Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document and Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FCH | |
Entity Registrant Name | FelCor Lodging Trust Incorporated | |
Entity Central Index Key | 923,603 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 139,009,016 | |
FelCor Lodging LP [Member] | ||
Document and Entity Information [Line Items] | ||
Entity Registrant Name | FelCor Lodging LP | |
Entity Central Index Key | 1,048,789 | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Investment in hotels, net of accumulated depreciation of $919,071 and $899,575 at March 31, 2016 and December 31, 2015, respectively | $ 1,711,523 | $ 1,729,531 |
Investment in unconsolidated entities | 9,171 | 9,575 |
Cash and cash equivalents | 57,958 | 59,786 |
Restricted cash | 21,097 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $303 and $204 at March 31, 2016 and December 31, 2015, respectively | 34,819 | 28,136 |
Deferred expenses, net of accumulated amortization of $1,554 and $1,086 at March 31, 2016 and December 31, 2015, respectively | 5,932 | 6,390 |
Other assets | 17,676 | 14,792 |
Total assets | 1,858,176 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $17,666 and $18,065 at March 31, 2016 and December 31, 2015, respectively | 1,440,792 | 1,409,889 |
Distributions payable | 15,062 | 15,140 |
Accrued expenses and other liabilities | 123,766 | 125,274 |
Total liabilities | $ 1,579,620 | $ 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at March 31, 2016 and December 31, 2015 | $ 4,965 | $ 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Common stock, $0.01 par value, 200,000 shares authorized; 139,307 and 141,808 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 1,393 | 1,418 |
Additional paid-in capital | 2,569,389 | 2,567,515 |
Accumulated deficit | (2,657,715) | (2,618,117) |
Total FelCor stockholders’ equity | 222,404 | 260,153 |
Noncontrolling interests in other partnerships | 7,403 | 7,806 |
Preferred equity in consolidated joint venture, liquidation value of $44,582 and $43,954 at March 31, 2016 and December 31, 2015, respectively | 43,784 | 43,186 |
Total equity | 273,591 | 311,145 |
Total liabilities and equity | 1,858,176 | 1,865,912 |
FelCor Lodging LP [Member] | ||
Assets | ||
Investment in hotels, net of accumulated depreciation of $919,071 and $899,575 at March 31, 2016 and December 31, 2015, respectively | 1,711,523 | 1,729,531 |
Investment in unconsolidated entities | 9,171 | 9,575 |
Cash and cash equivalents | 57,958 | 59,786 |
Restricted cash | 21,097 | 17,702 |
Accounts receivable, net of allowance for doubtful accounts of $303 and $204 at March 31, 2016 and December 31, 2015, respectively | 34,819 | 28,136 |
Deferred expenses, net of accumulated amortization of $1,554 and $1,086 at March 31, 2016 and December 31, 2015, respectively | 5,932 | 6,390 |
Other assets | 17,676 | 14,792 |
Total assets | 1,858,176 | 1,865,912 |
Liabilities and Equity | ||
Debt, net of unamortized debt issuance costs of $17,666 and $18,065 at March 31, 2016 and December 31, 2015, respectively | 1,440,792 | 1,409,889 |
Distributions payable | 15,062 | 15,140 |
Accrued expenses and other liabilities | 123,766 | 125,274 |
Total liabilities | $ 1,579,620 | $ 1,550,303 |
Commitments and contingencies | ||
Redeemable noncontrolling interests in FelCor LP, 611 units issued and outstanding at March 31, 2016 and December 31, 2015 | $ 4,965 | $ 4,464 |
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Preferred equity in consolidated joint venture, liquidation value of $44,582 and $43,954 at March 31, 2016 and December 31, 2015, respectively | 43,784 | 43,186 |
Total liabilities and equity | 1,858,176 | 1,865,912 |
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
Common units, 139,307 and 141,808 units issued and outstanding at March 31, 2016 and December 31, 2015, respectively | (86,933) | (49,184) |
Total FelCor LP partners’ capital | 222,404 | 260,153 |
Noncontrolling interests | 7,403 | 7,806 |
Preferred capital in consolidated joint venture | 43,784 | 43,186 |
Total partners’ capital | 273,591 | 311,145 |
FelCor Lodging LP [Member] | Series A Cumulative Convertible Preferred Units, 12,879 units issued and outstanding at March 31, 2016 and December 31, 2015 | ||
Preferred Units, Preferred Partners' Capital Account [Abstract] | ||
Preferred Units, Contributed Capital | 309,337 | 309,337 |
Series A Cumulative Convertible Preferred Stock, 12,879 shares, liquidation value of $321,987, issued and outstanding at March 31, 2016 and December 31, 2015 | ||
Preferred stock, $0.01 par value, 20,000 shares authorized: | ||
Cumulative Preferred Stock | $ 309,337 | $ 309,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated depreciation | $ 919,071 | $ 899,575 |
Allowance for doubtful accounts | 303 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 1,554 | 1,086 |
Debt Issuance Costs, Net | $ 17,666 | $ 18,065 |
Units of noncontrolling interests in FelCor LP issued (in shares) | 611,000 | 611,000 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued and outstanding | 139,307,000 | 141,808,000 |
Joint Venture Liquidation Value | $ 44,582 | $ 43,954 |
Series A Preferred Stock [Member] | ||
Preferred Stock, shares issued | 12,879,000 | 12,879,000 |
Preferred Stock, shares outstanding | 12,879,000 | 12,879,000 |
Preferred Stock, liquidation value | $ 321,987 | $ 321,987 |
FelCor Lodging LP [Member] | ||
Accumulated depreciation | 919,071 | 899,575 |
Allowance for doubtful accounts | 303 | 204 |
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | 1,554 | 1,086 |
Debt Issuance Costs, Net | $ 17,666 | $ 18,065 |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |
Units of redeemable units issued | 611,000 | 611,000 |
Units of redeemable units outstanding | 611,000 | 611,000 |
Common units issued and outstanding | 139,307,000 | 141,808,000 |
FelCor Lodging LP [Member] | Series A Preferred Units [Member] | ||
Series A Cumulative Convertible Preferred Units issued | 12,879,000 | 12,879,000 |
Series A Cumulative Convertible Preferred Units outstanding | 12,879,000 | 12,879,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Hotel operating revenue | $ 209,457 | $ 213,285 |
Other revenue | 687 | 410 |
Total revenues | 210,144 | 213,695 |
Expenses: | ||
Hotel departmental expenses | 77,438 | 77,656 |
Other property-related costs | 55,566 | 56,895 |
Management and franchise fees | 9,225 | 9,085 |
Taxes, insurance and lease expense | 13,582 | 14,807 |
Corporate expenses | 8,400 | 8,573 |
Depreciation and amortization | 29,183 | 27,772 |
Other expenses | 828 | 4,228 |
Total operating expenses | 194,222 | 199,016 |
Operating income | 15,922 | 14,679 |
Interest expense, net | (19,720) | (19,481) |
Debt extinguishment | 0 | (73) |
Loss before equity in income (loss) from unconsolidated entities | (3,798) | (4,875) |
Equity in income (loss) from unconsolidated entities | (154) | 149 |
Loss from continuing operations before income tax expense | (3,952) | (4,726) |
Income tax expense | (415) | (169) |
Loss from continuing operations | (4,367) | (4,895) |
Income from discontinued operations | 0 | 4 |
Loss before gain (loss) on sale of hotels | (4,367) | (4,891) |
Gain (loss) on sale of hotels, net | (714) | 16,887 |
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 471 | (4,879) |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 48 | 14 |
Preferred distributions - consolidated joint venture | (360) | (348) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (4,922) | 6,783 |
Preferred dividends | (6,279) | (9,678) |
Net loss attributable to FelCor common stockholders | $ (11,201) | $ (2,895) |
Basic and diluted per common share/unit data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.08) | $ (0.02) |
Earnings Per Share, Basic and Diluted | $ (0.08) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 139,678 | 124,519 |
FelCor Lodging LP [Member] | ||
Revenues: | ||
Hotel operating revenue | $ 209,457 | $ 213,285 |
Other revenue | 687 | 410 |
Total revenues | 210,144 | 213,695 |
Expenses: | ||
Hotel departmental expenses | 77,438 | 77,656 |
Other property-related costs | 55,566 | 56,895 |
Management and franchise fees | 9,225 | 9,085 |
Taxes, insurance and lease expense | 13,582 | 14,807 |
Corporate expenses | 8,400 | 8,573 |
Depreciation and amortization | 29,183 | 27,772 |
Other expenses | 828 | 4,228 |
Total operating expenses | 194,222 | 199,016 |
Operating income | 15,922 | 14,679 |
Interest expense, net | (19,720) | (19,481) |
Debt extinguishment | 0 | (73) |
Loss before equity in income (loss) from unconsolidated entities | (3,798) | (4,875) |
Equity in income (loss) from unconsolidated entities | (154) | 149 |
Loss from continuing operations before income tax expense | (3,952) | (4,726) |
Income tax expense | (415) | (169) |
Loss from continuing operations | (4,367) | (4,895) |
Income from discontinued operations | 0 | 4 |
Loss before gain (loss) on sale of hotels | (4,367) | (4,891) |
Gain (loss) on sale of hotels, net | (714) | 16,887 |
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 471 | (4,879) |
Preferred distributions - consolidated joint venture | (360) | (348) |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (4,970) | 6,769 |
Preferred dividends | (6,279) | (9,678) |
Net loss attributable to FelCor LP common unitholders | $ (11,249) | $ (2,909) |
Basic and diluted per common share/unit data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.08) | $ (0.02) |
Earnings Per Share, Basic and Diluted | $ (0.08) | $ (0.02) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 140,289 | 125,130 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands | Total | $0.4875 per Series A preferred share | Series C Preferred Stock [Member] | Dividend per common stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Deficit$0.4875 per Series A preferred share | Accumulated DeficitSeries C Preferred Stock [Member] | Accumulated DeficitDividend per common stock | Noncontrolling Interests in Other Partnerships | Preferred Equity in Consolidated Joint Venture |
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | |||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2014 | $ 362,867,000 | $ 478,749,000 | $ 1,246,000 | $ 2,353,666,000 | $ (2,530,671,000) | $ 18,435,000 | $ 41,442,000 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Issuance of stock awards - shares | 267 | ||||||||||||
Issuance of stock awards - value | 0 | $ 3,000 | (3,000) | ||||||||||
Stock awards - amortization | 1,584,000 | 1,584,000 | |||||||||||
Stock compensation withheld - shares | 0 | ||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (8,000) | ||||||||||||
Stock compensation withheld - value | (8,000) | $ 0 | 0 | (8,000) | |||||||||
Allocation to redeemable noncontrolling interests | (447,000) | (447,000) | |||||||||||
Contribution from noncontrolling interests | 790,000 | 790,000 | |||||||||||
Distribution to noncontrolling interests | (15,826,000) | (15,826,000) | |||||||||||
Dividends, Common Stock | $ (5,069,000) | $ (5,069,000) | |||||||||||
Preferred dividends | (348,000) | $ (6,279,000) | $ (3,399,000) | $ (6,279,000) | $ (3,399,000) | (348,000) | |||||||
Issuance of preferred equity - consolidated joint venture | 1,248,000 | 1,248,000 | |||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | 12,010,000 | 6,783,000 | 4,879,000 | 348,000 | |||||||||
Shares, Issued - ending balance at Mar. 31, 2015 | 12,947 | 124,872 | |||||||||||
Stockholders' Equity, ending balance at Mar. 31, 2015 | 347,123,000 | $ 478,749,000 | $ 1,249,000 | 2,354,800,000 | (2,538,643,000) | 8,278,000 | 42,690,000 | ||||||
Shares, Issued - beginning balance at Dec. 31, 2014 | 12,947 | 124,605 | |||||||||||
Stockholders' Equity, beginning balance at Dec. 31, 2014 | 362,867,000 | $ 478,749,000 | $ 1,246,000 | 2,353,666,000 | (2,530,671,000) | 18,435,000 | 41,442,000 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (2,100,000) | ||||||||||||
Shares, Issued - ending balance at Dec. 31, 2015 | 12,879 | 141,808 | |||||||||||
Stockholders' Equity, ending balance at Dec. 31, 2015 | 311,145,000 | $ 309,337,000 | $ 1,418,000 | 2,567,515,000 | (2,618,117,000) | 7,806,000 | 43,186,000 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Stock Repurchased During Period, Shares | (2,948) | ||||||||||||
Stock Repurchased During Period, Value | (19,218,000) | $ (29,000) | 0 | (19,189,000) | 0 | 0 | |||||||
Issuance of stock awards - shares | 545 | ||||||||||||
Issuance of stock awards - value | 44,000 | $ 5,000 | 39,000 | ||||||||||
Cumulative effect of change in accounting for stock compensation forfeitures | 185,000 | 185,000 | (185,000) | ||||||||||
Stock awards - amortization | 2,235,000 | 2,235,000 | |||||||||||
Stock compensation withheld - shares | (98) | ||||||||||||
Payments Related to Tax Withholding for Share-based Compensation | (592,000) | $ (1,000) | 0 | (591,000) | |||||||||
Allocation to redeemable noncontrolling interests | (585,000) | (585,000) | |||||||||||
Contribution from noncontrolling interests | 68,000 | 68,000 | |||||||||||
Dividends, Common Stock | $ (8,432,000) | $ (8,432,000) | |||||||||||
Preferred dividends | (360,000) | $ (6,279,000) | 0 | $ (6,279,000) | (360,000) | ||||||||
Issuance of preferred equity - consolidated joint venture | 598,000 | 598,000 | |||||||||||
Net income (loss) and comprehensive income (loss) (attributable to FelCor and noncontrolling interests in other partnerships) | (5,033,000) | (4,922,000) | (471,000) | 360,000 | |||||||||
Shares, Issued - ending balance at Mar. 31, 2016 | 12,879 | 139,307 | |||||||||||
Stockholders' Equity, ending balance at Mar. 31, 2016 | $ 273,591,000 | $ 309,337,000 | $ 1,393,000 | $ 2,569,389,000 | $ (2,657,715,000) | $ 7,403,000 | $ 43,784,000 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.04 |
Series A Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 0.4875 | 0.4875 |
Series C Preferred Stock [Member] | ||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 0 | $ 0.50 |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) $ in Thousands | Total | FelCor Lodging LP [Member] | FelCor Lodging LP [Member]Preferred Units | FelCor Lodging LP [Member]Common Units | FelCor Lodging LP [Member]Noncontrolling Interests | FelCor Lodging LP [Member]Preferred Capital in Consolidated Joint Venture | Preferred Equity in Consolidated Joint Venture |
Partners' Capital, Beginning Balance at Dec. 31, 2014 | $ 362,867 | $ 478,749 | $ (175,759) | $ 18,435 | $ 41,442 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
FelCor restricted stock compensation | 1,576 | 1,576 | |||||
Contributions | 790 | 790 | |||||
Distributions | (30,944) | (14,770) | (15,826) | (348) | |||
Allocation to redeemable units | (410) | (410) | |||||
Issuance of preferred equity - consolidated joint venture | $ 1,248 | 1,248 | 1,248 | $ 1,248 | |||
Net income (loss) and comprehensive income (loss) | 11,996 | 11,996 | 6,769 | 4,879 | 348 | ||
Partners' Capital, Ending Balance at Mar. 31, 2015 | 347,123 | 478,749 | (182,594) | 8,278 | 42,690 | ||
Partners' Capital, Beginning Balance at Dec. 31, 2015 | 311,145 | 309,337 | (49,184) | 7,806 | 43,186 | ||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Stock Repurchased During Period, Value | (19,218) | (19,218) | (19,218) | 0 | |||
FelCor restricted stock compensation | 1,687 | 1,687 | |||||
Contributions | 68 | 68 | |||||
Distributions | (15,107) | (14,747) | 0 | (360) | |||
Allocation to redeemable units | (501) | (501) | |||||
Issuance of preferred equity - consolidated joint venture | 598 | 598 | 598 | $ 598 | |||
Net income (loss) and comprehensive income (loss) | $ (5,081) | (5,081) | (4,970) | (471) | 360 | ||
Partners' Capital, Ending Balance at Mar. 31, 2016 | $ 273,591 | $ 309,337 | $ (86,933) | $ 7,403 | $ 43,784 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | $ (5,081) | $ 11,996 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 29,183 | 27,772 |
Loss (gain) on sale of hotels and other assets, net | 714 | (16,887) |
Amortization of deferred financing fees | 867 | 1,477 |
Amortization of fixed stock and directors’ compensation | 1,935 | 1,862 |
Equity in loss (income) from unconsolidated entities | 154 | (149) |
Distributions of income from unconsolidated entities | 114 | 580 |
Debt extinguishment | 0 | 73 |
Changes in assets and liabilities: | ||
Accounts receivable | (6,777) | (6,208) |
Other assets | (3,111) | (225) |
Accrued expenses and other liabilities | 1,655 | (3,438) |
Net cash flow provided by operating activities | 19,653 | 16,853 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (14,008) | (13,483) |
Hotel development | 0 | (10,108) |
Net proceeds from asset sales | (466) | 91,328 |
Change in restricted cash – investing | (3,395) | (1,676) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 136 | 31 |
Net cash flow provided by (used in) investing activities | (17,639) | 66,366 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 31,000 | 36,000 |
Repayment of borrowings | (496) | (78,428) |
Payment of deferred financing fees | (10) | (81) |
Distributions paid to noncontrolling interests | 0 | (15,826) |
Contributions from noncontrolling interests | 68 | 790 |
Distributions paid to FelCor LP limited partners | (36) | (23) |
Distributions paid to preferred stockholders | (6,279) | (9,678) |
Repurchase of common stock | (19,218) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (360) | (345) |
Distributions paid to common stockholders | (8,508) | (5,034) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 598 | 1,248 |
Net cash flow used in financing activities | (3,833) | (71,385) |
Effect of exchange rate changes on cash | (9) | (51) |
Net change in cash and cash equivalents | (1,828) | 11,783 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 57,958 | 58,930 |
Supplemental cash flow information – interest paid, net of capitalized interest | 18,809 | 16,244 |
Supplemental cash flow information – income taxes paid | 299 | 169 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | 11,419 | 26,786 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Equity in loss (income) from unconsolidated entities | 11 | 11 |
Changes in assets and liabilities: | ||
Net cash flow provided by operating activities | 29,101 | 24,366 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (7,907) | (5,459) |
Hotel development | (10,108) | |
Net proceeds from asset sales | (122) | 91,416 |
Change in restricted cash – investing | (1,768) | (1,197) |
Insurance proceeds | 94 | 0 |
Distributions from unconsolidated entities in excess of earnings | 0 | 0 |
Net cash flow provided by (used in) investing activities | (9,703) | 74,652 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 31,000 | 36,000 |
Repayment of borrowings | (496) | (78,428) |
Payment of deferred financing fees | (10) | (81) |
Distributions paid to noncontrolling interests | (15,745) | |
Contributions from noncontrolling interests | 0 | 780 |
Repurchase of common stock | 0 | |
Distributions paid to common stockholders | 0 | 0 |
Net proceeds from issuance of preferred equity - consolidated joint venture | 598 | 1,248 |
Net cash flow used in financing activities | (22,598) | (106,013) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | (3,200) | (6,995) |
Cash and cash equivalents at beginning of periods | 4,273 | 8,507 |
Cash and cash equivalents at end of periods | 1,073 | 1,512 |
FelCor Lodging LP [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 29,183 | 27,772 |
Loss (gain) on sale of hotels and other assets, net | 714 | (16,887) |
Amortization of deferred financing fees | 867 | 1,477 |
Amortization of fixed stock and directors’ compensation | 1,935 | 1,862 |
Equity in loss (income) from unconsolidated entities | 154 | (149) |
Distributions of income from unconsolidated entities | 114 | 580 |
Debt extinguishment | 0 | 73 |
Changes in assets and liabilities: | ||
Accounts receivable | (6,777) | (6,208) |
Other assets | (3,111) | (225) |
Accrued expenses and other liabilities | 1,655 | (3,438) |
Net cash flow provided by operating activities | 19,653 | 16,853 |
Cash flows from investing activities: | ||
Improvements and additions to hotels | (14,008) | (13,483) |
Hotel development | 0 | (10,108) |
Net proceeds from asset sales | (466) | 91,328 |
Change in restricted cash – investing | (3,395) | (1,676) |
Insurance proceeds | 94 | 274 |
Distributions from unconsolidated entities in excess of earnings | 136 | 31 |
Net cash flow provided by (used in) investing activities | (17,639) | 66,366 |
Cash flows from financing activities: | ||
Proceeds from borrowings | 31,000 | 36,000 |
Repayment of borrowings | (496) | (78,428) |
Payment of deferred financing fees | (10) | (81) |
Distributions paid to noncontrolling interests | 0 | (15,826) |
Contributions from noncontrolling interests | 68 | 790 |
Distributions paid to FelCor LP limited partners | (36) | (23) |
Distributions paid to preferred stockholders | (6,279) | (9,678) |
Repurchase of common stock | (19,218) | 0 |
Stock compensation withholding | (592) | (8) |
Preferred distributions - consolidated joint venture | (360) | (345) |
Distributions paid to common stockholders | (8,508) | (5,034) |
Net proceeds from issuance of preferred equity - consolidated joint venture | 598 | 1,248 |
Net cash flow used in financing activities | (3,833) | (71,385) |
Effect of exchange rate changes on cash | (9) | (51) |
Net change in cash and cash equivalents | (1,828) | 11,783 |
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 |
Cash and cash equivalents at end of periods | 57,958 | 58,930 |
Supplemental cash flow information – interest paid, net of capitalized interest | 18,809 | 16,244 |
Supplemental cash flow information – income taxes paid | $ 299 | $ 169 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 . At March 31, 2016 , we had an aggregate of 139,918,201 shares and units outstanding, consisting of 139,306,739 shares of FelCor common stock and 611,462 FelCor LP units not owned by FelCor. Of our 41 hotels as of March 31, 2016 , we owned 100% interests in 38 hotels, a 95% interest in one hotel (The Knickerbocker) and 50% interests in entities owning two hotels. 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 and comprehensive income (loss). We own 50% of the real estate interest in one Consolidated Hotel (we account for our real estate interest of this hotel by the equity method) and majority real estate interests in our remaining 39 Consolidated Hotels (we consolidate our real estate interests in these hotels). The following table illustrates the distribution of our 40 Consolidated Hotels at March 31, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 40 12,272 At March 31, 2016 , our Consolidated Hotels were located in 15 states, with concentrations in California ( 11 hotels), Florida ( six hotels) and Massachusetts ( three hotels). Approximately 66% of our revenue was generated from hotels in these three states during the first three months of 2016 . At March 31, 2016 , of our Consolidated Hotels: (i) subsidiaries of Hilton Worldwide, or Hilton, managed 20 hotels; (ii) subsidiaries of Wyndham Worldwide, or Wyndham, managed eight hotels; (iii) subsidiaries of Marriott International Inc., or Marriott, managed three hotels; (iv) subsidiaries of InterContinental Hotels Group, or IHG, managed two hotels; (v) subsidiaries of Starwood Hotels & 1. Organization — (continued) Resorts Worldwide Inc., or Starwood, managed two hotels; (vi) a subsidiary of Fairmont Raffles Hotels International, or Fairmont, managed one hotel; (vii) a subsidiary of Highgate Hotels, or Highgate, managed one hotel; (viii) a subsidiary of Morgans Hotel Group Corporation, or Morgans, managed two hotels; and (ix) Aimbridge Hospitality managed one hotel. On January 1, 2016, we adopted accounting guidance under ASU 2015-2, modifying the analysis performed to determine whether we should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for variable interest entities (“VIEs”) or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, FelCor LP will be a variable interest entity of FelCor. As FelCor LP is already consolidated in the balance sheets of FelCor, the identification of this entity as a variable interest entity has no impact on the consolidated financial statements of FelCor. There were no other legal entities under the scope of the revised guidance that were consolidated as a result of the adoption. The information in our consolidated financial statements for the three months ended March 31, 2016 and 2015 is unaudited. Preparing financial statements in conformity with accounting principles generally accepted in the United States of America, or GAAP, requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The accompanying financial statements for the three months ended March 31, 2016 and 2015 , include adjustments based on management’s estimates (consisting of normal and recurring accruals), which we consider necessary for a fair statement of the results for the periods. Income taxes in prior periods have been reclassified from taxes, insurance and lease expense to conform to the current period presentation of a single line for income tax expense on our consolidated statement of operations. The financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2015 , included in our Annual Report on Form 10-K. Operating results for the three months ended March 31, 2016 are not necessarily indicative of actual operating results for the entire year. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2016 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities At March 31, 2016 and December 31, 2015 , we owned 50% interests in joint ventures that owned two hotels. We also own 50% interests in entities that own real estate in Myrtle Beach, South Carolina and provide condominium management services there. We account for our investments in these unconsolidated entities under the equity method. We 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. 2. Investment in Unconsolidated Entities — (continued) The following table summarizes combined balance sheet information for our unconsolidated entities (in thousands): March 31, December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 22,773 $ 23,047 Total assets $ 28,484 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,439 $ 22,563 Total liabilities $ 24,606 $ 24,541 Equity $ 3,878 $ 4,492 Our unconsolidated entities’ debt at March 31, 2016 and December 31, 2015 consisted entirely of non-recourse mortgage debt. The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 5,503 $ 6,569 Net income (loss) $ (114 ) $ 551 Net income (loss) attributable to FelCor $ (57 ) $ 276 Depreciation of cost in excess of book value (97 ) (127 ) Equity in income (loss) from unconsolidated entities $ (154 ) $ 149 The following table summarizes the components of our investments in unconsolidated entities (in thousands): March 31, December 31, 2016 2015 Equity basis of hotel joint venture investments $ (3,995 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,232 7,329 Equity basis of land and condominium joint venture investments 5,934 6,462 Investment in unconsolidated entities $ 9,171 $ 9,575 The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands): Three Months Ended March 31, 2016 2015 Hotel investments $ 375 $ 748 Other investments (529 ) (599 ) Equity in income (loss) from unconsolidated entities $ (154 ) $ 149 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity March 31, December 31, Hotels Rate (%) Date 2016 2015 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ 475,000 Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 121,874 122,237 Mortgage debt 1 4.94 October 2022 30,584 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 221,000 190,000 The Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,458,458 $ 1,427,954 Unamortized debt issuance costs (17,666 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,440,792 $ 1,409,889 (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. In connection with the adoption of ASU 2015-03, deferred financing costs of $17.7 million and $18.1 million as of March 31, 2016 and December 31, 2015, respectively, are now classified within the debt on our consolidated balance sheets. Deferred financing costs of $18.1 million at December 31, 2015 had previously been classified as an asset on our consolidated balance sheets. In accordance with ASU 2015-15, deferred financing costs associated with our line of credit remain as an asset on our consolidated balance sheets. We reported $19.7 million and $19.5 million of interest expense for the three months ended March 31, 2016 and 2015 , respectively, which is net of: (i) interest income of $12,000 and $5,000 and (ii) capitalized interest of $141,800 and $3.5 million , respectively. |
Hotel Operating Revenue, Depart
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | 3 Months Ended |
Mar. 31, 2016 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs | Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs Hotel operating revenue from continuing operations was comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Room revenue $ 159,076 $ 162,306 Food and beverage revenue 39,532 39,844 Other operating departments 10,849 11,135 Total hotel operating revenue $ 209,457 $ 213,285 Nearly all of our revenue is comprised of hotel operating revenue. These revenues are recorded net of any sales or occupancy taxes collected from our guests. We record all rebates or discounts, when allowed, as a reduction in revenue, and there are no material contingent obligations with respect to rebates or discounts offered by us. All revenues are recorded on an accrual basis, as earned. We make appropriate allowances for doubtful accounts, which we record as bad debt expense. The remainder of our revenue was from condominium management fee income and other sources. Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 42,699 20.4 % $ 42,511 19.9 % Food and beverage 30,956 14.8 30,696 14.4 Other operating departments 3,783 1.8 4,449 2.1 Total hotel departmental expenses $ 77,438 37.0 % $ 77,656 36.4 % Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended March 31, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 20,458 9.8 % $ 19,363 9.1 % Marketing 18,873 9.0 19,303 9.1 Repair and maintenance 9,705 4.6 10,350 4.9 Utilities 6,530 3.1 7,879 3.6 Total other property-related costs $ 55,566 26.5 % $ 56,895 26.7 % Wyndham has guaranteed minimum levels of annual net operating income at each of the hotels it manages for us. W e recorded $48,000 and $411,000 for the pro rata portions of the projected aggregate full-year guaranties for the three months ended March 31, 2016 and 2015 , respectively. We record these amounts as a reduction of Wyndham's contractual management and other fees. |
Taxes, Insurance and Lease Expe
Taxes, Insurance and Lease Expense | 3 Months Ended |
Mar. 31, 2016 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Taxes, Insurance and Lease Expense | Taxes, Insurance and Lease Expense Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Hotel lease expense (a) $ 802 $ 2,104 Land lease expense (b) 3,262 3,059 Real estate and other taxes 7,575 7,691 Property insurance, general liability insurance and other 1,943 1,953 Total taxes, insurance and lease expense $ 13,582 $ 14,807 (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 $936,000 for the three months ended March 31, 2015 . (b) We include in land lease expense percentage rent of $1.6 million and $1.5 million for the three months ended March 31, 2016 and 2015 , respectively . |
Hotel Dispositions
Hotel Dispositions | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions | Hotel Dispositions During the three months ended March 31, 2015 , we sold three hotels and had one hotel held for sale at March 31, 2015. We designate a hotel as held for sale when the sale is probable within the next twelve 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. We included operations for the sold hotels, and the hotel designated as held for sale, in income (loss) from continuing operations as shown in the statements of operations and comprehensive income (loss) for the three months ended March 31, 2015 , as disposition of these hotels did not represent a strategic shift in our business. Additionally, included in the gain (loss) on the sale of hotels are selling costs, which are expensed as incurred. The following table includes condensed financial information primarily related to hotels sold in 2015 included in continuing operations (in thousands): Three Months Ended March 31, 2015 Hotel operating revenue $ 18,016 Operating expenses (14,542 ) Operating income 3,474 Interest expense, net (596 ) Debt extinguishment (73 ) Equity in income from unconsolidated entities 205 Income from continuing operations 3,010 Gain on sale of hotels, net 16,887 Net income 19,897 Net loss (income) attributable to noncontrolling interests in other partnerships (5,218 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (70 ) Net income attributable to FelCor $ 14,609 |
Income (Loss) Per Share_Unit
Income (Loss) Per Share/Unit | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Income (loss) Per Share/Unit | Loss Per Share/Unit The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to FelCor $ (4,922 ) $ 6,783 Discontinued operations attributable to FelCor — (4 ) Income (loss) from continuing operations attributable to FelCor (4,922 ) 6,779 Less: Preferred dividends (6,279 ) (9,678 ) Less: Dividends declared on unvested restricted stock (38 ) (13 ) Numerator for continuing operations attributable to FelCor common stockholders (11,239 ) (2,912 ) Discontinued operations attributable to FelCor — 4 Numerator for basic and diluted loss attributable to FelCor common stockholders $ (11,239 ) $ (2,908 ) Denominator: Denominator for basic and diluted loss per share 139,678 124,519 Basic and diluted loss per share data: Loss from continuing operations $ (0.08 ) $ (0.02 ) Net loss $ (0.08 ) $ (0.02 ) 7. Loss Per Share/Unit — (continued) FelCor LP Loss Per Unit Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (4,970 ) $ 6,769 Discontinued operations attributable to FelCor LP — (4 ) Income (loss) from continuing operations attributable to FelCor LP (4,970 ) 6,765 Less: Preferred distributions (6,279 ) (9,678 ) Less: Distributions declared on FelCor unvested restricted stock (38 ) (13 ) Numerator for continuing operations attributable to FelCor LP common unitholders (11,287 ) (2,926 ) Discontinued operations attributable to FelCor LP — 4 Numerator for basic and diluted loss attributable to FelCor common unitholders $ (11,287 ) $ (2,922 ) Denominator: Denominator for basic and diluted loss per unit 140,289 125,130 Basic and diluted loss per unit data: Loss from continuing operations $ (0.08 ) $ (0.02 ) Net loss $ (0.08 ) $ (0.02 ) We include the net gain (loss) on sale of hotels attributable to FelCor/FelCor LP in income (loss) from continuing operations attributable to FelCor/FelCor LP share/unit calculations. We do not include the following securities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 Series A convertible preferred shares/units 9,984 9,984 FelCor restricted stock units 619 1,194 Series A preferred dividends (distributions) that would be excluded from net income (loss) attributable to FelCor common stockholders (or FelCor LP common unitholders), if these preferred shares/units were dilutive, were $6.3 million for the three months ended March 31, 2016 and 2015 . 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 three to four years . A portion of the actual number of shares that vest is determined based on total stockholder return relative to a group of ten lodging REIT peers and a portion is related to service. We amortize the fixed cost of these grants over the vesting period. We calculate the potential dilutive impact of these awards on our earnings per share using the treasury stock method. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Disclosures about fair value of our financial instruments are based on pertinent information available to management as of March 31, 2016 and December 31, 2015 . Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize on disposition of the financial instruments. Different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. Our estimates of the fair value of (i) cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate carrying value due to the relatively short maturity of these instruments; (ii) our debt for which trading prices are publicly available is based on observable market data (a Level 2 input) and has an estimated fair value of $1.0 billion at March 31, 2016 and December 31, 2015 ; 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 $466.0 million and $438.8 million at March 31, 2016 and December 31, 2015 , respectively. The estimated fair value of all our debt was $1.5 billion at March 31, 2016 and December 31, 2015 . The carrying value of our debt was $1.4 billion at March 31, 2016 and December 31, 2015 . |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units | 3 Months Ended |
Mar. 31, 2016 | |
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 and comprehensive income (loss) 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 March 31, 2016 , we had 611,462 limited partnership units outstanding carried at $5.0 million . The value of these outstanding units is based on the closing price of FelCor’s common stock at March 31, 2016 ( $8.12 per share). 9. Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units — (continued) Changes in redeemable noncontrolling interests (or redeemable units) for the three months ended March 31, 2016 and 2015 are shown below (in thousands): Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Redemption value allocation 585 447 Distributions paid to unitholders (36 ) (23 ) Net loss (48 ) (14 ) Balance at end of period $ 4,965 $ 7,026 |
Consolidated Joint Venture Pref
Consolidated Joint Venture Preferred Equity/Capital Consolidated Joint Venture Preferred Equity/Capital | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Consolidated Joint Venture Preferred Equity/Capital | Consolidated Joint Venture Preferred Equity/Capital Our joint venture that redeveloped The Knickerbocker raised $45 million through the sale of redeemable preferred equity under the EB-5 immigrant investor program. The purchasers receive a 3.25% current annual return (which increases to 8% if we do not redeem this equity interest before the fifth anniversary of its issuance), plus a 0.25% non-compounding annual return payable at redemption. To date, the venture has received $44.4 million in gross proceeds ( $43.8 million net of issuance costs), including $600,000 and $1.3 million in gross proceeds received in the first three months of 2016 and 2015, respectively. The venture will receive the remaining $600,000 as investors’ visas are approved. |
Commercial Dispute (Notes)
Commercial Dispute (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Commercial Dispute [Abstract] | |
Contingencies Disclosure [Text Block] | One of our consolidated subsidiaries was engaged in a commercial dispute with a third party. Under generally accepted accounting principles, we recorded $5.9 million in other expenses during the third quarter of 2014 to establish a provision for our estimate of our maximum exposure for this contingency. We paid the disputed amount in January 2015 but continued asserting our contractual rights. In June 2015, we settled the commercial dispute and recovered $3.7 million (net of legal costs). |
Contingency (Notes)
Contingency (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Contingency [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | In April 2016, an affiliate of InterContinental Hotels Group PLC, or IHG, which had formerly operated three hotels on our behalf (two of which we sold in 2006 and one of which we converted to Wyndham operation and flag in 2013), notified us that the pension fund in which the employees at those hotels had participated is seeking an $8.3 million contribution from IHG in connection with the termination of its operation of those hotels. Under our hotel management agreements with IHG, we may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension fund with respect to these hotels. Nevertheless, we believe that we are not responsible for a significant portion (and perhaps any) of the contribution sought by the pension fund and that any cost we incur with respect to this matter will be immaterial. Consequently, we will vigorously defend against the underlying claims and, where appropriate, IHG’s demand for indemnification. We are in the earliest stage of investigating the matter, which involves significant legal, actuarial and factual analysis with respect to each hotel, and have not determined whether any loss to us is probable or that any such loss is estimable. |
Recently Issue Accounting Stand
Recently Issue Accounting Standards Recently Issue Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. In adopting ASU 2014-09, companies may use either a full retrospective or a modified retrospective approach. Additionally, this guidance requires improved disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for the first interim period within annual reporting periods beginning after December 15, 2017, and early adoption is permitted but not before the original effective date (for annual reporting periods beginning after December 15, 2016). We are evaluating what impact (if any) ASU 2014-09 will have on our financial position or results of operations. In 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. 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. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions. Under the new standard, companies can withhold shares up to the maximum individual statutory tax rate in the applicable jurisdiction as participants vest in stock and maintain equity classification of the entire award. Also under the new standard, forfeitures for stock awards may be recorded when they occur (the prior guidance required estimating forfeitures when recording stock compensation costs). Finally, the standard requires classifying cash paid when remitting cash to the tax authorities for stock compensation withholding as financing activity in the statement of cash flows. We adopted this standard effective January 1, 2016. Upon adoption, we revised our policy to account for stock compensation forfeitures as they occur, which resulted in a $185,000 increase in our accumulated deficit for the cumulative effect of change in accounting principle. Also, we will be reclassifying in our statement of cash flows, from operating activities to financing activities, $2.1 million and $3.1 million for the years ended December 31, 2015 and 2014, respectively, for cash paid to taxing authorities for shares withheld. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
FelCor Lodging LP [Member] | |
Guarantor Obligations [Line Items] | |
FelCor LP's Consolidating Financial Information | FelCor LP’s Consolidating Financial Information Certain of FelCor LP’s 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor TRS Holdings, L.L.C.; FelCor Canada Co.; FelCor Hotel Asset Company, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively, “Subsidiary Guarantors”), together with FelCor, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior debt. The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. 14. FelCor LP’s Consolidating Financial Information — (continued) The following tables present consolidating information for the Subsidiary Guarantors. FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Net investment in hotels $ — $ 619,653 $ 1,091,870 $ — $ 1,711,523 Equity investment in consolidated entities 1,220,693 — — (1,220,693 ) — Investment in unconsolidated entities 4,253 3,665 1,253 — 9,171 Cash and cash equivalents 21,811 35,074 1,073 — 57,958 Restricted cash — 17,069 4,028 — 21,097 Accounts receivable, net 253 33,281 1,285 — 34,819 Deferred expenses, net — — 5,932 — 5,932 Other assets 2,524 11,257 3,895 — 17,676 Total assets $ 1,249,534 $ 719,999 $ 1,109,336 $ (1,220,693 ) $ 1,858,176 Debt, net $ 984,602 $ — $ 495,626 $ (39,436 ) $ 1,440,792 Distributions payable 14,938 — 124 — 15,062 Accrued expenses and other liabilities 22,625 89,352 11,789 — 123,766 Total liabilities 1,022,165 89,352 507,539 (39,436 ) 1,579,620 Redeemable units, at redemption value 4,965 — — — 4,965 Preferred units 309,337 — — — 309,337 Common units (86,933 ) 631,765 549,492 (1,181,257 ) (86,933 ) Total FelCor LP partners’ capital 222,404 631,765 549,492 (1,181,257 ) 222,404 Noncontrolling interests — (1,118 ) 8,521 — 7,403 Preferred capital in consolidated joint venture — — 43,784 — 43,784 Total partners’ capital 222,404 630,647 601,797 (1,181,257 ) 273,591 Total liabilities and partners’ capital $ 1,249,534 $ 719,999 $ 1,109,336 $ (1,220,693 ) $ 1,858,176 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED 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 — — 6,390 — 6,390 Other assets 3,587 8,786 2,419 — 14,792 Total assets $ 1,290,669 $ 713,803 $ 1,122,219 $ (1,260,779 ) $ 1,865,912 Debt, net $ 984,226 $ — $ 465,099 $ (39,436 ) $ 1,409,889 Distributions payable 15,016 — 124 — 15,140 Accrued expenses and other liabilities 26,810 83,787 14,677 — 125,274 Total liabilities 1,026,052 83,787 479,900 (39,436 ) 1,550,303 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 $ 1,290,669 $ 713,803 $ 1,122,219 $ (1,260,779 ) $ 1,865,912 . FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months Ended March 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 209,457 $ — $ — $ 209,457 Percentage lease revenue — — 43,545 (43,545 ) — Other revenue 186 432 69 — 687 Total revenues 186 209,889 43,614 (43,545 ) 210,144 Expenses: Hotel operating expenses — 142,229 — — 142,229 Taxes, insurance and lease expense 27 51,484 5,616 (43,545 ) 13,582 Corporate expenses — 4,336 4,064 — 8,400 Depreciation and amortization 51 11,996 17,136 — 29,183 Other expenses 232 553 43 — 828 Total operating expenses 310 210,598 26,859 (43,545 ) 194,222 Operating income (124 ) (709 ) 16,755 — 15,922 Interest expense, net (14,661 ) 9 (5,068 ) — (19,720 ) Loss before equity in loss from unconsolidated entities (14,785 ) (700 ) 11,687 — (3,798 ) Equity in income from consolidated entities 9,867 — — (9,867 ) — Equity in loss from unconsolidated entities 64 (207 ) (11 ) — (154 ) Loss from continuing operations before income tax expense (4,854 ) (907 ) 11,676 (9,867 ) (3,952 ) Income tax expense (116 ) (299 ) — — (415 ) Loss from continuing operations before gain on sale of hotels (4,970 ) (1,206 ) 11,676 (9,867 ) (4,367 ) Loss on sale of hotels, net — (457 ) (257 ) — (714 ) Net loss and comprehensive loss (4,970 ) (1,663 ) 11,419 (9,867 ) (5,081 ) Loss attributable to noncontrolling interests — 369 102 — 471 Preferred distributions - consolidated joint venture — — (360 ) — (360 ) Net loss and comprehensive loss attributable to FelCor LP (4,970 ) (1,294 ) 11,161 (9,867 ) (4,970 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (11,249 ) $ (1,294 ) $ 11,161 $ (9,867 ) $ (11,249 ) 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues: Hotel operating revenue $ — $ 213,285 $ — $ — $ 213,285 Percentage lease revenue — — 39,187 (39,187 ) — Other revenue 1 348 61 — 410 Total revenues 1 213,633 39,248 (39,187 ) 213,695 Expenses: Hotel operating expenses — 143,636 — — 143,636 Taxes, insurance and lease expense (200 ) 49,071 5,123 (39,187 ) 14,807 Corporate expenses 138 4,605 3,830 — 8,573 Depreciation and amortization 41 13,165 14,566 — 27,772 Other expenses — 4,045 183 — 4,228 Total operating expenses (21 ) 214,522 23,702 (39,187 ) 199,016 Operating income 22 (889 ) 15,546 — 14,679 Interest expense, net (13,740 ) 3 (5,744 ) — (19,481 ) Debt extinguishment — — (73 ) — (73 ) Loss before equity in income from unconsolidated entities (13,718 ) (886 ) 9,729 — (4,875 ) Equity in income from consolidated entities 20,359 — — (20,359 ) — Equity in income from unconsolidated entities 346 (186 ) (11 ) — 149 Loss from continuing operations before income tax expense 6,987 (1,072 ) 9,718 (20,359 ) (4,726 ) Income tax expense (47 ) (122 ) — — (169 ) Loss from continuing operations 6,940 (1,194 ) 9,718 (20,359 ) (4,895 ) Income from discontinued operations — 4 — — 4 Loss before gain on sale of hotels 6,940 (1,190 ) 9,718 (20,359 ) (4,891 ) Gain on sale of hotels, net (171 ) (10 ) 17,068 — 16,887 Net income and comprehensive income 6,769 (1,200 ) 26,786 (20,359 ) 11,996 Income attributable to noncontrolling interests — 258 (5,137 ) — (4,879 ) Preferred distributions - consolidated joint venture — — (348 ) — (348 ) Net income and comprehensive income attributable to FelCor LP 6,769 (942 ) 21,301 (20,359 ) 6,769 Preferred distributions (9,678 ) — — — (9,678 ) Net loss attributable to FelCor LP common unitholders $ (2,909 ) $ (942 ) $ 21,301 $ (20,359 ) $ (2,909 ) 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2016 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (16,847 ) $ 7,399 $ 29,101 $ — $ 19,653 Investing activities: Improvements and additions to hotels 3 (6,104 ) (7,907 ) — (14,008 ) Net proceeds from asset sales (66 ) (278 ) (122 ) — (466 ) Insurance proceeds — — 94 — 94 Change in restricted cash - investing — (1,627 ) (1,768 ) — (3,395 ) Distributions from unconsolidated entities 136 — — — 136 Intercompany financing 51,999 — — (51,999 ) — Cash flows from investing activities 52,072 (8,009 ) (9,703 ) (51,999 ) (17,639 ) Financing activities: Proceeds from borrowings — — 31,000 — 31,000 Repayment of borrowings — — (496 ) — (496 ) Payment of deferred financing fees — — (10 ) — (10 ) Contributions from noncontrolling interests — 68 — — 68 Repurchase of common stock (19,218 ) — — — (19,218 ) Distributions paid to preferred unitholders (6,279 ) — — — (6,279 ) Distributions paid to common unitholders (8,508 ) — — — (8,508 ) Net proceeds from issuance of preferred capital - consolidated joint venture — — 598 — 598 Intercompany financing — 1,331 (53,330 ) 51,999 — Other (628 ) — (360 ) — (988 ) Cash flows from financing activities (34,633 ) 1,399 (22,598 ) 51,999 (3,833 ) Effect of exchange rate changes on cash — (9 ) — — (9 ) Change in cash and cash equivalents 592 780 (3,200 ) — (1,828 ) Cash and cash equivalents at beginning of period 21,219 34,294 4,273 — 59,786 Cash and cash equivalents at end of period $ 21,811 $ 35,074 $ 1,073 $ — $ 57,958 14. FelCor LP’s Consolidating Financial Information — (continued) FELCOR LODGING LIMITED PARTNERSHIP CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2015 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (13,290 ) $ 5,777 $ 24,366 $ — $ 16,853 Investing activities: Improvements and additions to hotels (473 ) (7,551 ) (5,459 ) — (13,483 ) Hotel development — — (10,108 ) — (10,108 ) Net proceeds from asset sales (98 ) 10 91,416 — 91,328 Insurance proceeds 274 — — — 274 Change in restricted cash - investing — (479 ) (1,197 ) — (1,676 ) Distributions from unconsolidated entities 31 — — — 31 Intercompany financing 42,392 — — (42,392 ) — Cash flows from investing activities 42,126 (8,020 ) 74,652 (42,392 ) 66,366 Financing activities: Proceeds from borrowings — — 36,000 — 36,000 Repayment of borrowings — — (78,428 ) — (78,428 ) Payment of deferred financing fees — — (81 ) — (81 ) Distributions paid to preferred unitholders (9,678 ) — — — (9,678 ) Distributions paid to common unitholders (5,034 ) — — — (5,034 ) Distributions paid to noncontrolling interests — (81 ) (15,745 ) — (15,826 ) Contributions from noncontrolling interests — 10 780 — 790 Net proceeds from issuance of preferred capital- consolidated joint venture — — 1,248 — 1,248 Intercompany financing — 7,050 (49,442 ) 42,392 — Other (31 ) — (345 ) — (376 ) Cash flows from financing activities (14,743 ) 6,979 (106,013 ) 42,392 (71,385 ) Effect of exchange rate changes on cash — (51 ) — — (51 ) Change in cash and cash equivalents 14,093 4,685 (6,995 ) — 11,783 Cash and cash equivalents at beginning of period 5,717 32,923 8,507 — 47,147 Cash and cash equivalents at end of period $ 19,810 $ 37,608 $ 1,512 $ — $ 58,930 |
Organization (Tables)
Organization (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization [Abstract] | |
Schedule of Distribution of Consolidated Hotels | The following table illustrates the distribution of our 40 Consolidated Hotels at March 31, 2016 : Brand Hotels Rooms Embassy Suites by Hilton ® 18 4,982 Wyndham ® and Wyndham Grand ® 8 2,528 Marriott ® and Renaissance ® 3 1,321 Holiday Inn ® 2 968 DoubleTree by Hilton ® and Hilton ® 3 802 Sheraton ® 2 673 Fairmont ® 1 383 The Knickerbocker ® 1 330 Morgans ® and Royalton ® 2 285 Total 40 12,272 |
Investment in Unconsolidated 24
Investment in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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): March 31, December 31, 2016 2015 Investment in hotels and other properties, net of accumulated depreciation $ 22,773 $ 23,047 Total assets $ 28,484 $ 29,033 Debt, net of unamortized debt issuance costs $ 22,439 $ 22,563 Total liabilities $ 24,606 $ 24,541 Equity $ 3,878 $ 4,492 |
Schedule of Combined Statement of Operations Information of Unconsolidated Entities | The following table sets forth summarized combined statement of operations information for our unconsolidated entities (in thousands): Three Months Ended March 31, 2016 2015 Total revenues $ 5,503 $ 6,569 Net income (loss) $ (114 ) $ 551 Net income (loss) attributable to FelCor $ (57 ) $ 276 Depreciation of cost in excess of book value (97 ) (127 ) Equity in income (loss) from unconsolidated entities $ (154 ) $ 149 |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of our investments in unconsolidated entities (in thousands): March 31, December 31, 2016 2015 Equity basis of hotel joint venture investments $ (3,995 ) $ (4,216 ) Cost of hotel investments in excess of joint venture book value 7,232 7,329 Equity basis of land and condominium joint venture investments 5,934 6,462 Investment in unconsolidated entities $ 9,171 $ 9,575 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of our equity in income (loss) from unconsolidated entities (in thousands): Three Months Ended March 31, 2016 2015 Hotel investments $ 375 $ 748 Other investments (529 ) (599 ) Equity in income (loss) from unconsolidated entities $ (154 ) $ 149 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Consolidated debt consisted of the following (dollars in thousands): Encumbered Interest Maturity March 31, December 31, Hotels Rate (%) Date 2016 2015 Senior unsecured notes — 6.00 June 2025 $ 475,000 $ 475,000 Senior secured notes 9 5.625 March 2023 525,000 525,000 Mortgage debt (a) 4 4.95 October 2022 121,874 122,237 Mortgage debt 1 4.94 October 2022 30,584 30,717 Line of credit (b) 7 LIBOR + 2.75 June 2019 221,000 190,000 The Knickerbocker loan (c) 1 LIBOR + 3.00 November 2017 85,000 85,000 Total 22 $ 1,458,458 $ 1,427,954 Unamortized debt issuance costs (17,666 ) (18,065 ) Debt, net of unamortized debt issuance costs $ 1,440,792 $ 1,409,889 (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. |
Hotel Operating Revenue, Depa26
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | |
Schedule of Hotel Operating Revenue | Hotel operating revenue from continuing operations was comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Room revenue $ 159,076 $ 162,306 Food and beverage revenue 39,532 39,844 Other operating departments 10,849 11,135 Total hotel operating revenue $ 209,457 $ 213,285 |
Schedule of Hotel Departmental Expenses | Hotel departmental expenses from continuing operations were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Room $ 42,699 20.4 % $ 42,511 19.9 % Food and beverage 30,956 14.8 30,696 14.4 Other operating departments 3,783 1.8 4,449 2.1 Total hotel departmental expenses $ 77,438 37.0 % $ 77,656 36.4 % |
Schedule of Other Property-Related Costs | Other property-related costs from continuing operations were comprised of the following amounts (in thousands): Three Months Ended March 31, 2016 2015 Amount % of Total Hotel Operating Revenue Amount % of Total Hotel Operating Revenue Hotel general and administrative expense $ 20,458 9.8 % $ 19,363 9.1 % Marketing 18,873 9.0 19,303 9.1 Repair and maintenance 9,705 4.6 10,350 4.9 Utilities 6,530 3.1 7,879 3.6 Total other property-related costs $ 55,566 26.5 % $ 56,895 26.7 % |
Taxes, Insurance and Lease Ex27
Taxes, Insurance and Lease Expense (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Taxes, Insurance and Lease Expenses [Abstract] | |
Schedule of Taxes, Insurance and Lease Expense | Taxes, insurance and lease expense from continuing operations were comprised of the following (in thousands): Three Months Ended March 31, 2016 2015 Hotel lease expense (a) $ 802 $ 2,104 Land lease expense (b) 3,262 3,059 Real estate and other taxes 7,575 7,691 Property insurance, general liability insurance and other 1,943 1,953 Total taxes, insurance and lease expense $ 13,582 $ 14,807 (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 $936,000 for the three months ended March 31, 2015 . (b) We include in land lease expense percentage rent of $1.6 million and $1.5 million for the three months ended March 31, 2016 and 2015 , respectively . |
Hotel Dispositions (Tables)
Hotel Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 hotels sold in 2015 included in continuing operations (in thousands): Three Months Ended March 31, 2015 Hotel operating revenue $ 18,016 Operating expenses (14,542 ) Operating income 3,474 Interest expense, net (596 ) Debt extinguishment (73 ) Equity in income from unconsolidated entities 205 Income from continuing operations 3,010 Gain on sale of hotels, net 16,887 Net income 19,897 Net loss (income) attributable to noncontrolling interests in other partnerships (5,218 ) Net income attributable to redeemable noncontrolling interests in FelCor LP (70 ) Net income attributable to FelCor $ 14,609 |
Income (Loss) Per Share_Unit (T
Income (Loss) Per Share/Unit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | The following tables set forth the computation of basic and diluted loss per share/unit (in thousands, except per share/unit data): FelCor Loss Per Share Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to FelCor $ (4,922 ) $ 6,783 Discontinued operations attributable to FelCor — (4 ) Income (loss) from continuing operations attributable to FelCor (4,922 ) 6,779 Less: Preferred dividends (6,279 ) (9,678 ) Less: Dividends declared on unvested restricted stock (38 ) (13 ) Numerator for continuing operations attributable to FelCor common stockholders (11,239 ) (2,912 ) Discontinued operations attributable to FelCor — 4 Numerator for basic and diluted loss attributable to FelCor common stockholders $ (11,239 ) $ (2,908 ) Denominator: Denominator for basic and diluted loss per share 139,678 124,519 Basic and diluted loss per share data: Loss from continuing operations $ (0.08 ) $ (0.02 ) Net loss $ (0.08 ) $ (0.02 ) |
Schedule Securities Excluded from Computation of Earnings Per Share | We do not include the following securities because they would have been antidilutive for the periods presented (in thousands): Three Months Ended March 31, 2016 2015 Series A convertible preferred shares/units 9,984 9,984 FelCor restricted stock units 619 1,194 |
FelCor Lodging LP [Member] | |
Earnings Per Share/Unit [Line Items] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share/Unit | FelCor LP Loss Per Unit Three Months Ended March 31, 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (4,970 ) $ 6,769 Discontinued operations attributable to FelCor LP — (4 ) Income (loss) from continuing operations attributable to FelCor LP (4,970 ) 6,765 Less: Preferred distributions (6,279 ) (9,678 ) Less: Distributions declared on FelCor unvested restricted stock (38 ) (13 ) Numerator for continuing operations attributable to FelCor LP common unitholders (11,287 ) (2,926 ) Discontinued operations attributable to FelCor LP — 4 Numerator for basic and diluted loss attributable to FelCor common unitholders $ (11,287 ) $ (2,922 ) Denominator: Denominator for basic and diluted loss per unit 140,289 125,130 Basic and diluted loss per unit data: Loss from continuing operations $ (0.08 ) $ (0.02 ) Net loss $ (0.08 ) $ (0.02 ) |
Redeemable Noncontrolling Int30
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Schedule of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests (or redeemable units) for the three months ended March 31, 2016 and 2015 are shown below (in thousands): Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 4,464 $ 6,616 Redemption value allocation 585 447 Distributions paid to unitholders (36 ) (23 ) Net loss (48 ) (14 ) Balance at end of period $ 4,965 $ 7,026 |
Organization (Narrative) (Detai
Organization (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016RoomsHotelsStatesshares | Dec. 31, 2015Hotelsshares | |
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 99.50% | |
Aggregate shares and units outstanding (in shares) | shares | 139,918,201 | |
Common stock, shares outstanding (in shares) | shares | 139,306,739 | |
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,000 | 611,000 |
Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | Rooms | 40 | |
UNITED STATES | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | States | 15 | |
CALIFORNIA | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 11 | |
FLORIDA | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 6 | |
MASSACHUSETTS | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | |
California, Florida, Massachusetts [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of states (in states) | States | 3 | |
Percent of revenues generated from three states | 66.00% | |
Thirty-Nine Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 39 | |
One Hundred Percent Owned [Member] | Thirty-Eight Hotels [Member] | Wholly Owned Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Ownership percentage by parent | 100.00% | |
One Hundred Percent Owned [Member] | Thirty-Eight Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 38 | |
Fifty Percent Owned [Member] | One Hotel [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Equity Method Investment, Ownership Percentage | 50.00% | |
Fifty Percent Owned [Member] | Two Hotels [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | 2 |
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Operated With A Lease [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 40 | |
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Hilton Worldwide [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 20 | |
Wyndham Worldwide [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 8 | |
InterContinental Hotels Group [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Starwood Hotels & Resorts Worldwide Inc. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Marriott International Inc. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 3 | |
Fairmont Raffles Hotels International [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Morgans Hotel Group Corp. [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 2 | |
Highgate Hotels [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Aimbridge Hospitality [Member] | Consolidated Properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
FelCor Lodging LP [Member] | ||
Real Estate Properties [Line Items] | ||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | shares | 611,462 | |
The Knickerbocker® | Ninety-five Percent Owned [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 1 | |
Controlling Interest, Ownership Percentage by Parent | 95.00% | |
Ownership in all properties [Member] | ||
Real Estate Properties [Line Items] | ||
Number of hotels | 41 |
Organization (Schedule of Distr
Organization (Schedule of Distribution of Consolidated Hotels) (Details) - Consolidated Properties [Member] | Mar. 31, 2016RoomsHotels |
Real Estate Properties [Line Items] | |
Number of hotels | 40 |
Number of rooms (in rooms) | 12,272 |
Embassy Suites by Hilton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 18 |
Number of rooms (in rooms) | 4,982 |
Wyndham® and Wyndham Grand® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 8 |
Number of rooms (in rooms) | 2,528 |
Marriott® and Renaissance® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 3 |
Number of rooms (in rooms) | 1,321 |
Holiday Inn® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 2 |
Number of rooms (in rooms) | 968 |
DoubleTree by Hilton® and Hilton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 3 |
Number of rooms (in rooms) | 802 |
Sheraton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 2 |
Number of rooms (in rooms) | 673 |
Fairmont® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 1 |
Number of rooms (in rooms) | 383 |
The Knickerbocker® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 1 |
Number of rooms (in rooms) | 330 |
Morgans® and Royalton® | |
Real Estate Properties [Line Items] | |
Number of hotels | Hotels | 2 |
Number of rooms (in rooms) | 285 |
Investment in Unconsolidated 33
Investment in Unconsolidated Entities (Narrative) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Hotels | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($)Hotels | |
Schedule of Equity Method Investments [Line Items] | |||
Gain (loss) on sale of hotels, net | $ | $ (714) | $ 16,887 | |
Long-term Debt | $ | $ 1,440,792 | $ 1,409,889 | |
Two Hotels [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Number of hotels | Hotels | 2 | 2 | |
Entities That Own Real Estate In Myrtle Beach South Carolina and Provide Condominium Management Services [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Operated Without A Lease [Member] | Fifty Percent Owned [Member] | Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Operated Without A Lease [Member] | One Hotel [Member] | Unconsolidated Properties [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of hotels | Hotels | 1 |
Investment in Unconsolidated 34
Investment in Unconsolidated Entities (Schedule of Combined Balance Sheet Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investment in Unconsolidated Entities [Abstract] | ||
Investment in hotels and other properties, net of accumulated depreciation | $ 22,773 | $ 23,047 |
Total assets | 28,484 | 29,033 |
Debt, net of unamortized debt issuance costs | 22,439 | 22,563 |
Total liabilities | 24,606 | 24,541 |
Equity | 3,878 | 4,492 |
Long-term Debt | $ 1,440,792 | $ 1,409,889 |
Investment in Unconsolidated 35
Investment in Unconsolidated Entities (Schedule of Combined Statement of Operations Information of Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Properties [Line Items] | ||
Total revenues | $ 5,503 | $ 6,569 |
Net income (loss) | (114) | 551 |
Net income (loss) attributable to FelCor | (57) | 276 |
Depreciation of cost in excess of book value | (97) | (127) |
Equity in income (loss) from unconsolidated entities | $ (154) | $ 149 |
Investment in Unconsolidated 36
Investment in Unconsolidated Entities (Schedule of Components of Investment In Unconsolidated Entities) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Equity Method Investments [Line Items] | ||
Investment in unconsolidated entities | $ 9,171 | $ 9,575 |
Equity basis of hotel joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (3,995) | (4,216) |
Cost of hotel investments in excess of joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 7,232 | 7,329 |
Equity basis of land and condominium joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 5,934 | $ 6,462 |
Investment in Unconsolidated 37
Investment in Unconsolidated Entities (Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income (loss) from unconsolidated entities | $ (154) | $ 149 |
Hotel investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income (loss) from unconsolidated entities | 375 | 748 |
Other investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income (loss) from unconsolidated entities | $ (529) | $ (599) |
Debt (Details)
Debt (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Hotels | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | Hotels | 22 | ||
Long-term Debt, Gross | $ 1,458,458,000 | $ 1,427,954,000 | |
Debt Issuance Costs, Net | (17,666,000) | (18,065,000) | |
Long-term Debt | 1,440,792,000 | 1,409,889,000 | |
Interest expense | 19,720,000 | $ 19,481,000 | |
Interest income | 12,000 | 5,000 | |
Capitalized interest | $ 141,800 | $ 3,500,000 | |
The Knickerbocker® | |||
Debt Instrument [Line Items] | |||
Term of debt extension | 1 year | ||
Line of Credit [Member] | Libor Plus Two Point Seven Five Percent Due June 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | Hotels | 7 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 2.75% | ||
Long-term Debt | $ 221,000,000 | 190,000,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000,000 | ||
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 | ||
Variable rate basis | LIBOR | ||
Variable rate basis spread | 3.00% | ||
Long-term Debt | $ 85,000,000 | 85,000,000 | |
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 | $ 121,874,000 | 122,237,000 | |
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 | $ 30,584,000 | 30,717,000 | |
Senior Secured Notes [Member] | Five Point Six Two Five Percent Due March 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | Hotels | 9 | ||
Interest rate | 5.625% | ||
Long-term Debt | $ 525,000,000 | 525,000,000 | |
Unsecured Senior Notes [Member] | Six Point Zero Zero Percent Due June 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Number of encumbered hotels (in hotels) | Hotels | 0 | ||
Interest rate | 6.00% | ||
Long-term Debt | $ 475,000,000 | $ 475,000,000 |
Hotel Operating Revenue, Depa39
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Operating Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||
Room revenue | $ 159,076 | $ 162,306 |
Food and beverage revenue | 39,532 | 39,844 |
Other operating departments | 10,849 | 11,135 |
Total hotel operating revenue | $ 209,457 | $ 213,285 |
Hotel Operating Revenue, Depa40
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Hotel Departmental Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs [Abstract] | ||
Room | $ 42,699 | $ 42,511 |
Room as a percent of total hotel operating revenue | 20.40% | 19.90% |
Food and beverage | $ 30,956 | $ 30,696 |
Food and beverage as a percent of total hotel operating revenue | 14.80% | 14.40% |
Other operating departments | $ 3,783 | $ 4,449 |
Other operating departments as a percent of total hotel operating revenue | 1.80% | 2.10% |
Hotel departmental expenses | $ 77,438 | $ 77,656 |
Hotel departmental expenses as a percent of total hotel operating revenue | 37.00% | 36.40% |
Hotel Operating Revenue, Depa41
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs (Schedule of Other Property-Related Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $ 55,566 | $ 56,895 |
Other property-related costs as a percent of total hotel operating revenue | 26.50% | 26.70% |
Hotel general and administrative expense | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $ 20,458 | $ 19,363 |
Other property-related costs as a percent of total hotel operating revenue | 9.80% | 9.10% |
Marketing | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $ 18,873 | $ 19,303 |
Other property-related costs as a percent of total hotel operating revenue | 9.00% | 9.10% |
Repair and maintenance | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $ 9,705 | $ 10,350 |
Other property-related costs as a percent of total hotel operating revenue | 4.60% | 4.90% |
Utilities | ||
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Other property-related costs | $ 6,530 | $ 7,879 |
Other property-related costs as a percent of total hotel operating revenue | 3.10% | 3.60% |
Hotel Operating Revenue, Depa42
Hotel Operating Revenue, Departmental Expenses and Other Property-Related Costs Wyndham Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Hotel Operating Revenue, Departmental Expenses, and Other Property-Related Costs [Line Items] | ||
Management Company NOI Guaranty, Amount Recorded | $ 48,000 | $ 411,000 |
Taxes, Insurance and Lease Ex43
Taxes, Insurance and Lease Expense (Schedule of Taxes, Insurance and Lease Expense) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Taxes, Insurance and Lease Expense [Line Items] | ||
Real estate and other taxes | $ 7,575,000 | $ 7,691,000 |
Property insurance, general liability insurance and other | 1,943,000 | 1,953,000 |
Total taxes, insurance and lease expense | 13,582,000 | 14,807,000 |
Hotel Lease [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Lease expense | 802,000 | 2,104,000 |
Percentage rent | 936,000 | |
Land Lease [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Lease expense | 3,262,000 | 3,059,000 |
Percentage rent | $ 1,600,000 | $ 1,500,000 |
One Hotel [Member] | Forty-Nine Percent Owned by Non-Controlling Interest [Member] | Unconsolidated Properties (Lessor) and Consolidated Operations (Lessee) [Member] | ||
Taxes, Insurance and Lease Expense [Line Items] | ||
Ownership percentage of lessee | 49.00% | |
Equity method ownership percentage of lessor | 50.00% |
Hotel Dispositions (Details)
Hotel Dispositions (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($)Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Hotel operating revenue | $ 209,457 | $ 213,285 |
Operating Expenses | (194,222) | (199,016) |
Operating Income (Loss) | 15,922 | 14,679 |
Interest expense, net | (19,720) | (19,481) |
Debt extinguishment | 0 | 73 |
Equity in income (loss) from unconsolidated entities | (154) | 149 |
Loss from continuing operations before gain on sale of hotels | (4,367) | (4,895) |
Gain (loss) on sale of hotels, net | (714) | 16,887 |
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 |
Net loss (income) attributable to noncontrolling interests in other partnerships | 471 | (4,879) |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | 48 | 14 |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | $ (4,922) | 6,783 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Hotel operating revenue | 18,016 | |
Operating Expenses | (14,542) | |
Operating Income (Loss) | 3,474 | |
Interest expense, net | (596) | |
Debt extinguishment | (73) | |
Equity in income (loss) from unconsolidated entities | 205 | |
Loss from continuing operations before gain on sale of hotels | 3,010 | |
Gain (loss) on sale of hotels, net | 16,887 | |
Net income (loss) and comprehensive income (loss) | 19,897 | |
Net loss (income) attributable to noncontrolling interests in other partnerships | (5,218) | |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | (70) | |
Net income (loss) and comprehensive income (loss) attributable to reporting entity | $ 14,609 | |
Number of hotels | Hotels | 3 | |
Assets Held-for-sale [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups [Line Items] | ||
Number of hotels | Hotels | 1 |
Income (Loss) Per Share_Unit (D
Income (Loss) Per Share/Unit (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)peerincrement$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | |
Numerator: | ||
Net income (loss) attributable to FelCor | $ (4,922) | $ 6,783 |
Discontinued operations attributable to FelCor | 0 | (4) |
Income (loss) from continuing operations attributable to FelCor | (4,922) | 6,779 |
Less: Preferred dividends | (6,279) | (9,678) |
Less: Dividends declared on unvested restricted stock | (38) | (13) |
Numerator for continuing operations attributable to FelCor common stockholders | (11,239) | (2,912) |
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ (11,239) | $ (2,908) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 139,678 | 124,519 |
Basic and diluted loss per share data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.08) | $ (0.02) |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.08) | $ (0.02) |
FelCor Lodging LP [Member] | ||
Numerator: | ||
Net income (loss) attributable to FelCor | $ (4,970) | $ 6,769 |
Discontinued operations attributable to FelCor | 0 | (4) |
Income (loss) from continuing operations attributable to FelCor | (4,970) | 6,765 |
Less: Preferred dividends | (6,279) | (9,678) |
Less: Dividends declared on unvested restricted stock | (38) | (13) |
Numerator for continuing operations attributable to FelCor common stockholders | (11,287) | (2,926) |
Numerator for basic and diluted loss attributable to FelCor common stockholders | $ (11,287) | $ (2,922) |
Denominator: | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 140,289 | 125,130 |
Basic and diluted loss per share data: | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ / shares | $ (0.08) | $ (0.02) |
Earnings Per Share, Basic and Diluted | $ / shares | $ (0.08) | $ (0.02) |
SeriesA Preferred Shares / Units [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Dividends excluded from computation of earnings per share/unit | $ 6,300 | $ 6,300 |
Antidilutive Securities [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Series A Convertible Preferred Shares/Units | shares | 9,984 | 9,984 |
Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Number of Vesting Increments | increment | 3 | |
Number of Lodging REIT Peers | peer | 10 | |
Restricted Stock Units (RSUs) [Member] | Antidilutive Securities [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Restricted Stock Units/Treasury Stock Method | shares | 619 | 1,194 |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Vesting Period | 3 years | |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Earnings Per Share/Unit [Line Items] | ||
Vesting Period | 4 years |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 1,440,792 | $ 1,409,889 |
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 | 1,500,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | 1,000,000 | 1,000,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of debt | $ 466,000 | $ 438,800 |
Redeemable Noncontrolling Int47
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,000 | 611,000 | ||
Redeemable units | $ 4,965 | $ 4,464 | $ 7,026 | $ 6,616 |
FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Units of noncontrolling interests in FelCor LP outstanding (in shares) | 611,462 | |||
Redeemable units | $ 4,965 | $ 4,464 | ||
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units | $ 5,000 | |||
Closing price of common stock | $ 8.12 |
Redeemable Noncontrolling Int48
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units (Schedule of Changes in Redeemable Noncontrolling Interests) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of period | $ 4,464 | $ 6,616 |
Redemption value allocation | 585 | 447 |
Distributions paid to unitholders | (36) | (23) |
Net loss attributable to redeemable noncontrolling interests in FelCor LP | (48) | (14) |
Balance at end of period | 4,965 | 7,026 |
Preferred dividends | (6,279) | (9,678) |
FelCor Lodging LP [Member] | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of period | 4,464 | |
Balance at end of period | 4,965 | |
Preferred dividends | (6,279) | $ (9,678) |
Closing Price of FelCor's Common Stock [Member] | FelCor Lodging LP [Member] | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at end of period | $ 5,000 |
Consolidated Joint Venture Pr49
Consolidated Joint Venture Preferred Equity/Capital (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||
Preferred capital in consolidated joint venture | $ 43,784,000 | $ 43,186,000 | |
The Knickerbocker® | |||
Schedule of Equity Method Investments [Line Items] | |||
Total Proceeds from Sale of Preferred Equity Under the EB5 Immigrant Investor Program | $ 45,000,000 | ||
Current Annual Return | 3.25% | ||
Non-compounding Annual Return | 0.25% | ||
Total gross proceeds received to date from sale of preferred equity under the Immigrant Investor Program | $ 44,400,000 | ||
Current Return Increase | 8.00% | ||
Gross Proceeds received from sale of preferred equity under the Immigrant Investor Program | $ 600,000 | $ 1,300,000 | |
Gross Proceeds Net of Issuance Costs from Sale of Preferred Equity Under the Immigrant Investor Program | 43,800,000 | ||
Proceeds not yet received from Immigrant Investor Program | $ 600,000 |
Commercial Dispute (Details)
Commercial Dispute (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jun. 30, 2015 | Sep. 30, 2014 | |
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual, Payments | $ 5.9 | |
Loss Contingency, Receivable, Additions | $ 3.7 |
Contingency (Details)
Contingency (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | |
Loss Contingency, Damages Sought, Value | $ 8.3 |
Recently Issue Accounting Sta52
Recently Issue Accounting Standards Recently Issued Accounting Standards (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Changes [Abstract] | ||||
Cumulative effect of change in accounting for stock compensation forfeitures | $ 185,000 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 592,000 | $ 8,000 | $ 2,100,000 | $ 3,100,000 |
FelCor LP's Consolidating Fin53
FelCor LP's Consolidating Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | $ 1,711,523 | $ 1,729,531 | ||||
Investment in unconsolidated entities | 9,171 | 9,575 | ||||
Cash and cash equivalents | $ 59,786 | $ 47,147 | 57,958 | 59,786 | $ 58,930 | $ 47,147 |
Restricted cash | 21,097 | 17,702 | ||||
Accounts receivable, net | 34,819 | 28,136 | ||||
Deferred expenses, net | 5,932 | 6,390 | ||||
Other assets | 17,676 | 14,792 | ||||
Total assets | 1,858,176 | 1,865,912 | ||||
Debt, net | 1,440,792 | 1,409,889 | ||||
Distributions payable | 15,062 | 15,140 | ||||
Accrued expenses and other liabilities | 123,766 | 125,274 | ||||
Total liabilities | 1,579,620 | 1,550,303 | ||||
Redeemable units | 4,965 | 4,464 | 7,026 | 6,616 | ||
Preferred capital in consolidated joint venture | 43,784 | 43,186 | ||||
Total liabilities and equity | 1,858,176 | 1,865,912 | ||||
Revenues: | ||||||
Hotel operating revenue | 209,457 | 213,285 | ||||
Other revenue | 687 | 410 | ||||
Total revenues | 210,144 | 213,695 | ||||
Expenses: | ||||||
Taxes, insurance and lease expense | 13,582 | 14,807 | ||||
Corporate expenses | 8,400 | 8,573 | ||||
Depreciation and amortization | 29,183 | 27,772 | ||||
Other expenses | 828 | 4,228 | ||||
Total operating expenses | 194,222 | 199,016 | ||||
Operating income | 15,922 | 14,679 | ||||
Interest expense, net | (19,720) | (19,481) | ||||
Debt extinguishment | 0 | (73) | ||||
Loss before equity in income (loss) from unconsolidated entities | (3,798) | (4,875) | ||||
Equity in income (loss) from unconsolidated entities | (154) | 149 | ||||
Loss from continuing operations before income tax expense | (3,952) | (4,726) | ||||
Income tax expense | (415) | (169) | ||||
Loss from continuing operations before gain on sale of hotels | (4,367) | (4,895) | ||||
Income from discontinued operations | 0 | 4 | ||||
Gain (loss) on sale of hotels, net | (714) | 16,887 | ||||
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 | ||||
Preferred distributions - consolidated joint venture | (360) | (348) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (4,922) | 6,783 | ||||
Preferred dividends | (6,279) | (9,678) | ||||
Operating activities: | ||||||
Cash flows from operating activities | 19,653 | 16,853 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (14,008) | (13,483) | ||||
Hotel development | 0 | (10,108) | ||||
Net proceeds from asset sales | (466) | 91,328 | ||||
Insurance proceeds | 94 | 274 | ||||
Change in restricted cash - investing | (3,395) | (1,676) | ||||
Distributions from unconsolidated entities in excess of earnings | 136 | 31 | ||||
Net cash flow provided by (used in) investing activities | (17,639) | 66,366 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 31,000 | 36,000 | ||||
Repayment of borrowings | (496) | (78,428) | ||||
Payment of deferred financing fees | (10) | (81) | ||||
Distributions paid to noncontrolling interests | 0 | (15,826) | ||||
Contributions from noncontrolling interests | 68 | 790 | ||||
Repurchase of common stock | (19,218) | 0 | ||||
Distributions paid to common stockholders | (8,508) | (5,034) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 598 | 1,248 | ||||
Net cash flow used in financing activities | (3,833) | (71,385) | ||||
Effect of exchange rate changes on cash | (9) | (51) | ||||
Change in cash and cash equivalents | (1,828) | 11,783 | ||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||
Cash and cash equivalents at end of periods | 57,958 | 58,930 | ||||
FelCor Lodging LP [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 0 | 0 | ||||
Equity investment in consolidated entities | 1,220,693 | 1,260,779 | ||||
Investment in unconsolidated entities | 4,253 | 4,440 | ||||
Cash and cash equivalents | 21,219 | 5,717 | 21,811 | 21,219 | 19,810 | 5,717 |
Restricted cash | 0 | 0 | ||||
Accounts receivable, net | 253 | 644 | ||||
Deferred expenses, net | 0 | 0 | ||||
Other assets | 2,524 | 3,587 | ||||
Total assets | 1,249,534 | 1,290,669 | ||||
Debt, net | 984,602 | 984,226 | ||||
Distributions payable | 14,938 | 15,016 | ||||
Accrued expenses and other liabilities | 22,625 | 26,810 | ||||
Total liabilities | 1,022,165 | 1,026,052 | ||||
Redeemable units | 4,965 | 4,464 | ||||
Preferred units | 309,337 | 309,337 | ||||
Common units | (86,933) | (49,184) | ||||
Total FelCor LP partners' capital | 222,404 | 260,153 | ||||
Noncontrolling interests | 0 | 0 | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | 222,404 | 260,153 | ||||
Total liabilities and equity | 1,249,534 | 1,290,669 | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | ||||
Percentage lease revenue | 0 | 0 | ||||
Other revenue | 186 | 1 | ||||
Total revenues | 186 | 1 | ||||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | ||||
Taxes, insurance and lease expense | 27 | (200) | ||||
Corporate expenses | 0 | 138 | ||||
Depreciation and amortization | 51 | 41 | ||||
Other expenses | 232 | 0 | ||||
Total operating expenses | 310 | (21) | ||||
Operating income | (124) | 22 | ||||
Interest expense, net | (14,661) | (13,740) | ||||
Debt extinguishment | 0 | |||||
Loss before equity in income (loss) from unconsolidated entities | (14,785) | (13,718) | ||||
Equity in income from consolidated entities | 9,867 | 20,359 | ||||
Equity in income (loss) from unconsolidated entities | 64 | 346 | ||||
Loss from continuing operations before income tax expense | (4,854) | 6,987 | ||||
Income tax expense | (116) | (47) | ||||
Loss from continuing operations before gain on sale of hotels | (4,970) | 6,940 | ||||
Income from discontinued operations | 0 | |||||
Income (Loss) before gain (loss) on sale of hotels | 6,940 | |||||
Gain (loss) on sale of hotels, net | 0 | (171) | ||||
Net income (loss) and comprehensive income (loss) | (4,970) | 6,769 | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (4,970) | 6,769 | ||||
Preferred dividends | (6,279) | (9,678) | ||||
Net loss attributable to FelCor LP common unitholders | (11,249) | (2,909) | ||||
Operating activities: | ||||||
Cash flows from operating activities | (16,847) | (13,290) | ||||
Investing activities: | ||||||
Improvements and additions to hotels | 3 | (473) | ||||
Hotel development | 0 | |||||
Net proceeds from asset sales | (66) | (98) | ||||
Insurance proceeds | 0 | 274 | ||||
Change in restricted cash - investing | 0 | 0 | ||||
Distributions from unconsolidated entities in excess of earnings | 136 | 31 | ||||
Intercompany financing | 51,999 | 42,392 | ||||
Net cash flow provided by (used in) investing activities | 52,072 | 42,126 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayment of borrowings | 0 | 0 | ||||
Payment of deferred financing fees | 0 | 0 | ||||
Distributions paid to noncontrolling interests | 0 | |||||
Contributions from noncontrolling interests | 0 | 0 | ||||
Repurchase of common stock | (19,218) | |||||
Distributions paid to preferred unitholders | (6,279) | (9,678) | ||||
Distributions paid to common stockholders | (8,508) | (5,034) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Other | (628) | (31) | ||||
Net cash flow used in financing activities | (34,633) | (14,743) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Change in cash and cash equivalents | 592 | 14,093 | ||||
Cash and cash equivalents at beginning of periods | 21,219 | 5,717 | ||||
Cash and cash equivalents at end of periods | 21,811 | 19,810 | ||||
Guarantor Subsidiaries [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 619,653 | 625,835 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 3,665 | 3,871 | ||||
Cash and cash equivalents | 34,294 | 32,923 | 35,074 | 34,294 | 37,608 | 32,923 |
Restricted cash | 17,069 | 15,442 | ||||
Accounts receivable, net | 33,281 | 25,575 | ||||
Deferred expenses, net | 0 | 0 | ||||
Other assets | 11,257 | 8,786 | ||||
Total assets | 719,999 | 713,803 | ||||
Debt, net | 0 | 0 | ||||
Distributions payable | 0 | 0 | ||||
Accrued expenses and other liabilities | 89,352 | 83,787 | ||||
Total liabilities | 89,352 | 83,787 | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | 631,765 | 630,833 | ||||
Total FelCor LP partners' capital | 631,765 | 630,833 | ||||
Noncontrolling interests | (1,118) | (817) | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | 630,647 | 630,016 | ||||
Total liabilities and equity | 719,999 | 713,803 | ||||
Revenues: | ||||||
Hotel operating revenue | 209,457 | 213,285 | ||||
Percentage lease revenue | 0 | 0 | ||||
Other revenue | 432 | 348 | ||||
Total revenues | 209,889 | 213,633 | ||||
Expenses: | ||||||
Hotel operating expenses | 142,229 | 143,636 | ||||
Taxes, insurance and lease expense | 51,484 | 49,071 | ||||
Corporate expenses | 4,336 | 4,605 | ||||
Depreciation and amortization | 11,996 | 13,165 | ||||
Other expenses | 553 | 4,045 | ||||
Total operating expenses | 210,598 | 214,522 | ||||
Operating income | (709) | (889) | ||||
Interest expense, net | 9 | 3 | ||||
Debt extinguishment | 0 | |||||
Loss before equity in income (loss) from unconsolidated entities | (700) | (886) | ||||
Equity in income from consolidated entities | 0 | 0 | ||||
Equity in income (loss) from unconsolidated entities | (207) | (186) | ||||
Loss from continuing operations before income tax expense | (907) | (1,072) | ||||
Income tax expense | (299) | (122) | ||||
Loss from continuing operations before gain on sale of hotels | (1,206) | (1,194) | ||||
Income from discontinued operations | 4 | |||||
Income (Loss) before gain (loss) on sale of hotels | (1,190) | |||||
Gain (loss) on sale of hotels, net | (457) | (10) | ||||
Net income (loss) and comprehensive income (loss) | (1,663) | (1,200) | ||||
Net income/(loss) attributable to noncontrolling interests | 369 | 258 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (1,294) | (942) | ||||
Preferred dividends | 0 | 0 | ||||
Net loss attributable to FelCor LP common unitholders | (1,294) | (942) | ||||
Operating activities: | ||||||
Cash flows from operating activities | 7,399 | 5,777 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (6,104) | (7,551) | ||||
Hotel development | 0 | |||||
Net proceeds from asset sales | (278) | 10 | ||||
Insurance proceeds | 0 | 0 | ||||
Change in restricted cash - investing | (1,627) | (479) | ||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (8,009) | (8,020) | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayment of borrowings | 0 | 0 | ||||
Payment of deferred financing fees | 0 | 0 | ||||
Distributions paid to noncontrolling interests | (81) | |||||
Contributions from noncontrolling interests | 68 | 10 | ||||
Repurchase of common stock | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 1,331 | 7,050 | ||||
Other | 0 | 0 | ||||
Net cash flow used in financing activities | 1,399 | 6,979 | ||||
Effect of exchange rate changes on cash | (9) | (51) | ||||
Change in cash and cash equivalents | 780 | 4,685 | ||||
Cash and cash equivalents at beginning of periods | 34,294 | 32,923 | ||||
Cash and cash equivalents at end of periods | 35,074 | 37,608 | ||||
Non-Guarantor Subsidiaries [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 1,091,870 | 1,103,696 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 1,253 | 1,264 | ||||
Cash and cash equivalents | 4,273 | 8,507 | 1,073 | 4,273 | 1,512 | 8,507 |
Restricted cash | 4,028 | 2,260 | ||||
Accounts receivable, net | 1,285 | 1,917 | ||||
Deferred expenses, net | 5,932 | 6,390 | ||||
Other assets | 3,895 | 2,419 | ||||
Total assets | 1,109,336 | 1,122,219 | ||||
Debt, net | 495,626 | 465,099 | ||||
Distributions payable | 124 | 124 | ||||
Accrued expenses and other liabilities | 11,789 | 14,677 | ||||
Total liabilities | 507,539 | 479,900 | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | 549,492 | 590,510 | ||||
Total FelCor LP partners' capital | 549,492 | 590,510 | ||||
Noncontrolling interests | 8,521 | 8,623 | ||||
Preferred capital in consolidated joint venture | 43,784 | 43,186 | ||||
Total partners’ capital | 601,797 | 642,319 | ||||
Total liabilities and equity | 1,109,336 | 1,122,219 | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | ||||
Percentage lease revenue | 43,545 | 39,187 | ||||
Other revenue | 69 | 61 | ||||
Total revenues | 43,614 | 39,248 | ||||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | ||||
Taxes, insurance and lease expense | 5,616 | 5,123 | ||||
Corporate expenses | 4,064 | 3,830 | ||||
Depreciation and amortization | 17,136 | 14,566 | ||||
Other expenses | 43 | 183 | ||||
Total operating expenses | 26,859 | 23,702 | ||||
Operating income | 16,755 | 15,546 | ||||
Interest expense, net | (5,068) | (5,744) | ||||
Debt extinguishment | (73) | |||||
Loss before equity in income (loss) from unconsolidated entities | 11,687 | 9,729 | ||||
Equity in income from consolidated entities | 0 | 0 | ||||
Equity in income (loss) from unconsolidated entities | (11) | (11) | ||||
Loss from continuing operations before income tax expense | 11,676 | 9,718 | ||||
Income tax expense | 0 | 0 | ||||
Loss from continuing operations before gain on sale of hotels | 11,676 | 9,718 | ||||
Income from discontinued operations | 0 | |||||
Income (Loss) before gain (loss) on sale of hotels | 9,718 | |||||
Gain (loss) on sale of hotels, net | (257) | 17,068 | ||||
Net income (loss) and comprehensive income (loss) | 11,419 | 26,786 | ||||
Net income/(loss) attributable to noncontrolling interests | 102 | (5,137) | ||||
Preferred distributions - consolidated joint venture | (360) | (348) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | 11,161 | 21,301 | ||||
Preferred dividends | 0 | 0 | ||||
Net loss attributable to FelCor LP common unitholders | 11,161 | 21,301 | ||||
Operating activities: | ||||||
Cash flows from operating activities | 29,101 | 24,366 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (7,907) | (5,459) | ||||
Hotel development | (10,108) | |||||
Net proceeds from asset sales | (122) | 91,416 | ||||
Insurance proceeds | 94 | 0 | ||||
Change in restricted cash - investing | (1,768) | (1,197) | ||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (9,703) | 74,652 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 31,000 | 36,000 | ||||
Repayment of borrowings | (496) | (78,428) | ||||
Payment of deferred financing fees | (10) | (81) | ||||
Distributions paid to noncontrolling interests | (15,745) | |||||
Contributions from noncontrolling interests | 0 | 780 | ||||
Repurchase of common stock | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 598 | 1,248 | ||||
Intercompany financing | (53,330) | (49,442) | ||||
Other | (360) | (345) | ||||
Net cash flow used in financing activities | (22,598) | (106,013) | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Change in cash and cash equivalents | (3,200) | (6,995) | ||||
Cash and cash equivalents at beginning of periods | 4,273 | 8,507 | ||||
Cash and cash equivalents at end of periods | 1,073 | 1,512 | ||||
Consolidation, Eliminations [Member] | ||||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 0 | 0 | ||||
Equity investment in consolidated entities | (1,220,693) | (1,260,779) | ||||
Investment in unconsolidated entities | 0 | 0 | ||||
Cash and cash equivalents | 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 | (1,220,693) | (1,260,779) | ||||
Debt, net | (39,436) | (39,436) | ||||
Distributions payable | 0 | 0 | ||||
Accrued expenses and other liabilities | 0 | 0 | ||||
Total liabilities | (39,436) | (39,436) | ||||
Redeemable units | 0 | 0 | ||||
Preferred units | 0 | 0 | ||||
Common units | (1,181,257) | (1,221,343) | ||||
Total FelCor LP partners' capital | (1,181,257) | (1,221,343) | ||||
Noncontrolling interests | 0 | 0 | ||||
Preferred capital in consolidated joint venture | 0 | 0 | ||||
Total partners’ capital | (1,181,257) | (1,221,343) | ||||
Total liabilities and equity | (1,220,693) | (1,260,779) | ||||
Revenues: | ||||||
Hotel operating revenue | 0 | 0 | ||||
Percentage lease revenue | (43,545) | (39,187) | ||||
Other revenue | 0 | 0 | ||||
Total revenues | (43,545) | (39,187) | ||||
Expenses: | ||||||
Hotel operating expenses | 0 | 0 | ||||
Taxes, insurance and lease expense | (43,545) | (39,187) | ||||
Corporate expenses | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | ||||
Other expenses | 0 | 0 | ||||
Total operating expenses | (43,545) | (39,187) | ||||
Operating income | 0 | 0 | ||||
Interest expense, net | 0 | 0 | ||||
Debt extinguishment | 0 | |||||
Loss before equity in income (loss) from unconsolidated entities | 0 | 0 | ||||
Equity in income from consolidated entities | (9,867) | (20,359) | ||||
Equity in income (loss) from unconsolidated entities | 0 | 0 | ||||
Loss from continuing operations before income tax expense | (9,867) | (20,359) | ||||
Income tax expense | 0 | 0 | ||||
Loss from continuing operations before gain on sale of hotels | (9,867) | (20,359) | ||||
Income from discontinued operations | 0 | |||||
Income (Loss) before gain (loss) on sale of hotels | (20,359) | |||||
Gain (loss) on sale of hotels, net | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) | (9,867) | (20,359) | ||||
Net income/(loss) attributable to noncontrolling interests | 0 | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | 0 | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (9,867) | (20,359) | ||||
Preferred dividends | 0 | 0 | ||||
Net loss attributable to FelCor LP common unitholders | (9,867) | (20,359) | ||||
Operating activities: | ||||||
Cash flows from operating activities | 0 | 0 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | 0 | 0 | ||||
Hotel development | 0 | |||||
Net proceeds from asset sales | 0 | |||||
Insurance proceeds | 0 | 0 | ||||
Change in restricted cash - investing | 0 | 0 | ||||
Distributions from unconsolidated entities in excess of earnings | 0 | 0 | ||||
Intercompany financing | (51,999) | (42,392) | ||||
Net cash flow provided by (used in) investing activities | (51,999) | (42,392) | ||||
Financing activities: | ||||||
Proceeds from borrowings | 0 | 0 | ||||
Repayment of borrowings | 0 | 0 | ||||
Payment of deferred financing fees | 0 | 0 | ||||
Distributions paid to noncontrolling interests | 0 | |||||
Contributions from noncontrolling interests | 0 | 0 | ||||
Repurchase of common stock | 0 | |||||
Distributions paid to preferred unitholders | 0 | 0 | ||||
Distributions paid to common stockholders | 0 | 0 | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 0 | 0 | ||||
Intercompany financing | 51,999 | 42,392 | ||||
Other | 0 | 0 | ||||
Net cash flow used in financing activities | 51,999 | 42,392 | ||||
Effect of exchange rate changes on cash | 0 | 0 | ||||
Change in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents at beginning of periods | 0 | 0 | ||||
Cash and cash equivalents at end of periods | $ 0 | 0 | ||||
Total Consolidated [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||
CONDENSED CONSOLIDATING BALANCE SHEET | ||||||
Net investment in hotels | 1,711,523 | 1,729,531 | ||||
Equity investment in consolidated entities | 0 | 0 | ||||
Investment in unconsolidated entities | 9,171 | 9,575 | ||||
Cash and cash equivalents | $ 59,786 | 47,147 | 57,958 | 59,786 | 58,930 | 47,147 |
Restricted cash | 21,097 | 17,702 | ||||
Accounts receivable, net | 34,819 | 28,136 | ||||
Deferred expenses, net | 5,932 | 6,390 | ||||
Other assets | 17,676 | 14,792 | ||||
Total assets | 1,858,176 | 1,865,912 | ||||
Debt, net | 1,440,792 | 1,409,889 | ||||
Distributions payable | 15,062 | 15,140 | ||||
Accrued expenses and other liabilities | 123,766 | 125,274 | ||||
Total liabilities | 1,579,620 | 1,550,303 | ||||
Redeemable units | 4,965 | 4,464 | ||||
Preferred units | 309,337 | 309,337 | ||||
Common units | (86,933) | (49,184) | ||||
Total FelCor LP partners' capital | 222,404 | 260,153 | ||||
Noncontrolling interests | 7,403 | 7,806 | ||||
Preferred capital in consolidated joint venture | 43,784 | 43,186 | ||||
Total partners’ capital | 273,591 | 311,145 | $ 347,123 | $ 362,867 | ||
Total liabilities and equity | $ 1,858,176 | $ 1,865,912 | ||||
Revenues: | ||||||
Hotel operating revenue | 209,457 | 213,285 | ||||
Percentage lease revenue | 0 | 0 | ||||
Other revenue | 687 | 410 | ||||
Total revenues | 210,144 | 213,695 | ||||
Expenses: | ||||||
Hotel operating expenses | 142,229 | 143,636 | ||||
Taxes, insurance and lease expense | 13,582 | 14,807 | ||||
Corporate expenses | 8,400 | 8,573 | ||||
Depreciation and amortization | 29,183 | 27,772 | ||||
Other expenses | 828 | 4,228 | ||||
Total operating expenses | 194,222 | 199,016 | ||||
Operating income | 15,922 | 14,679 | ||||
Interest expense, net | (19,720) | (19,481) | ||||
Debt extinguishment | 0 | (73) | ||||
Loss before equity in income (loss) from unconsolidated entities | (3,798) | (4,875) | ||||
Equity in income from consolidated entities | 0 | 0 | ||||
Equity in income (loss) from unconsolidated entities | (154) | 149 | ||||
Loss from continuing operations before income tax expense | (3,952) | (4,726) | ||||
Income tax expense | (415) | (169) | ||||
Loss from continuing operations before gain on sale of hotels | (4,367) | (4,895) | ||||
Income from discontinued operations | 0 | 4 | ||||
Income (Loss) before gain (loss) on sale of hotels | (4,891) | |||||
Gain (loss) on sale of hotels, net | (714) | 16,887 | ||||
Net income (loss) and comprehensive income (loss) | (5,081) | 11,996 | ||||
Net income/(loss) attributable to noncontrolling interests | 471 | (4,879) | ||||
Preferred distributions - consolidated joint venture | (360) | (348) | ||||
Net income (loss) and comprehensive income (loss) attributable to reporting entity | (4,970) | 6,769 | ||||
Preferred dividends | (6,279) | (9,678) | ||||
Net loss attributable to FelCor LP common unitholders | (11,249) | (2,909) | ||||
Operating activities: | ||||||
Cash flows from operating activities | 19,653 | 16,853 | ||||
Investing activities: | ||||||
Improvements and additions to hotels | (14,008) | (13,483) | ||||
Hotel development | 0 | (10,108) | ||||
Net proceeds from asset sales | (466) | 91,328 | ||||
Insurance proceeds | 94 | 274 | ||||
Change in restricted cash - investing | (3,395) | (1,676) | ||||
Distributions from unconsolidated entities in excess of earnings | 136 | 31 | ||||
Intercompany financing | 0 | 0 | ||||
Net cash flow provided by (used in) investing activities | (17,639) | 66,366 | ||||
Financing activities: | ||||||
Proceeds from borrowings | 31,000 | 36,000 | ||||
Repayment of borrowings | (496) | (78,428) | ||||
Payment of deferred financing fees | (10) | (81) | ||||
Distributions paid to noncontrolling interests | 0 | (15,826) | ||||
Contributions from noncontrolling interests | 68 | 790 | ||||
Repurchase of common stock | (19,218) | 0 | ||||
Distributions paid to preferred unitholders | (6,279) | (9,678) | ||||
Distributions paid to common stockholders | (8,508) | (5,034) | ||||
Net proceeds from issuance of preferred capital - consolidated joint venture | 598 | 1,248 | ||||
Intercompany financing | 0 | 0 | ||||
Other | (988) | (376) | ||||
Net cash flow used in financing activities | (3,833) | (71,385) | ||||
Effect of exchange rate changes on cash | (9) | (51) | ||||
Change in cash and cash equivalents | (1,828) | 11,783 | ||||
Cash and cash equivalents at beginning of periods | 59,786 | 47,147 | ||||
Cash and cash equivalents at end of periods | $ 57,958 | $ 58,930 |