany financing — (98,200 ) (236,705 ) 334,905 — Other (42 ) — (1,102 ) — (1,144 ) Cash flows used in financing activities (285,484 ) (97,785 ) (122,361 ) 334,905 (170,725 ) Effect of exchange rate changes on cash — (85 ) — — (85 ) Change in cash and cash equivalents 490 (360 ) 1,372 — 1,502 Cash and cash equivalents at beginning of period 5,227 33,283 7,135 — 45,645 Cash and cash equivalents at end of period $ 5,717 $ 32,923 $ 8,507 $ — $ 47,147 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (55,959 ) $ 96,365 $ 28,055 $ — $ 68,461 Investing activities: Improvements and additions to hotels 2,383 (52,258 ) (51,482 ) — (101,357 ) Hotel development — — (60,553 ) — (60,553 ) Net proceeds from asset dispositions 9,650 (1,925 ) 91,095 — 98,820 Distributions from unconsolidated entities 8,159 1,625 — — 9,784 Contributions to unconsolidated entities — (1,500 ) — — (1,500 ) Intercompany financing 73,730 — — (73,730 ) — Other — 238 700 — 938 Cash flows from investing activities 93,922 (53,820 ) (20,240 ) (73,730 ) (53,868 ) Financing activities: Proceeds from borrowings — — 164,000 — 164,000 Repayment of borrowings — — (136,902 ) — (136,902 ) Distributions paid to preferred unitholders (38,713 ) — — — (38,713 ) Intercompany financing — (40,454 ) (33,276 ) 73,730 — Other (2,335 ) 832 (1,510 ) — (3,013 ) Cash flows used in financing activities (41,048 ) (39,622 ) (7,688 ) 73,730 (14,628 ) Effect of exchange rate changes on cash — (65 ) — — (65 ) Change in cash and cash equivalents (3,085 ) 2,858 127 — (100 ) Cash and cash equivalents at beginning of period 8,312 30,425 7,008 — 45,745 Cash and cash equivalents at end of period $ 5,227 $ 33,283 $ 7,135 $ — $ 45,645 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation as of December 31, 2015 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Gross Amounts at Which Carried at Close of Period Accumulated Depreciation Buildings & Improvements Life Upon Which Depreciation is Computed (k) Location Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Year Opened Date Acquired Birmingham, AL (a) $ 23,163 $ 2,843 $ 29,286 $ — $ 4,712 $ 2,843 $ 33,998 $ 36,841 $ 16,464 1987 1/3/1996 15 - 40 Yrs Phoenix - Biltmore, AZ (a) — 4,694 38,998 — 4,630 4,694 43,628 48,322 21,183 1985 1/3/1996 15 - 40 Yrs Indian Wells – Esmeralda Resort & Spa, CA (d) — 30,948 73,507 — 7,098 30,948 80,605 111,553 15,923 1989 12/16/2007 15 - 40 Yrs Los Angeles – International Airport – South, CA (a) 22,496 2,660 17,997 — 6,477 2,660 24,474 27,134 10,990 1985 3/27/1996 15 - 40 Yrs Milpitas – Silicon Valley, CA (a) (l) 4,021 23,677 — 4,755 4,021 28,432 32,453 13,617 1987 1/3/1996 15 - 40 Yrs Napa Valley, CA (a) 27,111 2,218 14,205 — 6,985 2,218 21,190 23,408 9,099 1985 5/8/1996 15 - 40 Yrs Oxnard - Mandalay Beach – Hotel & Resort, CA (a) — 2,930 22,125 — 11,373 2,930 33,498 36,428 15,320 1986 5/8/1996 15 - 40 Yrs San Diego Bayside, CA (j) — (k) 68,229 — 13,461 — 81,690 81,690 45,788 1965 7/28/1998 15 - 40 Yrs San Francisco – Airport/Waterfront, CA (a) — (k) 39,929 — 7,824 — 47,753 47,753 21,768 1986 11/6/1995 15 - 40 Yrs San Francisco – Airport/South San Francisco, CA (a) (l) 3,418 31,737 — 5,589 3,418 37,326 40,744 17,884 1988 1/3/1996 15 - 40 Yrs San Francisco - Fisherman’s Wharf, CA (e) — (k) 61,883 — 18,377 — 80,260 80,260 39,887 1970 7/28/1998 15 - 40 Yrs San Francisco –Union Square, CA (f) 46,113 8,466 73,684 (434 ) 54,233 8,032 127,917 135,949 50,438 1970 7/28/1998 15 - 40 Yrs Santa Monica Beach – at the Pier, CA (j) 15,561 10,200 16,580 — 1,868 10,200 18,448 28,648 5,189 1967 3/11/2004 15 - 40 Yrs Deerfield Beach – Resort & Spa, FL (a) 30,717 4,523 29,443 68 7,107 4,591 36,550 41,141 17,619 1987 1/3/1996 15 - 40 Yrs Ft. Lauderdale – 17th Street, FL (a) 34,721 5,329 47,850 (163 ) 7,413 5,166 55,263 60,429 26,920 1986 1/3/1996 15 - 40 Yrs Miami – International Airport, FL (a) — 4,135 24,950 — 7,175 4,135 32,125 36,260 15,444 1983 1/3/1996 15 - 40 Yrs Orlando – International Drive South/Convention, FL (a) (l) 1,632 13,870 — 4,606 1,632 18,476 20,108 9,363 1985 7/28/1994 15 - 40 Yrs Orlando – Walt Disney World Resort, FL (c) — (k) 28,092 — 3,682 — 31,774 31,774 20,628 1987 7/28/1997 15 - 40 Yrs St. Petersburg – Vinoy Resort & Golf Club, FL (d) 32,775 (k) 100,823 — 9,780 — 110,603 110,603 24,082 1925 12/16/2007 15 - 40 Yrs FELCOR LODGING TRUST INCORPORATED and FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation – (continued) as of December 31, 2015 (in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Gross Amounts at Which Carried at Close of Period Accumulated Depreciation Buildings & Improvements Life Upon Which Depreciation is Computed (k) Location Encumbrances Land Building and Improvements Land Building and Improvements Land Building and Improvements Total Year Opened Date Acquired Atlanta – Buckhead, GA (a) (l) 7,303 38,996 (300 ) 4,523 7,003 43,519 50,522 20,167 1988 10/17/1996 15 - 40 Yrs New Orleans – French Quarter, LA (j) — (k) 50,732 — 11,238 — 61,970 61,970 24,928 1969 7/28/1998 15 - 40 Yrs Boston – at Beacon Hill, MA (j) — (k) 45,192 — 7,081 — 52,273 52,273 31,337 1968 7/28/1998 15 - 40 Yrs Boston – Copley Plaza, MA (h) 38,342 27,600 62,500 — 14,743 27,600 77,243 104,843 10,634 1912 8/18/2010 15 - 40 Yrs Boston – Marlborough, MA (a) (l) 948 8,143 761 16,253 1,709 24,396 26,105 11,017 1988 6/30/1995 15 - 40 Yrs Minneapolis – Airport, MN (a) 37,242 5,417 36,508 24 3,091 5,441 39,599 45,040 19,466 1986 11/6/1995 15 - 40 Yrs New York - Morgans (i) — 16,200 29,872 — 2,019 16,200 31,891 48,091 3,619 1984 5/23/2011 15 - 40 Yrs New York - Royalton (i) — 32,500 48,423 — 3,171 32,500 51,594 84,094 5,938 1988 5/23/2011 15 - 40 Yrs New York - The Knickerbocker (m) 85,000 85,400 213,941 — — 85,400 213,941 299,341 3,034 2015 12/6/2011 15 - 40 Yrs Philadelphia – Historic District, PA (j) — 3,164 27,535 7 7,492 3,171 35,027 38,198 14,819 1972 7/28/1998 15 - 40 Yrs Philadelphia – Society Hill, PA (b) (l) 4,542 45,121 — 9,970 4,542 55,091 59,633 24,745 1986 10/1/1997 15 - 40 Yrs Pittsburgh – at University Center (Oakland), PA (j) — (k) 25,031 — 3,014 — 28,045 28,045 12,041 1988 11/1/1998 15 - 40 Yrs Charleston – Mills House, SC (j) 19,722 3,251 28,295 7 8,566 3,258 36,861 40,119 14,762 1982 7/28/1998 15 - 40 Yrs Myrtle Beach – Oceanfront Resort, SC (a) — 2,940 24,988 — 12,639 2,940 37,627 40,567 15,618 1987 12/5/1996 15 - 40 Yrs Myrtle Beach Resort (g) (l) 9,000 19,844 6 32,104 9,006 51,948 60,954 18,487 1974 7/23/2002 15 - 40 Yrs Nashville – Opryland – Airport (Briley Parkway), TN (e) — (k) 27,734 — 5,707 — 33,441 33,441 19,414 1981 7/28/1998 15 - 40 Yrs Austin, TX (c) 14,991 2,508 21,908 — 4,980 2,508 26,888 29,396 12,316 1987 3/20/1997 15 - 40 Yrs Dallas – Love Field, TX (a) (l) 1,934 16,674 — 5,187 1,934 21,861 23,795 10,629 1986 3/29/1995 15 - 40 Yrs Houston - Medical Center, TX (j) — (k) 22,027 — 6,701 — 28,728 28,728 11,619 1984 7/28/1998 15 - 40 Yrs Burlington Hotel & Conference Center, VT (b) (l) 3,136 27,283 (2 ) 7,919 3,134 35,202 38,336 14,233 1967 12/4/1997 15 - 40 Yrs Total hotels $ 427,954 $ 293,860 $ 1,577,612 $ (26 ) $ 353,543 $ 293,834 $ 1,931,155 $ 2,224,989 $ 696,429 Other properties (less than 5% of total) $ — $ 550 $ 3,686 $ — $ 267 $ 550 $ 3,953 $ 4,503 $ 957 Total $ 427,954 $ 294,410 $ 1,581,298 $ (26 ) $ 353,810 $ 294,384 $ 1,935,108 $ 2,229,492 $ 697,386 FELCOR LODGING TRUST INCORPORATED AND FELCOR LODGING LIMITED PARTNERSHIP Schedule III – Real Estate and Accumulated Depreciation – (continued) as of December 31, 2015 (in thousands) (a) Embassy Suites Hotel (b) Sheraton (c) DoubleTree by Hilton (d) Renaissance (e) Holiday Inn (f) Marriott (g) Hilton (h) Fairmont (i) Morgans Hotel Group (j) Wyndham (k) This hotel is subject to a ground lease. Depreciation expense is based on the shorter of the lease term or the estimated useful life of the asset. (l) This hotel is mortgaged to secure repayment of our 5.625% senior notes due in 2023. (m) Development on this hotel was completed in 2015. Year Ended December 31, 2015 2014 2013 Reconciliation of Land and Buildings and Improvements: Balance at beginning of period $ 2,062,289 $ 2,175,100 $ 2,305,896 Additions during period: Completed hotel development 299,341 — — Acquisitions from joint venture transaction — 108,901 — Improvements 15,324 21,167 21,236 Deductions during period: Disposition of properties and other (147,462 ) (242,879 ) (152,032 ) Balance at end of period before impairment charges 2,229,492 2,062,289 2,175,100 Cumulative impairment charges on real estate assets owned at end of period (76,008 ) (65,277 ) (107,492 ) Balance at end of period $ 2,153,484 $ 1,997,012 $ 2,067,608 Reconciliation of Accumulated Depreciation Balance at beginning of period $ 661,758 $ 698,146 $ 693,114 Additions during period: Depreciation for the period 57,022 56,564 58,643 Deductions during period: Disposition of properties and other (21,394 ) (92,952 ) (53,611 ) Balance at end of period $ 697,386 $ 661,758 $ 698,146 The aggregate cost of real estate for federal income tax purposes is approximately $1.9 billion at December 31, 2015. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation — Our consolidated financial statements include the assets, liabilities, revenues and expenses of all majority-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Investments in unconsolidated entities (consisting entirely of 50% owned ventures) are accounted for by the equity method. None of our less than wholly-owned subsidiaries are considered variable interest entities. We follow the voting interest model and consolidate entities in which we have greater than 50% ownership interest and report entities in which we have 50% or less ownership interest under the equity method. |
Use of Estimates | Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America, requires that management make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Investment in Hotels | Investment in Hotels — Our hotels are stated at cost and are depreciated using the straight-line method over estimated useful lives of 40 years for buildings, 15 to 30 years for improvements and 3 to 10 years for furniture, fixtures, and equipment. We capitalize certain inventory (such as china, glass, silver, linen) at the time of a hotel opening or acquisition, or when significant inventory is purchased (in conjunction with a major rooms renovation or when the number of rooms or meeting space at a hotel is expanded). These amounts are then amortized over the estimated useful life of three years. Subsequent replacement purchases are expensed when placed in service. We periodically review the carrying value of each of our hotels to determine if circumstances exist indicating an impairment in the carrying value of the investment in the hotel or modification of depreciation periods. If facts or circumstances support the possibility of impairment of a hotel, we prepare a projection of the undiscounted future cash flows, without interest charges, over the shorter of the hotel’s estimated useful life or the expected hold period, and determine if the investment in such hotel is recoverable based on the undiscounted future cash flows. If impairment is indicated, we make an adjustment to reduce the carrying value of the hotel to its then fair value. We use recent operating results and current market information to arrive at our estimates of fair value. Maintenance and repairs are expensed, and major renewals and improvements are capitalized. Upon the sale or disposition of a fixed asset, the asset and related accumulated depreciation are removed from our accounts and the related gain or loss is included in operations. Acquisition of Hotels — Investments in hotels are based on purchase price and allocated to land, property and equipment, identifiable intangible assets and assumed debt and other liabilities at fair value. Any remaining unallocated purchase price, if any, is treated as goodwill. Property and equipment are recorded at fair value based on current replacement cost for similar capacity and allocated to buildings, improvements, furniture, fixtures and equipment using appraisals and valuations prepared by management and/or independent third parties. Identifiable intangible assets (typically contracts including ground and retail leases and management and franchise agreements) are recorded at fair value, although no value is generally allocated to contracts which are at market terms. Above-market and below-market contract values are based on the present value of the difference between contractual amounts to be paid pursuant to the contracts acquired and our estimate of the fair value of contract rates for corresponding contracts measured over the period equal to the remaining non-cancelable term of the contract. Intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related agreements. In making estimates of fair values for purposes of allocating purchase price, we may utilize a number of sources such as those obtained in connection with the acquisition or financing of a property and other market data, including third-party appraisals and valuations. 2. Summary of Significant Accounting Policies — (continued) |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities — We own a 50% interest in various real estate ventures in which the partners or members jointly make all material decisions concerning the business affairs and operations. Because we do not control these entities, we carry our investment in unconsolidated entities at cost, plus our equity in net earnings or losses, less distributions received since the date of acquisition and any adjustment for impairment. Our equity in net earnings or losses is adjusted for the straight-line depreciation, over the lower of 40 years or the remaining life of the venture, of the difference between our cost and our proportionate share of the underlying net assets at the date of acquisition. We periodically review our investment in unconsolidated entities for other-than-temporary declines in fair value. Any decline that is not expected to be recovered in the next 12 months is considered other-than-temporary and an impairment is recorded as a reduction in the carrying value of the investment. Estimated fair values are based on our projections of cash flows, market capitalization rates and sales prices of comparable assets. We track inception-to-date contributions, distributions and earnings for each of our unconsolidated investments. We determine the character of cash distributions from our unconsolidated investments for purposes of our consolidated statements of cash flows as follows: • Cash distributions up to the aggregate historical earnings of the unconsolidated entity are recorded as an operating activity ( i.e., a distribution of earnings); and • Cash distributions in excess of aggregate historical earnings are recorded as an investing activity ( i.e., a distribution of contributed capital). |
Hotels Held for Sale | Hotels Held for Sale — We consider each individual hotel to be an identifiable component of our business. We do not consider hotels held for sale until it is probable that the sale will be completed within 12 months. Generally, we consider a sale to be probable within the next 12 months (for purposes of determining whether a hotel is held for sale) in the period the buyer completes its due diligence review of the asset, we have an executed contract for sale, and we have received a substantial non-refundable deposit. We test hotels held for sale for impairment each reporting period and record them at the lower of their carrying amounts or fair value less costs to sell. Once we designate a hotel as held for sale it is not depreciated. |
Cash and Cash Equivalents | Cash and Cash Equivalents — All highly liquid investments with a maturity of three months or less when purchased are considered to be cash equivalents. We deposit cash at major banks. Our bank account balances may exceed the Federal Depository Insurance Limits; however, management believes the credit risk related to these deposits is minimal. |
Restricted Cash | Restricted Cash —Restricted cash includes reserves for capital expenditures, real estate taxes, and insurance, as well as cash collateral deposits for mortgage debt agreement provisions. |
Deferred Expenses | Deferred Expenses — Deferred expenses, consisting primarily of loan costs, are recorded at cost. Amortization is computed using a method that approximates the effective interest method over the maturity of the related debt. |
Other Assets | Other Assets — Other assets consist primarily of hotel operating inventories, prepaid expenses and deposits. |
Revenue Recognition | Revenue Recognition — Nearly 100% of our revenue is comprised of hotel operating revenues, such as room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as telephone, parking and business centers). These revenues are recorded net of any sales or occupancy taxes collected from our guests as earned. All rebates or discounts are recorded, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. Appropriate allowances are made for doubtful accounts and are recorded as a bad debt expense. The remainder of our revenue is from condominium management fee income and other sources. We do not have any time-share arrangements and do not sponsor any frequent guest programs for which we would have any contingent liability. We participate in frequent guest programs sponsored by the brand owners of our hotels, and we expense the charges associated with those programs (typically consisting of a percentage of the total guest charges incurred by a participating guest) as incurred. When a guest redeems accumulated frequent guest points at one of our hotels, the hotel bills the sponsor for the services provided in redemption of such points and records revenue in the amount of the charges billed to the sponsor. We have no loss contingencies or ongoing obligation associated with frequent guest programs beyond what is paid to the brand owner following a guest’s stay. |
Other Expenses | — For the year ended December 31, 2015, taxes, insurance and lease expense includes an out-of-period adjustment of $1.6 million related to straight-line lease expense from prior years for a ground lease associated with one of our consolidated hotels. The $1.6 million adjustment represents the cumulative additional rent that should have been recognized in prior years on a straight-line basis, with the credit being included in accrued expenses and other liabilities on the consolidated balance sheet. Management has evaluated the impact to all previously reported periods and concluded all previously issued financial statements are not materially misstated, nor is the impact of the adjustment material to the three-months or the year ended December 31, 2015. |
Foreign Currency Translation | Foreign Currency Translation — Results of operations for our Canadian hotel were maintained in Canadian dollars and translated using the weighted average exchange rates during the period. Assets and liabilities were translated to U.S. dollars using the exchange rate in effect at the balance sheet date. Resulting translation adjustments have been reflected in accumulated other comprehensive income and were $24.9 million as of December 31, 2013 . In 2014, we sold our remaining Canadian hotel and recorded a $24.4 million gain from foreign currency translation (which we had previously recorded in accumulated other comprehensive income). |
Capitalized Costs | Capitalized Costs — We capitalize interest and certain other costs, such as property taxes, land leases, property insurance and employee costs relating to hotels undergoing major renovations and redevelopments. In addition, these costs were capitalized on our Knickerbocker hotel development. We begin capitalizing these costs when activities necessary to get the asset ready for its intended use are underway and cease capitalizing these costs to projects when construction is substantially complete. Such costs capitalized in 2015 , 2014 and 2013 , were $13.3 million , $25.9 million and $23.6 million , respectively. |
Net Income (Loss) per Common Share | Net Income (Loss) per Common Share/Unit — We treat unvested share (unit)-based payment awards containing non-forfeitable rights to dividends (distributions) or dividend equivalents (whether paid or unpaid) as participating securities for computation of earnings per share (unit) (pursuant to the two-class method, in accordance with the Accounting Standards Codification, or ASC, 260-10-45-59A through 45-70). 2. Summary of Significant Accounting Policies — (continued) We compute basic earnings per share (unit) by dividing net income (loss) attributable to common stockholders (or unitholders) less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) outstanding. We compute diluted earnings per share (unit) by dividing net income (loss) attributable to common stockholders less dividends (distributions) declared on FelCor’s unvested restricted stock (adjusted for forfeiture assumptions) by the weighted average number of common shares (units) and equivalents outstanding. For all years presented, our Series A cumulative preferred stock (units), or Series A preferred stock (units), if converted to common shares (units), would be antidilutive; accordingly, we do not assume conversion of the Series A preferred stock (units) in the computation of diluted earnings per share (unit). |
FelCor's Stock Compensation | FelCor’s Stock Compensation — We account for stock-based employee compensation using the fair value based method of accounting. We classify share-based payment awards granted in exchange for employee services as either equity awards or liability awards. Equity classified awards are measured based on the fair value on the date of grant. Liability classified awards are remeasured to fair value each reporting period. Awards that are to be settled in cash ( i.e. phantom stock) are classified as liability awards. The value of all our share-based awards, less estimated forfeitures, is recognized over the period during which an employee is required to provide services in exchange for the award – the requisite service period (usually the vesting period). No compensation cost is recognized for awards for which employees do not render the requisite services. |
Derivatives | Derivatives — We recognize derivatives as either assets or liabilities on the balance sheet and measure those instruments at fair value. Additionally, the fair value adjustments will affect either equity or net income, depending on whether the derivative instrument qualifies as a hedge for accounting purposes and the nature of the hedging activity. |
Segment Information | Segment Information — We have determined that our business is conducted in one operating segment. |
Distributions and Dividends | Distributions and Dividends — FelCor declared aggregate common dividends of $0.18 , $0.10 and $0.02 per share in 2015, 2014 and 2013, respectively. FelCor’s ability to make distributions depends on FelCor’s receipt of quarterly distributions from FelCor LP, and FelCor LP’s ability to make distributions is dependent upon the results of operations of our hotels. FelCor LP distributes funds to FelCor to pay common or preferred dividends. FelCor’s Board of Directors will determine the amount of any future common and preferred dividends based upon various factors including operating results, economic conditions, other operating trends, our financial condition and capital requirements, as well as minimum REIT distribution requirements. |
Reacquired Stock | Reacquired Stock — We account for FelCor’s purchase of capital stock under a method that is consistent with Maryland law (Maryland is FelCor’s domicile), which does not contemplate treasury stock. Any capital stock reacquired for any purpose is recorded as a reduction of common stock (at $0.01 par value per share) and an increase in accumulated deficit. |
Noncontrolling Interests | Noncontrolling Interests — Noncontrolling interests in other partnerships represent the proportionate share of the equity in other partnerships not owned by us. Noncontrolling interests in FelCor LP represents FelCor LP units not owned by FelCor. We allocate income and loss to noncontrolling interests in FelCor LP and other partnerships based on the weighted average percentage ownership throughout the year. FelCor characterizes minority interest in FelCor LP as noncontrolling interests, but because of the redemption feature of these units, FelCor includes them in the mezzanine section (between liabilities and equity) on its consolidated balance sheets. These units are redeemable at the option of the holders for a like number of shares of FelCor’s 2. Summary of Significant Accounting Policies — (continued) common stock or, at our option, the cash equivalent thereof. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. |
Income Taxes | Income Taxes — FelCor has elected to be treated as a REIT under Sections 856 to 860 of the Internal Revenue Code and is not subject to federal income tax, provided that it distributes all of its taxable income annually to its stockholders and complies with certain other requirements. FelCor LP is treated as a partnership for federal income tax purposes and is not subject to federal income taxes. However, both FelCor and FelCor LP may be subject to state, local and foreign income and franchise taxes in certain jurisdictions. We generally lease our hotels to wholly-owned taxable REIT subsidiaries, or TRSs, that are subject to federal, state and foreign income taxes. Through these lessees, we record room revenue, food and beverage revenue and other revenue related to the operations of our hotels. We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is recorded for net deferred tax assets that are not expected to be realized. We determine whether it is “more-likely-than-not” that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the more-likely-than-not recognition threshold, the position is measured to determine the amount of benefit to recognize in the financial statements. We apply this policy to all tax positions related to income taxes. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 40 Consolidated Hotels at December 31, 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 Suites 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 |
Investment in Hotels (Tables)
Investment in Hotels (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Investment in hotels | Investment in hotels consisted of the following (in thousands): December 31, 2015 2014 Building and improvements $ 1,859,100 $ 1,764,871 Furniture, fixtures and equipment 449,437 431,851 Land 294,384 232,141 Construction in progress 26,185 21,615 2,629,106 2,450,478 Accumulated depreciation - Building and improvements (697,386 ) (661,758 ) Accumulated depreciation - Furniture, fixtures and equipment (202,189 ) (188,929 ) $ 1,729,531 $ 1,599,791 |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2015 included in continuing operations (in thousands): Year Ended December 31, 2015 2014 2013 Hotel operating revenue $ 32,150 $ 157,109 $ 201,533 Operating expenses (a) (25,971 ) (148,915 ) (224,744 ) Operating income (loss) 6,179 8,194 (23,211 ) Interest expense, net (1,031 ) (2,475 ) (3,390 ) Debt extinguishment (309 ) (932 ) — Gain on sale of investment in unconsolidated entities, net — 30,176 — Other gains, net — — 42 Equity in income from unconsolidated entities 7,111 3,294 3,037 Income (loss) from continuing operations 11,950 38,257 (23,522 ) Gain on sale of hotels, net (b) 19,426 66,762 — Net income (loss) 31,376 105,019 (23,522 ) Net loss (income) attributable to noncontrolling interests in other partnerships (5,166 ) (977 ) 4,555 Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP (110 ) (382 ) 93 Net income (loss) attributable to FelCor $ 26,100 $ 103,660 $ (18,874 ) (a) Operating expenses include impairment charges of $24.4 million for the year ended December 31, 2013 . (b) 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 2014, which substantially liquidated all of our foreign investments. |
Schedule of operations for the hotels included in discontinued operations | Discontinued operations include the results of operations for one hotel sold in 2014 (which was held for sale at December 31, 2013 ) and five hotels sold in 2013 . The following table summarizes the condensed financial information for those hotels (in thousands): Year Ended December 31, 2015 2014 2013 Hotel operating revenue $ — $ 730 $ 33,849 Operating expenses (a) 11 (677 ) (34,553 ) Operating income (loss) from discontinued operations 11 53 (704 ) Interest expense, net — (66 ) (793 ) Debt extinguishment — (245 ) — Gain on involuntary conversion — — 66 Gain (loss) on sale, net 658 (102 ) 19,441 Income (loss) from discontinued operations $ 669 $ (360 ) $ 18,010 (a) Operating expenses in discontinued operations include impairment charges of $4.4 million for the year ended December 31, 2013 . |
Investment in Unconsolidated 41
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 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): December 31, 2015 2014 Investment in hotels and other properties, net of accumulated depreciation $ 23,047 $ 30,288 Total assets $ 29,336 $ 45,374 Debt $ 22,866 $ 34,192 Total liabilities $ 24,844 $ 36,974 Equity $ 4,492 $ 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): Year Ended December 31, 2015 2014 2013 Total revenues $ 32,591 $ 59,453 $ 70,697 Net income $ 22,799 $ 12,561 $ 12,892 Net income attributable to FelCor $ 11,400 $ 6,281 $ 6,446 Cost in excess of joint venture book value of sold hotel $ (3,140 ) $ — $ — Depreciation of cost in excess of book value $ (427 ) $ (1,271 ) $ (1,860 ) Equity in income from unconsolidated entities $ 7,833 $ 5,010 $ 4,586 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investment in unconsolidated entities (in thousands): December 31, 2015 2014 Equity basis of hotel joint venture investments $ (4,216 ) $ (3,265 ) Cost of hotel investments in excess of joint venture book value 7,329 10,895 Equity basis of land and condominium joint venture investments 6,462 7,465 Investment in unconsolidated entities $ 9,575 $ 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): Year Ended December 31, 2015 2014 2013 Hotel investments $ 8,535 $ 5,784 $ 5,270 Other investments (702 ) (774 ) (684 ) Equity in income from unconsolidated entities $ 7,833 $ 5,010 $ 4,586 |
Joint Venture Transaction (Tabl
Joint Venture Transaction (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Joint Venture Transaction [Abstract] | |
Fair values of assets acquired and liabilities assumed | The following table summarizes the fair values of assets acquired and liabilities assumed where we obtained control of a previously unconsolidated entity ( i.e. , a business combination) through this, primarily non-cash, transaction (in thousands): Assets Investment in hotels $ 130,100 Other assets 1,300 Deferred expenses 259 Total assets acquired $ 131,659 Liabilities Debt $ 64,000 Net assets acquired $ 67,659 |
Unaudited consolidated pro forma results of operations | The following unaudited consolidated pro forma results of operations for the years ended December 31, 2014 and 2013 assumes the joint venture transactions (the business combination, the disposition of unconsolidated interests, the acquisition of a 10% interest in one hotel, and the change in lessee ownership percentages) occurred on January 1, 2013 (in thousands, except per share data). The unaudited consolidated pro forma results of operations are not necessarily indicative of the results of operations if the transactions had been completed on the assumed date. Year Ended December 31, 2014 2013 Net income (loss) $ 94,869 $ (65,670 ) Income (loss) per share/unit - basic $ 0.43 $ (0.82 ) Income (loss) per share/unit - diluted $ 0.43 $ (0.82 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Debt | Consolidated debt consisted of the following (in thousands): Encumbered Interest Maturity 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 122,237 124,278 Mortgage debt 1 4.94 October 2022 30,717 31,228 Line of credit (b) 7 LIBOR + 2.75 June 2019 190,000 — Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 64,861 Retired debt — — — — 840,500 Total 22 $ 1,427,954 $ 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, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit. (c) This loan can be extended for one year, subject to satisfying certain conditions A t December 31, 2014, $6.3 million of this loan was secured by cash collateral with an interest rate of LIBOR + 1.25% . |
Schedule of Future Scheduled Principal Payments on Debt Obligations | Future scheduled principal payments on debt obligations at December 31, 2015 are as follows (in thousands): Year 2016 $ 2,488 2017 87,810 2018 2,954 2019 193,106 2020 3,245 Thereafter 1,138,351 $ 1,427,954 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Line Items] | |
Schedule of Income Tax Reconciliation | The following table reconciles REIT GAAP net income (loss) to taxable income (loss) (in thousands): Year Ended December 31, 2015 2014 2013 GAAP net income (loss) from REIT operations $ (21,838 ) $ 68,796 $ (62,513 ) Book/tax differences, net: Dividend income from TRS 24,809 — — Depreciation and amortization (a) 3,937 1,831 2,173 Noncontrolling interests (400 ) 329 (4,017 ) Gain/loss differences from dispositions 18,335 (99,946 ) (2,032 ) Impairment loss not deductible for tax 20,861 — 28,795 Conversion costs (2,881 ) (3,233 ) (2,099 ) Other 1,153 (1,674 ) 8,453 Tax income (loss) (b) $ 43,976 $ (33,897 ) $ (31,240 ) (a) Book/tax differences in depreciation and amortization principally result from differences in depreciable lives and accelerated depreciation methods . (b) The dividend distribution requirement is 90% of any taxable income (net of capital gains). |
Schedule of Deferred Tax Asset | Our TRSs had a deferred tax asset, on which we had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2015 2014 Accumulated net operating losses of TRSs $ 98,367 $ 107,027 Tax property basis compared to book (4,518 ) 952 Accrued employee benefits not deductible for tax 4,889 3,883 Management fee recognition — 81 Historic tax credits (a) 25,375 — Capitalized TRS start-up costs — 6,399 Other 109 1,261 Gross deferred tax asset 124,222 119,603 Valuation allowance (124,222 ) (119,603 ) Deferred tax asset after valuation allowance $ — $ — (a) Because of the completion of construction at The Knickerbocker in 2015, one of our TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and do not expire. |
Schedule of Characterization of Cash Dividends Distrubuted | For income tax purposes, dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. Dividends paid per share were characterized, in accordance with the requirements under the Code, as follows: 2015 2014 2013 Amount % Amount % Amount % Preferred Stock – Series A Capital gains $ 1.23 63.08 $ — — $ — — Dividend income $ 0.72 36.92 $ — — $ — — Return of capital — (c) — 1.95 (b) 100.00 1.95 (a) 100.00 $ 1.95 100.00 $ 1.95 100.00 $ 1.95 100.00 Preferred Stock – Series C Capital gains $ 0.63 63.00 $ — — $ — — Dividend income $ 0.37 37.00 $ — — $ — — Return of capital — (c) — 2.00 (b) 100.00 2.00 (a) 100.00 $ 1.00 100.00 $ 2.00 100.00 $ 2.00 100.00 Common Stock Capital gains $ — — $ — — $ — — Dividend income $ — — $ — — $ — — Return of capital 0.16 (c) 100.00 0.08 100.00 — — $ 0.16 100.00 $ 0.08 100.00 $ — — (a) Fourth quarter 2012 preferred dividends were paid January 31, 2013, and were treated as 2013 distributions for tax purposes. (b) Fourth quarter 2013 preferred and common dividends were paid January 30, 2014, and were treated as 2014 distributions for tax purposes. (c) Fourth quarter 2014 preferred and common dividends were paid January 29, 2015, and were treated as 2015 distributions for tax purposes. |
Taxable REIT Subsidiaries [Member] | |
Income Taxes [Line Items] | |
Schedule of Income Tax Reconciliation | The following table reconciles our TRSs’ GAAP net income (loss) to federal taxable income (in thousands): Year Ended December 31, 2015 2014 2013 GAAP consolidated net income (loss) attributable to FelCor LP $ (9,059 ) $ 92,236 $ (62,001 ) Loss (income) allocated to FelCor LP unitholders 194 (137 ) 497 GAAP consolidated net income (loss) attributable to FelCor (8,865 ) 92,099 (61,504 ) GAAP net loss (income) from REIT operations 21,838 (68,796 ) 62,513 GAAP net income (loss) of taxable subsidiaries 12,973 23,303 1,009 Taxes related to joint venture transaction — 5,761 — Gain/loss differences from dispositions (872 ) — — Depreciation and amortization (a) (1,877 ) (461 ) 1,646 Employee benefits not deductible for tax (588 ) (101 ) 3,914 Management fee recognition (107 ) (1,151 ) (1,245 ) Cancellation of debt — (3,188 ) — Capitalized TRS start-up costs — 11,859 4,981 Other book/tax differences 3,827 181 2,754 Federal tax income of taxable subsidiaries before utilization of net operating losses 13,356 36,203 13,059 Utilization of net operating loss (13,356 ) (36,203 ) (13,059 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (a) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
Redeemable Noncontrolling Int45
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands): Year Ended December 31, 2015 2014 Balance at beginning of period $ 6,616 $ 5,039 Conversion of units — (56 ) Redemption value allocation (1,865 ) 1,545 Distributions paid to unitholders (93 ) (48 ) Comprehensive income (loss): Foreign exchange translation — (1 ) Net income (loss) (194 ) 137 Balance at end of period $ 4,464 $ 6,616 |
Hotel Operating Revenue, Depa46
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2015 2014 2013 Room revenue $ 673,276 $ 713,213 $ 692,016 Food and beverage revenue 158,531 157,607 151,233 Other operating departments 46,564 47,161 46,757 Total hotel operating revenue $ 878,371 $ 917,981 $ 890,006 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Room $ 172,252 $ 188,465 $ 184,840 Food and beverage 123,384 121,201 120,287 Other operating departments 17,505 22,210 21,954 Total hotel departmental expenses $ 313,141 $ 331,876 $ 327,081 |
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Year Ended December 31, 2015 2014 2013 Hotel general and administrative expense $ 78,233 $ 79,420 $ 80,715 Marketing 76,548 77,939 74,770 Repair and maintenance 39,091 43,886 45,057 Utilities 29,674 36,925 37,573 Total other property-related costs $ 223,546 $ 238,170 $ 238,115 |
Taxes, Insurance and Lease Ex47
Taxes, Insurance and Lease Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Schedule of Taxes, Insurance and Lease Expenses | Taxes, insurance and lease expenses from continuing operations were comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Hotel lease expense (a) $ 7,107 $ 31,635 $ 44,087 Land lease expense (b) 15,458 12,338 11,062 Real estate and other taxes 29,469 31,113 30,325 Property insurance, general liability insurance and other 7,173 9,180 10,068 Total taxes, insurance and lease expense $ 59,207 $ 84,266 $ 95,542 (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 $3.4 million , $17.3 million and $22.2 million for the years ended December 31, 2015 , 2014 , and 2013 , 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 $7.7 million , $6.4 million and $5.4 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. |
Land Leases and Hotel Rent (Tab
Land Leases and Hotel Rent (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Future Minimum Lease Payments under Land Lease Obligations and Hotel Leases | Future minimum lease payments under our land lease obligations and hotel leases at December 31, 2015 , were as follows (in thousands): Year 2016 $ 9,436 2017 6,569 2018 6,248 2019 5,884 2020 5,905 2021 and thereafter 242,582 $ 276,624 |
Income (loss) Per Share_Unit (T
Income (loss) Per Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted income (loss) per share/unit (in thousands, except per share/unit data): FelCor Income (Loss) Per Share Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to FelCor $ (8,865 ) $ 92,099 $ (61,504 ) Discontinued operations attributable to FelCor (674 ) 359 (16,963 ) Income (loss) from continuing operations attributable to FelCor (9,539 ) 92,458 (78,467 ) Less: Preferred dividends (30,138 ) (38,712 ) (38,713 ) Less: Redemption of preferred stock (6,096 ) — — Less: Dividends declared on unvested restricted stock (56 ) (8 ) — Less: Undistributed earnings allocated to unvested restricted stock — (20 ) — Numerator for continuing operations attributable to FelCor common stockholders (45,829 ) 53,718 (117,180 ) Discontinued operations attributable to FelCor 674 (359 ) 16,963 Numerator for basic and diluted income (loss) attributable to FelCor common stockholders $ (45,155 ) $ 53,359 $ (100,217 ) Denominator: Denominator for basic income (loss) per share 137,730 124,158 123,818 Denominator for diluted income (loss) per share 137,730 124,892 123,818 Basic and diluted income (loss) per share data: Income (loss) from continuing operations $ (0.33 ) $ 0.43 $ (0.95 ) Discontinued operations $ — $ — $ 0.14 Net income (loss) $ (0.33 ) $ 0.43 $ (0.81 ) |
Schedule Securities Excluded from Computation of Earnings Per Share | Securities that could potentially dilute earnings per share/unit in the future that were not included in the computation of diluted income (loss) per share/unit, because they would have been antidilutive for the periods presented, are as follows (unaudited, in thousands): Year Ended December 31, 2015 2014 2013 Series A convertible preferred shares/units 9,984 9,984 9,985 FelCor restricted stock units 488 — 547 |
FelCor Lodging LP [Member] | |
Earnings Per Share [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Income (Loss) Per Unit Year Ended December 31, 2015 2014 2013 Numerator: Net income (loss) attributable to FelCor LP $ (9,059 ) $ 92,236 $ (62,001 ) Discontinued operations attributable to FelCor LP (677 ) 360 (17,047 ) Income (loss) from continuing operations attributable to FelCor LP (9,736 ) 92,596 (79,048 ) Less: Preferred distributions (30,138 ) (38,712 ) (38,713 ) Less: Redemption of preferred units (6,096 ) — — Less: Distributions declared on FelCor unvested restricted stock (56 ) (8 ) — Less: Undistributed earnings allocated to FelCor unvested restricted stock — (20 ) — Numerator for continuing operations attributable to FelCor LP common unitholders (46,026 ) 53,856 (117,761 ) Discontinued operations attributable to FelCor LP 677 (360 ) 17,047 Numerator for basic and diluted income (loss) attributable to FelCor LP common unitholders $ (45,349 ) $ 53,496 $ (100,714 ) Denominator: Denominator for basic income (loss) per unit 138,341 124,772 124,437 Denominator for diluted income (loss) per unit 138,341 125,511 124,437 Basic and diluted income (loss) per unit data: Income (loss) from continuing operations $ (0.33 ) $ 0.43 $ (0.95 ) Discontinued operations $ — $ — $ 0.14 Net income (loss) $ (0.33 ) $ 0.43 $ (0.81 ) |
Supplemental Cash Flow Disclo50
Supplemental Cash Flow Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Depreciation and Amortization Expense | Depreciation and amortization expense is comprised of the following (in thousands): Year Ended December 31, 2015 2014 2013 Depreciation and amortization from continuing operations $ 114,452 $ 115,819 $ 119,624 Depreciation and amortization from discontinued operations — — 4,923 Total depreciation and amortization expense $ 114,452 $ 115,819 $ 124,547 |
FelCor Stock Based Compensati51
FelCor Stock Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Restricted Stock/Unit Activity | A summary of the status of FelCor’s restricted stock and restricted stock unit grants as of December 31, 2015 , 2014 and 2013 , and the changes during these years is presented below: 2015 2014 2013 Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares Weighted Average Fair Market Value at Grant Shares unvested at beginning of the year 1,509,519 $ 5.70 1,270,000 $ 4.12 303,333 $ 3.71 Granted: With 5-year pro rata vesting 50,000 $ 8.02 — $ — 15,000 $ 6.13 With up to 4-year pro rata vesting 1,066,394 $ 8.14 1,036,252 $ 6.70 1,250,000 $ 4.09 Forfeited (2,250 ) $ 9.62 (2,250 ) $ 9.62 — $ — Vested (793,540 ) $ 6.61 (794,483 ) $ 4.46 (298,333 ) $ 3.72 Shares unvested at end of the year 1,830,123 $ 6.79 1,509,519 $ 5.70 1,270,000 $ 4.12 |
Schedule of Valuation Assumptions Used | The assumptions used in this simulation include the following: 2015 2014 2013 Annual volatility (a) 48.11 % 53.78 % 61.12 % Dividend rate (b) $ 0.04 $ 0.02 $ — Risk-free rate 1.32 % 1.13 % 0.50 % (a) Based on share price history. (b) Based on dividend rate at time of award. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of revenues from continuing operations and investment in hotel assets | The following table sets forth revenues from continuing operations and investment in hotel assets represented by the following geographical areas (in thousands): Revenue For the Year Ended December 31, Investment in Hotel Assets as of December 31, 2015 2014 2013 2015 2014 2013 California $ 299,422 $ 277,458 $ 257,418 $ 410,009 $ 450,068 $ 468,033 Florida 138,055 135,972 124,142 215,657 234,421 244,104 Massachusetts 93,685 85,665 76,505 162,875 172,062 183,446 South Carolina 63,258 58,398 50,839 112,038 115,726 119,334 Other states 291,834 355,708 369,846 828,952 627,514 623,942 Canada — 8,386 14,686 — — 14,408 Total $ 886,254 $ 921,587 $ 893,436 $ 1,729,531 $ 1,599,791 $ 1,653,267 |
Quarterly Operating Results (53
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Operating Results (unaudited) [Line Items] | |
Schedule of quarterly operating results (unaudited) | FelCor 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Net loss attributable to FelCor common stockholders $ (2,895 ) $ (17,283 ) $ (14,487 ) $ (10,434 ) Comprehensive income (loss) attributable to FelCor $ 6,783 $ (3,284 ) $ (8,208 ) $ (4,156 ) Basic and diluted per common share data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Discontinued operations $ — $ — $ — $ — Net loss $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common shares outstanding 124,519 140,322 142,982 142,823 Diluted weighted average common shares outstanding 124,519 140,322 142,982 142,823 2014 First Second Third Fourth Total revenues $ 221,349 $ 259,515 $ 234,056 $ 206,667 Income (loss) from continuing operations $ (20,428 ) $ 9,324 $ 44,022 $ (5,168 ) Discontinued operations $ 135 $ 5 $ (8 ) $ (492 ) Net income (loss) attributable to FelCor $ (14,818 ) $ 24,281 $ 72,391 $ 10,245 Net income (loss) attributable to FelCor common stockholders $ (24,496 ) $ 14,603 $ 62,713 $ 567 Comprehensive income (loss) attributable to FelCor $ (15,254 ) $ 24,853 $ 47,499 $ 10,064 Basic and diluted per common share data: Net income (loss) from continuing operations $ (0.20 ) $ 0.12 $ 0.50 $ 0.01 Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.20 ) $ 0.12 $ 0.50 $ — Basic weighted average common shares outstanding 124,146 124,169 124,168 124,188 Diluted weighted average common shares outstanding 124,146 125,386 125,526 125,146 |
FelCor Lodging LP [Member] | |
Quarterly Operating Results (unaudited) [Line Items] | |
Schedule of quarterly operating results (unaudited) | FelCor LP 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 213,695 $ 241,103 $ 225,152 $ 206,304 Loss from continuing operations $ (4,895 ) $ (2,614 ) $ (11,785 ) $ (4,266 ) Discontinued operations $ 4 $ (83 ) $ 498 $ 250 Net income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Net loss attributable to FelCor LP common unitholders $ (2,909 ) $ (17,358 ) $ (14,548 ) $ (10,478 ) Comprehensive income (loss) attributable to FelCor LP $ 6,769 $ (3,359 ) $ (8,269 ) $ (4,200 ) Basic and diluted per common unit data: Net loss from continuing operations $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Discontinued operations $ — $ — $ — $ — Net loss $ (0.02 ) $ (0.12 ) $ (0.10 ) $ (0.07 ) Basic weighted average common units outstanding 125,130 140,933 143,594 143,434 Diluted weighted average common units outstanding 125,130 140,933 143,594 143,434 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 221,349 $ 259,515 $ 234,056 $ 206,667 Income (loss) from continuing operations $ (20,428 ) $ 9,324 $ 44,022 $ (5,168 ) Discontinued operations $ 135 $ 5 $ (8 ) $ (492 ) Net income (loss) attributable to FelCor LP $ (14,939 ) $ 24,352 $ 72,576 $ 10,247 Net income (loss) attributable to FelCor LP common unitholders $ (24,617 ) $ 14,674 $ 62,898 $ 569 Comprehensive income (loss) attributable to FelCor LP $ (15,378 ) $ 24,927 $ 47,578 $ 10,066 Basic and diluted per common unit data: Net income (loss) from continuing operations $ (0.20 ) $ 0.12 $ 0.50 $ 0.01 Discontinued operations $ — $ — $ — $ — Net income (loss) $ (0.20 ) $ 0.12 $ 0.50 $ — Basic weighted average common units outstanding 124,764 124,783 124,781 124,799 Diluted weighted average common units outstanding 124,764 126,000 126,164 125,764 |
FelCor LP's Consolidating Fin54
FelCor LP's Consolidating Financial Information (Tables) - FelCor Lodging LP [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |
Schedule of Condensed Balance Sheet | CONSOLIDATING BALANCE SHEET December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 625,835 $ 1,103,696 $ — $ 1,729,531 Equity investment in consolidated entities 1,260,779 — — (1,260,779 ) — Investment in unconsolidated entities 4,440 3,871 1,264 — 9,575 Cash and cash equivalents 21,219 34,294 4,273 — 59,786 Restricted cash — 15,442 2,260 — 17,702 Accounts receivable, net 644 25,575 1,917 — 28,136 Deferred expenses, net 15,774 — 8,681 — 24,455 Other assets 3,587 8,786 2,419 — 14,792 Total assets $ 1,306,443 $ 713,803 $ 1,124,510 $ (1,260,779 ) $ 1,883,977 Debt $ 1,000,000 $ — $ 467,390 $ (39,436 ) $ 1,427,954 Distributions payable 15,016 — 124 — 15,140 Accrued expenses and other liabilities 26,810 83,787 14,677 — 125,274 Total liabilities 1,041,826 83,787 482,191 (39,436 ) 1,568,368 Redeemable units, at redemption value 4,464 — — — 4,464 Preferred units 309,337 — — — 309,337 Common units (49,184 ) 630,833 590,510 (1,221,343 ) (49,184 ) Total FelCor LP partners’ capital 260,153 630,833 590,510 (1,221,343 ) 260,153 Noncontrolling interests — (817 ) 8,623 — 7,806 Preferred capital in consolidated joint venture — — 43,186 — 43,186 Total partners’ capital 260,153 630,016 642,319 (1,221,343 ) 311,145 Total liabilities and partners’ capital $ 1,306,443 $ 713,803 $ 1,124,510 $ (1,260,779 ) $ 1,883,977 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP 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 |
Schedule of Condensed Statement of Operations | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 878,371 $ — $ — $ 878,371 Percentage lease revenue — — 126,867 (126,867 ) — Other revenue 143 7,288 452 — 7,883 Total revenue 143 885,659 127,319 (126,867 ) 886,254 Expenses: Hotel operating expenses — 572,259 — — 572,259 Taxes, insurance and lease expense 490 163,550 22,034 (126,867 ) 59,207 Corporate expenses — 15,023 12,260 — 27,283 Depreciation and amortization 188 49,589 64,675 — 114,452 Impairment loss — 20,861 — — 20,861 Other expenses 3,995 7,451 1,033 — 12,479 Total operating expenses 4,673 828,733 100,002 (126,867 ) 806,541 Operating income (4,530 ) 56,926 27,317 — 79,713 Interest expense, net (57,062 ) 13 (22,069 ) — (79,118 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Other gains, net — — 166 — 166 Loss before equity in income from unconsolidated entities (90,051 ) 56,939 2,964 — (30,148 ) Equity in income from consolidated entities 73,274 — — (73,274 ) — Equity in income from unconsolidated entities 8,368 (489 ) (46 ) — 7,833 Loss from continuing operations before income tax expense (8,409 ) 56,450 2,918 (73,274 ) (22,315 ) Income tax expense (252 ) (993 ) — — (1,245 ) Loss from continuing operations (8,661 ) 55,457 2,918 (73,274 ) (23,560 ) Income from discontinued operations — 2 667 — 669 Loss before gain on sale of hotels (8,661 ) 55,459 3,585 (73,274 ) (22,891 ) Gain on sale of hotels, net (398 ) (82 ) 19,906 — 19,426 Net loss (9,059 ) 55,377 23,491 (73,274 ) (3,465 ) Income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Net loss attributable to FelCor LP (9,059 ) 56,146 17,128 (73,274 ) (9,059 ) Preferred distributions (30,138 ) — — — (30,138 ) Redemption of preferred units (6,096 ) — — — (6,096 ) Net loss attributable to FelCor LP common unitholders $ (45,293 ) $ 56,146 $ 17,128 $ (73,274 ) $ (45,293 ) 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 917,981 $ — $ — $ 917,981 Percentage lease revenue 4,181 — 91,176 (95,357 ) — Other revenue 6 3,143 457 — 3,606 Total revenue 4,187 921,124 91,633 (95,357 ) 921,587 Expenses: Hotel operating expenses — 606,113 — — 606,113 Taxes, insurance and lease expense 1,267 158,550 19,806 (95,357 ) 84,266 Corporate expenses 427 16,886 12,272 — 29,585 Depreciation and amortization 2,717 56,668 56,434 — 115,819 Other expenses 178 12,330 5,444 — 17,952 Total operating expenses 4,589 850,547 93,956 (95,357 ) 853,735 Operating income (402 ) 70,577 (2,323 ) — 67,852 Interest expense, net (71,024 ) (758 ) (18,913 ) — (90,695 ) Debt extinguishment (3,823 ) — (947 ) — (4,770 ) Gain on sale of investment in unconsolidated entities, net 30,176 — — — 30,176 Gain from remeasurement of unconsolidated entities, net 20,737 — — — 20,737 Other gains, net — 100 — — 100 Income before equity in income from unconsolidated entities (24,336 ) 69,919 (22,183 ) — 23,400 Equity in income from consolidated entities 113,267 — — (113,267 ) — Equity in income from unconsolidated entities 4,682 374 (46 ) — 5,010 Income from continuing operations before income tax expense 93,613 70,293 (22,229 ) (113,267 ) 28,410 Income tax expense (134 ) (526 ) — — (660 ) Income from continuing operations 93,479 69,767 (22,229 ) (113,267 ) 27,750 Loss from discontinued operations — 27 (387 ) — (360 ) Income before gain on sale of hotels 93,479 69,794 (22,616 ) (113,267 ) 27,390 Gain on sale of hotels, net (1,243 ) 21,887 46,118 — 66,762 Net income 92,236 91,681 23,502 (113,267 ) 94,152 Income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Net income attributable to FelCor LP 92,236 92,020 21,247 (113,267 ) 92,236 Preferred distributions (38,712 ) — — — (38,712 ) Net income attributable to FelCor LP common unitholders $ 53,524 $ 92,020 $ 21,247 $ (113,267 ) $ 53,524 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 890,006 $ — $ — $ 890,006 Percentage lease revenue 5,041 — 90,500 (95,541 ) — Other revenue 9 2,976 445 — 3,430 Total revenue 5,050 892,982 90,945 (95,541 ) 893,436 Expenses: Hotel operating expenses — 600,931 — — 600,931 Taxes, insurance and lease expense 1,946 171,215 17,922 (95,541 ) 95,542 Corporate expenses 553 15,749 10,694 — 26,996 Depreciation and amortization 4,438 59,547 55,639 — 119,624 Conversion expenses 23 468 643 — 1,134 Impairment loss 14,294 — 10,147 — 24,441 Other expenses 3,179 3,166 2,404 — 8,749 Total operating expenses 24,433 851,076 97,449 (95,541 ) 877,417 Operating income (19,383 ) 41,906 (6,504 ) — 16,019 Interest expense, net (84,206 ) (1,270 ) (18,311 ) — (103,787 ) Other gains, net — — 41 — 41 Loss before equity in income from unconsolidated entities (103,589 ) 40,636 (24,774 ) — (87,727 ) Equity in income from consolidated entities 40,276 — — (40,276 ) — Equity in income from unconsolidated entities 4,183 449 (46 ) — 4,586 Loss from continuing operations before income tax expense (59,130 ) 41,085 (24,820 ) (40,276 ) (83,141 ) Income tax expense (132 ) (520 ) — — (652 ) Loss from continuing operations (59,262 ) 40,565 (24,820 ) (40,276 ) (83,793 ) Income from discontinued operations (2,739 ) (1,495 ) 22,244 — 18,010 Net loss (62,001 ) 39,070 (2,576 ) (40,276 ) (65,783 ) Loss attributable to noncontrolling interests — 788 2,994 — 3,782 Net loss attributable to FelCor LP (62,001 ) 39,858 418 (40,276 ) (62,001 ) Preferred distributions (38,713 ) — — — (38,713 ) Net loss attributable to FelCor LP common unitholders $ (100,714 ) $ 39,858 $ 418 $ (40,276 ) $ (100,714 ) |
Schedule of Condensed Statement of Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (9,059 ) $ 55,377 $ 23,491 $ (73,274 ) $ (3,465 ) Foreign currency translation adjustment — — — — — Comprehensive loss (9,059 ) 55,377 23,491 (73,274 ) (3,465 ) Comprehensive income attributable to noncontrolling interests — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Comprehensive loss attributable to FelCor LP $ (9,059 ) $ 56,146 $ 17,128 $ (73,274 ) $ (9,059 ) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net income $ 92,236 $ 91,681 $ 23,502 $ (113,267 ) $ 94,152 Foreign currency translation adjustment (490 ) (121 ) (369 ) 490 (490 ) Reclassification of foreign currency translation to gain (24,553 ) (4,448 ) (20,105 ) 24,553 (24,553 ) Comprehensive income 67,193 87,112 3,028 (88,224 ) 69,109 Comprehensive income attributable to noncontrolling interests — 339 (1,036 ) — (697 ) Preferred distributions - consolidated joint venture — — (1,219 ) — (1,219 ) Comprehensive income attributable to FelCor LP $ 67,193 $ 87,451 $ 773 $ (88,224 ) $ 67,193 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE LOSS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net loss $ (62,001 ) $ 39,070 $ (2,576 ) $ (40,276 ) $ (65,783 ) Foreign currency translation adjustment (1,108 ) (213 ) (895 ) 1,108 (1,108 ) Comprehensive loss (63,109 ) 38,857 (3,471 ) (39,168 ) (66,891 ) Comprehensive loss attributable to noncontrolling interests — 788 2,994 — 3,782 Comprehensive loss attributable to FelCor LP $ (63,109 ) $ 39,645 $ (477 ) $ (39,168 ) $ (63,109 ) |
Schedule of Condensed Cash Flow Statement | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (56,183 ) $ 123,894 $ 76,898 $ — $ 144,609 Investing activities: Improvements and additions to hotels 242 (42,039 ) (6,639 ) — (48,436 ) Hotel development — — (33,525 ) — (33,525 ) Net proceeds from asset dispositions (569 ) (659 ) 189,177 — 187,949 Insurance proceeds 274 — 203 — 477 Change in restricted cash — (3,243 ) 6,037 — 2,794 Distributions from unconsolidated entities 6,517 800 — — 7,317 Contributions to unconsolidated entities (15 ) — — — (15 ) Intercompany financing 184,776 — — (184,776 ) — Cash flows from investing activities 191,225 (45,141 ) 155,253 (184,776 ) 116,561 Financing activities: Proceeds from borrowings 475,000 — 550,438 — 1,025,438 Repayment of borrowings (545,453 ) — (658,356 ) — (1,203,809 ) Payment of deferred financing costs (8,505 ) — (6,447 ) — (14,952 ) Distributions paid to noncontrolling interests — (444 ) (17,151 ) — (17,595 ) Contributions from noncontrolling interests — 548 2,261 — 2,809 Net proceeds from issuance of preferred equity-consolidated joint venture — — 1,744 — 1,744 Net proceeds from common stock issuance 198,648 — — — 198,648 Redemption of preferred stock (169,986 ) — — — (169,986 ) Repurchase of common stock (14,362 ) — — — (14,362 ) Distributions paid to preferred unitholders (32,404 ) — — — (32,404 ) Distributions paid to common unitholders (22,385 ) — — — (22,385 ) Intercompany financing — (77,333 ) (107,443 ) 184,776 — Other (93 ) — (1,431 ) — (1,524 ) Cash flows used in financing activities (119,540 ) (77,229 ) (236,385 ) 184,776 (248,378 ) Effect of exchange rate changes on cash — (153 ) — — (153 ) Change in cash and cash equivalents 15,502 1,371 (4,234 ) — 12,639 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 21,219 $ 34,294 $ 4,273 $ — $ 59,786 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (65,903 ) $ 128,716 $ 42,005 $ — $ 104,818 Investing activities: Improvements and additions to hotels (135 ) (47,496 ) (36,033 ) — (83,664 ) Hotel development — — (86,565 ) — (86,565 ) Net proceeds from asset dispositions 6,488 13,984 143,146 — 163,618 Proceeds from unconsolidated joint venture transaction 3,154 — 878 — 4,032 Insurance proceeds — 521 — — 521 Distributions from unconsolidated entities 7,472 5,356 — — 12,828 Contributions to unconsolidated entities (7 ) — — — (7 ) Change in restricted cash - investing — (3,571 ) 60,302 — 56,731 Intercompany financing 334,905 — — (334,905 ) — Cash flows used in investing activities 351,877 (31,206 ) 81,728 (334,905 ) 67,494 Financing activities: Proceeds from borrowings — — 473,062 — 473,062 Repayment of borrowings (236,745 ) — (386,361 ) — (623,106 ) Payment of deferred financing costs (4 ) — (3,211 ) — (3,215 ) Acquisition of noncontrolling interests — — (5,850 ) — (5,850 ) Distributions paid to noncontrolling interests — (850 ) (8,746 ) — (9,596 ) Contributions from noncontrolling interests — 1,265 5,110 — 6,375 Net proceeds from issuance of preferred equity-consolidated joint venture — — 41,442 — 41,442 Distributions paid to preferred unitholders (38,712 ) — — — (38,712 ) Distributions paid to common unitholders (9,981 ) — — — (9,981 ) Intercompany financing — (98,200 ) (236,705 ) 334,905 — Other (42 ) — (1,102 ) — (1,144 ) Cash flows used in financing activities (285,484 ) (97,785 ) (122,361 ) 334,905 (170,725 ) Effect of exchange rate changes on cash — (85 ) — — (85 ) Change in cash and cash equivalents 490 (360 ) 1,372 — 1,502 Cash and cash equivalents at beginning of period 5,227 33,283 7,135 — 45,645 Cash and cash equivalents at end of period $ 5,717 $ 32,923 $ 8,507 $ — $ 47,147 26. FelCor LP's Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (55,959 ) $ 96,365 $ 28,055 $ — $ 68,461 Investing activities: Improvements and additions to hotels 2,383 (52,258 ) (51,482 ) — (101,357 ) Hotel development — — (60,553 ) — (60,553 ) Net proceeds from asset dispositions 9,650 (1,925 ) 91,095 — 98,820 Distributions from unconsolidated entities 8,159 1,625 — — 9,784 Contributions to unconsolidated entities — (1,500 ) — — (1,500 ) Intercompany financing 73,730 — — (73,730 ) — Other — 238 700 — 938 Cash flows from investing activities 93,922 (53,820 ) (20,240 ) (73,730 ) (53,868 ) Financing activities: Proceeds from borrowings — — 164,000 — 164,000 Repayment of borrowings — — (136,902 ) — (136,902 ) Distributions paid to preferred unitholders (38,713 ) — — — (38,713 ) Intercompany financing — (40,454 ) (33,276 ) 73,730 — Other (2,335 ) 832 (1,510 ) — (3,013 ) Cash flows used in financing activities (41,048 ) (39,622 ) (7,688 ) 73,730 (14,628 ) Effect of exchange rate changes on cash — (65 ) — — (65 ) Change in cash and cash equivalents (3,085 ) 2,858 127 — (100 ) Cash and cash equivalents at beginning of period 8,312 30,425 7,008 — 45,745 Cash and cash equivalents at end of period $ 5,227 $ 33,283 $ 7,135 $ — $ 45,645 |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2014Hotels | Dec. 31, 2015USD ($)HotelsStatesshares | May. 31, 2015Hotels | Dec. 31, 2014Hotelsshares | |
Real Estate Properties [Line Items] | ||||
Ownership percentage by parent | 99.50% | |||
Number of Real Estate Properties | 13 | |||
Aggregate shares and units outstanding (in shares) | shares | 142,419,283 | |||
Common stock, shares outstanding (in shares) | shares | 141,807,821 | |||
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 Real Estate Properties | 5 | 5 | ||
Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 40 | |||
Number of rooms (in rooms) | 12,272 | |||
Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
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% | |||
United States [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of states (in states) | States | 15 | |||
California [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 11 | |||
Florida [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 6 | |||
MASSACHUSETTS | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 3 | |||
Thirty-Nine Hotels [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 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 Real Estate Properties | 38 | |||
One Hundred Percent Owned [Member] | One Hotel [Member] | Wholly Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage by parent | 100.00% | |||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Fifty Percent Owned [Member] | Three Hotels [Member] | Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 3 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Operated With A Lease [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 40 | |||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | 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 | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 20 | |||
Wyndham Worldwide | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 8 | |||
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Marriott International Inc. [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 3 | |||
Fairmont Raffles Hotels International | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Highgate Hotels [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Morgans Hotel Group Corp. [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Aimbridge Hospitality [Member] | Consolidated Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
FelCor Lodging LP [Member] | ||||
Real Estate Properties [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,462 | |||
The Knickerbocker® | Ninety-five Percent Owned [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 1 | |||
Real Estate Investment Property, at Cost | $ | $ 329.8 | |||
Controlling Interest, Ownership Percentage by Parent | 95.00% | |||
Ownership in all properties, including held for sale [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 41 |
Organization - Schedule of Dist
Organization - Schedule of Distribution of Consolidated Hotels (Details) | Dec. 31, 2015RoomsHotels | Dec. 31, 2014Hotels |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 13 | |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 40 | |
Number of rooms (in rooms) | 12,272 | |
Embassy Suites Hotels® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 18 | |
Number of rooms (in rooms) | Rooms | 4,982 | |
Wyndham® and Wyndham Grand® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 8 | |
Number of rooms (in rooms) | Rooms | 2,528 | |
Marriott® and Renaissance® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 3 | |
Number of rooms (in rooms) | Rooms | 1,321 | |
Holiday Inn® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 968 | |
DoubleTree Suites by Hilton® and Hilton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 3 | |
Number of rooms (in rooms) | Rooms | 802 | |
Sheraton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 673 | |
Fairmont® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | |
Number of rooms (in rooms) | Rooms | 383 | |
The Knickerbocker® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 1 | |
Number of rooms (in rooms) | Rooms | 330 | |
Morgans® and Royalton® | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | 2 | |
Number of rooms (in rooms) | Rooms | 285 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Principles of Consolidation and Investment in Unconsolidated Entities (Details) - Unconsolidated Entities [Member] | 12 Months Ended |
Dec. 31, 2015subsidiary | |
Schedule of Equity Method Investments [Line Items] | |
Recovery term in excess of which declines in value are considered other than temporary | 12 months |
Equity Method Investment, Ownership Percentage | 50.00% |
Number of subsidiaries considered variable interest entities | 0 |
Equity method investment, ownership percentage threshold | 50.00% |
Term basis for investment in unconsolidated entities depreciation | 40 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Investment in Hotels and Hotels Held for Sale (Details) - Hotels | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | 13 | |
Term of Inventory Amortization | 3 years | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated property useful life | 40 years | |
Minimum [Member] | Building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated property useful life | 15 years | |
Minimum [Member] | Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated property useful life | 3 years | |
Maximum [Member] | Building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated property useful life | 30 years | |
Maximum [Member] | Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated property useful life | 10 years | |
Assets Held-for-sale [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Real Estate Properties | 2 |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Other Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segmentHotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($) | |
Investment [Line Items] | |||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | ||
Maximum term of investments to be considered cash equivalents | 3 months | ||
Foreign currency translation | $ 24,900 | ||
Capitalized costs | $ 13,300 | $ 25,900 | 23,600 |
Number of reportable segments (in segment) | segment | 1 | ||
Reclassification of foreign currency translation to gain | $ 0 | $ 24,448 | 0 |
Term for sale to be probable once buyer completed due diligence review of asset | 12 months | ||
Number of Real Estate Properties | Hotels | 13 | ||
Unconsolidated Entities [Member] | |||
Investment [Line Items] | |||
Recovery term in excess of which declines in value are considered other than temporary | 12 months | ||
Land Lease [Member] | |||
Investment [Line Items] | |||
Lease expense | $ 15,458 | $ 12,338 | $ 11,062 |
Taxes, Insurance and Lease Expense [Member] | Land Lease [Member] | |||
Investment [Line Items] | |||
Lease expense | $ 1,600 | ||
Number of Real Estate Properties | Hotels | 1 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Distributions and Dividends and Reacquired Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class of Stock [Line Items] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Distributions payable | $ 15,140 | $ 13,827 | |
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.10 | $ 0.02 |
Dividend Declared [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.10 | $ 0.02 |
Investment in Hotels (Details)
Investment in Hotels (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | $ 2,629,106 | $ 2,450,478 | |
Investment in hotels, net | 1,729,531 | 1,599,791 | |
Improvements and additions to hotels | 48,436 | 83,664 | $ 101,357 |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 1,859,100 | 1,764,871 | |
Accumulated depreciation - Building and improvements | (697,386) | (661,758) | |
Fully Depreciated Assets Retired | 9,600 | ||
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 449,437 | 431,851 | |
Accumulated depreciation - Building and improvements | (202,189) | (188,929) | |
Fully Depreciated Assets Retired | 41,900 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | 294,384 | 232,141 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Investment in hotels, gross | $ 26,185 | $ 21,615 |
Consolidated Joint Venture Pr62
Consolidated Joint Venture Preferred Equity/Capital (Details) - The Knickerbocker® - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Total Proceeds from Sale of Preferred Equity Under the Immigrant Investor Program | $ 45 | |
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 | $ 1.8 | $ 42 |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | $ 41.4 | |
Proceeds not yet received from Immigrant Investor Program | $ 1.2 | |
Ninety-five Percent Owned [Member] | ||
Business Acquisition [Line Items] | ||
Controlling Interest, Ownership Percentage by Parent | 95.00% | 95.00% |
Impairment Charges (Details)
Impairment Charges (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($)Hotels | |
Impairment Charges [Line Items] | |||
Impairment loss | $ | $ 20,861 | $ 0 | $ 24,441 |
Number of Real Estate Properties | 13 | ||
Term for sale to be probable once buyer completed due diligence review of asset | 12 months | ||
Continuing and Discontinued Operations [Member] | |||
Impairment Charges [Line Items] | |||
Impairment loss | $ | $ 28,800 | ||
Discontinued Operations [Member] | |||
Impairment Charges [Line Items] | |||
Number of Real Estate Properties | 5 | ||
Consolidated Properties [Member] | |||
Impairment Charges [Line Items] | |||
Number of Real Estate Properties | 40 | ||
Unconsolidated Properties [Member] | |||
Impairment Charges [Line Items] | |||
Number of Real Estate Properties | 5 | ||
Fair Value, Inputs, Level 2 [Member] | Discontinued Operations [Member] | |||
Impairment Charges [Line Items] | |||
Impairment loss | $ | $ 4,400 | ||
Number of Real Estate Properties | 2 | ||
Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | |||
Impairment Charges [Line Items] | |||
Impairment loss | $ | $ 24,400 | ||
Consolidated Hotels [Member] | Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | |||
Impairment Charges [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Impairment Charges [Line Items] | |||
Estimated stabilized growth rate | 3.00% | ||
Discounted cash flow term | 5 years | ||
Terminal capitalization rate | 8.00% | ||
Discount rate | 11.00% | ||
Discounted Cash Flow Approach [Member] | Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | |||
Impairment Charges [Line Items] | |||
Estimated stabilized growth rate | 3.00% | ||
Discounted cash flow term | 5 years | ||
Number of Real Estate Properties | 1 | ||
Terminal capitalization rate | 8.00% | ||
Discount rate | 10.00% | ||
Minimum [Member] | |||
Impairment Charges [Line Items] | |||
EBITDA Multiple | 10 | ||
Maximum [Member] | |||
Impairment Charges [Line Items] | |||
EBITDA Multiple | 12 |
Conversion Expenses (Details)
Conversion Expenses (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Hotels | Dec. 31, 2012USD ($) | |
Real Estate Properties [Line Items] | ||||
Conversion expenses | $ 0 | $ 0 | $ 1,134 | |
InterContinental Hotels Group [Member] | ||||
Real Estate Properties [Line Items] | ||||
Termination Fees | $ 30,700 | |||
Wyndham® and Wyndham Grand® | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties Converting Brands (in hotels) | Hotels | 8 |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)Hotels | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)Hotels | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($)Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Hotel operating revenue | $ 878,371 | $ 917,981 | $ 890,006 | ||||||||
Operating expenses | (806,541) | (853,735) | (877,417) | ||||||||
Operating income (loss) | 79,713 | 67,852 | 16,019 | ||||||||
Interest expense, net | (79,118) | (90,695) | (103,787) | ||||||||
Debt extinguishment | 30,909 | 4,770 | 0 | ||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 | ||||||||
Other gains, net | 166 | 100 | 41 | ||||||||
Equity in income from unconsolidated entities | 7,833 | 5,010 | 4,586 | ||||||||
Income (loss) from continuing operations | $ (4,266) | $ (11,785) | $ (2,614) | $ (4,895) | $ (5,168) | $ 44,022 | $ 9,324 | $ (20,428) | (23,560) | 27,750 | (83,793) |
Gain on sale of hotels, net | 19,426 | 66,762 | 0 | ||||||||
Net income (loss) | (3,465) | 94,152 | (65,783) | ||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (4,157) | (697) | 3,782 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | 194 | (137) | 497 | ||||||||
Net income (loss) attributable to reporting entity | (4,156) | (8,208) | (3,284) | 6,783 | 10,245 | 72,391 | 24,281 | (14,818) | (8,865) | 92,099 | (61,504) |
Income (loss) from discontinued operations | $ 250 | $ 498 | $ (83) | $ 4 | $ (492) | $ (8) | $ 5 | $ 135 | 669 | (360) | 18,010 |
Impairment loss | 20,861 | $ 0 | 24,441 | ||||||||
Number of Real Estate Properties | Hotels | 13 | 13 | |||||||||
Reclassification of foreign currency translation to gain | $ 0 | $ 24,448 | $ 0 | ||||||||
Hotel Sold, Held-for-sale, or otherwise disposed of [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | Hotels | 1 | ||||||||||
Assets Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | Hotels | 2 | 2 | |||||||||
Hotels Sold or Otherwise Disposed of [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | Hotels | 8 | 8 | 8 | 8 | |||||||
Hotels Sold or Otherwise Disposed of [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Hotel operating revenue | $ 32,150 | $ 157,109 | $ 201,533 | ||||||||
Operating expenses | (25,971) | (148,915) | (224,744) | ||||||||
Operating income (loss) | 6,179 | 8,194 | (23,211) | ||||||||
Interest expense, net | (1,031) | (2,475) | (3,390) | ||||||||
Debt extinguishment | (309) | (932) | 0 | ||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 | ||||||||
Other gains, net | 0 | 0 | 42 | ||||||||
Equity in income from unconsolidated entities | 7,111 | 3,294 | 3,037 | ||||||||
Income (loss) from continuing operations | 11,950 | 38,257 | (23,522) | ||||||||
Gain on sale of hotels, net | 19,426 | 66,762 | 0 | ||||||||
Net income (loss) | 31,376 | 105,019 | (23,522) | ||||||||
Net loss (income) attributable to noncontrolling interests in other partnerships | (5,166) | (977) | 4,555 | ||||||||
Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP | (110) | (382) | 93 | ||||||||
Net income (loss) attributable to reporting entity | 26,100 | $ 103,660 | (18,874) | ||||||||
Number of Real Estate Properties | Hotels | 12 | 12 | |||||||||
Assets Held-for-sale [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | Hotels | 1 | 1 | |||||||||
Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Hotel operating revenue | 0 | $ 730 | 33,849 | ||||||||
Operating expenses | 11 | (677) | (34,553) | ||||||||
Operating income (loss) from discontinued operations | 11 | 53 | (704) | ||||||||
Interest expense, net | 0 | (66) | (793) | ||||||||
Debt extinguishment | 0 | (245) | 0 | ||||||||
Gain On Involuntary Conversion, Net | 0 | 0 | 66 | ||||||||
Gain (loss) on sale, net | 658 | (102) | 19,441 | ||||||||
Income (loss) from discontinued operations | $ 669 | $ (360) | $ 18,010 | ||||||||
Number of Real Estate Properties | Hotels | 5 | ||||||||||
Fair Value, Inputs, Level 3 [Member] | Segment, Continuing Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Impairment loss | $ 24,400 | ||||||||||
Fair Value, Inputs, Level 2 [Member] | Discontinued Operations [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Impairment loss | $ 4,400 | ||||||||||
Number of Real Estate Properties | Hotels | 2 | ||||||||||
Unconsolidated Properties [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | |||||||||||
Number of Real Estate Properties | Hotels | 5 | 5 |
Investment in Unconsolidated 66
Investment in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
May. 31, 2015USD ($)Hotels | Sep. 30, 2014USD ($) | May. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($) | Jul. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | Hotels | 13 | |||||||||
Long-term Debt | $ 1,427,954 | $ 1,585,867 | ||||||||
Gain on sale of hotels, net | $ 19,426 | $ 66,762 | $ 0 | |||||||
Unconsolidated Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | Hotels | 5 | |||||||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||
Number of Real Estate Properties | Hotels | 1 | |||||||||
Gain on sale of hotels, net | $ 7,100 | |||||||||
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 Real Estate Properties | Hotels | 3 | |||||||||
Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Number of Real Estate Properties | Hotels | 1 | 1 | ||||||||
Long-term Debt | $ 23,500 | |||||||||
Secured Debt [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Long-term Debt | $ 953,000 | |||||||||
Repayments of Secured Debt | $ 9,600 | $ 19,200 | $ 15,600 | $ 17,100 | $ 10,900 | $ 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 |
Joint Venture Transaction (Deta
Joint Venture Transaction (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2014USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels$ / shares | Dec. 31, 2013USD ($)$ / shares | May. 31, 2015Hotels | |
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 13 | ||||
Investment in unconsolidated entities | $ 19,900,000 | $ 9,575,000 | $ 15,095,000 | ||
Acquisition of noncontrolling interest | 5,850,000 | ||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176,000 | $ 0 | ||
Gain from remeasurement of unconsolidated entities, net | $ 0 | 20,737,000 | 0 | ||
Amount Received for Difference in Values | 3,700,000 | ||||
Ownership percentage by parent | 99.50% | ||||
Amount paid to equalize trade | 2,200,000 | ||||
Acquisition of noncontrolling interest | $ 5,900,000 | $ 0 | 5,850,000 | 0 | |
Assets | |||||
Investment in hotels | 130,100,000 | ||||
Other assets | 1,300,000 | ||||
Deferred expenses | 259,000 | ||||
Total assets acquired | 131,659,000 | ||||
Liabilities | |||||
Debt | 64,000,000 | ||||
Net assets acquired | 67,659,000 | ||||
Business Acquisition, Pro Forma Information [Abstract] | |||||
Net income (loss) | $ 94,869,000 | $ (65,670,000) | |||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.43 | $ (0.82) | |||
Income (loss) per share/unit - diluted | $ / shares | $ 0.43 | $ (0.82) | |||
Unconsolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 5 | ||||
Wholly Owned Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 5 | 5 | |||
Gain from remeasurement of unconsolidated entities, net | $ 20,700,000 | ||||
Three Hotels [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 3 | ||||
Consolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 40 | ||||
Non-FelCor Ownership [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 5 | 5 | |||
Joint Venture Transaction Costs | $ 457,000 | ||||
Gain on sale of investment in unconsolidated entities, net | $ 30,200,000 | ||||
Fifty Percent Owned [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 8 | ||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Number of Real Estate Properties | Hotels | 1 | ||||
One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
Fifty-One Percent Owned [Member] | Consolidated Joint Venture | |||||
Joint Venture [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 51.00% | ||||
One Hotel [Member] | Non-FelCor Ownership [Member] | |||||
Joint Venture [Line Items] | |||||
Former Joint Venture Partner | 10.00% | 10.00% | |||
One Hotel [Member] | Fifty Percent Owned [Member] | Consolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
One Hotel [Member] | One Hundred Percent Owned [Member] | Wholly Owned Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Ownership percentage by parent | 100.00% | ||||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Controlling Interest, Ownership Percentage by Parent | 90.00% | ||||
One Hotel [Member] | Ninety Percent Owned [Member] | Consolidated Joint Venture | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 1 | ||||
Six Hotels [Member] | One Hundred Percent Owned [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 6 | ||||
Ten Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 10 | 10 | |||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | |||||
Joint Venture [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | Wholly Owned Properties [Member] | |||||
Joint Venture [Line Items] | |||||
Number of Real Estate Properties | Hotels | 4 | ||||
Additional Paid-in Capital | |||||
Joint Venture [Line Items] | |||||
Acquisition of noncontrolling interest | $ 3,508,000 |
Investment in Unconsolidated 68
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 23,047 | $ 30,288 |
Total assets | 29,336 | 45,374 |
Debt | 22,866 | 34,192 |
Total liabilities | 24,844 | 36,974 |
Equity | $ 4,492 | $ 8,400 |
Investment in Unconsolidated 69
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment in Unconsolidated Entities [Abstract] | |||
Total revenues | $ 32,591 | $ 59,453 | $ 70,697 |
Net income (loss) | 22,799 | 12,561 | 12,892 |
Net income (loss) attributable to FelCor | 11,400 | 6,281 | 6,446 |
Cost in excess of joint venture book value of sold hotel | (3,140) | 0 | 0 |
Depreciation of cost in excess of book value | (427) | (1,271) | (1,860) |
Equity in income (loss) from unconsolidated entities | $ 7,833 | $ 5,010 | $ 4,586 |
Investment in Unconsolidated 70
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities | $ 9,575 | $ 15,095 | $ 19,900 |
Equity basis of hotel joint venture investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | (4,216) | (3,265) | |
Cost of hotel investments in excess of joint venture book value | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | 7,329 | 10,895 | |
Equity basis of land and condominium joint venture investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investments | $ 6,462 | $ 7,465 |
Investment in Unconsolidated 71
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | $ 7,833 | $ 5,010 | $ 4,586 |
Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | 8,535 | 5,784 | 5,270 |
Other Hotel Investments [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income from unconsolidated entities | $ (702) | $ (774) | $ (684) |
Debt (Details)
Debt (Details) | 1 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014USD ($) | Aug. 31, 2014USD ($)Hotels | Jul. 31, 2014USD ($)Hotels | May. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($) | Sep. 30, 2015Hotels | |
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 22 | ||||||||||
Decrease in Commitment Fee | 0.05% | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | ||||||||||
Long-term Debt | $ 1,427,954,000 | $ 1,585,867,000 | |||||||||
Number of Real Estate Properties | Hotels | 13 | ||||||||||
Debt extinguishment | (30,909,000) | $ (4,770,000) | $ 0 | ||||||||
Aggregate net book value | 1,100,000,000 | ||||||||||
Interest expense | 79,118,000 | 90,695,000 | 103,787,000 | ||||||||
Interest income | 24,000 | 48,000 | 78,000 | ||||||||
Capitalized interest | 6,000,000 | 16,300,000 | $ 12,800,000 | ||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
2,016 | 2,488,000 | ||||||||||
2,017 | 87,810,000 | ||||||||||
2,018 | 2,954,000 | ||||||||||
2,019 | 193,106,000 | ||||||||||
2,020 | 3,245,000 | ||||||||||
Thereafter | 1,138,351,000 | ||||||||||
Aggregate principal outstanding | 1,427,954,000 | ||||||||||
Long-term debt | $ 1,427,954,000 | $ 1,585,867,000 | |||||||||
Libor Plus Two Point Five Percent Due July 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||
Long-term Debt | $ 140,000,000 | ||||||||||
Number of Real Estate Properties | Hotels | 3 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 140,000,000 | ||||||||||
Libor Plus Three Point Zero Percent Due March 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||
Unsecured Debt [Member] | Senior Notes, Six Point Zero Zero Percent Due June 2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 0 | ||||||||||
Interest rate | 6.00% | ||||||||||
Long-term Debt | $ 475,000,000 | $ 0 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 475,000,000 | 0 | |||||||||
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] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 2.25% | ||||||||||
Number of encumbered hotels (in hotels) | Hotels | 7 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||||||
Long-term Debt | $ 190,000,000 | 0 | |||||||||
Credit facility, capacity | 400,000,000 | ||||||||||
Debt extinguishment | 164,000 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 190,000,000 | 0 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 2.75% | ||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 3.375% | ||||||||||
Line of Credit [Member] | Libor Plus Three Point Three Seven Five Percent Due June 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Credit facility, capacity | $ 225,000,000 | ||||||||||
Mortgages [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate cap | $ 140,000,000 | 140,000,000 | |||||||||
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 | ||||||||||
Mortgages [Member] | Libor Plus Two Point Five Percent Due July 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 3 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||
Repayments of Secured Debt | $ 140,000,000 | ||||||||||
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 | ||||||||||
Debt extinguishment | $ 237,000 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Number Of Encumbered Hotels Sold | Hotels | 2 | 2 | |||||||||
Repayments of Debt | $ 49,100,000 | ||||||||||
Mortgages [Member] | Four Point Nine Five Percent Due October 2022 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 4 | ||||||||||
Interest rate | 4.95% | ||||||||||
Long-term Debt | $ 122,237,000 | 124,278,000 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 122,237,000 | 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 | ||||||||||
Interest rate | 4.94% | ||||||||||
Long-term Debt | $ 30,717,000 | 31,228,000 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 30,717,000 | 31,228,000 | |||||||||
Senior Notes [Member] | Ten Point Zero Zero Percent Due October 2014 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 10.00% | ||||||||||
Repayments of Secured Debt | $ 234,000,000 | ||||||||||
Number of Real Estate Properties | Hotels | 11 | ||||||||||
Debt extinguishment | $ 3,800,000 | ||||||||||
Senior Notes [Member] | Six Point Seven Five Percent Due June 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 6 | ||||||||||
Interest rate | 6.75% | ||||||||||
Repayments of Secured Debt | $ 525,000,000 | ||||||||||
Debt extinguishment | $ 28,400,000 | ||||||||||
Senior Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 9 | ||||||||||
Interest rate | 5.625% | ||||||||||
Long-term Debt | $ 525,000,000 | 525,000,000 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | 525,000,000 | 525,000,000 | |||||||||
Secured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | 953,000,000 | ||||||||||
Repayments of Secured Debt | $ 9,600,000 | $ 19,200,000 | $ 15,600,000 | $ 17,100,000 | $ 10,900,000 | 13,000,000 | |||||
Debt extinguishment | $ 914,000 | $ 251,000 | $ 251,000 | ||||||||
Number of loans (in loans) | 2 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 953,000,000 | ||||||||||
Construction Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of debt extension | 1 year | ||||||||||
Construction Loans [Member] | Libor plus Three Point Zero Zero Percent Due November 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of encumbered hotels (in hotels) | Hotels | 1 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||||||
Long-term Debt | $ 85,000,000 | 64,861,000 | |||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 85,000,000 | $ 64,861,000 | |||||||||
Cash collateralized tranche [Member] | Libor Plus One Point Two Five Percent Due May 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Long-term Debt | $ 6,300,000 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | 6,300,000 | ||||||||||
Retired Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt | 840,500,000 | ||||||||||
Maturities of Long-term Debt [Abstract] | |||||||||||
Long-term debt | $ 840,500,000 |
Fair Value of Financial Instr73
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,427,954 | $ 1,585,867 |
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 | 438,800 | 548,200 |
Secured Debt [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | 953,000 | |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 1,500,000 | $ 1,600,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Disqualification of REIT status | 4 years | ||
Current State and Local Tax Expense (Benefit) | $ 1,200,000 | $ 660,000 | $ 652,000 |
Deferred Tax Assets, Valuation Allowance Percentage | 100.00% | ||
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 534,200,000 | ||
Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Distribution % of annual taxable income to stockholders | 90.00% | ||
Maximum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Distribution % of annual taxable income to stockholders | 100.00% | ||
Subsidiaries [Member] | Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 264,600,000 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | |||||||||||
GAAP net income (loss) from REIT operations | $ (21,838) | $ 68,796 | $ (62,513) | ||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | $ (4,156) | $ (8,208) | $ (3,284) | $ 6,783 | $ 10,245 | $ 72,391 | $ 24,281 | $ (14,818) | (8,865) | 92,099 | (61,504) |
Loss (income) allocated to FelCor LP unitholders | 194 | (137) | 497 | ||||||||
GAAP net income (loss) of taxable subsidiaries | (3,465) | 94,152 | (65,783) | ||||||||
FelCor Lodging Trust Incorporated [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | (9,059) | 92,236 | (62,001) | ||||||||
Dividend income from TRS | 24,809 | 0 | 0 | ||||||||
GAAP net income (loss) of taxable subsidiaries | (9,059) | 92,236 | (62,001) | ||||||||
Gain/loss differences from dispositions | 18,335 | (99,946) | (2,032) | ||||||||
Impairment loss not deductible for tax | 20,861 | 0 | 28,795 | ||||||||
Conversion costs | (2,881) | (3,233) | (2,099) | ||||||||
Depreciation and amortization | 3,937 | 1,831 | 2,173 | ||||||||
Other book/tax differences | 1,153 | (1,674) | 8,453 | ||||||||
Noncontrolling interests | (400) | 329 | (4,017) | ||||||||
Net tax income (loss) of taxable subsidiaries | 43,976 | (33,897) | (31,240) | ||||||||
FelCor Lodging LP [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | (4,200) | $ (8,269) | $ (3,359) | $ 6,769 | 10,247 | $ 72,576 | $ 24,352 | $ (14,939) | (9,059) | 92,236 | (62,001) |
GAAP net income (loss) of taxable subsidiaries | (3,465) | 94,152 | (65,783) | ||||||||
Subsidiaries [Member] | |||||||||||
Book/tax differences, net: | |||||||||||
Net income (loss) attributable to reporting entity | (8,865) | 92,099 | (61,504) | ||||||||
GAAP net loss (income) from REIT operations | 21,838 | (68,796) | 62,513 | ||||||||
GAAP net income (loss) of taxable subsidiaries | 12,973 | 23,303 | 1,009 | ||||||||
Taxes related to joint venture transaction | 0 | 5,761 | 0 | ||||||||
Gain/loss differences from dispositions | (872) | 0 | 0 | ||||||||
Depreciation and amortization | (1,877) | (461) | 1,646 | ||||||||
Employee benefits not deductible for tax | (588) | (101) | 3,914 | ||||||||
Management fee recognition | (107) | (1,151) | (1,245) | ||||||||
Cancellation of debt | 0 | (3,188) | 0 | ||||||||
Capitalized TRS start-up costs | 0 | 11,859 | 4,981 | ||||||||
Other book/tax differences | 3,827 | 181 | 2,754 | ||||||||
Federal tax income of taxable subsidiaries before utilization of net operating losses | 13,356 | 36,203 | 13,059 | ||||||||
Utilization of net operating loss | (13,356) | (36,203) | (13,059) | ||||||||
Net tax income (loss) of taxable subsidiaries | 0 | 0 | $ 0 | ||||||||
Components of Deferred Tax Assets [Abstract] | |||||||||||
Accumulated net operating losses of TRSs | 98,367 | 107,027 | 98,367 | 107,027 | |||||||
Tax property basis compared to book | (4,518) | 952 | (4,518) | 952 | |||||||
Accrued employee benefits not deductible for tax | 4,889 | 3,883 | 4,889 | 3,883 | |||||||
Management fee recognition | 0 | 81 | 0 | 81 | |||||||
Historic tax credits(a) | 25,375 | 0 | 25,375 | 0 | |||||||
Capitalized TRS start-up costs | 0 | 6,399 | 0 | 6,399 | |||||||
Other | 109 | 1,261 | 109 | 1,261 | |||||||
Gross deferred tax asset | 124,222 | 119,603 | 124,222 | 119,603 | |||||||
Valuation allowance | (124,222) | (119,603) | (124,222) | (119,603) | |||||||
Deferred tax asset after valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Series A Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 1.23 | $ 0 | $ 0 |
Capital Gains, Percent | 63.07692% | 0.00% | 0.00% |
Dividend income (in dollars per share) | $ 0.72 | $ 0 | $ 0 |
Dividend income, percent | 36.92308% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $ 0 | $ 1.95 | $ 1.95 |
Return of capital, percent | 0.00% | 100.00% | 100.00% |
Dividends paid (in dollars per share) | $ 1.95000 | $ 1.95000 | $ 1.95000 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Series C Preferred Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 0.63 | $ 0 | $ 0 |
Capital Gains, Percent | 63.00% | 0.00% | 0.00% |
Dividend income (in dollars per share) | $ 0.37 | $ 0 | $ 0 |
Dividend income, percent | 37.00% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $ 0 | $ 2 | $ 2 |
Return of capital, percent | 0.00% | 100.00% | 100.00% |
Dividends paid (in dollars per share) | $ 1 | $ 2 | $ 2 |
Dividends paid, percent | 100.00% | 100.00% | 100.00% |
Common Stock [Member] | |||
Income Taxes [Line Items] | |||
Capital Gains (in dollars per share) | $ 0 | $ 0 | $ 0 |
Capital Gains, Percent | 0.00% | 0.00% | 0.00% |
Dividend income (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend income, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in dollars per share) | $ 0.16 | $ 0.08 | $ 0 |
Return of capital, percent | 100.00% | 100.00% | 0.00% |
Dividends paid (in dollars per share) | $ 0.16000 | $ 0.08000 | $ 0 |
Dividends paid, percent | 100.00% | 100.00% | 0.00% |
FelCor Capital Stock_FelCor L77
FelCor Capital Stock/FelCor LP Partners' Capital - Narrative (Details) - USD ($) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2015 | May. 31, 2015 | Apr. 30, 2015 | Feb. 26, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Period in Force | 2 years | ||||||||
Payments for Repurchase of Common Stock | $ 14,362,000 | $ 0 | $ 0 | ||||||
Stock Repurchased During Period, Value | $ 14,362,000 | ||||||||
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 | |||||||
Distributions payable | $ 15,140,000 | $ 13,827,000 | |||||||
Payments for Repurchase of Redeemable Preferred Stock | 169,986,000 | 0 | 0 | ||||||
Redemption of preferred stock | 6,096,000 | 0 | 0 | ||||||
Net proceeds from common stock issuance | $ 198,648,000 | $ 0 | $ 0 | ||||||
Series A Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 1.95 | $ 1.95 | $ 1.95 | ||||||
Preferred stock, shares issued upon conversion (in shares/units) | 0.7752 | ||||||||
Series C Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, dividend rate, (in dollars per share/unit) | $ 1 | $ 2 | $ 2 | ||||||
Preferred stock dividend rate (percent) | 8.00% | ||||||||
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 | ||||||||
Accumulated Deficit | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchased During Period, Value | 14,342,000 | ||||||||
Accumulated Deficit | Series C Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Redemption of preferred stock | 6,096,000 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000,000 | ||||||||
Stock Repurchased During Period, Value | $ 20,000 | ||||||||
Stock Repurchased During Period, Shares | 1,971,000 | ||||||||
Shares, Issued | 18,400,000 | 141,808,000 | 124,605,000 | 124,051,000 | 124,117,000 | ||||
Shares Issued, Price Per Share | $ 11.25 | ||||||||
Net proceeds from common stock issuance | $ 199,000,000 | ||||||||
Stock Repurchased During Period, Avg Cost per Share | $ 7.26 | ||||||||
FelCor Lodging LP [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ 14,362,000 | $ 0 | $ 0 | ||||||
Preferred Stock, shares authorized (in shares/units) | 20,000,000 | 20,000,000 | |||||||
Distributions payable | $ 15,140,000 | $ 13,827,000 | |||||||
Payments for Repurchase of Redeemable Preferred Stock | 169,986,000 | 0 | 0 | ||||||
Redemption of preferred stock | $ 6,096,000 | $ 0 | $ 0 | ||||||
Ten Point Zero Zero Percent Due October 2014 [Member] | Senior Notes [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Interest rate | 10.00% | ||||||||
Limited Partner [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Units of Partnership Interest, Amount | 18,400,000 | ||||||||
Subsequent Event [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Payments for Repurchase of Common Stock | $ 29,000,000 | ||||||||
Subsequent Event [Member] | Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Repurchased During Period, Shares | 4,300,000 | ||||||||
Stock Repurchased During Period, Avg Cost per Share | $ 6.68 |
Redeemable Noncontrolling Int78
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | |
Redeemable units, at redemption value | $ 4,464 | $ 6,616 | $ 5,039 |
FelCor Lodging LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | ||
Redeemable units, at redemption value | $ 4,464 | $ 6,616 | |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable units, at redemption value | $ 4,500 | ||
Closing price of common stock | $ 7.30 |
Redeemable Noncontrolling Int79
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units - Schedule of Changes in Redeemable Noncontrolling Interests (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | $ 6,616,000 | $ 5,039,000 | |
Conversion of units | 0 | (55,700) | $ (23,000) |
Allocation to redeemable noncontrolling interests | (1,865,000) | 1,545,000 | 2,663,000 |
Distribution Made to Limited Partner, Cash Distributions Declared | (93,000) | (48,000) | |
Comprehensive income (loss): | |||
Foreign exchange translation | 0 | (1,000) | |
Net income (loss) | (194,000) | 137,000 | (497,000) |
Balance at end of period | 4,464,000 | 6,616,000 | $ 5,039,000 |
FelCor Lodging LP [Member] | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of period | 6,616,000 | ||
Comprehensive income (loss): | |||
Balance at end of period | $ 4,464,000 | $ 6,616,000 |
Hotel Operating Revenue, Depa80
Hotel Operating Revenue, Departmental Expenses and Other Property Related Operating Costs - Narrative (Details) $ in Millions | 1 Months Ended | 10 Months Ended | 12 Months Ended | 34 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2015USD ($)Hotels | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||||
Management Company NOI Guaranty, Annual Limit | $ 21.5 | $ 21.5 | |||
Management Company NOI Guaranty, Amount Recorded | $ 8.1 | 1.4 | $ 1.3 | 10.8 | |
Term of Management NOI Guaranty | 10 years | ||||
Management Company NOI Guaranty | $ 100 | $ 100 | |||
Number of Real Estate Properties | Hotels | 13 | ||||
Percentage of revenue composed of nearly all hotel operating revenue | 100.00% | 100.00% | |||
Consolidated Hotels [Member] | Wyndham® and Wyndham Grand® | |||||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||||
Number of Real Estate Properties | Hotels | 8 | 8 |
- Schedule of Hotel Operating R
- Schedule of Hotel Operating Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room revenue | $ 673,276 | $ 713,213 | $ 692,016 |
Food and beverage revenue | 158,531 | 157,607 | 151,233 |
Other operating departments | 46,564 | 47,161 | 46,757 |
Total hotel operating revenue | $ 878,371 | $ 917,981 | $ 890,006 |
- Schedule of Hotel Departmenta
- Schedule of Hotel Departmental Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |||
Room | $ 172,252 | $ 188,465 | $ 184,840 |
Food and beverage | 123,384 | 121,201 | 120,287 |
Other operating departments | 17,505 | 22,210 | 21,954 |
Total hotel departmental expenses | $ 313,141 | $ 331,876 | $ 327,081 |
- Schedule of Other Property-Re
- Schedule of Other Property-Related Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | $ 223,546 | $ 238,170 | $ 238,115 |
Hotel General and Administrative Expense [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 78,233 | 79,420 | 80,715 |
Marketing [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 76,548 | 77,939 | 74,770 |
Repair and Maintenance [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | 39,091 | 43,886 | 45,057 |
Utilities [Member] | |||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | |||
Total other property-related costs | $ 29,674 | $ 36,925 | $ 37,573 |
Taxes, Insurance and Lease Ex84
Taxes, Insurance and Lease Expenses - Schedule of Taxes, Insurance and Lease Expense (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | Dec. 31, 2013USD ($) | May. 31, 2015Hotels | Jul. 31, 2014Hotels | |
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Real estate and other taxes | $ 29,469 | $ 31,113 | $ 30,325 | ||
Property insurance, general liability insurance and other | 7,173 | 9,180 | 10,068 | ||
Total taxes, insurance and lease expense | 59,207 | $ 84,266 | 95,542 | ||
Number of Real Estate Properties | Hotels | 13 | ||||
Hotel Lease [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Lease expense | 7,107 | $ 31,635 | 44,087 | ||
Percentage rent | 3,400 | 17,300 | 22,200 | ||
Land Lease [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Lease expense | 15,458 | 12,338 | 11,062 | ||
Percentage rent | $ 7,700 | $ 6,400 | $ 5,400 | ||
Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 5 | ||||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 1 | ||||
Equity method ownership percentage of lessor | 50.00% | 50.00% | |||
One Hotel [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Ownership percentage of lessee | 49.00% | ||||
Equity method ownership percentage of lessor | 50.00% | ||||
Ten Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 10 | 10 | |||
Two Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||||
Taxes, Insurance and Lease Expenses [Line Items] | |||||
Number of Real Estate Properties | Hotels | 2 | ||||
Equity method ownership percentage of lessor | 50.00% |
Land Leases and Hotel Rent (Det
Land Leases and Hotel Rent (Details) $ in Thousands | Dec. 31, 2015USD ($)Hotels | May. 31, 2015Hotels | Dec. 31, 2014Hotels |
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | Hotels | 13 | ||
2,016 | $ 9,436 | ||
2,017 | 6,569 | ||
2,018 | 6,248 | ||
2,019 | 5,884 | ||
2,020 | 5,905 | ||
2021 and thereafter | 242,582 | ||
Future minimum payments due | $ 276,624 | ||
Consolidated Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | Hotels | 40 | ||
Unconsolidated Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | Hotels | 5 | ||
Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | Hotels | 1 | ||
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | 1 | ||
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | |||
Operating Leased Assets [Line Items] | |||
Number of Real Estate Properties | Hotels | 2 |
Income (loss) Per Share_Unit (D
Income (loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Jun. 30, 2014USD ($)$ / sharesshares | Mar. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)peerincrement$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | |
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | $ (4,156,000) | $ (8,208,000) | $ (3,284,000) | $ 6,783,000 | $ 10,245,000 | $ 72,391,000 | $ 24,281,000 | $ (14,818,000) | $ (8,865,000) | $ 92,099,000 | $ (61,504,000) |
Discontinued operations attributable to reporting entity | (674,000) | 359,000 | (16,963,000) | ||||||||
Income (loss) from continuing operations attributable to reporting entity | (9,539,000) | 92,458,000 | (78,467,000) | ||||||||
Less: Preferred dividends/distributions | (30,138,000) | (38,712,000) | (38,713,000) | ||||||||
Redemption of preferred stock | (6,096,000) | 0 | 0 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | (56,000) | (8,000) | 0 | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | 0 | (20,000) | 0 | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | (45,829,000) | 53,718,000 | (117,180,000) | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | $ (45,155,000) | $ 53,359,000 | $ (100,217,000) | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | shares | 142,823 | 142,982 | 140,322 | 124,519 | 124,188 | 124,168 | 124,169 | 124,146 | 137,730 | 124,158 | 123,818 |
Denominator for diluted income (loss) per share (in shares) | shares | 142,823 | 142,982 | 140,322 | 124,519 | 125,146 | 125,526 | 125,386 | 124,146 | 137,730 | 124,892 | 123,818 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ / shares | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0.01 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.95) |
Discontinued operations (in dollars per share) | $ / shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.14 |
Net income (loss) (in dollars per share) | $ / shares | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.81) |
FelCor Lodging LP [Member] | |||||||||||
Numerator: | |||||||||||
Net income (loss) attributable to reporting entity | $ (4,200,000) | $ (8,269,000) | $ (3,359,000) | $ 6,769,000 | $ 10,247,000 | $ 72,576,000 | $ 24,352,000 | $ (14,939,000) | $ (9,059,000) | $ 92,236,000 | $ (62,001,000) |
Discontinued operations attributable to reporting entity | (677,000) | 360,000 | (17,047,000) | ||||||||
Income (loss) from continuing operations attributable to reporting entity | (9,736,000) | 92,596,000 | (79,048,000) | ||||||||
Less: Preferred dividends/distributions | (30,138,000) | (38,712,000) | (38,713,000) | ||||||||
Redemption of preferred stock | (6,096,000) | 0 | 0 | ||||||||
Less: Dividends/distributions declared on unvested restricted stock | (56,000) | (8,000) | 0 | ||||||||
Less: Undistributed earnings allocated to unvested restricted stock | 0 | (20,000) | 0 | ||||||||
Numerator for continuing operations attributable to reporting entity common stockholders | (46,026,000) | 53,856,000 | (117,761,000) | ||||||||
Numerator for basic and diluted income (loss) attributable to reporting entity common stockholders | $ (45,349,000) | $ 53,496,000 | $ (100,714,000) | ||||||||
Denominator: | |||||||||||
Denominator for basic income (loss) per share (in shares) | shares | 143,434 | 143,594 | 140,933 | 125,130 | 124,799 | 124,781 | 124,783 | 124,764 | 138,341 | 124,772 | 124,437 |
Denominator for diluted income (loss) per share (in shares) | shares | 143,434 | 143,594 | 140,933 | 125,130 | 125,764 | 126,164 | 126,000 | 124,764 | 138,341 | 125,511 | 124,437 |
Basic and diluted income (loss) per share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ / shares | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0.01 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.95) |
Discontinued operations (in dollars per share) | $ / shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.14 |
Net income (loss) (in dollars per share) | $ / shares | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.81) |
Antidilutive Securities [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Series A Convertible Preferred Shares/Units | shares | 9,984 | 9,984 | 9,985 | ||||||||
Series A Preferred Shares / Units [Member] | |||||||||||
Basic and diluted income (loss) per share data: | |||||||||||
Dividends excluded from computation of earnings per share/unit | $ 25,100,000 | $ 25,100,000 | $ 25,100,000 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Number of Vesting Increments | increment | 3 | ||||||||||
Vesting Period | 4 years | ||||||||||
Number of Lodging REIT Peers | peer | 10 | ||||||||||
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Restricted Stock Units/Treasury Stock Method | shares | 488 | 0 | 547 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)Hotels | Dec. 31, 2014USD ($)Hotels | |
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Number of Real Estate Properties | Hotels | 13 | |
Term over which fee based liquidated damages would be calculated | 3 years | |
Purchase Obligation | $ 15,300,000 | |
Loss Contingency Accrual | $ 5,900,000 | |
Loss Contingency, Receivable, Additions | 3,700,000 | |
All-Risk [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Property insurance deductible | $ 100,000 | |
Windstorm and Earthquake [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Property insurance deductible, percent | 5.00% | |
Loss from Catastrophes [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Catastrophic insurance, basis term of events for probable maximum losses | 250 years | |
General Liability [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Self-insured retention, per occurrence amount | $ 250,000 | |
Number of hotels with self insurance (in hotels) | Hotels | 32 | |
Minimum [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Management fee, base percent fee | 1.00% | |
Management fee, incentive percent fee | 2.00% | |
Investment percentage of revenue for capital expenditures | 3.00% | |
Management agreements term | 5 years | |
License or royalty fee, percent | 4.00% | |
Maximum [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Management fee, base percent fee | 3.00% | |
Management fee, incentive percent fee | 3.00% | |
Investment percentage of revenue for capital expenditures | 5.00% | |
Management agreements term | 20 years | |
License or royalty fee, percent | 5.50% | |
InterContinental Hotels Group [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Management fee, base percent fee | 2.00% | |
Management fee, room revenue percent fee | 5.00% | |
Management Agreements [Member] | Consolidated Hotels [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Number of Real Estate Properties | Hotels | 22 | |
Franchise or License Agreements [Member] | Consolidated Hotels [Member] | ||
Commitments, Contingencies and Related Party Transactions [Line Items] | ||
Number of Real Estate Properties | Hotels | 18 |
Supplemental Cash Flow Disclo88
Supplemental Cash Flow Disclosure (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Conversion of operating partnership units into common shares - value | $ 0 | $ 55,700 | $ 23,000 |
Conversion of operating partnership units into common shares - shares | 6,080 | 3,839 | |
Depreciation and amortization from continuing operations | 114,452,000 | $ 115,819,000 | $ 119,624,000 |
Depreciation and amortization from discontinued operations | 0 | 0 | 4,923,000 |
Total depreciation and amortization expense | 114,452,000 | 115,819,000 | 124,547,000 |
Debt retirement | 880,500,000 | 310,200,000 | |
Payment on line of credit | 314,500,000 | 251,000,000 | 132,000,000 |
Long-term Debt | 1,427,954,000 | 1,585,867,000 | |
Normal recurring principal payments | 2,600,000 | 3,300,000 | 4,900,000 |
Increase/Decrease in accrued expenses and other liabilities | 2,700,000 | (11,300,000) | $ 11,000,000 |
Construction tranche [Member] | |||
Debt Instrument [Line Items] | |||
Debt retirement | $ 6,300,000 | $ 58,600,000 |
FelCor Stock Based Compensati89
FelCor Stock Based Compensation Plans (Details) | 12 Months Ended | |||
Dec. 31, 2015USD ($)peerplanincrement$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012shares | |
General disclosures | ||||
Number of plans (in plan) | plan | 1 | |||
Restricted Stock [Member] | ||||
Shares | ||||
Forfeited (in shares) | (2,250) | (2,250) | 0 | |
Vested in Period (in shares) | (793,540) | (794,483) | (298,333) | |
Unvested at end of year (in shares) | 1,830,123 | 1,509,519 | 1,270,000 | 303,333 |
Weighted Average Fair Market Value at Grant | ||||
Outstanding at beginning of the year (in dollars per share) | $ / shares | $ 5.70 | $ 4.12 | $ 3.71 | |
Forfeited (in dollars per share) | $ / shares | 9.62 | 9.62 | 0 | |
Vested in Period (in dollars per share) | $ / shares | 6.61 | 4.46 | 3.72 | |
Outstanding at end of year (in dollars per share) | $ / shares | $ 6.79 | $ 5.70 | $ 4.12 | |
Unearned compensation cost | ||||
Unearned compensation cost of unvested shares | $ | $ 6,900,000 | $ 5,100,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Allocated Share-based Compensation Expense | $ | $ 5,100,000 | 3,700,000 | $ 2,200,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
General disclosures | ||||
Number of Vesting Increments | increment | 3 | |||
Vesting Period | 4 years | |||
Number of Lodging REIT Peers | peer | 10 | |||
Shares | ||||
Outstanding at end of year (in shares) | 250,000 | |||
Cash Distribution [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 1,900,000 | |||
Liability Based [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | 2,600,000 | 3,600,000 | ||
Unearned compensation cost | ||||
Allocated Share-based Compensation Expense | $ | $ 798,000 | $ 2,700,000 | $ 963,000 | |
The Plan [Member] | ||||
General disclosures | ||||
Number of shares authorized (in shares) | 6,100,000 | |||
Number of shares available for grant (in shares) | 4,889,106 | |||
The Plan [Member] | Minimum [Member] | ||||
General disclosures | ||||
Vesting Period | 3 years | |||
The Plan [Member] | Maximum [Member] | ||||
General disclosures | ||||
Vesting Period | 5 years | |||
Time or Performance Based Vesting [Member] | The Plan [Member] | ||||
General disclosures | ||||
Vesting Period | 4 years | |||
Five Year Pro Rata Vesting [Member] | Restricted Stock [Member] | ||||
Shares | ||||
Granted: (in shares) | 50,000 | 0 | 15,000 | |
Weighted Average Fair Market Value at Grant | ||||
Granted: (in dollars per share) | $ / shares | $ 8.02 | $ 0 | $ 6.13 | |
Four Year Pro Rata Vesting [Member] | Restricted Stock [Member] | ||||
Shares | ||||
Granted: (in shares) | 1,066,394 | 1,036,252 | 1,250,000 | |
Weighted Average Fair Market Value at Grant | ||||
Granted: (in dollars per share) | $ / shares | $ 8.14 | $ 6.70 | $ 4.09 |
FelCor Stock Based Compensati90
FelCor Stock Based Compensation Plans (Schedule of Assumptions Used) (Details) - Liability Based [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual volatility (percent) | 48.11% | 53.78% | 61.12% |
Dividend rate (US$ per share) | $ 0.04 | $ 0.02 | $ 0 |
Risk-free rate (percent) | 1.32% | 1.13% | 0.50% |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Retirement savings plan, contributions by employer | $ 1,000,000 | $ 948,000 | $ 943,000 |
Health insurance benefits cost | 1,300,000 | $ 1,200,000 | $ 1,100,000 |
Severance Costs | $ 3,700,000 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segments (in segment) | segment | 1 | ||||||||||
Revenue | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 206,667 | $ 234,056 | $ 259,515 | $ 221,349 | $ 886,254 | $ 921,587 | $ 893,436 |
Net investment in hotels | 1,729,531 | 1,599,791 | 1,729,531 | 1,599,791 | 1,653,267 | ||||||
California [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 299,422 | 277,458 | 257,418 | ||||||||
Net investment in hotels | 410,009 | 450,068 | 410,009 | 450,068 | 468,033 | ||||||
Florida [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 138,055 | 135,972 | 124,142 | ||||||||
Net investment in hotels | 215,657 | 234,421 | 215,657 | 234,421 | 244,104 | ||||||
MASSACHUSETTS | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 93,685 | 85,665 | 76,505 | ||||||||
Net investment in hotels | 162,875 | 172,062 | 162,875 | 172,062 | 183,446 | ||||||
SOUTH CAROLINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 63,258 | 58,398 | 50,839 | ||||||||
Net investment in hotels | 112,038 | 115,726 | 112,038 | 115,726 | 119,334 | ||||||
Other States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 291,834 | 355,708 | 369,846 | ||||||||
Net investment in hotels | 828,952 | 627,514 | 828,952 | 627,514 | 623,942 | ||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 0 | 8,386 | 14,686 | ||||||||
Net investment in hotels | $ 0 | $ 0 | $ 0 | $ 0 | $ 14,408 |
Quarterly Operating Results (93
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 206,667 | $ 234,056 | $ 259,515 | $ 221,349 | $ 886,254 | $ 921,587 | $ 893,436 |
Income (loss) from continuing operations | (4,266) | (11,785) | (2,614) | (4,895) | (5,168) | 44,022 | 9,324 | (20,428) | (23,560) | 27,750 | (83,793) |
Discontinued operations | 250 | 498 | (83) | 4 | (492) | (8) | 5 | 135 | 669 | (360) | 18,010 |
Net income (loss) attributable to reporting entity | (4,156) | (8,208) | (3,284) | 6,783 | 10,245 | 72,391 | 24,281 | (14,818) | (8,865) | 92,099 | (61,504) |
Net income (loss) attributable to FelCor common stockholders | (10,434) | (14,487) | (17,283) | (2,895) | 567 | 62,713 | 14,603 | (24,496) | (45,099) | 53,387 | (100,217) |
Comprehensive income (loss) attributable to reporting entity | $ (4,156) | $ (8,208) | $ (3,284) | $ 6,783 | $ 10,064 | $ 47,499 | $ 24,853 | $ (15,254) | $ (8,865) | $ 67,162 | $ (62,606) |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0.01 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.95) |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.14 |
Net income (loss) (in dollars per share) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.81) |
Basic weighted average common shares/units outstanding (in shares) | 142,823 | 142,982 | 140,322 | 124,519 | 124,188 | 124,168 | 124,169 | 124,146 | 137,730 | 124,158 | 123,818 |
Diluted weighted average common shares/units outstanding (in shares) | 142,823 | 142,982 | 140,322 | 124,519 | 125,146 | 125,526 | 125,386 | 124,146 | 137,730 | 124,892 | 123,818 |
FelCor Lodging LP [Member] | |||||||||||
Quarterly Operating Results (unaudited) [Line Items] | |||||||||||
Total revenues | $ 206,304 | $ 225,152 | $ 241,103 | $ 213,695 | $ 206,667 | $ 234,056 | $ 259,515 | $ 221,349 | $ 886,254 | $ 921,587 | $ 893,436 |
Income (loss) from continuing operations | (4,266) | (11,785) | (2,614) | (4,895) | (5,168) | 44,022 | 9,324 | (20,428) | (23,560) | 27,750 | (83,793) |
Discontinued operations | 250 | 498 | (83) | 4 | (492) | (8) | 5 | 135 | 669 | (360) | 18,010 |
Net income (loss) attributable to reporting entity | (4,200) | (8,269) | (3,359) | 6,769 | 10,247 | 72,576 | 24,352 | (14,939) | (9,059) | 92,236 | (62,001) |
Net income (loss) attributable to FelCor LP common unitholders | (10,478) | (14,548) | (17,358) | (2,909) | 569 | 62,898 | 14,674 | (24,617) | (45,293) | 53,524 | (100,714) |
Comprehensive income (loss) attributable to reporting entity | $ (4,200) | $ (8,269) | $ (3,359) | $ 6,769 | $ 10,066 | $ 47,578 | $ 24,927 | $ (15,378) | $ (9,059) | $ 67,193 | $ (63,109) |
Basic and diluted per common share data: | |||||||||||
Income (loss) from continuing operations (in dollars per share) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0.01 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.95) |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.14 |
Net income (loss) (in dollars per share) | $ (0.07) | $ (0.10) | $ (0.12) | $ (0.02) | $ 0 | $ 0.50 | $ 0.12 | $ (0.20) | $ (0.33) | $ 0.43 | $ (0.81) |
Basic weighted average common shares/units outstanding (in shares) | 143,434 | 143,594 | 140,933 | 125,130 | 124,799 | 124,781 | 124,783 | 124,764 | 138,341 | 124,772 | 124,437 |
Diluted weighted average common shares/units outstanding (in shares) | 143,434 | 143,594 | 140,933 | 125,130 | 125,764 | 126,164 | 126,000 | 124,764 | 138,341 | 125,511 | 124,437 |
FelCor LP's Consolidating Fin94
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | $ 1,729,531 | $ 1,599,791 | $ 1,653,267 | |||||||||||||
Hotel development | 0 | 297,466 | ||||||||||||||
Investment in unconsolidated entities | $ 19,900 | 9,575 | 15,095 | |||||||||||||
Hotels held for sale | 0 | 47,145 | ||||||||||||||
Cash and cash equivalents | $ 59,786 | $ 47,147 | $ 47,147 | $ 45,645 | $ 47,147 | $ 45,645 | $ 45,745 | 59,786 | 47,147 | 45,645 | $ 45,745 | |||||
Restricted cash | 17,702 | 20,496 | ||||||||||||||
Accounts receivable, net | 28,136 | 27,805 | ||||||||||||||
Deferred expenses, net | 24,455 | 25,827 | ||||||||||||||
Other assets | 14,792 | 23,886 | ||||||||||||||
Total assets | 1,883,977 | 2,104,658 | ||||||||||||||
Debt | 1,427,954 | 1,585,867 | ||||||||||||||
Distributions payable | 15,140 | 13,827 | ||||||||||||||
Accrued expenses and other liabilities | 125,274 | 135,481 | ||||||||||||||
Total liabilities | 1,568,368 | 1,735,175 | ||||||||||||||
Redeemable units, at redemption value | 4,464 | 6,616 | 5,039 | |||||||||||||
Accumulated other comprehensive income | 24,900 | |||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 43,186 | 41,442 | ||||||||||||||
Total liabilities and equity | 1,883,977 | 2,104,658 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 878,371 | 917,981 | 890,006 | |||||||||||||
Other revenue | 7,883 | 3,606 | 3,430 | |||||||||||||
Total revenues | 206,304 | $ 225,152 | $ 241,103 | 213,695 | 206,667 | $ 234,056 | $ 259,515 | 221,349 | 886,254 | 921,587 | 893,436 | |||||
Expenses: | ||||||||||||||||
Taxes, insurance and lease expense | 59,207 | 84,266 | 95,542 | |||||||||||||
Corporate expenses | 27,283 | 29,585 | 26,996 | |||||||||||||
Depreciation and amortization | 114,452 | 115,819 | 119,624 | |||||||||||||
Conversion expenses | 0 | 0 | 1,134 | |||||||||||||
Impairment loss | 20,861 | 0 | 24,441 | |||||||||||||
Other expenses | 12,479 | 17,952 | 8,749 | |||||||||||||
Total operating expenses | 806,541 | 853,735 | 877,417 | |||||||||||||
Operating income (loss) | 79,713 | 67,852 | 16,019 | |||||||||||||
Interest expense, net | (79,118) | (90,695) | (103,787) | |||||||||||||
Debt extinguishment | (30,909) | (4,770) | 0 | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 | |||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 20,737 | 0 | |||||||||||||
Other gains, net | 166 | 100 | 41 | |||||||||||||
Income (loss) before equity in income from unconsolidated entities | (30,148) | 23,400 | (87,727) | |||||||||||||
Equity in income from unconsolidated entities | 7,833 | 5,010 | 4,586 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (22,315) | 28,410 | (83,141) | |||||||||||||
Income tax expense | (1,245) | (660) | (652) | |||||||||||||
Income (loss) from continuing operations | (4,266) | (11,785) | (2,614) | (4,895) | (5,168) | 44,022 | 9,324 | (20,428) | (23,560) | 27,750 | (83,793) | |||||
Income (loss) from discontinued operations | 250 | 498 | (83) | 4 | (492) | (8) | 5 | 135 | 669 | (360) | 18,010 | |||||
Income (loss) before gain on sale of hotels | (22,891) | 27,390 | (65,783) | |||||||||||||
Gain on sale of hotels, net | 19,426 | 66,762 | 0 | |||||||||||||
Net income (loss) | (3,465) | 94,152 | (65,783) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,157) | (697) | 3,782 | |||||||||||||
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 | |||||||||||||
Net income (loss) attributable to reporting entity | (4,156) | (8,208) | (3,284) | 6,783 | 10,245 | 72,391 | 24,281 | (14,818) | (8,865) | 92,099 | (61,504) | |||||
Preferred dividends | (30,138) | (38,712) | (38,713) | |||||||||||||
Redemption of preferred stock | (6,096) | 0 | 0 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | (3,465) | 94,152 | (65,783) | |||||||||||||
Foreign currency translation adjustment | 0 | (490) | (1,108) | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | (24,448) | 0 | |||||||||||||
Comprehensive income (loss) | (3,465) | 69,214 | (66,891) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,157) | (697) | 3,782 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | (4,156) | (8,208) | (3,284) | 6,783 | 10,064 | 47,499 | 24,853 | (15,254) | (8,865) | 67,162 | (62,606) | |||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 144,609 | 104,818 | 68,461 | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | (48,436) | (83,664) | (101,357) | |||||||||||||
Hotel development | (33,525) | (86,565) | (60,553) | |||||||||||||
Net proceeds from asset sales | 187,949 | 163,618 | 98,820 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | 0 | |||||||||||||
Insurance proceeds | 477 | 521 | 238 | |||||||||||||
Change in restricted cash | 2,794 | 56,731 | 700 | |||||||||||||
Distributions from unconsolidated entities in excess of earnings | 7,317 | 12,828 | 9,784 | |||||||||||||
Contributions to unconsolidated entities | (15) | (7) | (1,500) | |||||||||||||
Net cash flow provided by (used in) investing activities | 116,561 | 67,494 | (53,868) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 1,025,438 | 473,062 | 164,000 | |||||||||||||
Repayment of borrowings | (1,203,809) | (623,106) | (136,902) | |||||||||||||
Payment of deferred financing costs | (14,952) | (3,215) | (2,744) | |||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 32,404 | 38,712 | 38,713 | |||||||||||||
Acquisition of noncontrolling interest | $ (5,900) | 0 | (5,850) | 0 | ||||||||||||
Distributions paid to noncontrolling interests | (17,595) | (9,596) | (4,259) | |||||||||||||
Contributions from noncontrolling interests | 2,809 | 6,375 | 3,990 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,442 | 0 | |||||||||||||
Redemption of preferred stock | (169,986) | 0 | 0 | |||||||||||||
Repurchase of common stock | (14,362) | 0 | 0 | |||||||||||||
Distributions paid to common stockholders | (22,385) | (9,981) | 0 | |||||||||||||
Net cash flow used in financing activities | (248,378) | (170,725) | (14,628) | |||||||||||||
Effect of exchange rate changes on cash | (153) | (85) | (65) | |||||||||||||
Change in cash and cash equivalents | 12,639 | 1,502 | (100) | |||||||||||||
Cash and cash equivalents at beginning of periods | 47,147 | 45,645 | 47,147 | 45,645 | 45,745 | |||||||||||
Cash and cash equivalents at end of periods | 59,786 | 47,147 | 59,786 | 47,147 | 45,645 | |||||||||||
FelCor Lodging LP [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 0 | 0 | ||||||||||||||
Hotel development | 0 | |||||||||||||||
Equity investment in consolidated entities | 1,260,779 | 1,364,470 | ||||||||||||||
Investment in unconsolidated entities | 4,440 | 7,270 | ||||||||||||||
Hotels held for sale | 0 | |||||||||||||||
Cash and cash equivalents | 21,219 | 5,717 | 5,717 | 5,227 | 5,717 | 5,227 | 8,312 | 21,219 | 5,717 | 5,227 | 8,312 | |||||
Restricted cash | 0 | 0 | ||||||||||||||
Accounts receivable, net | 644 | 963 | ||||||||||||||
Deferred expenses, net | 15,774 | 17,203 | ||||||||||||||
Other assets | 3,587 | 4,866 | ||||||||||||||
Total assets | 1,306,443 | 1,400,489 | ||||||||||||||
Debt | 1,000,000 | 1,050,000 | ||||||||||||||
Distributions payable | 15,016 | 13,709 | ||||||||||||||
Accrued expenses and other liabilities | 26,810 | 27,174 | ||||||||||||||
Total liabilities | 1,041,826 | 1,090,883 | ||||||||||||||
Redeemable units, at redemption value | 4,464 | 6,616 | ||||||||||||||
Preferred units | 309,337 | 478,749 | ||||||||||||||
Common units | (49,184) | (175,759) | ||||||||||||||
Total FelCor LP partners’ capital | 260,153 | 302,990 | ||||||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 0 | 0 | ||||||||||||||
Total partners’ capital | 260,153 | 302,990 | ||||||||||||||
Total liabilities and equity | 1,306,443 | 1,400,489 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | 0 | 4,181 | 5,041 | |||||||||||||
Other revenue | 143 | 6 | 9 | |||||||||||||
Total revenues | 143 | 4,187 | 5,050 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | 490 | 1,267 | 1,946 | |||||||||||||
Corporate expenses | 0 | 427 | 553 | |||||||||||||
Depreciation and amortization | 188 | 2,717 | 4,438 | |||||||||||||
Conversion expenses | 23 | |||||||||||||||
Impairment loss | 0 | 14,294 | ||||||||||||||
Other expenses | 3,995 | 178 | 3,179 | |||||||||||||
Total operating expenses | 4,673 | 4,589 | 24,433 | |||||||||||||
Operating income (loss) | (4,530) | (402) | (19,383) | |||||||||||||
Interest expense, net | (57,062) | (71,024) | (84,206) | |||||||||||||
Debt extinguishment | (28,459) | (3,823) | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 30,176 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 20,737 | |||||||||||||||
Other gains, net | 0 | 0 | ||||||||||||||
Other gains, net | 0 | |||||||||||||||
Income (loss) before equity in income from unconsolidated entities | (90,051) | (24,336) | (103,589) | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 73,274 | 113,267 | 40,276 | |||||||||||||
Equity in income from unconsolidated entities | 8,368 | 4,682 | 4,183 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (8,409) | 93,613 | (59,130) | |||||||||||||
Income tax expense | (252) | (134) | (132) | |||||||||||||
Income (loss) from continuing operations | (8,661) | 93,479 | (59,262) | |||||||||||||
Income (loss) from discontinued operations | 0 | 0 | (2,739) | |||||||||||||
Income (loss) before gain on sale of hotels | (8,661) | 93,479 | ||||||||||||||
Gain on sale of hotels, net | (398) | (1,243) | ||||||||||||||
Net income (loss) | (9,059) | 92,236 | (62,001) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||||||||||||
Net income (loss) attributable to reporting entity | (9,059) | 92,236 | (62,001) | |||||||||||||
Preferred dividends | (30,138) | (38,712) | (38,713) | |||||||||||||
Redemption of preferred stock | (6,096) | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (45,293) | 53,524 | (100,714) | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | (9,059) | 92,236 | (62,001) | |||||||||||||
Foreign currency translation adjustment | 0 | (490) | (1,108) | |||||||||||||
Reclassification of foreign currency translation to gain | (24,553) | |||||||||||||||
Comprehensive income (loss) | (9,059) | 67,193 | (63,109) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | (9,059) | 67,193 | (63,109) | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | (56,183) | (65,903) | (55,959) | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | 242 | (135) | 2,383 | |||||||||||||
Hotel development | 0 | 0 | 0 | |||||||||||||
Net proceeds from asset sales | (569) | 6,488 | 9,650 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 3,154 | |||||||||||||||
Insurance proceeds | 274 | 0 | ||||||||||||||
Change in restricted cash | 0 | 0 | ||||||||||||||
Distributions from unconsolidated entities in excess of earnings | 6,517 | 7,472 | 8,159 | |||||||||||||
Contributions to unconsolidated entities | (15) | (7) | 0 | |||||||||||||
Intercompany financing, investing activities | 184,776 | 334,905 | 73,730 | |||||||||||||
Other | 0 | |||||||||||||||
Net cash flow provided by (used in) investing activities | 191,225 | 351,877 | 93,922 | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 475,000 | 0 | 0 | |||||||||||||
Repayment of borrowings | (545,453) | (236,745) | 0 | |||||||||||||
Payment of deferred financing costs | (8,505) | (4) | ||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 32,404 | 38,712 | 38,713 | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | ||||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | ||||||||||||||
Net proceeds from common unit issuance | 198,648 | |||||||||||||||
Redemption of preferred stock | (169,986) | |||||||||||||||
Repurchase of common stock | (14,362) | |||||||||||||||
Distributions paid to common stockholders | (22,385) | (9,981) | ||||||||||||||
Intercompany financing, financing activities | 0 | 0 | 0 | |||||||||||||
Other | (93) | (42) | (2,335) | |||||||||||||
Net cash flow used in financing activities | (119,540) | (285,484) | (41,048) | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | |||||||||||||
Change in cash and cash equivalents | 15,502 | 490 | (3,085) | |||||||||||||
Cash and cash equivalents at beginning of periods | 5,717 | 5,227 | 5,717 | 5,227 | 8,312 | |||||||||||
Cash and cash equivalents at end of periods | 21,219 | 5,717 | 21,219 | 5,717 | 5,227 | |||||||||||
Subsidiary Guarantors [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 625,835 | 757,694 | ||||||||||||||
Hotel development | 0 | |||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 3,871 | 6,514 | ||||||||||||||
Hotels held for sale | 0 | |||||||||||||||
Cash and cash equivalents | 34,294 | 32,923 | 32,923 | 33,283 | 32,923 | 33,283 | 30,425 | 34,294 | 32,923 | 33,283 | 30,425 | |||||
Restricted cash | 15,442 | 12,199 | ||||||||||||||
Accounts receivable, net | 25,575 | 26,343 | ||||||||||||||
Deferred expenses, net | 0 | 0 | ||||||||||||||
Other assets | 8,786 | 11,510 | ||||||||||||||
Total assets | 713,803 | 847,183 | ||||||||||||||
Debt | 0 | 0 | ||||||||||||||
Distributions payable | 0 | 0 | ||||||||||||||
Accrued expenses and other liabilities | 83,787 | 93,690 | ||||||||||||||
Total liabilities | 83,787 | 93,690 | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | 630,833 | 753,646 | ||||||||||||||
Total FelCor LP partners’ capital | 630,833 | 753,646 | ||||||||||||||
Noncontrolling interests | (817) | (153) | ||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 0 | 0 | ||||||||||||||
Total partners’ capital | 630,016 | 753,493 | ||||||||||||||
Total liabilities and equity | 713,803 | 847,183 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 878,371 | 917,981 | 890,006 | |||||||||||||
Percentage lease revenue | 0 | 0 | 0 | |||||||||||||
Other revenue | 7,288 | 3,143 | 2,976 | |||||||||||||
Total revenues | 885,659 | 921,124 | 892,982 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 572,259 | 606,113 | 600,931 | |||||||||||||
Taxes, insurance and lease expense | 163,550 | 158,550 | 171,215 | |||||||||||||
Corporate expenses | 15,023 | 16,886 | 15,749 | |||||||||||||
Depreciation and amortization | 49,589 | 56,668 | 59,547 | |||||||||||||
Conversion expenses | 468 | |||||||||||||||
Impairment loss | 20,861 | 0 | ||||||||||||||
Other expenses | 7,451 | 12,330 | 3,166 | |||||||||||||
Total operating expenses | 828,733 | 850,547 | 851,076 | |||||||||||||
Operating income (loss) | 56,926 | 70,577 | 41,906 | |||||||||||||
Interest expense, net | 13 | (758) | (1,270) | |||||||||||||
Debt extinguishment | 0 | 0 | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 0 | 100 | ||||||||||||||
Other gains, net | 0 | |||||||||||||||
Income (loss) before equity in income from unconsolidated entities | 56,939 | 69,919 | 40,636 | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | (489) | 374 | 449 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 56,450 | 70,293 | 41,085 | |||||||||||||
Income tax expense | (993) | (526) | (520) | |||||||||||||
Income (loss) from continuing operations | 55,457 | 69,767 | 40,565 | |||||||||||||
Income (loss) from discontinued operations | 2 | 27 | (1,495) | |||||||||||||
Income (loss) before gain on sale of hotels | 55,459 | 69,794 | ||||||||||||||
Gain on sale of hotels, net | (82) | 21,887 | ||||||||||||||
Net income (loss) | 55,377 | 91,681 | 39,070 | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 769 | 339 | 788 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||||||||||||
Net income (loss) attributable to reporting entity | 56,146 | 92,020 | 39,858 | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 56,146 | 92,020 | 39,858 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | 55,377 | 91,681 | 39,070 | |||||||||||||
Foreign currency translation adjustment | 0 | (121) | (213) | |||||||||||||
Reclassification of foreign currency translation to gain | (4,448) | |||||||||||||||
Comprehensive income (loss) | 55,377 | 87,112 | 38,857 | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 769 | 339 | 788 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 56,146 | 87,451 | 39,645 | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 123,894 | 128,716 | 96,365 | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | (42,039) | (47,496) | (52,258) | |||||||||||||
Hotel development | 0 | 0 | 0 | |||||||||||||
Net proceeds from asset sales | (659) | 13,984 | (1,925) | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | |||||||||||||||
Insurance proceeds | 0 | 521 | ||||||||||||||
Change in restricted cash | (3,243) | (3,571) | ||||||||||||||
Distributions from unconsolidated entities in excess of earnings | 800 | 5,356 | 1,625 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | (1,500) | |||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Other | 238 | |||||||||||||||
Net cash flow provided by (used in) investing activities | (45,141) | (31,206) | (53,820) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | |||||||||||||
Repayment of borrowings | 0 | 0 | 0 | |||||||||||||
Payment of deferred financing costs | 0 | 0 | ||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | 0 | 0 | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | (444) | (850) | ||||||||||||||
Contributions from noncontrolling interests | 548 | 1,265 | ||||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | ||||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | |||||||||||||||
Distributions paid to common stockholders | 0 | 0 | ||||||||||||||
Intercompany financing, financing activities | (77,333) | (98,200) | (40,454) | |||||||||||||
Other | 0 | 0 | 832 | |||||||||||||
Net cash flow used in financing activities | (77,229) | (97,785) | (39,622) | |||||||||||||
Effect of exchange rate changes on cash | (153) | (85) | (65) | |||||||||||||
Change in cash and cash equivalents | 1,371 | (360) | 2,858 | |||||||||||||
Cash and cash equivalents at beginning of periods | 32,923 | 33,283 | 32,923 | 33,283 | 30,425 | |||||||||||
Cash and cash equivalents at end of periods | 34,294 | 32,923 | 34,294 | 32,923 | 33,283 | |||||||||||
Non-Guarantor Subsidiaries [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 1,103,696 | 842,097 | ||||||||||||||
Hotel development | 297,466 | |||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 1,264 | 1,311 | ||||||||||||||
Hotels held for sale | 47,145 | |||||||||||||||
Cash and cash equivalents | 4,273 | 8,507 | 8,507 | 7,135 | 8,507 | 7,135 | 7,008 | 4,273 | 8,507 | 7,135 | 7,008 | |||||
Restricted cash | 2,260 | 8,297 | ||||||||||||||
Accounts receivable, net | 1,917 | 499 | ||||||||||||||
Deferred expenses, net | 8,681 | 8,624 | ||||||||||||||
Other assets | 2,419 | 7,510 | ||||||||||||||
Total assets | 1,124,510 | 1,221,456 | ||||||||||||||
Debt | 467,390 | 576,654 | ||||||||||||||
Distributions payable | 124 | 118 | ||||||||||||||
Accrued expenses and other liabilities | 14,677 | 14,617 | ||||||||||||||
Total liabilities | 482,191 | 591,389 | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | 590,510 | 570,037 | ||||||||||||||
Total FelCor LP partners’ capital | 590,510 | 570,037 | ||||||||||||||
Noncontrolling interests | 8,623 | 18,588 | ||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 43,186 | 41,442 | ||||||||||||||
Total partners’ capital | 642,319 | 630,067 | ||||||||||||||
Total liabilities and equity | 1,124,510 | 1,221,456 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | 126,867 | 91,176 | 90,500 | |||||||||||||
Other revenue | 452 | 457 | 445 | |||||||||||||
Total revenues | 127,319 | 91,633 | 90,945 | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | 22,034 | 19,806 | 17,922 | |||||||||||||
Corporate expenses | 12,260 | 12,272 | 10,694 | |||||||||||||
Depreciation and amortization | 64,675 | 56,434 | 55,639 | |||||||||||||
Conversion expenses | 643 | |||||||||||||||
Impairment loss | 0 | 10,147 | ||||||||||||||
Other expenses | 1,033 | 5,444 | 2,404 | |||||||||||||
Total operating expenses | 100,002 | 93,956 | 97,449 | |||||||||||||
Operating income (loss) | 27,317 | (2,323) | (6,504) | |||||||||||||
Interest expense, net | (22,069) | (18,913) | (18,311) | |||||||||||||
Debt extinguishment | (2,450) | (947) | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 166 | 0 | ||||||||||||||
Other gains, net | 41 | |||||||||||||||
Income (loss) before equity in income from unconsolidated entities | 2,964 | (22,183) | (24,774) | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | (46) | (46) | (46) | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 2,918 | (22,229) | (24,820) | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Income (loss) from continuing operations | 2,918 | (22,229) | (24,820) | |||||||||||||
Income (loss) from discontinued operations | 667 | (387) | 22,244 | |||||||||||||
Income (loss) before gain on sale of hotels | 3,585 | (22,616) | ||||||||||||||
Gain on sale of hotels, net | 19,906 | 46,118 | ||||||||||||||
Net income (loss) | 23,491 | 23,502 | (2,576) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,926) | (1,036) | 2,994 | |||||||||||||
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | ||||||||||||||
Net income (loss) attributable to reporting entity | 17,128 | 21,247 | 418 | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | 17,128 | 21,247 | 418 | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | 23,491 | 23,502 | (2,576) | |||||||||||||
Foreign currency translation adjustment | 0 | (369) | (895) | |||||||||||||
Reclassification of foreign currency translation to gain | (20,105) | |||||||||||||||
Comprehensive income (loss) | 23,491 | 3,028 | (3,471) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,926) | (1,036) | 2,994 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | 17,128 | 773 | (477) | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 76,898 | 42,005 | 28,055 | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | (6,639) | (36,033) | (51,482) | |||||||||||||
Hotel development | (33,525) | (86,565) | (60,553) | |||||||||||||
Net proceeds from asset sales | 189,177 | 143,146 | 91,095 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 878 | |||||||||||||||
Insurance proceeds | 203 | 0 | ||||||||||||||
Change in restricted cash | 6,037 | 60,302 | ||||||||||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | 0 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Other | 700 | |||||||||||||||
Net cash flow provided by (used in) investing activities | 155,253 | 81,728 | (20,240) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 550,438 | 473,062 | 164,000 | |||||||||||||
Repayment of borrowings | (658,356) | (386,361) | (136,902) | |||||||||||||
Payment of deferred financing costs | (6,447) | (3,211) | ||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | 0 | 0 | |||||||||||||
Acquisition of noncontrolling interest | (5,850) | |||||||||||||||
Distributions paid to noncontrolling interests | (17,151) | (8,746) | ||||||||||||||
Contributions from noncontrolling interests | 2,261 | 5,110 | ||||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,442 | ||||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | |||||||||||||||
Distributions paid to common stockholders | 0 | 0 | ||||||||||||||
Intercompany financing, financing activities | (107,443) | (236,705) | (33,276) | |||||||||||||
Other | (1,431) | (1,102) | (1,510) | |||||||||||||
Net cash flow used in financing activities | (236,385) | (122,361) | (7,688) | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | |||||||||||||
Change in cash and cash equivalents | (4,234) | 1,372 | 127 | |||||||||||||
Cash and cash equivalents at beginning of periods | 8,507 | 7,135 | 8,507 | 7,135 | 7,008 | |||||||||||
Cash and cash equivalents at end of periods | 4,273 | 8,507 | 4,273 | 8,507 | 7,135 | |||||||||||
Eliminations [Member] | ||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 0 | 0 | ||||||||||||||
Hotel development | 0 | |||||||||||||||
Equity investment in consolidated entities | (1,260,779) | (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 | 0 | 0 | 0 | |||||
Restricted cash | 0 | 0 | ||||||||||||||
Accounts receivable, net | 0 | 0 | ||||||||||||||
Deferred expenses, net | 0 | 0 | ||||||||||||||
Other assets | 0 | 0 | ||||||||||||||
Total assets | (1,260,779) | (1,364,470) | ||||||||||||||
Debt | (39,436) | (40,787) | ||||||||||||||
Distributions payable | 0 | 0 | ||||||||||||||
Accrued expenses and other liabilities | 0 | 0 | ||||||||||||||
Total liabilities | (39,436) | (40,787) | ||||||||||||||
Redeemable units, at redemption value | 0 | 0 | ||||||||||||||
Preferred units | 0 | 0 | ||||||||||||||
Common units | (1,221,343) | (1,323,683) | ||||||||||||||
Total FelCor LP partners’ capital | (1,221,343) | (1,323,683) | ||||||||||||||
Noncontrolling interests | 0 | 0 | ||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 0 | 0 | ||||||||||||||
Total partners’ capital | (1,221,343) | (1,323,683) | ||||||||||||||
Total liabilities and equity | (1,260,779) | (1,364,470) | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 0 | 0 | 0 | |||||||||||||
Percentage lease revenue | (126,867) | (95,357) | (95,541) | |||||||||||||
Other revenue | 0 | 0 | 0 | |||||||||||||
Total revenues | (126,867) | (95,357) | (95,541) | |||||||||||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 0 | 0 | 0 | |||||||||||||
Taxes, insurance and lease expense | (126,867) | (95,357) | (95,541) | |||||||||||||
Corporate expenses | 0 | 0 | 0 | |||||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||||
Conversion expenses | 0 | |||||||||||||||
Impairment loss | 0 | 0 | ||||||||||||||
Other expenses | 0 | 0 | 0 | |||||||||||||
Total operating expenses | (126,867) | (95,357) | (95,541) | |||||||||||||
Operating income (loss) | 0 | 0 | 0 | |||||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||||
Debt extinguishment | 0 | 0 | ||||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | |||||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | |||||||||||||||
Other gains, net | 0 | 0 | ||||||||||||||
Other gains, net | 0 | |||||||||||||||
Income (loss) before equity in income from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | (73,274) | (113,267) | (40,276) | |||||||||||||
Equity in income from unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (73,274) | (113,267) | (40,276) | |||||||||||||
Income tax expense | 0 | 0 | 0 | |||||||||||||
Income (loss) from continuing operations | (73,274) | (113,267) | (40,276) | |||||||||||||
Income (loss) from discontinued operations | 0 | 0 | 0 | |||||||||||||
Income (loss) before gain on sale of hotels | (73,274) | (113,267) | ||||||||||||||
Gain on sale of hotels, net | 0 | 0 | ||||||||||||||
Net income (loss) | (73,274) | (113,267) | (40,276) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||||||||||||
Net income (loss) attributable to reporting entity | (73,274) | (113,267) | (40,276) | |||||||||||||
Preferred dividends | 0 | 0 | 0 | |||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (73,274) | (113,267) | (40,276) | |||||||||||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | (73,274) | (113,267) | (40,276) | |||||||||||||
Foreign currency translation adjustment | 0 | 490 | 1,108 | |||||||||||||
Reclassification of foreign currency translation to gain | 24,553 | |||||||||||||||
Comprehensive income (loss) | (73,274) | (88,224) | (39,168) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 0 | 0 | 0 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | (73,274) | (88,224) | (39,168) | |||||||||||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 0 | 0 | 0 | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | 0 | 0 | 0 | |||||||||||||
Hotel development | 0 | 0 | 0 | |||||||||||||
Net proceeds from asset sales | 0 | 0 | 0 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | |||||||||||||||
Insurance proceeds | 0 | 0 | ||||||||||||||
Change in restricted cash | 0 | 0 | ||||||||||||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | 0 | |||||||||||||
Contributions to unconsolidated entities | 0 | 0 | 0 | |||||||||||||
Intercompany financing, investing activities | (184,776) | (334,905) | (73,730) | |||||||||||||
Other | 0 | |||||||||||||||
Net cash flow provided by (used in) investing activities | (184,776) | (334,905) | (73,730) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 0 | 0 | 0 | |||||||||||||
Repayment of borrowings | 0 | 0 | 0 | |||||||||||||
Payment of deferred financing costs | 0 | 0 | ||||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 0 | 0 | 0 | |||||||||||||
Acquisition of noncontrolling interest | 0 | |||||||||||||||
Distributions paid to noncontrolling interests | 0 | 0 | ||||||||||||||
Contributions from noncontrolling interests | 0 | 0 | ||||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 0 | 0 | ||||||||||||||
Net proceeds from common unit issuance | 0 | |||||||||||||||
Redemption of preferred stock | 0 | |||||||||||||||
Repurchase of common stock | 0 | |||||||||||||||
Distributions paid to common stockholders | 0 | 0 | ||||||||||||||
Intercompany financing, financing activities | 184,776 | 334,905 | 73,730 | |||||||||||||
Other | 0 | 0 | 0 | |||||||||||||
Net cash flow used in financing activities | 184,776 | 334,905 | 73,730 | |||||||||||||
Effect of exchange rate changes on cash | 0 | 0 | 0 | |||||||||||||
Change in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||
Cash and cash equivalents at beginning of periods | 0 | 0 | 0 | 0 | 0 | |||||||||||
Cash and cash equivalents at end of periods | 0 | 0 | $ 0 | 0 | 0 | |||||||||||
Total Consolidated [Member] | ||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||||||||||||
Net investment in hotels | 1,729,531 | 1,599,791 | ||||||||||||||
Hotel development | 0 | 297,466 | ||||||||||||||
Equity investment in consolidated entities | 0 | 0 | ||||||||||||||
Investment in unconsolidated entities | 9,575 | 15,095 | ||||||||||||||
Hotels held for sale | 0 | 47,145 | ||||||||||||||
Cash and cash equivalents | 59,786 | 47,147 | 47,147 | 45,645 | $ 47,147 | 45,645 | 45,745 | 59,786 | 47,147 | 45,645 | 45,745 | |||||
Restricted cash | 17,702 | 20,496 | ||||||||||||||
Accounts receivable, net | 28,136 | 27,805 | ||||||||||||||
Deferred expenses, net | 24,455 | 25,827 | ||||||||||||||
Other assets | 14,792 | 23,886 | ||||||||||||||
Total assets | 1,883,977 | 2,104,658 | ||||||||||||||
Debt | 1,427,954 | 1,585,867 | ||||||||||||||
Distributions payable | 15,140 | 13,827 | ||||||||||||||
Accrued expenses and other liabilities | 125,274 | 135,481 | ||||||||||||||
Total liabilities | 1,568,368 | 1,735,175 | ||||||||||||||
Redeemable units, at redemption value | 4,464 | 6,616 | ||||||||||||||
Preferred units | 309,337 | 478,749 | ||||||||||||||
Common units | (49,184) | (175,759) | ||||||||||||||
Accumulated other comprehensive income | 0 | 0 | ||||||||||||||
Total FelCor LP partners’ capital | 260,153 | 302,990 | ||||||||||||||
Noncontrolling interests | 7,806 | 18,435 | ||||||||||||||
Preferred equity in consolidated joint venture, liquidation value of $43,954 and $42,094 at December 31, 2015 and 2014, respectively | 43,186 | 41,442 | ||||||||||||||
Total partners’ capital | 311,145 | 362,867 | $ 314,230 | $ 422,019 | ||||||||||||
Total liabilities and equity | $ 1,883,977 | $ 2,104,658 | ||||||||||||||
Revenues: | ||||||||||||||||
Hotel operating revenue | 878,371 | 917,981 | 890,006 | |||||||||||||
Percentage lease revenue | 0 | 0 | 0 | |||||||||||||
Other revenue | 7,883 | 3,606 | 3,430 | |||||||||||||
Total revenues | 206,304 | 225,152 | 241,103 | 213,695 | 206,667 | 234,056 | 259,515 | 221,349 | 886,254 | 921,587 | 893,436 | |||||
Expenses: | ||||||||||||||||
Hotel operating expenses | 572,259 | 606,113 | 600,931 | |||||||||||||
Taxes, insurance and lease expense | 59,207 | 84,266 | 95,542 | |||||||||||||
Corporate expenses | 27,283 | 29,585 | 26,996 | |||||||||||||
Depreciation and amortization | 114,452 | 115,819 | 119,624 | |||||||||||||
Conversion expenses | 0 | 0 | 1,134 | |||||||||||||
Impairment loss | 20,861 | 0 | 24,441 | |||||||||||||
Other expenses | 12,479 | 17,952 | 8,749 | |||||||||||||
Total operating expenses | 806,541 | 853,735 | 877,417 | |||||||||||||
Operating income (loss) | 79,713 | 67,852 | 16,019 | |||||||||||||
Interest expense, net | (79,118) | (90,695) | (103,787) | |||||||||||||
Debt extinguishment | (30,909) | (4,770) | 0 | |||||||||||||
Gain on sale of investment in unconsolidated entities, net | 0 | 30,176 | 0 | |||||||||||||
Gain from remeasurement of unconsolidated entities, net | 0 | 20,737 | 0 | |||||||||||||
Other gains, net | 166 | 100 | 41 | |||||||||||||
Other gains, net | 41 | |||||||||||||||
Income (loss) before equity in income from unconsolidated entities | (30,148) | 23,400 | (87,727) | |||||||||||||
Equity In Income/(Loss) From Consolidated Entities | 0 | 0 | 0 | |||||||||||||
Equity in income from unconsolidated entities | 7,833 | 5,010 | 4,586 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (22,315) | 28,410 | (83,141) | |||||||||||||
Income tax expense | (1,245) | (660) | (652) | |||||||||||||
Income (loss) from continuing operations | (4,266) | (11,785) | (2,614) | (4,895) | (5,168) | 44,022 | 9,324 | (20,428) | (23,560) | 27,750 | (83,793) | |||||
Income (loss) from discontinued operations | 250 | 498 | (83) | 4 | (492) | (8) | 5 | 135 | 669 | (360) | 18,010 | |||||
Income (loss) before gain on sale of hotels | (22,891) | 27,390 | (65,783) | |||||||||||||
Gain on sale of hotels, net | 19,426 | 66,762 | 0 | |||||||||||||
Net income (loss) | (3,465) | 94,152 | (65,783) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,157) | (697) | 3,782 | |||||||||||||
Preferred distributions - consolidated joint venture | (1,437) | (1,219) | 0 | |||||||||||||
Net income (loss) attributable to reporting entity | (4,200) | (8,269) | (3,359) | 6,769 | 10,247 | 72,576 | 24,352 | (14,939) | (9,059) | 92,236 | (62,001) | |||||
Preferred dividends | (30,138) | (38,712) | (38,713) | |||||||||||||
Redemption of preferred stock | (6,096) | 0 | 0 | |||||||||||||
Net income (loss) attributable to FelCor LP common unitholders | (10,478) | (14,548) | (17,358) | (2,909) | 569 | 62,898 | 14,674 | (24,617) | (45,293) | 53,524 | (100,714) | |||||
CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
Net income (loss) | (3,465) | 94,152 | (65,783) | |||||||||||||
Foreign currency translation adjustment | 0 | (490) | (1,108) | |||||||||||||
Reclassification of foreign currency translation to gain | 0 | (24,553) | 0 | |||||||||||||
Comprehensive income (loss) | (3,465) | 69,109 | (66,891) | |||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | (4,157) | (697) | 3,782 | |||||||||||||
Comprehensive income (loss) attributable to reporting entity | (4,200) | $ (8,269) | $ (3,359) | 6,769 | 10,066 | $ 47,578 | $ 24,927 | (15,378) | (9,059) | 67,193 | (63,109) | |||||
Operating activities: | ||||||||||||||||
Cash flows from operating activities | 144,609 | 104,818 | 68,461 | |||||||||||||
Investing activities: | ||||||||||||||||
Improvements and additions to hotels | (48,436) | (83,664) | (101,357) | |||||||||||||
Hotel development | (33,525) | (86,565) | (60,553) | |||||||||||||
Net proceeds from asset sales | 187,949 | 163,618 | 98,820 | |||||||||||||
Proceeds from unconsolidated joint venture transaction | 0 | 4,032 | 0 | |||||||||||||
Insurance proceeds | 477 | 521 | 238 | |||||||||||||
Change in restricted cash | 2,794 | 56,731 | 700 | |||||||||||||
Distributions from unconsolidated entities in excess of earnings | 7,317 | 12,828 | 9,784 | |||||||||||||
Contributions to unconsolidated entities | (15) | (7) | (1,500) | |||||||||||||
Intercompany financing, investing activities | 0 | 0 | 0 | |||||||||||||
Other | 938 | |||||||||||||||
Net cash flow provided by (used in) investing activities | 116,561 | 67,494 | (53,868) | |||||||||||||
Financing activities: | ||||||||||||||||
Proceeds from borrowings | 1,025,438 | 473,062 | 164,000 | |||||||||||||
Repayment of borrowings | (1,203,809) | (623,106) | (136,902) | |||||||||||||
Payment of deferred financing costs | (14,952) | (3,215) | (2,744) | |||||||||||||
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | 32,404 | 38,712 | 38,713 | |||||||||||||
Acquisition of noncontrolling interest | 0 | (5,850) | 0 | |||||||||||||
Distributions paid to noncontrolling interests | (17,595) | (9,596) | (4,259) | |||||||||||||
Contributions from noncontrolling interests | 2,809 | 6,375 | 3,990 | |||||||||||||
Net proceeds from issuance of preferred equity - consolidated joint venture | 1,744 | 41,442 | 0 | |||||||||||||
Net proceeds from common unit issuance | 198,648 | 0 | 0 | |||||||||||||
Redemption of preferred stock | (169,986) | 0 | 0 | |||||||||||||
Repurchase of common stock | (14,362) | 0 | 0 | |||||||||||||
Distributions paid to common stockholders | (22,385) | (9,981) | 0 | |||||||||||||
Intercompany financing, financing activities | 0 | 0 | 0 | |||||||||||||
Other | (1,524) | (1,144) | (3,013) | |||||||||||||
Net cash flow used in financing activities | (248,378) | (170,725) | (14,628) | |||||||||||||
Effect of exchange rate changes on cash | (153) | (85) | (65) | |||||||||||||
Change in cash and cash equivalents | 12,639 | 1,502 | (100) | |||||||||||||
Cash and cash equivalents at beginning of periods | $ 47,147 | $ 45,645 | 47,147 | 45,645 | 45,745 | |||||||||||
Cash and cash equivalents at end of periods | $ 59,786 | $ 47,147 | $ 59,786 | $ 47,147 | $ 45,645 |
Schedule III - Real Estate an95
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | $ 427,954 | ||||||
Initial Cost | |||||||
Land | 294,410 | ||||||
Building and Improvements | 1,581,298 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (26) | ||||||
Building and Improvements | 353,810 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 294,384 | ||||||
Building and Improvements | 1,935,108 | ||||||
Total | $ 2,062,289 | $ 2,175,100 | $ 2,305,896 | 2,229,492 | $ 2,062,289 | $ 2,175,100 | |
Accumulated Depreciation Buildings & Improvements | 661,758 | 698,146 | 693,114 | 697,386 | 661,758 | 698,146 | |
Reconciliation of Land and Buildings and Improvements: | |||||||
Balance at beginning of period | 2,062,289 | 2,175,100 | 2,305,896 | ||||
Additions during period: | |||||||
Real Estate, Completed Hotel Development | 299,341 | 0 | 0 | ||||
Acquisitions from joint venture transaction | 0 | 108,901 | 0 | ||||
Improvements | 15,324 | 21,167 | 21,236 | ||||
Deductions during period: | |||||||
Disposition of properties and other | (147,462) | (242,879) | (152,032) | ||||
Balance at end of period before impairment charges | 2,229,492 | 2,062,289 | 2,175,100 | ||||
Cumulative impairment charges on real estate assets owned at end of period | (76,008) | (65,277) | (107,492) | ||||
Balance at end of period | 2,153,484 | $ 1,997,012 | $ 2,067,608 | ||||
Reconciliation of Accumulated Depreciation | |||||||
Balance at beginning of period | 661,758 | 698,146 | 693,114 | ||||
Additions during period: | |||||||
Depreciation for the period | 57,022 | 56,564 | 58,643 | ||||
Deductions during period: | |||||||
Disposition of properties and other | (21,394) | (92,952) | (53,611) | ||||
Balance at end of period | 697,386 | $ 661,758 | $ 698,146 | ||||
SEC Schedule III, Real Estate, Federal Income Tax Basis | 1,900,000 | ||||||
Birmingham, AL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 23,163 | ||||||
Initial Cost | |||||||
Land | 2,843 | ||||||
Building and Improvements | 29,286 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 4,712 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,843 | ||||||
Building and Improvements | 33,998 | ||||||
Total | 36,841 | 36,841 | |||||
Accumulated Depreciation Buildings & Improvements | 16,464 | 16,464 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 36,841 | ||||||
Deductions during period: | |||||||
Balance at end of period | 16,464 | ||||||
Phoenix - Biltmore, AZ [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 4,694 | ||||||
Building and Improvements | 38,998 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 4,630 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 4,694 | ||||||
Building and Improvements | 43,628 | ||||||
Total | 48,322 | 48,322 | |||||
Accumulated Depreciation Buildings & Improvements | 21,183 | 21,183 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 48,322 | ||||||
Deductions during period: | |||||||
Balance at end of period | 21,183 | ||||||
Indian Wells - Esmeralda Resort and Spa, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 30,948 | ||||||
Building and Improvements | 73,507 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 7,098 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 30,948 | ||||||
Building and Improvements | 80,605 | ||||||
Total | 111,553 | 111,553 | |||||
Accumulated Depreciation Buildings & Improvements | 15,923 | 15,923 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 111,553 | ||||||
Deductions during period: | |||||||
Balance at end of period | 15,923 | ||||||
Los Angeles - International Airport - South, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 22,496 | ||||||
Initial Cost | |||||||
Land | 2,660 | ||||||
Building and Improvements | 17,997 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 6,477 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,660 | ||||||
Building and Improvements | 24,474 | ||||||
Total | 27,134 | 27,134 | |||||
Accumulated Depreciation Buildings & Improvements | 10,990 | 10,990 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 27,134 | ||||||
Deductions during period: | |||||||
Balance at end of period | 10,990 | ||||||
Milpitas - Silicon Valley, CA [Member] | |||||||
Initial Cost | |||||||
Land | 4,021 | ||||||
Building and Improvements | 23,677 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 4,755 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 4,021 | ||||||
Building and Improvements | 28,432 | ||||||
Total | 32,453 | 32,453 | |||||
Accumulated Depreciation Buildings & Improvements | 13,617 | 13,617 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 32,453 | ||||||
Deductions during period: | |||||||
Balance at end of period | 13,617 | ||||||
Napa Valley, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 27,111 | ||||||
Initial Cost | |||||||
Land | 2,218 | ||||||
Building and Improvements | 14,205 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 6,985 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,218 | ||||||
Building and Improvements | 21,190 | ||||||
Total | 23,408 | 23,408 | |||||
Accumulated Depreciation Buildings & Improvements | 9,099 | 9,099 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 23,408 | ||||||
Deductions during period: | |||||||
Balance at end of period | 9,099 | ||||||
Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 2,930 | ||||||
Building and Improvements | 22,125 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 11,373 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,930 | ||||||
Building and Improvements | 33,498 | ||||||
Total | 36,428 | 36,428 | |||||
Accumulated Depreciation Buildings & Improvements | 15,320 | 15,320 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 36,428 | ||||||
Deductions during period: | |||||||
Balance at end of period | 15,320 | ||||||
San Diego Bayside, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 68,229 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 13,461 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 81,690 | ||||||
Total | 81,690 | 81,690 | |||||
Accumulated Depreciation Buildings & Improvements | 45,788 | 45,788 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 81,690 | ||||||
Deductions during period: | |||||||
Balance at end of period | 45,788 | ||||||
San Francisco - Airport/Waterfront, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 39,929 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 7,824 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 47,753 | ||||||
Total | 47,753 | 47,753 | |||||
Accumulated Depreciation Buildings & Improvements | 21,768 | 21,768 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 47,753 | ||||||
Deductions during period: | |||||||
Balance at end of period | 21,768 | ||||||
San Francisco - Airport/South San Francisco, CA [Member] | |||||||
Initial Cost | |||||||
Land | 3,418 | ||||||
Building and Improvements | 31,737 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 5,589 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 3,418 | ||||||
Building and Improvements | 37,326 | ||||||
Total | 40,744 | 40,744 | |||||
Accumulated Depreciation Buildings & Improvements | 17,884 | 17,884 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 40,744 | ||||||
Deductions during period: | |||||||
Balance at end of period | 17,884 | ||||||
San Francisco - Fisherman's Wharf, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 61,883 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 18,377 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 80,260 | ||||||
Total | 80,260 | 80,260 | |||||
Accumulated Depreciation Buildings & Improvements | 39,887 | 39,887 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 80,260 | ||||||
Deductions during period: | |||||||
Balance at end of period | 39,887 | ||||||
San Francisco - Union Square, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 46,113 | ||||||
Initial Cost | |||||||
Land | 8,466 | ||||||
Building and Improvements | 73,684 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (434) | ||||||
Building and Improvements | 54,233 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 8,032 | ||||||
Building and Improvements | 127,917 | ||||||
Total | 135,949 | 135,949 | |||||
Accumulated Depreciation Buildings & Improvements | 50,438 | 50,438 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 135,949 | ||||||
Deductions during period: | |||||||
Balance at end of period | 50,438 | ||||||
Santa Monica Beach - at the Pier, CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 15,561 | ||||||
Initial Cost | |||||||
Land | 10,200 | ||||||
Building and Improvements | 16,580 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 1,868 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 10,200 | ||||||
Building and Improvements | 18,448 | ||||||
Total | 28,648 | 28,648 | |||||
Accumulated Depreciation Buildings & Improvements | 5,189 | 5,189 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 28,648 | ||||||
Deductions during period: | |||||||
Balance at end of period | 5,189 | ||||||
Deerfield Beach - Resort & Spa, FL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 30,717 | ||||||
Initial Cost | |||||||
Land | 4,523 | ||||||
Building and Improvements | 29,443 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 68 | ||||||
Building and Improvements | 7,107 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 4,591 | ||||||
Building and Improvements | 36,550 | ||||||
Total | 41,141 | 41,141 | |||||
Accumulated Depreciation Buildings & Improvements | 17,619 | 17,619 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 41,141 | ||||||
Deductions during period: | |||||||
Balance at end of period | 17,619 | ||||||
Ft. Lauderdale - 17th Street, FL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 34,721 | ||||||
Initial Cost | |||||||
Land | 5,329 | ||||||
Building and Improvements | 47,850 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (163) | ||||||
Building and Improvements | 7,413 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 5,166 | ||||||
Building and Improvements | 55,263 | ||||||
Total | 60,429 | 60,429 | |||||
Accumulated Depreciation Buildings & Improvements | 26,920 | 26,920 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 60,429 | ||||||
Deductions during period: | |||||||
Balance at end of period | 26,920 | ||||||
Miami - International Airport, FL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 4,135 | ||||||
Building and Improvements | 24,950 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 7,175 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 4,135 | ||||||
Building and Improvements | 32,125 | ||||||
Total | 36,260 | 36,260 | |||||
Accumulated Depreciation Buildings & Improvements | 15,444 | 15,444 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 36,260 | ||||||
Deductions during period: | |||||||
Balance at end of period | 15,444 | ||||||
Orlando - International Drive South/Convention, FL [Member] | |||||||
Initial Cost | |||||||
Land | 1,632 | ||||||
Building and Improvements | 13,870 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 4,606 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 1,632 | ||||||
Building and Improvements | 18,476 | ||||||
Total | 20,108 | 20,108 | |||||
Accumulated Depreciation Buildings & Improvements | 9,363 | 9,363 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 20,108 | ||||||
Deductions during period: | |||||||
Balance at end of period | 9,363 | ||||||
Orlando - Walt Disney World Resort, FL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 28,092 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 3,682 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 31,774 | ||||||
Total | 31,774 | 31,774 | |||||
Accumulated Depreciation Buildings & Improvements | 20,628 | 20,628 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 31,774 | ||||||
Deductions during period: | |||||||
Balance at end of period | 20,628 | ||||||
St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,775 | ||||||
Initial Cost | |||||||
Building and Improvements | 100,823 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 9,780 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 110,603 | ||||||
Total | 110,603 | 110,603 | |||||
Accumulated Depreciation Buildings & Improvements | 24,082 | 24,082 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 110,603 | ||||||
Deductions during period: | |||||||
Balance at end of period | 24,082 | ||||||
Atlanta - Buckhead, GA [Member] | |||||||
Initial Cost | |||||||
Land | 7,303 | ||||||
Building and Improvements | 38,996 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (300) | ||||||
Building and Improvements | 4,523 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 7,003 | ||||||
Building and Improvements | 43,519 | ||||||
Total | 50,522 | 50,522 | |||||
Accumulated Depreciation Buildings & Improvements | 20,167 | 20,167 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 50,522 | ||||||
Deductions during period: | |||||||
Balance at end of period | 20,167 | ||||||
New Orleans - French Quarter, LA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 50,732 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 11,238 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 61,970 | ||||||
Total | 61,970 | 61,970 | |||||
Accumulated Depreciation Buildings & Improvements | 24,928 | 24,928 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 61,970 | ||||||
Deductions during period: | |||||||
Balance at end of period | 24,928 | ||||||
Boston - at Beacon Hill, MA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 45,192 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 7,081 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 52,273 | ||||||
Total | 52,273 | 52,273 | |||||
Accumulated Depreciation Buildings & Improvements | 31,337 | 31,337 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 52,273 | ||||||
Deductions during period: | |||||||
Balance at end of period | 31,337 | ||||||
Boston - Copley Plaza, MA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 38,342 | ||||||
Initial Cost | |||||||
Land | 27,600 | ||||||
Building and Improvements | 62,500 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 14,743 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 27,600 | ||||||
Building and Improvements | 77,243 | ||||||
Total | 104,843 | 104,843 | |||||
Accumulated Depreciation Buildings & Improvements | 10,634 | 10,634 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 104,843 | ||||||
Deductions during period: | |||||||
Balance at end of period | 10,634 | ||||||
Boston - Marlborough, MA [Member] | |||||||
Initial Cost | |||||||
Land | 948 | ||||||
Building and Improvements | 8,143 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 761 | ||||||
Building and Improvements | 16,253 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 1,709 | ||||||
Building and Improvements | 24,396 | ||||||
Total | 26,105 | 26,105 | |||||
Accumulated Depreciation Buildings & Improvements | 11,017 | 11,017 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 26,105 | ||||||
Deductions during period: | |||||||
Balance at end of period | 11,017 | ||||||
Minneapolis - Airport, MN [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 37,242 | ||||||
Initial Cost | |||||||
Land | 5,417 | ||||||
Building and Improvements | 36,508 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 24 | ||||||
Building and Improvements | 3,091 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 5,441 | ||||||
Building and Improvements | 39,599 | ||||||
Total | 45,040 | 45,040 | |||||
Accumulated Depreciation Buildings & Improvements | 19,466 | 19,466 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 45,040 | ||||||
Deductions during period: | |||||||
Balance at end of period | 19,466 | ||||||
New York - Morgans [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 16,200 | ||||||
Building and Improvements | 29,872 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 2,019 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 16,200 | ||||||
Building and Improvements | 31,891 | ||||||
Total | 48,091 | 48,091 | |||||
Accumulated Depreciation Buildings & Improvements | 3,619 | 3,619 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 48,091 | ||||||
Deductions during period: | |||||||
Balance at end of period | 3,619 | ||||||
New York - Royalton [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 32,500 | ||||||
Building and Improvements | 48,423 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 3,171 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 32,500 | ||||||
Building and Improvements | 51,594 | ||||||
Total | 84,094 | 84,094 | |||||
Accumulated Depreciation Buildings & Improvements | 5,938 | 5,938 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 84,094 | ||||||
Deductions during period: | |||||||
Balance at end of period | 5,938 | ||||||
New York - The Knickerbocker [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 85,000 | ||||||
Initial Cost | |||||||
Land | 85,400 | ||||||
Building and Improvements | 213,941 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 0 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 85,400 | ||||||
Building and Improvements | 213,941 | ||||||
Total | 299,341 | 299,341 | |||||
Accumulated Depreciation Buildings & Improvements | 3,034 | 3,034 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 299,341 | ||||||
Deductions during period: | |||||||
Balance at end of period | 3,034 | ||||||
Philadelphia - Historic District, PA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 3,164 | ||||||
Building and Improvements | 27,535 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 7 | ||||||
Building and Improvements | 7,492 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 3,171 | ||||||
Building and Improvements | 35,027 | ||||||
Total | 38,198 | 38,198 | |||||
Accumulated Depreciation Buildings & Improvements | 14,819 | 14,819 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 38,198 | ||||||
Deductions during period: | |||||||
Balance at end of period | 14,819 | ||||||
Philadelphia - Society Hill, PA [Member] | |||||||
Initial Cost | |||||||
Land | 4,542 | ||||||
Building and Improvements | 45,121 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 9,970 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 4,542 | ||||||
Building and Improvements | 55,091 | ||||||
Total | 59,633 | 59,633 | |||||
Accumulated Depreciation Buildings & Improvements | 24,745 | 24,745 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 59,633 | ||||||
Deductions during period: | |||||||
Balance at end of period | 24,745 | ||||||
Pittsburgh - at University Center (Oakland), PA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 25,031 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 3,014 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 28,045 | ||||||
Total | 28,045 | 28,045 | |||||
Accumulated Depreciation Buildings & Improvements | 12,041 | 12,041 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 28,045 | ||||||
Deductions during period: | |||||||
Balance at end of period | 12,041 | ||||||
Charleston - Mills House, SC [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 19,722 | ||||||
Initial Cost | |||||||
Land | 3,251 | ||||||
Building and Improvements | 28,295 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 7 | ||||||
Building and Improvements | 8,566 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 3,258 | ||||||
Building and Improvements | 36,861 | ||||||
Total | 40,119 | 40,119 | |||||
Accumulated Depreciation Buildings & Improvements | 14,762 | 14,762 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 40,119 | ||||||
Deductions during period: | |||||||
Balance at end of period | 14,762 | ||||||
Myrtle Beach - Oceanfront Resort, SC [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 2,940 | ||||||
Building and Improvements | 24,988 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 12,639 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,940 | ||||||
Building and Improvements | 37,627 | ||||||
Total | 40,567 | 40,567 | |||||
Accumulated Depreciation Buildings & Improvements | 15,618 | 15,618 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 40,567 | ||||||
Deductions during period: | |||||||
Balance at end of period | 15,618 | ||||||
Myrtle Beach Resort [Member] | |||||||
Initial Cost | |||||||
Land | 9,000 | ||||||
Building and Improvements | 19,844 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 6 | ||||||
Building and Improvements | 32,104 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 9,006 | ||||||
Building and Improvements | 51,948 | ||||||
Total | 60,954 | 60,954 | |||||
Accumulated Depreciation Buildings & Improvements | 18,487 | 18,487 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 60,954 | ||||||
Deductions during period: | |||||||
Balance at end of period | 18,487 | ||||||
Nashville - Opryland - Airport (Briley Parkway), TN [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 27,734 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 5,707 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 33,441 | ||||||
Total | 33,441 | 33,441 | |||||
Accumulated Depreciation Buildings & Improvements | 19,414 | 19,414 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 33,441 | ||||||
Deductions during period: | |||||||
Balance at end of period | 19,414 | ||||||
Austin, TX [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 14,991 | ||||||
Initial Cost | |||||||
Land | 2,508 | ||||||
Building and Improvements | 21,908 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 4,980 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 2,508 | ||||||
Building and Improvements | 26,888 | ||||||
Total | 29,396 | 29,396 | |||||
Accumulated Depreciation Buildings & Improvements | 12,316 | 12,316 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 29,396 | ||||||
Deductions during period: | |||||||
Balance at end of period | 12,316 | ||||||
Dallas - Love Field, TX [Member] | |||||||
Initial Cost | |||||||
Land | 1,934 | ||||||
Building and Improvements | 16,674 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 5,187 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 1,934 | ||||||
Building and Improvements | 21,861 | ||||||
Total | 23,795 | 23,795 | |||||
Accumulated Depreciation Buildings & Improvements | 10,629 | 10,629 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 23,795 | ||||||
Deductions during period: | |||||||
Balance at end of period | 10,629 | ||||||
Houston - Medical Center, TX [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Building and Improvements | 22,027 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 6,701 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 0 | ||||||
Building and Improvements | 28,728 | ||||||
Total | 28,728 | 28,728 | |||||
Accumulated Depreciation Buildings & Improvements | 11,619 | 11,619 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 28,728 | ||||||
Deductions during period: | |||||||
Balance at end of period | 11,619 | ||||||
Burlington Hotel & Conference Center, VT [Member] | |||||||
Initial Cost | |||||||
Land | 3,136 | ||||||
Building and Improvements | 27,283 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (2) | ||||||
Building and Improvements | 7,919 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 3,134 | ||||||
Building and Improvements | 35,202 | ||||||
Total | 38,336 | 38,336 | |||||
Accumulated Depreciation Buildings & Improvements | 14,233 | 14,233 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 38,336 | ||||||
Deductions during period: | |||||||
Balance at end of period | 14,233 | ||||||
Hotels [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 427,954 | ||||||
Initial Cost | |||||||
Land | 293,860 | ||||||
Building and Improvements | 1,577,612 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | (26) | ||||||
Building and Improvements | 353,543 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 293,834 | ||||||
Building and Improvements | 1,931,155 | ||||||
Total | 2,224,989 | 2,224,989 | |||||
Accumulated Depreciation Buildings & Improvements | 696,429 | 696,429 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 2,224,989 | ||||||
Deductions during period: | |||||||
Balance at end of period | 696,429 | ||||||
Other properties (less than 5% of total) [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost | |||||||
Land | 550 | ||||||
Building and Improvements | 3,686 | ||||||
Cost Capitalized Subsequent to Acquisition | |||||||
Land | 0 | ||||||
Building and Improvements | 267 | ||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Land | 550 | ||||||
Building and Improvements | 3,953 | ||||||
Total | 4,503 | 4,503 | |||||
Accumulated Depreciation Buildings & Improvements | 957 | $ 957 | |||||
Deductions during period: | |||||||
Balance at end of period before impairment charges | 4,503 | ||||||
Deductions during period: | |||||||
Balance at end of period | $ 957 | ||||||
Minimum [Member] | Birmingham, AL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Phoenix - Biltmore, AZ [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Indian Wells - Esmeralda Resort and Spa, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Los Angeles - International Airport - South, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Milpitas - Silicon Valley, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Napa Valley, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | San Diego Bayside, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | San Francisco - Airport/Waterfront, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | San Francisco - Union Square, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Santa Monica Beach - at the Pier, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Miami - International Airport, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Orlando - International Drive South/Convention, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Orlando - Walt Disney World Resort, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Atlanta - Buckhead, GA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | New Orleans - French Quarter, LA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Boston - at Beacon Hill, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Boston - Copley Plaza, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Boston - Marlborough, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Minneapolis - Airport, MN [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | New York - Morgans [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | New York - Royalton [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | New York - The Knickerbocker [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Philadelphia - Historic District, PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Philadelphia - Society Hill, PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Charleston - Mills House, SC [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Myrtle Beach Resort [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Nashville - Opryland - Airport (Briley Parkway), TN [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Austin, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Dallas - Love Field, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Houston - Medical Center, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Minimum [Member] | Burlington Hotel & Conference Center, VT [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 15 years | ||||||
Maximum [Member] | Birmingham, AL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Phoenix - Biltmore, AZ [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Indian Wells - Esmeralda Resort and Spa, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Los Angeles - International Airport - South, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Milpitas - Silicon Valley, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Napa Valley, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Oxnard - Mandalay Beach - Hotel & Resort, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | San Diego Bayside, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | San Francisco - Airport/Waterfront, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | San Francisco - Airport/South San Francisco, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | San Francisco - Fisherman's Wharf, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | San Francisco - Union Square, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Santa Monica Beach - at the Pier, CA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Deerfield Beach - Resort & Spa, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Ft. Lauderdale - 17th Street, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Miami - International Airport, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Orlando - International Drive South/Convention, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Orlando - Walt Disney World Resort, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | St. Petersburg - Vinoy Resort & Golf Club, FL [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Atlanta - Buckhead, GA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | New Orleans - French Quarter, LA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Boston - at Beacon Hill, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Boston - Copley Plaza, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Boston - Marlborough, MA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Minneapolis - Airport, MN [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | New York - Morgans [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | New York - Royalton [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | New York - The Knickerbocker [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Philadelphia - Historic District, PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Philadelphia - Society Hill, PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Pittsburgh - at University Center (Oakland), PA [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Charleston - Mills House, SC [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Myrtle Beach - Oceanfront Resort, SC [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Myrtle Beach Resort [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Nashville - Opryland - Airport (Briley Parkway), TN [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Austin, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Dallas - Love Field, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Houston - Medical Center, TX [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Maximum [Member] | Burlington Hotel & Conference Center, VT [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Life Upon Which Depreciation is Computed(k) | 40 years | ||||||
Ten Point Zero Zero Percent Due October 2014 [Member] | Senior Notes [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Interest rate | 10.00% | ||||||
Six Point Seven Five Percent Due June 2019 [Member] | Senior Notes [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Interest rate | 6.75% | ||||||
Five Point Six Two Five Percent Due March 2023 [Member] | Senior Notes [Member] | |||||||
Gross Amounts at Which Carried at Close of Period | |||||||
Interest rate | 5.625% |