Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017 | |
Document Information [Line Items] | |
Entity Registrant Name | Rangers Sub I, LLC |
Entity Central Index Key | 1,715,629 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Current Reporting Status | Yes |
FelCor Lodging LP | |
Document Information [Line Items] | |
Entity Registrant Name | FelCor Lodging Limited Partnership |
Entity Central Index Key | 1,048,789 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Investment in hotel properties, net | $ 2,672,728 | |
Investment in unconsolidated joint ventures | 17,117 | |
Restricted cash reserves | 6,700 | |
Liabilities and Equity | ||
Debt, net | 1,303,907 | $ 1,300,000 |
Predecessor | ||
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Investment in unconsolidated joint ventures | 8,312 | |
Restricted cash reserves | 19,500 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Rangers Sub I, LLC | ||
Related party rent receivable | 12,582 | |
Assets | ||
Investment in hotel properties, net | 2,672,728 | |
Investment in unconsolidated joint ventures | 17,117 | |
Cash and cash equivalents | 10,503 | |
Restricted cash reserves | 6,671 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 0 | |
Intangible assets, net | 129,703 | |
Prepaid expense and other assets | 11,058 | |
Total assets | 2,860,362 | |
Liabilities and Equity | ||
Debt, net | 1,303,907 | |
Accounts payable and other liabilities | 72,451 | |
Advance deposits and deferred revenue | 0 | |
Accrued interest | 12,049 | |
Distributions payable | 4,308 | |
Total liabilities | 1,392,715 | |
Commitments and Contingencies (Note 9) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 0 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 0 | |
Membership units, $0.01 par value, XXX and zero units authorized, issued, and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,399,429 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 0 | |
Additional paid-in capital | 0 | |
Retained earnings | 4,321 | |
Total member's/shareholders’ equity | 1,403,750 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,286 | |
Noncontrolling interest in FelCor LP | 14,181 | |
Total noncontrolling interest | 19,467 | |
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 44,430 | |
Total equity | 1,467,647 | |
Total liabilities and equity | 2,860,362 | |
Rangers Sub I, LLC | Predecessor | ||
Related party rent receivable | 0 | |
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Investment in unconsolidated joint ventures | 8,312 | |
Cash and cash equivalents | 47,396 | 47,317 |
Restricted cash reserves | 19,491 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 26,651 | |
Intangible assets, net | 0 | |
Prepaid expense and other assets | 38,498 | |
Total assets | 1,707,092 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Accounts payable and other liabilities | 78,282 | |
Advance deposits and deferred revenue | 25,405 | |
Accrued interest | 12,750 | |
Distributions payable | 14,858 | |
Total liabilities | 1,469,621 | |
Commitments and Contingencies (Note 9) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 4,888 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 309,337 | |
Membership units, $0.01 par value, XXX and zero units authorized, issued, and outstanding at September 30, 2017 and December 31, 2016, respectively | 0 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 1,380 | |
Additional paid-in capital | 2,576,988 | |
Retained earnings | (2,706,408) | |
Total member's/shareholders’ equity | 181,297 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,503 | |
Noncontrolling interest in FelCor LP | 0 | |
Total noncontrolling interest | 7,503 | |
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 43,783 | |
Total equity | 232,583 | |
Total liabilities and equity | 1,707,092 | |
FelCor Lodging LP | ||
Related party rent receivable | 12,582 | 0 |
Assets | ||
Investment in hotel properties, net | 2,672,728 | |
Investment in unconsolidated joint ventures | 17,117 | |
Cash and cash equivalents | 10,503 | |
Restricted cash reserves | 6,671 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 0 | |
Intangible assets, net | 129,703 | |
Prepaid expense and other assets | 11,058 | |
Total assets | 2,860,362 | |
Liabilities and Equity | ||
Debt, net | 1,303,907 | |
Accounts payable and other liabilities | 72,451 | |
Advance deposits and deferred revenue | 0 | |
Accrued interest | 12,049 | |
Distributions payable | 4,308 | |
Total liabilities | 1,392,715 | |
Commitments and Contingencies (Note 9) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 0 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 0 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 0 | |
Partners' Capital | 1,413,565 | |
Retained earnings | 4,366 | |
Total member's/shareholders’ equity | 1,417,931 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,286 | |
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 44,430 | |
Total equity | 1,467,647 | |
Total liabilities and equity | 2,860,362 | |
FelCor Lodging LP | Predecessor | ||
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Investment in unconsolidated joint ventures | 8,312 | |
Cash and cash equivalents | $ 47,396 | 47,317 |
Restricted cash reserves | 19,491 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 26,651 | |
Intangible assets, net | 0 | |
Prepaid expense and other assets | 38,498 | |
Total assets | 1,707,092 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Accounts payable and other liabilities | 78,282 | |
Advance deposits and deferred revenue | 25,405 | |
Accrued interest | 12,750 | |
Distributions payable | 14,858 | |
Total liabilities | 1,469,621 | |
Commitments and Contingencies (Note 9) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 4,888 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 309,337 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | (128,040) | |
Partners' Capital | 0 | |
Retained earnings | 0 | |
Total member's/shareholders’ equity | 181,297 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,503 | |
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 43,783 | |
Total equity | 232,583 | |
Total liabilities and equity | $ 1,707,092 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Rangers Sub I, LLC | ||
Hotel and other receivables, allowance | $ 0 | |
Redeemable noncontrolling interests, units issued (in shares) | 0 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | |
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, shares authorized (in shares) | 0 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |
Common shares of beneficial interest, shares authorized (in shares) | 0 | |
Common shares of beneficial interest, shares issued (in shares) | 0 | |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 45,401 | |
Rangers Sub I, LLC | Predecessor | ||
Hotel and other receivables, allowance | $ 177 | |
Redeemable noncontrolling interests, units issued (in shares) | 610,183 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 610,183 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | |
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |
Common shares of beneficial interest, shares authorized (in shares) | 200,000,000 | |
Common shares of beneficial interest, shares issued (in shares) | 137,990,097 | |
Common shares of beneficial interest, shares outstanding (in shares) | 137,990,097 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 44,667 | |
FelCor Lodging LP | ||
Hotel and other receivables, allowance | $ 0 | |
Redeemable noncontrolling interests, units issued (in shares) | 0 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | |
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, shares authorized (in shares) | 0 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |
Common shares of beneficial interest, shares authorized (in shares) | 0 | |
Common shares of beneficial interest, shares issued (in shares) | 0 | |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 45,401 | |
FelCor Lodging LP | Predecessor | ||
Hotel and other receivables, allowance | $ 177 | |
Redeemable noncontrolling interests, units issued (in shares) | 610,183 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 610,183 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | |
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |
Common shares of beneficial interest, shares authorized (in shares) | 200,000,000 | |
Common shares of beneficial interest, shares issued (in shares) | 137,990,097 | |
Common shares of beneficial interest, shares outstanding (in shares) | 137,990,097 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 44,667 | |
Series A Preferred Stock | ||
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Series A Preferred Stock | Rangers Sub I, LLC | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 | |
Series A Preferred Stock | Rangers Sub I, LLC | Predecessor | ||
Preferred shares, shares issued (in shares) | 12,879,475 | |
Preferred shares, shares outstanding (in shares) | 12,879,475 | |
Series A Preferred Stock | FelCor Lodging LP | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 | |
Series A Preferred Stock | FelCor Lodging LP | Predecessor | ||
Preferred shares, shares issued (in shares) | 12,879,475 | |
Preferred shares, shares outstanding (in shares) | 12,879,475 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Operating expense | |||||||
Impairment loss | $ 0 | ||||||
Transaction costs | 1,039,000 | ||||||
Interest expense | (4,778,864) | ||||||
Equity in income from unconsolidated joint ventures | 115,000 | $ 1,074,000 | |||||
Predecessor | |||||||
Operating expense | |||||||
Impairment loss | $ 20,100,000 | 35,100,000 | $ 26,500,000 | ||||
Transaction costs | $ 61,932,000 | 68,248,000 | |||||
Interest expense | (12,908,000) | (19,446,000) | (51,690,000) | (59,101,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 814,000 | 1,386,000 | ||||
Rangers Sub I, LLC | |||||||
Operating revenue | |||||||
Room revenue | 0 | ||||||
Food and beverage revenue | 0 | ||||||
Related party lease revenue | 20,854,000 | ||||||
Other revenue | 0 | ||||||
Total revenue | 20,854,000 | ||||||
Operating expense | |||||||
Room expense | 0 | ||||||
Food and beverage expense | 0 | ||||||
Management and franchise fee expense | 0 | ||||||
Other operating expense | 0 | ||||||
Total property operating expense | 0 | ||||||
Depreciation, Depletion and Amortization | 5,974,000 | ||||||
Depreciation and amortization | 5,974,000 | ||||||
Impairment loss | 0 | $ 0 | |||||
Property tax, insurance and other | 4,449,000 | ||||||
General and administrative | 192,000 | ||||||
Transaction costs | 1,039,000 | ||||||
Total operating expense | 11,654,000 | ||||||
Operating income (loss) | 9,200,000 | ||||||
Other income | 0 | ||||||
Interest income | 3,000 | ||||||
Interest expense | (4,779,000) | ||||||
Loss on debt extinguishment | 0 | ||||||
Income (loss) before income tax benefit (expense) | 4,424,000 | ||||||
Equity in income from unconsolidated joint ventures | 115,000 | ||||||
Income (loss) before income tax benefit (expense) | 4,539,000 | $ 4,539,000 | |||||
Income tax benefit (expense) | 0 | ||||||
Income (loss) from continuing operations | 4,539,000 | ||||||
Loss from discontinued operations | 0 | ||||||
Income (loss) before gain (loss) on sale of hotel properties | 4,539,000 | ||||||
Gain (loss) on sale of hotel properties | 0 | ||||||
Net income (loss) and comprehensive income (loss) | 4,539,000 | ||||||
Net (income) loss attributable to noncontrolling interests: | |||||||
Noncontrolling interest in consolidated joint ventures | 51,000 | ||||||
Noncontrolling interest in FelCor LP | (45,000) | ||||||
Preferred distributions - consolidated joint venture | (122,000) | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,321,000 | ||||||
Preferred dividends | 0 | ||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,321,000 | ||||||
Rangers Sub I, LLC | Predecessor | |||||||
Operating revenue | |||||||
Room revenue | 111,977,000 | 174,169,000 | 425,682,000 | 514,563,000 | |||
Food and beverage revenue | 20,577,000 | 34,260,000 | 90,572,000 | 117,489,000 | |||
Related party lease revenue | 0 | 0 | 0 | 0 | |||
Other revenue | 10,417,000 | 14,552,000 | 35,261,000 | 38,979,000 | |||
Total revenue | 142,971,000 | 222,981,000 | 551,515,000 | 671,031,000 | |||
Operating expense | |||||||
Room expense | 28,652,000 | 44,032,000 | 112,813,000 | 131,479,000 | |||
Food and beverage expense | 17,325,000 | 28,227,000 | 71,828,000 | 91,775,000 | |||
Management and franchise fee expense | 4,625,000 | 8,047,000 | 19,901,000 | 25,773,000 | |||
Other operating expense | 37,272,000 | 56,695,000 | 147,827,000 | 176,090,000 | |||
Total property operating expense | 87,874,000 | 137,001,000 | 352,369,000 | 425,117,000 | |||
Depreciation, Depletion and Amortization | 73,065,000 | 86,640,000 | |||||
Depreciation and amortization | 17,699,000 | 28,280,000 | 73,065,000 | 86,640,000 | |||
Impairment loss | 0 | 20,126,000 | 35,109,000 | 26,459,000 | |||
Property tax, insurance and other | 12,647,000 | 22,723,000 | 44,278,000 | 54,139,000 | |||
General and administrative | 2,785,000 | 6,244,000 | 16,006,000 | 20,691,000 | |||
Transaction costs | 61,932,000 | 0 | 68,248,000 | 0 | |||
Total operating expense | 182,937,000 | 214,374,000 | 589,075,000 | 613,046,000 | |||
Operating income (loss) | (39,966,000) | 8,607,000 | (37,560,000) | 57,985,000 | |||
Other income | 0 | 0 | 100,000 | 100,000 | |||
Interest income | 46,000 | 18,000 | 126,000 | 46,000 | |||
Interest expense | (12,908,000) | (19,446,000) | (51,690,000) | (59,101,000) | |||
Loss on debt extinguishment | (3,278,000) | 0 | (3,278,000) | 0 | |||
Income (loss) before income tax benefit (expense) | (56,106,000) | (10,821,000) | (92,302,000) | (970,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 814,000 | 1,074,000 | 1,386,000 | |||
Income (loss) before income tax benefit (expense) | (55,550,000) | (10,007,000) | (91,228,000) | 416,000 | |||
Income tax benefit (expense) | 551,000 | 246,000 | (499,000) | (144,000) | |||
Income (loss) from continuing operations | (54,999,000) | (9,761,000) | (91,727,000) | 272,000 | |||
Loss from discontinued operations | (3,415,000) | (3,131,000) | (3,415,000) | (3,131,000) | |||
Income (loss) before gain (loss) on sale of hotel properties | (58,414,000) | (12,892,000) | (95,142,000) | (2,859,000) | |||
Gain (loss) on sale of hotel properties | (891,000) | 7,998,000 | (1,764,000) | 6,654,000 | |||
Net income (loss) and comprehensive income (loss) | (59,305,000) | (4,894,000) | (96,906,000) | 3,795,000 | |||
Net (income) loss attributable to noncontrolling interests: | |||||||
Noncontrolling interest in consolidated joint ventures | (108,000) | (114,000) | (545,000) | (601,000) | |||
Noncontrolling interest in FelCor LP | 274,000 | 50,000 | 495,000 | 67,000 | |||
Preferred distributions - consolidated joint venture | (252,000) | (369,000) | (979,000) | (1,093,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,175,000) | (5,099,000) | (96,845,000) | 3,370,000 | |||
Preferred dividends | (4,186,000) | (6,279,000) | (16,744,000) | (18,837,000) | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (63,361,000) | $ (11,378,000) | $ (113,589,000) | $ (15,467,000) | |||
Basic and diluted per common share data: | |||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.4300) | $ (0.06) | $ (0.8000) | $ (0.09) | |||
Net income per share attributable to common shareholders (in dollars per share) | $ (0.0046) | $ (0.08) | $ (0.0083) | $ (0.11) | |||
Weighted-average number of common shares (in shares) | 137,904,668 | 137,463,547 | 137,331,743 | 138,437,454 | |||
Diluted per common share data: | |||||||
Weighted-average number of common shares (in shares) | 137,904,668 | 137,463,547 | 137,331,743 | 138,437,454 | |||
Dividends declared per common share (in dollars per share) | $ 0.0004 | $ 0.0006 | $ 0.0016 | $ 0.0018 | |||
Amounts attributable to the Company's common shareholders: | |||||||
Income from operations | $ (55,775,000) | $ (1,981,000) | $ (93,445,000) | $ 6,488,000 | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (59,961,000) | (8,296,000) | (110,262,000) | (12,458,000) | |||
FelCor Lodging LP | |||||||
Operating revenue | |||||||
Room revenue | 0 | ||||||
Food and beverage revenue | 0 | ||||||
Related party lease revenue | 20,854,000 | ||||||
Other revenue | 0 | ||||||
Total revenue | 20,854,000 | ||||||
Operating expense | |||||||
Room expense | 0 | ||||||
Food and beverage expense | 0 | ||||||
Management and franchise fee expense | 0 | ||||||
Other operating expense | 0 | ||||||
Total property operating expense | 0 | ||||||
Depreciation, Depletion and Amortization | 5,974,000 | ||||||
Depreciation and amortization | 5,974,000 | ||||||
Impairment loss | 0 | ||||||
Property tax, insurance and other | 4,449,000 | ||||||
General and administrative | 192,000 | ||||||
Transaction costs | 1,039,000 | ||||||
Total operating expense | 11,654,000 | ||||||
Operating income (loss) | 9,200,000 | ||||||
Other income | 0 | ||||||
Interest income | 3,000 | ||||||
Interest expense | (4,779,000) | ||||||
Loss on debt extinguishment | 0 | ||||||
Income (loss) before income tax benefit (expense) | 4,424,000 | ||||||
Equity in income from unconsolidated joint ventures | 115,000 | ||||||
Income (loss) before income tax benefit (expense) | 4,539,000 | ||||||
Income tax benefit (expense) | 0 | ||||||
Income (loss) from continuing operations | 4,539,000 | ||||||
Loss from discontinued operations | 0 | ||||||
Income (loss) before gain (loss) on sale of hotel properties | 4,539,000 | ||||||
Gain (loss) on sale of hotel properties | 0 | ||||||
Net income (loss) and comprehensive income (loss) | 4,539,000 | ||||||
Net (income) loss attributable to noncontrolling interests: | |||||||
Noncontrolling interest in consolidated joint ventures | (51,000) | ||||||
Preferred distributions - consolidated joint venture | (122,000) | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,366,000 | ||||||
Preferred dividends | 0 | ||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,366,000 | ||||||
FelCor Lodging LP | Predecessor | |||||||
Operating revenue | |||||||
Room revenue | 111,977,000 | 174,169,000 | 425,682,000 | 514,563,000 | |||
Food and beverage revenue | 20,577,000 | 34,260,000 | 90,572,000 | 117,489,000 | |||
Related party lease revenue | 0 | 0 | 0 | 0 | |||
Other revenue | 10,417,000 | 14,552,000 | 35,261,000 | 38,979,000 | |||
Total revenue | 142,971,000 | 222,981,000 | 551,515,000 | 671,031,000 | |||
Operating expense | |||||||
Room expense | 28,652,000 | 44,032,000 | 112,813,000 | 131,479,000 | |||
Food and beverage expense | 17,325,000 | 28,227,000 | 71,828,000 | 91,775,000 | |||
Management and franchise fee expense | 4,625,000 | 8,047,000 | 19,901,000 | 25,773,000 | |||
Other operating expense | 37,272,000 | 56,695,000 | 147,827,000 | 176,090,000 | |||
Total property operating expense | 87,874,000 | 137,001,000 | 352,369,000 | 425,117,000 | |||
Depreciation, Depletion and Amortization | 73,065,000 | 86,640,000 | |||||
Depreciation and amortization | $ 5,974,000 | 17,699,000 | 28,280,000 | 73,065,000 | 86,640,000 | ||
Impairment loss | 0 | 20,126,000 | 35,109,000 | 26,459,000 | |||
Property tax, insurance and other | 12,647,000 | 22,723,000 | 44,278,000 | 54,139,000 | |||
General and administrative | 2,785,000 | 6,244,000 | 16,006,000 | 20,691,000 | |||
Transaction costs | 61,932,000 | 0 | 68,248,000 | 0 | |||
Total operating expense | 182,937,000 | 214,374,000 | 589,075,000 | 613,046,000 | |||
Operating income (loss) | (39,966,000) | 8,607,000 | (37,560,000) | 57,985,000 | |||
Other income | 0 | 0 | 100,000 | 100,000 | |||
Interest income | 46,000 | 18,000 | 126,000 | 46,000 | |||
Interest expense | (12,908,000) | (19,446,000) | (51,690,000) | (59,101,000) | |||
Loss on debt extinguishment | (3,278,000) | 0 | (3,278,000) | 0 | |||
Income (loss) before income tax benefit (expense) | (56,106,000) | (10,821,000) | (92,302,000) | (970,000) | |||
Equity in income from unconsolidated joint ventures | 556,000 | 814,000 | 1,074,000 | 1,386,000 | |||
Income (loss) before income tax benefit (expense) | (55,550,000) | (10,007,000) | (91,228,000) | 416,000 | |||
Income tax benefit (expense) | 551,000 | 246,000 | (499,000) | (144,000) | |||
Income (loss) from continuing operations | (54,999,000) | (9,761,000) | (91,727,000) | 272,000 | |||
Loss from discontinued operations | (3,415,000) | (3,131,000) | (3,415,000) | (3,131,000) | |||
Income (loss) before gain (loss) on sale of hotel properties | (58,414,000) | (12,892,000) | (95,142,000) | (2,859,000) | |||
Gain (loss) on sale of hotel properties | (891,000) | 7,998,000 | (1,764,000) | 6,654,000 | |||
Net income (loss) and comprehensive income (loss) | (59,305,000) | (4,894,000) | (96,906,000) | 3,795,000 | |||
Net (income) loss attributable to noncontrolling interests: | |||||||
Noncontrolling interest in consolidated joint ventures | 108,000 | 114,000 | 545,000 | 601,000 | |||
Preferred distributions - consolidated joint venture | (252,000) | (369,000) | (979,000) | (1,093,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (5,149,000) | (97,340,000) | 3,303,000 | |||
Preferred dividends | (4,186,000) | (6,279,000) | (16,744,000) | (18,837,000) | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (63,635,000) | $ (11,428,000) | $ (114,084,000) | $ (15,534,000) | |||
Basic and diluted per common share data: | |||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.4300) | $ (0.0621) | $ (0.8000) | $ (0.0942) | |||
Net income per share attributable to common shareholders (in dollars per share) | $ (0.4600) | $ (0.0800) | $ (0.8300) | $ (0.1100) | |||
Weighted-average number of common shares (in shares) | 138,514,851 | 138,074,647 | 137,941,926 | 139,048,795 | |||
Diluted per common share data: | |||||||
Weighted-average number of common shares (in shares) | 138,514,851 | 138,074,647 | 137,941,926 | 139,048,795 | |||
Dividends declared per common share (in dollars per share) | $ 0.0004 | $ 0.0006 | $ 0.0016 | $ 0.0018 | |||
Amounts attributable to the Company's common shareholders: | |||||||
Income from operations | $ (56,034,000) | $ (2,018,000) | $ (93,925,000) | $ 6,434,000 | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (60,220,000) | $ (8,333,000) | $ (110,742,000) | $ (12,512,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Rangers Sub I, LLC | Rangers Sub I, LLCPreferred Stock | Rangers Sub I, LLCCommon Stock | Rangers Sub I, LLCAdditional Paid-in Capital | Rangers Sub I, LLCAccumulated Deficit | Rangers Sub I, LLCFelCor LP | Rangers Sub I, LLCConsolidated Joint Ventures | Rangers Sub I, LLCNoncontrolling Interest | Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture | FelCor Lodging LP | FelCor Lodging LPPreferred Stock | FelCor Lodging LPCommon Stock | FelCor Lodging LPAdditional Paid-in Capital | FelCor Lodging LPAccumulated Deficit | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture |
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2015 | 12,879,475 | 141,807,821 | ||||||||||||||
Balance (Predecessor) 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 | $ 311,145,000 | $ 309,337,000 | $ (49,184,000) | $ 7,806,000 | $ 43,186,000 | ||||
Increase (Decrease) in Owners' Equity | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | 3,795,000 | 3,795,000 | $ 3,303,000 | (601,000) | 1,093,000 | |||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | 3,862,000 | 3,370,000 | (601,000) | 1,093,000 | ||||||||||||
Repurchase of common shares (in shares) | Predecessor | (4,609,855) | (4,600,000) | ||||||||||||||
Repurchase of common shares | Predecessor | (30,462,000) | $ (45,000) | 0 | (30,417,000) | (30,462,000) | $ (30,462,000) | ||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 673,078 | |||||||||||||||
Issuance of stock awards | Predecessor | 829,000 | $ 6,000 | 823,000 | |||||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 185,000 | (185,000) | ||||||||||||||
Amortization of share-based compensation | Predecessor | 8,008,000 | 8,008,000 | 8,245,000 | 8,245,000 | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (98,327) | |||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (592,000) | $ (1,000) | 0 | (591,000) | ||||||||||||
Conversion of operating partnership units into common shares (in shares) | Predecessor | 1,279 | |||||||||||||||
Conversion of operating partnership units into common shares | Predecessor | 9,000 | $ 0 | 9,000 | 0 | 0 | $ 0 | ||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | 355,000 | 355,000 | 541,000 | 541,000 | ||||||||||||
Contribution from the noncontrolling interests | Predecessor | 552,000 | 552,000 | 0 | 552,000 | 552,000 | |||||||||||
Distribution to noncontrolling interests | Predecessor | (16,000) | (16,000) | 0 | (16,000) | (16,000) | |||||||||||
Distributions on Series A preferred shares | Predecessor | (18,837,000) | (18,837,000) | ||||||||||||||
Distributions on common shares and units | Predecessor | (24,976,000) | (24,976,000) | (43,923,000) | (43,923,000) | ||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (1,093,000) | $ 0 | (1,093,000) | (1,093,000) | (1,093,000) | |||||||||||
Issuance of preferred equity in a consolidated joint venture | Predecessor | 597,000 | 597,000 | 597,000 | 597,000 | ||||||||||||
Ending Balance (in shares) (Predecessor) at Sep. 30, 2016 | 12,879,475 | 137,773,996 | ||||||||||||||
Balance (Predecessor) at Sep. 30, 2016 | 249,381,000 | $ 309,337,000 | $ 1,378,000 | 2,576,895,000 | (2,689,753,000) | 7,741,000 | 43,783,000 | 249,381,000 | 309,337,000 | (111,480,000) | 7,741,000 | 43,783,000 | ||||
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2016 | 12,879,475 | 137,990,097 | ||||||||||||||
Balance (Predecessor) at Dec. 31, 2016 | 232,583,000 | $ 309,337,000 | $ 1,380,000 | 2,576,988,000 | (2,706,408,000) | 7,503,000 | 43,783,000 | 232,583,000 | 309,337,000 | (128,040,000) | 7,503,000 | 43,783,000 | ||||
Increase (Decrease) in Owners' Equity | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (96,906,000) | (96,906,000) | (97,340,000) | (545,000) | 979,000 | |||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (96,411,000) | (96,845,000) | (545,000) | 979,000 | ||||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 1,998,497 | |||||||||||||||
Issuance of stock awards | Predecessor | 859,000 | $ 20,000 | 839,000 | |||||||||||||
Amortization of share-based compensation | Predecessor | 11,946,000 | 11,946,000 | 6,371,000 | 6,371,000 | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (893,309) | |||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (6,434,000) | $ (9,000) | 0 | (6,425,000) | ||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | (196,000) | (196,000) | 433,000 | 433,000 | ||||||||||||
Contribution from the noncontrolling interests | Predecessor | 333,000 | 333,000 | 333,000 | 333,000 | ||||||||||||
Distribution to noncontrolling interests | Predecessor | (150,000) | (150,000) | 0 | (150,000) | (150,000) | |||||||||||
Distributions on Series A preferred shares | Predecessor | (16,744,000) | (16,744,000) | ||||||||||||||
Distributions on common shares and units | Predecessor | (22,468,000) | 22,468,000 | (39,346,000) | (39,346,000) | ||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (979,000) | (979,000) | (979,000) | (979,000) | ||||||||||||
Issuance of preferred equity in a consolidated joint venture | Predecessor | 647,000 | 647,000 | 647,000 | 647,000 | ||||||||||||
Ending Balance (in shares) (Predecessor) at Aug. 31, 2017 | 12,879,475 | 139,095,285 | ||||||||||||||
Balance (Predecessor) at Aug. 31, 2017 | 102,986,000 | $ 309,337,000 | $ 1,391,000 | 2,589,577,000 | (2,848,890,000) | 7,141,000 | 44,430,000 | 102,986,000 | $ 309,337,000 | $ (257,922,000) | 7,141,000 | 44,430,000 | ||||
Balance at Aug. 31, 2017 | 1,526,409,000 | 1,462,053,000 | 0 | $ 14,769,000 | 5,157,000 | 44,430,000 | 1,526,409,000 | $ 1,476,822,000 | $ 0 | 5,157,000 | 44,430,000 | |||||
Increase (Decrease) in Owners' Equity | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 4,539,000 | 4,321,000 | 45,000 | 51,000 | 122,000 | 4,539,000 | 4,366,000 | 51,000 | 122,000 | |||||||
Contribution from the noncontrolling interests | 35,545,000 | 35,190,000 | 355,000 | 35,545,000 | 35,545,000 | |||||||||||
Distribution to noncontrolling interests | (19,123,000) | (18,932,000) | (191,000) | (19,123,000) | (19,123,000) | |||||||||||
Preferred distributions - consolidated joint venture | (122,000) | (122,000) | (122,000) | (122,000) | ||||||||||||
Balance at Sep. 30, 2017 | $ 1,467,647,000 | $ 1,399,429,000 | $ 4,321,000 | $ 14,181,000 | $ 5,286,000 | $ 44,430,000 | $ 1,467,647,000 | $ 1,413,565,000 | $ 4,366,000 | $ 5,286,000 | $ 44,430,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Equity in income from unconsolidated entities | $ (115) | $ (1,074) | |
Predecessor | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Equity in income from unconsolidated entities | $ (1,386) | ||
Rangers Sub I, LLC | |||
Cash flows from operating activities | |||
Net income (loss) | 4,539 | ||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Loss (gain) on sale of hotel properties and other assets, net | 0 | ||
Depreciation and amortization | 5,974 | ||
Amortization of deferred financing costs | 0 | ||
Amortization of fair value adjustments | (526) | ||
Equity in income from unconsolidated entities | (115) | ||
Distributions of income from unconsolidated joint ventures | 750 | ||
Amortization of share-based compensation | 0 | ||
Loss on debt extinguishment | 0 | ||
Equity based severance | 0 | ||
Impairment | 0 | ||
Changes in assets and liabilities: | |||
Hotel and other receivables, net | (12,582) | ||
Prepaid expense and other assets | 12 | ||
Accounts payable and other liabilities | 1,349 | ||
Advance deposits and deferred revenue | 0 | ||
Accrued interest | (10,563) | ||
Net cash flow (used in) provided by operating activities | (11,162) | ||
Cash flows from investing activities | |||
Acquisition of land | 0 | ||
Proceeds from the sale of hotel properties, net | 0 | ||
Improvements and additions to hotel properties | (55) | ||
Insurance proceeds | 0 | ||
Distributions from unconsolidated entities | 0 | ||
(Increase) decrease in the restricted cash reserves, net | (623) | ||
Net cash flow (used in) provided by investing activities | (678) | ||
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | ||
Repayments of borrowings | (471) | ||
Repurchase of common units | 0 | ||
Repurchase of common shares to satisfy employee withholding requirements | 0 | ||
Distributions on preferred shares | 0 | ||
Distributions on common shares | 0 | ||
Distributions on Operating Partnership units | 0 | ||
Payments of deferred financing costs | 0 | ||
Distributions to noncontrolling interests | 0 | ||
Proceeds from Noncontrolling Interests | 0 | ||
Payments for Distribution to Joint Venture | (126) | ||
Contributions from noncontrolling interests | 35,545 | ||
Preferred distributions - consolidated joint venture | (19,123) | ||
Distribution of cash in FelCor TRS | (40,878) | ||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | ||
Net cash flow used in financing activities | (25,053) | ||
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | (36,893) | ||
Cash and cash equivalents, beginning of period | 47,396 | ||
Cash and cash equivalents, end of period | 10,503 | 47,396 | |
Rangers Sub I, LLC | Predecessor | |||
Cash flows from operating activities | |||
Net income (loss) | (96,906) | 3,795 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Loss (gain) on sale of hotel properties and other assets, net | 5,079 | (3,623) | |
Depreciation and amortization | 73,065 | 86,640 | |
Amortization of deferred financing costs | 2,803 | 2,932 | |
Amortization of fair value adjustments | 0 | 0 | |
Equity in income from unconsolidated entities | (1,074) | (1,386) | |
Distributions of income from unconsolidated joint ventures | 333 | 769 | |
Amortization of share-based compensation | 3,833 | 5,338 | |
Loss on debt extinguishment | 3,278 | 0 | |
Equity based severance | 8,372 | 2,891 | |
Impairment | 35,109 | 26,459 | |
Changes in assets and liabilities: | |||
Hotel and other receivables, net | (6,155) | (10,231) | |
Prepaid expense and other assets | 2,954 | (6,280) | |
Accounts payable and other liabilities | 54,361 | 7,475 | |
Advance deposits and deferred revenue | 4,426 | (51) | |
Accrued interest | 9,862 | (684) | |
Net cash flow (used in) provided by operating activities | 99,340 | 114,044 | |
Cash flows from investing activities | |||
Acquisition of land | 0 | (8,209) | |
Proceeds from the sale of hotel properties, net | 73,416 | 101,721 | |
Improvements and additions to hotel properties | (63,802) | (51,328) | |
Insurance proceeds | 0 | 94 | |
Distributions from unconsolidated entities | 840 | 786 | |
(Increase) decrease in the restricted cash reserves, net | 2,453 | (4,428) | |
Net cash flow (used in) provided by investing activities | 12,907 | 38,636 | |
Cash flows from financing activities | |||
Proceeds from borrowings | 66,000 | 55,000 | |
Repayments of borrowings | (121,691) | (141,989) | |
Repurchase of common units | 0 | (30,462) | |
Repurchase of common shares to satisfy employee withholding requirements | (6,434) | (592) | |
Distributions on preferred shares | (18,836) | (18,837) | |
Distributions on common shares | (30,926) | (25,141) | |
Distributions on Operating Partnership units | (134) | (110) | |
Payments of deferred financing costs | 0 | (12) | |
Distributions to noncontrolling interests | (150) | (16) | |
Proceeds from Noncontrolling Interests | 333 | 552 | |
Payments for Distribution to Joint Venture | (977) | (1,097) | |
Contributions from noncontrolling interests | 0 | 0 | |
Preferred distributions - consolidated joint venture | 0 | 0 | |
Distribution of cash in FelCor TRS | 0 | 0 | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | 597 | |
Net cash flow used in financing activities | (112,168) | (162,107) | |
Effect of exchange rate changes on cash | 0 | (9) | |
Net change in cash and cash equivalents | 79 | (9,436) | |
Cash and cash equivalents, beginning of period | 47,317 | 59,786 | |
Cash and cash equivalents, end of period | 47,396 | 50,350 | |
FelCor Lodging LP | |||
Cash flows from operating activities | |||
Net income (loss) | 4,539 | ||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Loss (gain) on sale of hotel properties and other assets, net | 0 | ||
Depreciation and amortization | 5,974 | ||
Amortization of deferred financing costs | 0 | ||
Amortization of fair value adjustments | (526) | ||
Equity in income from unconsolidated entities | (115) | ||
Distributions of income from unconsolidated joint ventures | 750 | ||
Amortization of share-based compensation | 0 | ||
Loss on debt extinguishment | 0 | ||
Equity based severance | 0 | ||
Impairment | 0 | ||
Changes in assets and liabilities: | |||
Hotel and other receivables, net | (12,582) | ||
Prepaid expense and other assets | 12 | ||
Accounts payable and other liabilities | 1,349 | ||
Advance deposits and deferred revenue | 0 | ||
Accrued interest | (10,563) | ||
Net cash flow (used in) provided by operating activities | (11,162) | ||
Cash flows from investing activities | |||
Acquisition of land | 0 | ||
Proceeds from the sale of hotel properties, net | 0 | ||
Improvements and additions to hotel properties | (55) | ||
Insurance proceeds | 0 | ||
Distributions from unconsolidated entities | 0 | ||
(Increase) decrease in the restricted cash reserves, net | (623) | ||
Net cash flow (used in) provided by investing activities | (678) | ||
Cash flows from financing activities | |||
Proceeds from borrowings | 0 | ||
Repayments of borrowings | (471) | ||
Repurchase of common units | 0 | ||
Repurchase of common shares to satisfy employee withholding requirements | 0 | ||
Distributions on preferred shares | 0 | ||
Distributions on common shares | 0 | ||
Distributions on Operating Partnership units | 0 | ||
Payments of deferred financing costs | 0 | ||
Distributions to noncontrolling interests | 0 | ||
Proceeds from Noncontrolling Interests | 0 | ||
Payments for Distribution to Joint Venture | (126) | ||
Contributions from noncontrolling interests | 35,545 | ||
Preferred distributions - consolidated joint venture | (19,123) | ||
Distribution of cash in FelCor TRS | (40,878) | ||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | ||
Net cash flow used in financing activities | (25,053) | ||
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | (36,893) | ||
Cash and cash equivalents, beginning of period | 47,396 | ||
Cash and cash equivalents, end of period | 10,503 | 47,396 | |
FelCor Lodging LP | Predecessor | |||
Cash flows from operating activities | |||
Net income (loss) | (96,906) | 3,795 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Loss (gain) on sale of hotel properties and other assets, net | 5,079 | (3,623) | |
Depreciation and amortization | 73,065 | 86,640 | |
Amortization of deferred financing costs | 2,803 | 2,932 | |
Amortization of fair value adjustments | 0 | ||
Equity in income from unconsolidated entities | (1,074) | (1,386) | |
Distributions of income from unconsolidated joint ventures | 333 | 769 | |
Amortization of share-based compensation | 3,833 | 5,338 | |
Loss on debt extinguishment | 3,278 | 0 | |
Equity based severance | 8,372 | 2,891 | |
Impairment | 35,109 | 26,459 | |
Changes in assets and liabilities: | |||
Hotel and other receivables, net | (6,155) | (10,231) | |
Prepaid expense and other assets | 2,954 | (6,280) | |
Accounts payable and other liabilities | 54,361 | 7,475 | |
Advance deposits and deferred revenue | 4,426 | (51) | |
Accrued interest | 9,862 | (684) | |
Net cash flow (used in) provided by operating activities | 99,340 | 114,044 | |
Cash flows from investing activities | |||
Acquisition of land | 0 | (8,209) | |
Proceeds from the sale of hotel properties, net | 73,416 | 101,721 | |
Improvements and additions to hotel properties | (63,802) | (51,328) | |
Insurance proceeds | 0 | 94 | |
Distributions from unconsolidated entities | 840 | 786 | |
(Increase) decrease in the restricted cash reserves, net | 2,453 | (4,428) | |
Net cash flow (used in) provided by investing activities | 12,907 | 38,636 | |
Cash flows from financing activities | |||
Proceeds from borrowings | 66,000 | 55,000 | |
Repayments of borrowings | (121,691) | (141,989) | |
Repurchase of common units | 0 | (30,462) | |
Repurchase of common shares to satisfy employee withholding requirements | (6,434) | (592) | |
Distributions on preferred shares | (18,836) | (18,837) | |
Distributions on common shares | (30,926) | (25,141) | |
Distributions on Operating Partnership units | (134) | (110) | |
Payments of deferred financing costs | 0 | (12) | |
Distributions to noncontrolling interests | (150) | (16) | |
Proceeds from Noncontrolling Interests | 333 | 552 | |
Payments for Distribution to Joint Venture | (977) | (1,097) | |
Contributions from noncontrolling interests | 0 | 0 | |
Preferred distributions - consolidated joint venture | 0 | 0 | |
Distribution of cash in FelCor TRS | 0 | 0 | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | 597 | |
Net cash flow used in financing activities | (112,168) | (162,107) | |
Effect of exchange rate changes on cash | 0 | (9) | |
Net change in cash and cash equivalents | 79 | (9,436) | |
Cash and cash equivalents, beginning of period | 47,396 | 47,317 | 59,786 |
Cash and cash equivalents, end of period | $ 47,396 | $ 47,396 | $ 50,350 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company. Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"), owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, upper-upscale and luxury hotels located in major markets and resort locations. As of September 30, 2017 , the Company owned 37 hotel properties with approximately 11,215 rooms, located in 14 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 34 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 35 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 36 of its 37 hotel properties to subsidiaries of RLJ LP. |
Merger with RLJ Lodging Trust
Merger with RLJ Lodging Trust | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Merger with RLJ Lodging Trust | Merger with RLJ On August 31, 2017 (the "Acquisition Date"), RLJ Lodging Trust ("RLJ"), RLJ LP, Rangers, and Rangers Sub II, LP, a wholly owned subsidiary of RLJ LP ("Partnership Merger Sub"), consummated the transactions contemplated by the definitive Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2017, with FelCor Lodging Trust Incorporated ("FelCor") and FelCor LP pursuant to which Partnership Merger Sub merged with and into FelCor LP, with FelCor LP surviving as a wholly owned subsidiary of RLJ LP (the "Partnership Merger"), and, immediately thereafter, FelCor merged with and into Rangers, with Rangers surviving as a wholly owned subsidiary of RLJ LP (the "REIT Merger" and, together with the Partnership Merger, the "Mergers"). RLJ accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations . In accordance with the guidance, RLJ elected to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired and the liabilities assumed in the Mergers. Accordingly, the consolidated financial statements of the Company for the periods before and after the Acquisition Date reflect different bases of accounting, and the financial positions and the results of operations for those periods are not comparable. As a result, the consolidated financial statements and the notes to those financial statements are separated into two distinct periods; the periods prior to the Acquisition Date are identified as "Predecessor," and the period after the Acquisition Date is identified as "Successor". The new basis of accounting for the assets and liabilities that existed on the Acquisition Date will be used in the preparation of the Company's future financial statements and footnotes. At the closing of the Mergers, FelCor LP had controlling financial interests in various hotel property-owning subsidiaries (the "Lessors"), and FelCor TRS Holdings, LLC (the "FelCor TRS") and its property-operating subsidiaries (the "Lessees"). The hotel properties were leased through intercompany lease agreements between the Lessors and the Lessees which eliminated in consolidation. Immediately after the consummation of the Mergers and the push down of the allocation of the purchase price consideration, the Company distributed its equity interests in FelCor TRS to RLJ LP. The Company accounted for the distribution as a transaction amongst entities under common control. As a result of the distribution of its equity interests in FelCor TRS, the leases between the Lessors and the Lessees no longer eliminate in consolidation. The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP : August 31, 2017 New Basis Before FelCor TRS Distribution FelCor TRS Distribution New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,673,629 $ (2,000 ) $ 2,671,629 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax asset 32,000 (32,000 ) — Intangible assets 151,706 (21,546 ) 130,160 Prepaid expenses and other assets 22,525 (11,417 ) 11,108 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (115,788 ) 51,642 (64,146 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,409 $ (79,601 ) $ 1,446,808 The estimated fair values for the assets acquired and the liabilities assumed are preliminary and are subject to change during the measurement period as additional information related to the inputs and assumptions used in determining the fair value of the assets and liabilities becomes available. Subsequent adjustments to the preliminary purchase price allocation are not expected to have a material impact to the Company's consolidated financial statements. RLJ used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired: • Investment in hotel properties — RLJ estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties. • Investment in unconsolidated joint ventures — RLJ estimated the fair value of its real estate interests in the unconsolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above. In addition, RLJ estimated the fair value of an unconsolidated joint venture's mortgage loan by using the same valuation methodology for the debt noted below. RLJ recognized the net assets acquired based on its respective ownership interest in the joint venture according to the joint venture agreement. • Deferred income tax asset — RLJ estimated the fair value of the deferred income tax asset by estimating the amount of the net operating loss that will be utilized in future periods by the acquired taxable REIT subsidiaries. RLJ then applied its applicable effective tax rate against the net operating losses to determine the appropriate deferred tax asset to recognize. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. • Intangible assets — RLJ estimated the fair value of its below market lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The below market lease intangible assets are amortized as adjustments to rental expense over the remaining terms of the respective leases. The Company estimated the fair value of the advanced bookings intangible assets by using the income approach to determine the projected cash flows that a hotel property will receive as a result of future hotel room and guests events that have already been reserved and pre-booked at the hotel property as of the acquisition date. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The advanced bookings intangible assets are amortized over the duration of the hotel room and guest event reservations period at the hotel property. The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 128,181 53 Advanced bookings 15,146 1 Other intangible assets 8,379 6 Total intangible assets $ 151,706 45 • Above market lease liabilities — RLJ estimated the fair value of its above market lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The Company recognized approximately $14.6 million of above market lease liabilities in the Mergers, which are included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The above market lease liabilities are amortized as adjustments to rental expense over the remaining terms of the respective leases. • Debt — RLJ estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 2 and Level 3 inputs in the fair value hierarchy. RLJ estimated the fair value of the mortgage loans using a discounted cash flow model and incorporated various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. • Noncontrolling interest in consolidated joint ventures — RLJ estimated the fair value of the consolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above. RLJ then recognized the fair value of the noncontrolling interest in the consolidated joint ventures based on the joint venture partner's ownership interest in the consolidated joint venture. This valuation methodology is based on Level 2 and Level 3 inputs and assumptions in the fair value hierarchy. • Preferred equity in a consolidated joint venture — RLJ estimated the fair value of the preferred equity in a consolidated joint venture by comparing the contractual terms of the preferred equity agreement to market-based terms of a similar preferred equity agreement, which is based on Level 3 inputs in the fair value hierarchy. • Restricted cash reserves, hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, advance deposits and deferred revenue, accrued interest, and distributions payable — The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. The Company recognized approximately $1.0 million of integration costs during the Successor period of September 1, 2017 through September 30, 2017. The Company recognized approximately $61.9 million and $68.2 million of transaction costs during the Predecessor period of July 1, 2017 through August 31, 2017 and the Predecessor period of January 1, 2017 through August 31, 2017, respectively. The transaction costs primarily related to financial advisory, legal, accounting, severance, other professional service fees, and other transaction-related costs in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs, including compensation for transition employees. The merger-related transaction and integration costs noted above were expensed to transaction costs in the consolidated statements of operations. During the nine months ended September 30, 2017, there were no acquisitions of hotel properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2016 of FelCor and FelCor LP contains a discussion of the significant accounting policies. Other than noted below, there have been no other significant changes to the Company's significant accounting policies since December 31, 2016 . Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the combined Annual Report on Form 10-K of FelCor and FelCor LP filed with the SEC on February 24, 2017. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications As a result of the merger with RLJ, certain prior period amounts in the Predecessor consolidated financial statements have been reclassified to conform to the financial statement presentation of the Company's parent company, RLJ. At December 31, 2016, the following reclassifications were made to the consolidated balance sheet: • Approximately $15.4 million was reclassified from accounts receivable to prepaid expense and other assets. • Approximately $4.5 million was reclassified from deferred expenses to prepaid expense and other assets. • Approximately $25.4 million was reclassified from accrued expenses and other liabilities to advance deposits and deferred revenue. • Approximately $12.8 million was reclassified from accrued expenses and other liabilities to accrued interest. For the three and nine months ended September 30, 2016, respectively, the following reclassifications were made to the consolidated statements of operations and comprehensive income (loss): • Approximately $174.2 million and $514.6 million , respectively, was reclassified from hotel operating revenue to room revenue. • Approximately $34.3 million and $117.5 million , respectively, was reclassified from hotel operating revenue to food and beverage revenue. • Approximately $12.7 million and $35.3 million , respectively, was reclassified from hotel operating revenue to other operating department revenue. • Approximately $44.0 million and $131.5 million , respectively, was reclassified from hotel departmental expenses to room expense. • Approximately $28.2 million and $91.8 million , respectively, was reclassified from hotel departmental expenses to food and beverage expense. • Approximately $3.8 million and $11.6 million , respectively, was reclassified from hotel departmental expenses to other operating expense. • Approximately $7.6 million and $10.6 million , respectively, was reclassified from other expenses to property tax, insurance and other. • Approximately $0.1 million and $0.1 million , respectively, was reclassified from interest expense, net to interest income. The Company also conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of July 1, 2017 through August 31, 2017 and the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassifications mentioned above had no impact to net income (loss), member's/shareholders’ equity (partners' capital) or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company's hotel properties are leased through intercompany lease agreements between the Lessors and the Lessees. As a result of the distribution of its equity interests in FelCor TRS to RLJ LP, the leases between the Lessors and the Lessees no longer eliminate in consolidation. Base lease revenue is reported as income by the Lessor on a straight-line basis over the lease term. Percentage lease revenue is reported as income by the Lessor over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease agreements. The Lessees are in compliance with their rental obligations under their respective lease agreements. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this new standard. For leases in which the Company is the lessor, specifically for a lease of the hotel property, the Company believes the application of the new standard will be similar to the current accounting for operating leases, in which the Company will continue to recognize the underlying leased asset as a hotel property on the consolidated balance sheet. For leases in which the Company is the lessee, the Company believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This new guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This new guidance provides additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. Both of these ASUs will be effective for the annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period, and the guidance requires application using a retrospective transition method. The Company expects to adopt the new guidance on January 1, 2018. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company's current disclosures and classifications within the consolidated statement of cash flows, but such modifications are not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the new guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): Successor Predecessor September 30, 2017 December 31, 2016 Land and improvements $ 627,506 $ 271,662 Buildings and improvements 1,931,489 1,801,355 Furniture, fixtures and equipment 119,645 426,692 2,678,640 2,499,709 Accumulated depreciation (5,912 ) (932,886 ) Investment in hotel properties, net $ 2,672,728 $ 1,566,823 For the Successor period of September 1, 2017 through September 30, 2017, the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $5.9 million . For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $17.7 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $73.1 million . For the Predecessor three and nine months ended September 30, 2016 , the Company recognized depreciation and amortization expense related to its investment in hotel properties of approximately $28.3 million and $86.6 million , respectively. Impairment The Company determined that there was no impairment of any assets for the Successor period of September 1, 2017 through September 30, 2017. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded a total impairment loss of $35.1 million related to two hotel properties. In March 2017, the Company recorded a $24.8 million impairment loss on one hotel property, which was based on both third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). In June 2017, two hotel properties, including the hotel property that was previously impaired in March 2017, were classified as held for sale on the consolidated balance sheet. The basis for these hotel properties had previously been written down to the respective fair values of the hotel properties based on both third-party offers to purchase the hotel properties and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). The Company recorded an additional impairment loss of $10.3 million on these two hotel properties in order to reflect the contractual sale prices, less the estimated costs to sell. During the Predecessor three and nine months ended September 30, 2016, the Company recorded a total impairment loss of $20.1 million and $26.5 million , respectively, related to two hotel properties. In June 2016, the Company recorded a $6.3 million impairment loss for a hotel property that was subsequently sold in the third quarter of 2016. The impairment loss was based on an accepted third-party offer to purchase the hotel property (a Level 2 input in the fair value hierarchy), which was a price that was less than the previously estimated fair value for the hotel property. The Company had previously recorded an impairment loss of $20.9 million for this hotel property in the third quarter of 2015 as a result of the Company determining the hotel property no longer met the Company's investment criteria. In September 2016, the Company recorded a $20.1 million impairment loss on a hotel property. The impairment loss was based on both third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2017 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of September 30, 2017 and December 31, 2016 , the Company owned 50% interests in joint ventures that owned two hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of September 30, 2017 and December 31, 2016 , the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): Successor Predecessor September 30, 2017 December 31, 2016 Equity basis of the joint venture investments $ (4,808 ) $ 1,370 Cost of the joint venture investments in excess of the joint venture book value 21,925 6,942 Investment in unconsolidated joint ventures $ 17,117 $ 8,312 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor Successor Predecessor September 1 through September 30, July 1 through August 31, For the three months ended September 30, September 1 through September 30, January 1 through August 31, For the nine months ended September 30, 2017 2017 2016 2017 2017 2016 Unconsolidated joint ventures net income attributable to the Company $ 208 $ 621 $ 911 $ 208 $ 1,332 $ 1,676 Depreciation of cost in excess of book value (93 ) (65 ) (97 ) (93 ) (258 ) (290 ) Equity in income from unconsolidated joint ventures $ 115 $ 556 $ 814 $ 115 $ 1,074 $ 1,386 |
Sale of Hotel Properties
Sale of Hotel Properties | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the Predecessor period of January 1, 2017 through August 31, 2017, the Company sold two hotel properties in two separate transactions for a total sale price of approximately $92.0 million . In conjunction with these transactions, the Company recorded a $1.6 million loss on sale, which is included in the accompanying consolidated statement of operations. The following table discloses the hotel properties that were sold during the nine months ended September 30, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 During the Predecessor nine months ended September 30, 2016 , the Company sold two hotel properties in two separate transactions for a total sale price of approximately $107.5 million . In conjunction with these transactions, the Company recorded a $7.5 million net gain on sale, which is included in the accompanying consolidated statement of operations. The following table discloses the hotel properties that were sold during the nine months ended September 30, 2016 : Hotel Property Name Location Sale Date Rooms Renaissance Esmeralda Indian Wells Resort & Spa Indian Wells, CA August 2, 2016 560 Holiday Inn Nashville Airport Nashville, TN September 1, 2016 383 Total 943 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Successor Predecessor Number of Assets Encumbered Interest Rate at September 30, 2017 Maturity Date September 30, 2017 December 31, 2016 Senior secured notes (1)(2)(3) 9 5.63% March 2023 $ 555,046 $ 525,000 Senior unsecured notes (1)(2)(3) — 6.00% June 2025 511,229 475,000 PNC Bank/Wells Fargo (4) 4 4.95% October 2022 121,614 120,109 Prudential (5) 1 4.94% October 2022 30,504 30,184 Scotiabank (1) (6) (7) 1 LIBOR + 3.00% December 2017 85,514 85,000 Line of credit (8) 7 LIBOR + 2.75% June 2019 — 119,000 22 1,303,907 1,354,293 Deferred financing costs, net — (15,967 ) Total Debt, net $ 1,303,907 $ 1,338,326 (1) Requires payments of interest only through maturity. (2) Includes $30.0 million and $36.2 million at September 30, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the senior secured notes beginning March 1, 2018 at a premium of 102.8% . The Company also has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (4) Includes $3.2 million at September 30, 2017 related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.8 million at September 30, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.5 million at September 30, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) This mortgage loan can be extended for one year, subject to certain lender requirements. (8) At December 31, 2016 , there was $281.0 million of borrowing capacity on the line of credit. The line of credit was paid down and terminated in connection with the Mergers. The senior unsecured notes and the senior secured notes (collectively, the "Senior Notes"), and certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at September 30, 2017 and December 31, 2016 . Interest Expense During the Successor period of September 1, 2017 through September 30, 2017, the Company recognized $4.8 million of interest expense. During the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized $12.9 million of interest expense, which is net of capitalized interest of $0.3 million . During the Predecessor three months ended September 30, 2016, the Company recognized $19.4 million of interest expense, which is net of capitalized interest of $0.3 million . During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized $51.7 million of interest expense, which is net of capitalized interest of $1.1 million . During the Predecessor nine months ended September 30, 2016, the Company recognized $59.1 million of interest expense, which is net of capitalized interest of $0.6 million . |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Company's Senior Notes had an estimated fair value of approximately $1.1 billion and $1.0 billion at September 30, 2017 and December 31, 2016, respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company's mortgage loans and line of credit (as applicable to the reporting period) had an estimated fair value of approximately $236.5 million and $364.6 million at September 30, 2017 and December 31, 2016, respectively. The Company estimated the fair value of the mortgage loans and the line of credit by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $1.3 billion and $1.4 billion at September 30, 2017 and December 31, 2016, respectively. The total carrying value of the Company's debt was $1.3 billion and $1.3 billion at September 30, 2017 and December 31, 2016, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of September 30, 2017 and December 31, 2016 , approximately $6.7 million and $19.5 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Lease Commitments In the future, the Company will receive rental income from the Lessees under its lease agreements. The lease agreements contain a specific base rent amount and a percentage rent amount, which is calculated based on a percentage of room revenues, food and beverage revenues, and other revenues at the hotel properties. The lease agreements will expire in 2018 (one hotel), 2019 (26 hotels), and thereafter (nine hotels). As of September 30, 2017, the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2017 $ 22,721 2018 95,343 2019 84,611 2020 (1) — 2021 (1) — Thereafter (1) — Total $ 202,675 (1) In 2020, the lease terms for the in-place lease agreements will be reset to market-based rental terms. At that time, the future minimum lease payments to the Company under the noncancelable operating leases will be determined. Litigation Other than the legal proceedings mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Shareholder Litigation The Company and several affiliated entities were named as defendants in four putative shareholder class action lawsuits filed in connection with the Mergers. The first case, Assad v. FelCor Lodging Trust, Inc. et al. , Case No. 1:17-cv-01744 (D. Md.) (the “Assad Lawsuit”), named as defendants FelCor, its former directors, FelCor LP, and RLJ and certain affiliated entities. The Assad Lawsuit was filed on June 26, 2017 in the United States District Court for the District of Maryland (the "Maryland Court"). The second case, Bagheri v. FelCor Lodging Trust, Inc., et al. , Case No. 3:17-cv-01892 (the “Bagheri Lawsuit”), named as defendants FelCor, its former directors, FelCor LP, and RLJ and certain affiliated entities. The Bagheri Lawsuit was filed on July 17, 2017 in the United States District Court for the Northern District of Texas but was subsequently transferred to the Maryland Court. The third case, Johnson v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01786 (D. Md.) (the "Johnson Lawsuit"), named as defendants FelCor and its former directors. The Johnson Lawsuit was filed on June 28, 2017 in the Maryland Court. The fourth case, Sachs Investment Group v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01933 (D. Md.) (the "Sachs Lawsuit"), named as defendants FelCor and its former directors. The Sachs Lawsuit was filed on July 11, 2017 in the Maryland Court. Each of the lawsuits allege violations of the Securities and Exchange Act of 1934 (the “Exchange Act”) arising in connection with the filing of RLJ's Registration Statement on Form S-4 (the "Registration Statement") that was filed in connection with the Company's merger with RLJ. The plaintiffs in the lawsuits sought, among other things, damages, rescission of the Mergers, changes to the Registration Statement, an award of attorney's fees, and declaratory relief stating that the defendants violated the Exchange Act. On July 21, 2017, the plaintiff in the Johnson Lawsuit filed a motion for preliminary injunction seeking to enjoin the Mergers. On August 8, 2017, however, the plaintiff withdrew that motion and represented that certain supplemental disclosures made by the Company had addressed the basis for its preliminary injunction request. On August 10, 2017, an order was entered consolidating the three original Maryland cases under the caption In Re FelCor Lodging Securities Litig ., Case No. 1:17-cv-1786 (the "Consolidated Action"). The Assad Lawsuit was designated as the lead case for the Consolidated Action. On September 28, 2017, the Bagheri Lawsuit was also consolidated into the Consolidated Action. On August 11, 2017, the Maryland Court entered an order regarding the selection of a Lead Plaintiff for the Consolidated Action. No stockholder moved for appointment and no Lead Plaintiff was appointed by the Court. On October 26, 2017, the plaintiff and defendants in the Bagheri Lawsuit filed a stipulation of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day, and ordered the clerk to close the case. On November 2, 2017, the plaintiffs in the Assad, Johnson, and Sachs lawsuits filed a notice of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day. Pension Trust Litigation Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC, or IHG, which was previously the hotel management company for three of the Company’s hotels ( two of which were sold in 2006, and one of which was converted by the Company into a Wyndham brand and operation in 2013), notified the Company that the pension trust fund in which the employees at those hotels had participated had assessed a withdrawal liability of $8.3 million , with required quarterly payments including interest, in connection with the termination of IHG’s operation of those hotels. The Company’s hotel management agreements with IHG stated that it may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension trust fund with respect to those hotels. Based on the current assessment of the claim, the resolution of this matter may not occur until 2022. As of September 30, 2017, the Company had accrued approximately $5.7 million for the future quarterly payments to the pension trust fund. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Successor company's consolidated financial statements do not include the financial information related to the Lessee's management agreements. During the Predecessor comparative periods, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Marriott, Wyndham, and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, have a base management fee generally between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $4.4 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . For the Predecessor three and nine months ended September 30, 2016 , the Company recognized management fee expense of approximately $5.3 million and $17.6 million , respectively. The Wyndham management agreements guarantee minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10 -year term to 2023, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. For the Predecessor period of July 1, 2017 through August 31, 2017 and for the Predecessor three months ended September 30, 2016, the Company recorded $1.4 million and $1.8 million , respectively, for the pro-rata portion of the projected aggregate full-year guaranties. For the Predecessor period of January 1, 2017 through August 31, 2017 and for the nine months ended September 30, 2016, the Company recorded $3.8 million and $3.3 million , respectively, for the pro-rata portion of the projected aggregate full-year guaranties. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Successor company's consolidated financial statements do not include the financial information related to the Lessee's franchise agreements. During the Predecessor comparative periods, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Marriott, Wyndham, and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs generally between 3.5% and 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. For the Predecessor period of July 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.2 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . For the Predecessor three and nine months ended September 30, 2016 , the Company recognized franchise fee expense of approximately $2.7 million and $8.2 million , respectively. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Equity | Equity Successor Company Rangers Ownership Interests/FelCor LP Partnership Interests As of September 30, 2017, RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through a combination of direct and indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Consolidated Joint Venture Preferred Equity The Company's joint venture that redeveloped The Knickerbocker raised $45.0 million ( $44.4 million net of issuance costs) 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 the Company does not redeem the equity interest before the fifth anniversary of the respective equity issuance), plus a 0.25% non-compounding annual return payable at redemption. Through September 30, 2017, the joint venture received $45.0 million in gross proceeds, including $650,000 in gross proceeds received in the nine months ended September 30, 2017, and $600,000 in gross proceeds received during the nine months ended September 30, 2016. The preferred equity raised by the joint venture is included in preferred equity in a consolidated joint venture on the consolidated balance sheets. Predecessor Company Common Stock In 2015, FelCor's Board of Directors authorized a share repurchase program to acquire up to $100.0 million of FelCor's shares of common stock, par value $0.01 per share (the "Common Stock"), through October 31, 2017. During the Predecessor period of January 1, 2017 through August 31, 2017, FelCor did not repurchase and retire any of its shares of Common Stock. During the nine months ended September 30, 2016 , FelCor repurchased and retired 4.6 million shares of its Common Stock for approximately $30.5 million (including commissions). FelCor repurchased a total of 6.6 million shares of Common Stock for $44.8 million (including commissions) under the share repurchase program. Upon completion of the REIT Merger, each issued and outstanding share of Common Stock was converted into the right to receive 0.362 common shares of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Common Stock. Series A Cumulative Convertible Preferred Stock FelCor's Board of Directors authorized the issuance of up to 20 million shares of preferred stock in one or more series. FelCor's $1.95 Series A cumulative convertible preferred stock, par value $0.01 per share (the "Series A Preferred Stock"), (units) had an annual cumulative dividend (distribution) that was payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of Common Stock (units) into which the Series A Preferred Stock (units) is then convertible. Each share of Series A Preferred Stock (unit) was convertible at the holder's option to 0.7752 shares of Common Stock (units), subject to certain adjustments. Upon completion of the REIT Merger, each issued and outstanding share of Series A Preferred Stock was converted into the right to receive one $1.95 Series A Cumulative Convertible Preferred Share, par value $0.01 per share, of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Series A Preferred Stock. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests/Units in FelCor LP Redeemable Noncontrolling Interests/Units in FelCor LP | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests/Units in FelCor LP | Redeemable Noncontrolling Interests/Units in FelCor LP In the Predecessor period, FelCor recorded the redeemable noncontrolling interests in FelCor LP, and FelCor LP recorded the redeemable units, in the mezzanine section (between liabilities and equity/partners' capital) of the consolidated balance sheets because of the redemption feature of the units. The redeemable noncontrolling interests/redeemable units held by the limited partners were redeemable for shares of Common Stock, or at the option of FelCor, for cash. Additionally, FelCor's consolidated statements of operations and comprehensive income (loss) separately present earnings attributable to the redeemable noncontrolling interests. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of the carrying value based on the accumulation of historical costs or the redemption value. FelCor based the historical cost on the proportionate relationship between the carrying value of the equity associated with FelCor's common stockholders relative to that of FelCor LP's unitholders. FelCor based the redemption value on the closing price of the Common Stock at the end of the reporting period. FelCor allocated the net income (loss) to FelCor LP's noncontrolling limited partners based on their weighted average ownership percentage during the period. At August 31, 2017 and December 31, 2016, FelCor carried 610,183 outstanding limited partnership units at $4.5 million and $4.9 million , respectively. FelCor based the value of the outstanding limited partnership units on the closing price of the Common Stock at August 31, 2017 ( $7.30 per share) and December 31, 2016 ( $8.01 per share). The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, For the nine months ended September 30, 2017 2016 Balance at beginning of the period $ 4,888 $ 4,464 Conversion of units — (9 ) Redemption value allocation 196 (355 ) Distributions paid to unitholders (134 ) (110 ) Net loss (495 ) (67 ) Balance at end of the period $ 4,455 $ 3,923 Upon completion of the Partnership Merger, each outstanding FelCor LP Common Unit was converted into 0.362 common units of limited partnership interest in RLJ LP, unless the respective limited partner of FelCor LP elected to redeem his or her FelCor LP Common Units and receive 0.362 common shares of RLJ. Accordingly, for the Successor period, the Company no longer recognizes a redeemable noncontrolling interest (or redeemable units) in FelCor LP on the consolidated balance sheets. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share/Unit | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share/Unit | Earnings (Loss) per Common Share/Unit Successor Company For the Successor period, RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. Predecessor Company Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. The income (loss) from continuing operations attributable to Rangers/FelCor LP share/unit calculations below includes the net gain (loss) on the sale of hotel properties attributable to Rangers/FelCor LP. The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor Predecessor July 1 through August 31, For the three months ended September 30, January 1 through August 31, For the nine months ended September 30, 2017 2016 2017 2016 Numerator: Net (loss) income attributable to Rangers $ (59,175 ) $ (5,099 ) $ (96,845 ) $ 3,370 Discontinued operations attributable to Rangers 3,400 3,118 3,400 3,118 (Loss) income from continuing operations attributable to Rangers (55,775 ) (1,981 ) (93,445 ) 6,488 Less: Preferred dividends (4,186 ) (6,279 ) (16,744 ) (18,837 ) Less: Dividends paid on unvested restricted stock — (36 ) (73 ) (109 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (59,961 ) (8,296 ) (110,262 ) (12,458 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,118 ) (3,400 ) (3,118 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (63,361 ) $ (11,414 ) $ (113,662 ) $ (15,576 ) Denominator: Weighted-average number of common shares - basic 137,904,668 137,463,547 137,331,743 138,437,454 Unvested restricted stock units — — — — Weighted-average number of common shares - diluted 137,904,668 137,463,547 137,331,743 138,437,454 Basic and diluted loss per share: Loss from continuing operations $ (0.43 ) $ (0.06 ) $ (0.80 ) $ (0.09 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.08 ) $ (0.83 ) $ (0.11 ) FelCor LP Loss Per Common Unit Predecessor Predecessor July 1 through August 31, For the three months ended September 30, January 1 through August 31, For the nine months ended September 30, 2017 2016 2017 2016 Numerator: Net (loss) income attributable to FelCor LP $ (59,449 ) $ (5,149 ) $ (97,340 ) $ 3,303 Discontinued operations attributable to FelCor LP 3,415 3,131 3,415 3,131 (Loss) income from continuing operations attributable to FelCor LP (56,034 ) (2,018 ) (93,925 ) 6,434 Less: Preferred distributions (4,186 ) (6,279 ) (16,744 ) (18,837 ) Less: Distributions paid on FelCor unvested restricted stock — (36 ) (73 ) (109 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (60,220 ) (8,333 ) (110,742 ) (12,512 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,131 ) (3,415 ) (3,131 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (63,635 ) $ (11,464 ) $ (114,157 ) $ (15,643 ) Denominator: Weighted-average number of common units - basic 138,514,851 138,074,647 137,941,926 139,048,795 Unvested restricted stock units — — — — Weighted-average number of common units - diluted 138,514,851 138,074,647 137,941,926 139,048,795 Basic and diluted loss per unit: Loss from continuing operations $ (0.43 ) $ (0.06 ) $ (0.80 ) $ (0.09 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.08 ) $ (0.83 ) $ (0.11 ) |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor September 1 through September 30, January 1 through August 31, For the nine months ended September 30, 2017 2017 2016 Interest paid, net of capitalized interest $ 16,301 $ 38,677 $ 56,853 Income taxes paid $ 19 $ 1,346 $ 575 Supplemental non-cash transactions Accrued capital expenditures $ 6,956 $ 3,640 $ 4,015 FelCor TRS Distribution (1) $ 38,723 $ — $ — (1) Refer to Note 2, Merger with RLJ, for the non-cash assets and liabilities comprising the FelCor TRS distribution. |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
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 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 the “Subsidiary Guarantors”), together with Rangers, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior notes 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 the Operating Partnership, (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. For the Predecessor company, FelCor TRS was a subsidiary guarantor in the condensed consolidating balance sheet, the condensed consolidating statements of operations and comprehensive income, and the condensed consolidating statements of cash flows. Pursuant to the terms of each of the indentures governing the Senior Notes, upon completion of the distribution of the equity interests in FelCor TRS, FelCor TRS' guarantee of the Senior Notes was automatically released and FelCor TRS Holdings, L.L.C. ceased being a subsidiary guarantor of the Senior Notes. Accordingly, FelCor TRS is not a subsidiary guarantor in the FelCor LP consolidating financial information for the Successor company. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 2,532,396 $ — $ — $ (2,532,396 ) $ — Investment in hotel properties, net — 812,380 1,860,348 — 2,672,728 Intangible assets, net — 129,703 — — 129,703 Investment in unconsolidated joint ventures — — 17,117 — 17,117 Cash and cash equivalents 8,994 — 1,509 — 10,503 Restricted cash reserves 436 14 6,221 — 6,671 Related party rent receivable — 9,511 11,337 (8,266 ) 12,582 Prepaid expense and other assets 6,743 1,927 2,388 — 11,058 Total assets $ 2,548,569 $ 953,535 $ 1,898,920 $ (2,540,662 ) $ 2,860,362 Debt, net $ 1,066,275 $ — $ 270,373 $ (32,741 ) $ 1,303,907 Accounts payable and other liabilities 42,843 18,466 19,408 (8,266 ) 72,451 Accrued interest 12,049 — — — 12,049 Distributions payable 4,186 — 122 — 4,308 Total liabilities 1,125,353 18,466 289,903 (41,007 ) 1,392,715 Partnership interests 1,423,216 935,069 1,559,301 (2,499,655 ) 1,417,931 Total FelCor LP partners' capital 1,423,216 935,069 1,559,301 (2,499,655 ) 1,417,931 Noncontrolling interests — — 5,286 — 5,286 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,423,216 935,069 1,609,017 (2,499,655 ) 1,467,647 Total liabilities and partners’ capital $ 2,548,569 $ 953,535 $ 1,898,920 $ (2,540,662 ) $ 2,860,362 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Investment in hotel properties, net $ — $ 488,528 $ 1,078,295 $ — $ 1,566,823 Equity investment in consolidated entities 1,190,737 — — (1,190,737 ) — Investment in unconsolidated joint ventures 2,410 4,800 1,102 — 8,312 Cash and cash equivalents 13,532 29,141 4,644 — 47,317 Restricted cash reserves — 16,433 3,058 — 19,491 Hotel and other receivables, net — 26,651 — — 26,651 Prepaid expense and other assets 8,438 16,696 13,364 — 38,498 Total assets $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 Debt, net $ 985,767 $ — $ 391,995 $ (39,436 ) $ 1,338,326 Accounts payable and other liabilities 15,209 54,960 8,113 — 78,282 Advance deposits and deferred revenue 923 24,479 3 — 25,405 Accrued interest 12,299 — 451 — 12,750 Distributions payable 14,734 — 124 — 14,858 Total liabilities 1,028,932 79,439 400,686 (39,436 ) 1,469,621 Redeemable units, at redemption value 4,888 — — — 4,888 Preferred units 309,337 — — — 309,337 Common units (128,040 ) 503,765 647,536 (1,151,301 ) (128,040 ) Total partners’ capital 181,297 503,765 647,536 (1,151,301 ) 181,297 Noncontrolling interest in consolidated joint ventures — (955 ) 8,458 — 7,503 Preferred capital in a consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 181,297 502,810 699,777 (1,151,301 ) 232,583 Total liabilities and partners’ capital $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Related party lease revenue $ — $ 9,511 $ 11,343 $ — $ 20,854 Total revenue — 9,511 11,343 — 20,854 Expense Depreciation and amortization 38 2,021 3,915 — 5,974 Property tax, insurance and other 8 2,821 1,620 — 4,449 General and administrative 191 — 1 — 192 Transaction costs 1,034 4 1 — 1,039 Total operating expense 1,271 4,846 5,537 — 11,654 Operating income (1,271 ) 4,665 5,806 — 9,200 Interest income 27 — — (24 ) 3 Interest expense (3,980 ) — (825 ) 26 (4,779 ) Income (loss) before equity in income from joint ventures (5,224 ) 4,665 4,981 2 4,424 Equity in income from consolidated joint ventures 9,641 — — (9,641 ) — Equity in income from unconsolidated joint ventures — — 115 — 115 Net income and comprehensive income 4,417 4,665 5,096 (9,639 ) 4,539 Income attributable to noncontrolling interests (51 ) — — — (51 ) Preferred distributions from a consolidated joint venture — — (122 ) — (122 ) Net income and comprehensive income attributable to FelCor LP $ 4,366 $ 4,665 $ 4,974 $ (9,639 ) $ 4,366 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of July 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 111,977 $ — $ — $ 111,977 Food and beverage revenue — 20,577 — — 20,577 Percentage lease revenue — — (20 ) 20 — Other revenue 2 10,281 134 — 10,417 Total revenue 2 142,835 114 20 142,971 Expense Room expense — 28,652 — — 28,652 Food and beverage expense — 17,325 — — 17,325 Management and franchise fee expense — 4,625 — — 4,625 Other operating expense — 37,272 — — 37,272 Depreciation and amortization 78 6,494 11,127 — 17,699 Property tax, insurance and other 815 7,286 4,526 20 12,647 General and administrative — 1,889 896 — 2,785 Transaction costs 61,932 — — — 61,932 Total operating expense 62,825 103,543 16,549 20 182,937 Operating loss (62,823 ) 39,292 (16,435 ) — (39,966 ) Intercompany interest income (expense) 56 — (56 ) — — Interest income 23 23 — — 46 Interest expense (9,637 ) — (3,271 ) — (12,908 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (72,381 ) 39,315 (23,040 ) — (56,106 ) Equity in income from consolidated entities 16,160 — — (16,160 ) — Equity in income from unconsolidated joint ventures 165 399 (8 ) — 556 Loss from continuing operations before income tax benefit (56,056 ) 39,714 (23,048 ) (16,160 ) (55,550 ) Income tax benefit 20 531 — — 551 Loss from continuing operations (56,036 ) 40,245 (23,048 ) (16,160 ) (54,999 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (59,451 ) 40,245 (23,048 ) (16,160 ) (58,414 ) Loss on sale of hotel properties 2 (913 ) 20 — (891 ) Net loss and comprehensive loss (59,449 ) 39,332 (23,028 ) (16,160 ) (59,305 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 76 32 — 108 Preferred distributions - consolidated joint venture — — (252 ) — (252 ) Net loss and comprehensive loss attributable to FelCor LP (59,449 ) 39,408 (23,248 ) (16,160 ) (59,449 ) Preferred distributions (4,186 ) — — — (4,186 ) Net loss attributable to FelCor LP common unitholders $ (63,635 ) $ 39,408 $ (23,248 ) $ (16,160 ) $ (63,635 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Three Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 174,169 $ — $ — $ 174,169 Food and beverage revenue — 34,260 — — 34,260 Percentage lease revenue — — 45,242 (45,242 ) — Other revenue 15 14,365 172 — 14,552 Total revenue 15 222,794 45,414 (45,242 ) 222,981 Expense Room expense — 44,032 — — 44,032 Food and beverage expense — 28,227 — — 28,227 Management and franchise fee expense — 8,047 — — 8,047 Other operating expense — 56,695 — — 56,695 Depreciation and amortization 49 11,284 16,947 — 28,280 Impairment loss — 20,126 — — 20,126 Property tax, insurance and other 6,150 55,603 6,212 (45,242 ) 22,723 General and administrative — 3,517 2,727 — 6,244 Total operating expense 6,199 227,531 25,886 (45,242 ) 214,374 Operating income (6,184 ) (4,737 ) 19,528 — 8,607 Intercompany interest income (expense) 95 — (95 ) — — Interest income 10 6 2 — 18 Interest expense (14,618 ) — (4,828 ) — (19,446 ) Loss before equity in income from joint ventures (20,697 ) (4,731 ) 14,607 — (10,821 ) Equity in income from consolidated entities 17,088 — — (17,088 ) — Equity in income from unconsolidated joint ventures 378 447 (11 ) — 814 Loss before income tax benefit (3,231 ) (4,284 ) 14,596 (17,088 ) (10,007 ) Income tax benefit 576 (484 ) 154 — 246 Loss from continuing operations (2,655 ) (4,768 ) 14,750 (17,088 ) (9,761 ) Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties (5,786 ) (4,768 ) 14,750 (17,088 ) (12,892 ) Gain on sale of hotel properties 637 7,445 (84 ) — 7,998 Net loss and comprehensive loss (5,149 ) 2,677 14,666 (17,088 ) (4,894 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 100 14 — 114 Preferred distributions - consolidated joint venture — — (369 ) — (369 ) Net loss and comprehensive loss attributable to FelCor LP (5,149 ) 2,777 14,311 (17,088 ) (5,149 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (11,428 ) $ 2,777 $ 14,311 $ (17,088 ) $ (11,428 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Percentage lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenue 41 551,137 84,846 (84,509 ) 551,515 Expense Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expense 69,478 535,476 68,630 (84,509 ) 589,075 Operating loss (69,437 ) 15,661 16,216 — (37,560 ) Intercompany interest income (expense) 241 — (241 ) — — Other income (expense) — — 100 — 100 Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (107,852 ) 15,720 (170 ) — (92,302 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax (93,892 ) 15,643 (200 ) (12,779 ) (91,228 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,927 ) 15,179 (200 ) (12,779 ) (91,727 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (97,342 ) 15,179 (200 ) (12,779 ) (95,142 ) Loss on sale of hotel properties 2 (1,565 ) (201 ) — (1,764 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Nine Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 514,563 $ — $ — $ 514,563 Food and beverage revenue — 117,489 — — 117,489 Percentage lease revenue — — 135,740 (135,740 ) — Other revenue 202 38,414 363 — 38,979 Total revenue 202 670,466 136,103 (135,740 ) 671,031 Expense Hotel operating expense — 131,479 — — 131,479 Food and beverage expense — 91,775 — — 91,775 Management and franchise fee expense — 25,773 — — 25,773 Other operating expense — 176,090 — — 176,090 Depreciation and amortization 193 35,311 51,136 — 86,640 Impairment loss — 26,459 — — 26,459 Property tax, insurance and other 6,622 165,412 17,845 (135,740 ) 54,139 General and administrative — 11,212 9,479 — 20,691 Total operating expense 6,815 663,511 78,460 (135,740 ) 613,046 Operating income (6,613 ) 6,955 57,643 — 57,985 Intercompany interest income (expense) 283 — (283 ) — — Other income (expense) — — 100 — 100 Interest income 21 24 1 — 46 Interest expense (44,079 ) — (15,022 ) — (59,101 ) Loss before equity in income from joint ventures (50,388 ) 6,979 42,439 — (970 ) Equity in income from consolidated entities 54,930 — — (54,930 ) — Equity in income from unconsolidated joint ventures 1,094 326 (34 ) — 1,386 Income before income tax 5,636 7,305 42,405 (54,930 ) 416 Income tax expense 411 (709 ) 154 — (144 ) Income from continuing operations 6,047 6,596 42,559 (54,930 ) 272 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties 2,916 6,596 42,559 (54,930 ) (2,859 ) Gain on sale of hotel properties 387 6,688 (421 ) — 6,654 Net income and comprehensive income 3,303 13,284 42,138 (54,930 ) 3,795 Loss attributable to noncontrolling interests in consolidated joint ventures — 413 188 — 601 Preferred distributions - consolidated joint venture — — (1,093 ) — (1,093 ) Net income and comprehensive income attributable to FelCor LP 3,303 13,697 41,233 (54,930 ) 3,303 Preferred distributions (18,837 ) — — — (18,837 ) Net loss attributable to FelCor LP common unitholders $ (15,534 ) $ 13,697 $ 41,233 $ (54,930 ) $ (15,534 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (8,078 ) $ (1,666 ) $ (1,418 ) $ — $ (11,162 ) Investing activities: Improvements and additions to hotel properties — (16 ) (39 ) — (55 ) Increase in restricted cash reserves — — (623 ) — (623 ) Intercompany financing (3,942 ) — — 3,942 — Cash flows from investing activities (3,942 ) (16 ) (662 ) 3,942 (678 ) Financing activities: Repayment of borrowings — — (471 ) — (471 ) Contributions from partners 35,545 — — — 35,545 Distributions to partners (19,123 ) — — — (19,123 ) Distribution of FelCor TRS — (40,878 ) — — (40,878 ) Preferred distributions - consolidated joint venture — — (126 ) — (126 ) Intercompany financing — 1,682 2,260 (3,942 ) — Cash flows from financing activities 16,422 (39,196 ) 1,663 (3,942 ) (25,053 ) Net change in cash and cash equivalents 4,402 (40,878 ) (417 ) — (36,893 ) Cash and cash equivalents at beginning of period 4,592 40,878 1,926 — 47,396 Cash and cash equivalents at end of period $ 8,994 $ — $ 1,509 $ — $ 10,503 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Decrease (increase) in restricted cash reserves — 5,431 (2,978 ) — 2,453 Distributions from unconsolidated joint ventures 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 62,985 (50,223 ) (91,391 ) 12,907 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash and cash equivalents (5,567 ) 8,364 (2,718 ) — 79 Cash and cash equivalents at beginning of period 13,532 29,141 4,644 — 47,317 Cash and cash equivalents at end of period $ 7,965 $ 37,505 $ 1,926 $ — $ 47,396 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (47,665 ) $ 60,960 $ 100,749 $ — $ 114,044 Investing activities: Acquisition of land — — (8,209 ) — (8,209 ) Improvements and additions to hotel properties (2 ) (23,936 ) (27,390 ) — (51,328 ) Proceeds from the sale of hotel properties, net (1,104 ) 103,077 (252 ) — 101,721 Insurance proceeds — — 94 — 94 Increase in restricted cash reserves — (1,456 ) (2,972 ) — (4,428 ) Distributions from unconsolidated joint ventures 786 — — — 786 Intercompany financing 120,897 — — (120,897 ) — Cash flows from investing activities 120,577 77,685 (38,729 ) (120,897 ) 38,636 Financing activities: Proceeds from borrowings — — 55,000 — 55,000 Repayment of borrowings — — (141,989 ) — (141,989 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 313 239 — 552 Repurchase of common units (30,462 ) — — — (30,462 ) Distributions to preferred unitholders (18,837 ) — — — (18,837 ) Distributions to common unitholders (25,141 ) — — — (25,141 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 597 — 597 Intercompany financing — (142,194 ) 21,297 120,897 — Other (702 ) — (1,097 ) — (1,799 ) Cash flows from financing activities (75,142 ) (141,895 ) (65,967 ) 120,897 (162,107 ) Effect of exchange rate changes on cash — — (9 ) — (9 ) Net change in cash and cash equivalents (2,230 ) (3,250 ) (3,956 ) — (9,436 ) Cash and cash equivalents at beginning of period 21,219 33,873 4,694 — 59,786 Cash and cash equivalents at end of period $ 18,989 $ 30,623 $ 738 $ — $ 50,350 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income (loss), statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 , included in the combined Annual Report on Form 10-K of FelCor and FelCor LP filed with the SEC on February 24, 2017. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications As a result of the merger with RLJ, certain prior period amounts in the Predecessor consolidated financial statements have been reclassified to conform to the financial statement presentation of the Company's parent company, RLJ. At December 31, 2016, the following reclassifications were made to the consolidated balance sheet: • Approximately $15.4 million was reclassified from accounts receivable to prepaid expense and other assets. • Approximately $4.5 million was reclassified from deferred expenses to prepaid expense and other assets. • Approximately $25.4 million was reclassified from accrued expenses and other liabilities to advance deposits and deferred revenue. • Approximately $12.8 million was reclassified from accrued expenses and other liabilities to accrued interest. For the three and nine months ended September 30, 2016, respectively, the following reclassifications were made to the consolidated statements of operations and comprehensive income (loss): • Approximately $174.2 million and $514.6 million , respectively, was reclassified from hotel operating revenue to room revenue. • Approximately $34.3 million and $117.5 million , respectively, was reclassified from hotel operating revenue to food and beverage revenue. • Approximately $12.7 million and $35.3 million , respectively, was reclassified from hotel operating revenue to other operating department revenue. • Approximately $44.0 million and $131.5 million , respectively, was reclassified from hotel departmental expenses to room expense. • Approximately $28.2 million and $91.8 million , respectively, was reclassified from hotel departmental expenses to food and beverage expense. • Approximately $3.8 million and $11.6 million , respectively, was reclassified from hotel departmental expenses to other operating expense. • Approximately $7.6 million and $10.6 million , respectively, was reclassified from other expenses to property tax, insurance and other. • Approximately $0.1 million and $0.1 million , respectively, was reclassified from interest expense, net to interest income. The Company also conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of July 1, 2017 through August 31, 2017 and the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassifications mentioned above had no impact to net income (loss), member's/shareholders’ equity (partners' capital) or cash flows. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company's hotel properties are leased through intercompany lease agreements between the Lessors and the Lessees. As a result of the distribution of its equity interests in FelCor TRS to RLJ LP, the leases between the Lessors and the Lessees no longer eliminate in consolidation. Base lease revenue is reported as income by the Lessor on a straight-line basis over the lease term. Percentage lease revenue is reported as income by the Lessor over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease agreements. The Lessees are in compliance with their rental obligations under their respective lease agreements. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The new guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The new guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The new guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new standard on January 1, 2019. The Company has not yet completed its analysis on this new standard. For leases in which the Company is the lessor, specifically for a lease of the hotel property, the Company believes the application of the new standard will be similar to the current accounting for operating leases, in which the Company will continue to recognize the underlying leased asset as a hotel property on the consolidated balance sheet. For leases in which the Company is the lessee, the Company believes the application of the new standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . This new guidance is intended to reduce the diversity in practice in how certain transactions are classified in the statement of cash flows. In addition, in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This new guidance provides additional guidance related to transfers between cash and restricted cash and how entities present, in their statement of cash flows, the cash receipts and cash payments that directly affect the restricted cash accounts. Both of these ASUs will be effective for the annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. Early adoption is permitted, provided that all of the amendments are adopted in the same period, and the guidance requires application using a retrospective transition method. The Company expects to adopt the new guidance on January 1, 2018. The adoption of ASU 2016-15 and ASU 2016-18 will modify the Company's current disclosures and classifications within the consolidated statement of cash flows, but such modifications are not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The new guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . The new guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the new guidance, sales and partial sales of real estate assets will be accounted for similar to all other sales of nonfinancial and in substance nonfinancial assets. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this new guidance on January 1, 2018. Based on the Company's assessment, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. |
Management Agreements | Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Successor company's consolidated financial statements do not include the financial information related to the Lessee's management agreements. During the Predecessor comparative periods, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Marriott, Wyndham, and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, have a base management fee generally between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations. |
Franchise Agreements | Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Successor company's consolidated financial statements do not include the financial information related to the Lessee's franchise agreements. During the Predecessor comparative periods, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Marriott, Wyndham, and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs generally between 3.5% and 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations |
Earnings (Loss) per Common Share/Unit | Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. |
Merger with RLJ Lodging Trust (
Merger with RLJ Lodging Trust (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP : August 31, 2017 New Basis Before FelCor TRS Distribution FelCor TRS Distribution New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,673,629 $ (2,000 ) $ 2,671,629 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax asset 32,000 (32,000 ) — Intangible assets 151,706 (21,546 ) 130,160 Prepaid expenses and other assets 22,525 (11,417 ) 11,108 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (115,788 ) 51,642 (64,146 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,409 $ (79,601 ) $ 1,446,808 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 128,181 53 Advanced bookings 15,146 1 Other intangible assets 8,379 6 Total intangible assets $ 151,706 45 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): Successor Predecessor September 30, 2017 December 31, 2016 Land and improvements $ 627,506 $ 271,662 Buildings and improvements 1,931,489 1,801,355 Furniture, fixtures and equipment 119,645 426,692 2,678,640 2,499,709 Accumulated depreciation (5,912 ) (932,886 ) Investment in hotel properties, net $ 2,672,728 $ 1,566,823 |
Investment in Unconsolidated 24
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investment in Unconsolidated Entities [Abstract] | |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): Successor Predecessor September 30, 2017 December 31, 2016 Equity basis of the joint venture investments $ (4,808 ) $ 1,370 Cost of the joint venture investments in excess of the joint venture book value 21,925 6,942 Investment in unconsolidated joint ventures $ 17,117 $ 8,312 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor Successor Predecessor September 1 through September 30, July 1 through August 31, For the three months ended September 30, September 1 through September 30, January 1 through August 31, For the nine months ended September 30, 2017 2017 2016 2017 2017 2016 Unconsolidated joint ventures net income attributable to the Company $ 208 $ 621 $ 911 $ 208 $ 1,332 $ 1,676 Depreciation of cost in excess of book value (93 ) (65 ) (97 ) (93 ) (258 ) (290 ) Equity in income from unconsolidated joint ventures $ 115 $ 556 $ 814 $ 115 $ 1,074 $ 1,386 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property disposed during period | The following table discloses the hotel properties that were sold during the nine months ended September 30, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 The following table discloses the hotel properties that were sold during the nine months ended September 30, 2016 : Hotel Property Name Location Sale Date Rooms Renaissance Esmeralda Indian Wells Resort & Spa Indian Wells, CA August 2, 2016 560 Holiday Inn Nashville Airport Nashville, TN September 1, 2016 383 Total 943 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Successor Predecessor Number of Assets Encumbered Interest Rate at September 30, 2017 Maturity Date September 30, 2017 December 31, 2016 Senior secured notes (1)(2)(3) 9 5.63% March 2023 $ 555,046 $ 525,000 Senior unsecured notes (1)(2)(3) — 6.00% June 2025 511,229 475,000 PNC Bank/Wells Fargo (4) 4 4.95% October 2022 121,614 120,109 Prudential (5) 1 4.94% October 2022 30,504 30,184 Scotiabank (1) (6) (7) 1 LIBOR + 3.00% December 2017 85,514 85,000 Line of credit (8) 7 LIBOR + 2.75% June 2019 — 119,000 22 1,303,907 1,354,293 Deferred financing costs, net — (15,967 ) Total Debt, net $ 1,303,907 $ 1,338,326 (1) Requires payments of interest only through maturity. (2) Includes $30.0 million and $36.2 million at September 30, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the senior secured notes beginning March 1, 2018 at a premium of 102.8% . The Company also has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (4) Includes $3.2 million at September 30, 2017 related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.8 million at September 30, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.5 million at September 30, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) This mortgage loan can be extended for one year, subject to certain lender requirements. (8) At December 31, 2016 , there was $281.0 million of borrowing capacity on the line of credit. The line of credit was paid down and terminated in connection with the Mergers. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of September 30, 2017, the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2017 $ 22,721 2018 95,343 2019 84,611 2020 (1) — 2021 (1) — Thereafter (1) — Total $ 202,675 (1) In 2020, the lease terms for the in-place lease agreements will be reset to market-based rental terms. At that time, the future minimum lease payments to the Company under the noncancelable operating leases will be determined. |
Redeemable Noncontrolling Int28
Redeemable Noncontrolling Interests/Units in FelCor LP (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests (or Redeemable Units) | The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, For the nine months ended September 30, 2017 2016 Balance at beginning of the period $ 4,888 $ 4,464 Conversion of units — (9 ) Redemption value allocation 196 (355 ) Distributions paid to unitholders (134 ) (110 ) Net loss (495 ) (67 ) Balance at end of the period $ 4,455 $ 3,923 |
Earnings (Loss) per Common Sh29
Earnings (Loss) per Common Share/Unit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share/Unit | The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor Predecessor July 1 through August 31, For the three months ended September 30, January 1 through August 31, For the nine months ended September 30, 2017 2016 2017 2016 Numerator: Net (loss) income attributable to Rangers $ (59,175 ) $ (5,099 ) $ (96,845 ) $ 3,370 Discontinued operations attributable to Rangers 3,400 3,118 3,400 3,118 (Loss) income from continuing operations attributable to Rangers (55,775 ) (1,981 ) (93,445 ) 6,488 Less: Preferred dividends (4,186 ) (6,279 ) (16,744 ) (18,837 ) Less: Dividends paid on unvested restricted stock — (36 ) (73 ) (109 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (59,961 ) (8,296 ) (110,262 ) (12,458 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,118 ) (3,400 ) (3,118 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (63,361 ) $ (11,414 ) $ (113,662 ) $ (15,576 ) Denominator: Weighted-average number of common shares - basic 137,904,668 137,463,547 137,331,743 138,437,454 Unvested restricted stock units — — — — Weighted-average number of common shares - diluted 137,904,668 137,463,547 137,331,743 138,437,454 Basic and diluted loss per share: Loss from continuing operations $ (0.43 ) $ (0.06 ) $ (0.80 ) $ (0.09 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.08 ) $ (0.83 ) $ (0.11 ) FelCor LP Loss Per Common Unit Predecessor Predecessor July 1 through August 31, For the three months ended September 30, January 1 through August 31, For the nine months ended September 30, 2017 2016 2017 2016 Numerator: Net (loss) income attributable to FelCor LP $ (59,449 ) $ (5,149 ) $ (97,340 ) $ 3,303 Discontinued operations attributable to FelCor LP 3,415 3,131 3,415 3,131 (Loss) income from continuing operations attributable to FelCor LP (56,034 ) (2,018 ) (93,925 ) 6,434 Less: Preferred distributions (4,186 ) (6,279 ) (16,744 ) (18,837 ) Less: Distributions paid on FelCor unvested restricted stock — (36 ) (73 ) (109 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (60,220 ) (8,333 ) (110,742 ) (12,512 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,131 ) (3,415 ) (3,131 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (63,635 ) $ (11,464 ) $ (114,157 ) $ (15,643 ) Denominator: Weighted-average number of common units - basic 138,514,851 138,074,647 137,941,926 139,048,795 Unvested restricted stock units — — — — Weighted-average number of common units - diluted 138,514,851 138,074,647 137,941,926 139,048,795 Basic and diluted loss per unit: Loss from continuing operations $ (0.43 ) $ (0.06 ) $ (0.80 ) $ (0.09 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ (0.02 ) $ (0.02 ) Net loss $ (0.46 ) $ (0.08 ) $ (0.83 ) $ (0.11 ) |
Supplemental Information to S30
Supplemental Information to Statements of Cash Flows (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Information to Statements of Cash Flows | The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor September 1 through September 30, January 1 through August 31, For the nine months ended September 30, 2017 2017 2016 Interest paid, net of capitalized interest $ 16,301 $ 38,677 $ 56,853 Income taxes paid $ 19 $ 1,346 $ 575 Supplemental non-cash transactions Accrued capital expenditures $ 6,956 $ 3,640 $ 4,015 FelCor TRS Distribution (1) $ 38,723 $ — $ — |
FelCor LP's Consolidating Fin31
FelCor LP's Consolidating Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 2,532,396 $ — $ — $ (2,532,396 ) $ — Investment in hotel properties, net — 812,380 1,860,348 — 2,672,728 Intangible assets, net — 129,703 — — 129,703 Investment in unconsolidated joint ventures — — 17,117 — 17,117 Cash and cash equivalents 8,994 — 1,509 — 10,503 Restricted cash reserves 436 14 6,221 — 6,671 Related party rent receivable — 9,511 11,337 (8,266 ) 12,582 Prepaid expense and other assets 6,743 1,927 2,388 — 11,058 Total assets $ 2,548,569 $ 953,535 $ 1,898,920 $ (2,540,662 ) $ 2,860,362 Debt, net $ 1,066,275 $ — $ 270,373 $ (32,741 ) $ 1,303,907 Accounts payable and other liabilities 42,843 18,466 19,408 (8,266 ) 72,451 Accrued interest 12,049 — — — 12,049 Distributions payable 4,186 — 122 — 4,308 Total liabilities 1,125,353 18,466 289,903 (41,007 ) 1,392,715 Partnership interests 1,423,216 935,069 1,559,301 (2,499,655 ) 1,417,931 Total FelCor LP partners' capital 1,423,216 935,069 1,559,301 (2,499,655 ) 1,417,931 Noncontrolling interests — — 5,286 — 5,286 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,423,216 935,069 1,609,017 (2,499,655 ) 1,467,647 Total liabilities and partners’ capital $ 2,548,569 $ 953,535 $ 1,898,920 $ (2,540,662 ) $ 2,860,362 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Investment in hotel properties, net $ — $ 488,528 $ 1,078,295 $ — $ 1,566,823 Equity investment in consolidated entities 1,190,737 — — (1,190,737 ) — Investment in unconsolidated joint ventures 2,410 4,800 1,102 — 8,312 Cash and cash equivalents 13,532 29,141 4,644 — 47,317 Restricted cash reserves — 16,433 3,058 — 19,491 Hotel and other receivables, net — 26,651 — — 26,651 Prepaid expense and other assets 8,438 16,696 13,364 — 38,498 Total assets $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 Debt, net $ 985,767 $ — $ 391,995 $ (39,436 ) $ 1,338,326 Accounts payable and other liabilities 15,209 54,960 8,113 — 78,282 Advance deposits and deferred revenue 923 24,479 3 — 25,405 Accrued interest 12,299 — 451 — 12,750 Distributions payable 14,734 — 124 — 14,858 Total liabilities 1,028,932 79,439 400,686 (39,436 ) 1,469,621 Redeemable units, at redemption value 4,888 — — — 4,888 Preferred units 309,337 — — — 309,337 Common units (128,040 ) 503,765 647,536 (1,151,301 ) (128,040 ) Total partners’ capital 181,297 503,765 647,536 (1,151,301 ) 181,297 Noncontrolling interest in consolidated joint ventures — (955 ) 8,458 — 7,503 Preferred capital in a consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 181,297 502,810 699,777 (1,151,301 ) 232,583 Total liabilities and partners’ capital $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 |
Condensed Consolidating Statement of Operations and Comprehensive Loss | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Related party lease revenue $ — $ 9,511 $ 11,343 $ — $ 20,854 Total revenue — 9,511 11,343 — 20,854 Expense Depreciation and amortization 38 2,021 3,915 — 5,974 Property tax, insurance and other 8 2,821 1,620 — 4,449 General and administrative 191 — 1 — 192 Transaction costs 1,034 4 1 — 1,039 Total operating expense 1,271 4,846 5,537 — 11,654 Operating income (1,271 ) 4,665 5,806 — 9,200 Interest income 27 — — (24 ) 3 Interest expense (3,980 ) — (825 ) 26 (4,779 ) Income (loss) before equity in income from joint ventures (5,224 ) 4,665 4,981 2 4,424 Equity in income from consolidated joint ventures 9,641 — — (9,641 ) — Equity in income from unconsolidated joint ventures — — 115 — 115 Net income and comprehensive income 4,417 4,665 5,096 (9,639 ) 4,539 Income attributable to noncontrolling interests (51 ) — — — (51 ) Preferred distributions from a consolidated joint venture — — (122 ) — (122 ) Net income and comprehensive income attributable to FelCor LP $ 4,366 $ 4,665 $ 4,974 $ (9,639 ) $ 4,366 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of July 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 111,977 $ — $ — $ 111,977 Food and beverage revenue — 20,577 — — 20,577 Percentage lease revenue — — (20 ) 20 — Other revenue 2 10,281 134 — 10,417 Total revenue 2 142,835 114 20 142,971 Expense Room expense — 28,652 — — 28,652 Food and beverage expense — 17,325 — — 17,325 Management and franchise fee expense — 4,625 — — 4,625 Other operating expense — 37,272 — — 37,272 Depreciation and amortization 78 6,494 11,127 — 17,699 Property tax, insurance and other 815 7,286 4,526 20 12,647 General and administrative — 1,889 896 — 2,785 Transaction costs 61,932 — — — 61,932 Total operating expense 62,825 103,543 16,549 20 182,937 Operating loss (62,823 ) 39,292 (16,435 ) — (39,966 ) Intercompany interest income (expense) 56 — (56 ) — — Interest income 23 23 — — 46 Interest expense (9,637 ) — (3,271 ) — (12,908 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (72,381 ) 39,315 (23,040 ) — (56,106 ) Equity in income from consolidated entities 16,160 — — (16,160 ) — Equity in income from unconsolidated joint ventures 165 399 (8 ) — 556 Loss from continuing operations before income tax benefit (56,056 ) 39,714 (23,048 ) (16,160 ) (55,550 ) Income tax benefit 20 531 — — 551 Loss from continuing operations (56,036 ) 40,245 (23,048 ) (16,160 ) (54,999 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (59,451 ) 40,245 (23,048 ) (16,160 ) (58,414 ) Loss on sale of hotel properties 2 (913 ) 20 — (891 ) Net loss and comprehensive loss (59,449 ) 39,332 (23,028 ) (16,160 ) (59,305 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 76 32 — 108 Preferred distributions - consolidated joint venture — — (252 ) — (252 ) Net loss and comprehensive loss attributable to FelCor LP (59,449 ) 39,408 (23,248 ) (16,160 ) (59,449 ) Preferred distributions (4,186 ) — — — (4,186 ) Net loss attributable to FelCor LP common unitholders $ (63,635 ) $ 39,408 $ (23,248 ) $ (16,160 ) $ (63,635 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Three Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 174,169 $ — $ — $ 174,169 Food and beverage revenue — 34,260 — — 34,260 Percentage lease revenue — — 45,242 (45,242 ) — Other revenue 15 14,365 172 — 14,552 Total revenue 15 222,794 45,414 (45,242 ) 222,981 Expense Room expense — 44,032 — — 44,032 Food and beverage expense — 28,227 — — 28,227 Management and franchise fee expense — 8,047 — — 8,047 Other operating expense — 56,695 — — 56,695 Depreciation and amortization 49 11,284 16,947 — 28,280 Impairment loss — 20,126 — — 20,126 Property tax, insurance and other 6,150 55,603 6,212 (45,242 ) 22,723 General and administrative — 3,517 2,727 — 6,244 Total operating expense 6,199 227,531 25,886 (45,242 ) 214,374 Operating income (6,184 ) (4,737 ) 19,528 — 8,607 Intercompany interest income (expense) 95 — (95 ) — — Interest income 10 6 2 — 18 Interest expense (14,618 ) — (4,828 ) — (19,446 ) Loss before equity in income from joint ventures (20,697 ) (4,731 ) 14,607 — (10,821 ) Equity in income from consolidated entities 17,088 — — (17,088 ) — Equity in income from unconsolidated joint ventures 378 447 (11 ) — 814 Loss before income tax benefit (3,231 ) (4,284 ) 14,596 (17,088 ) (10,007 ) Income tax benefit 576 (484 ) 154 — 246 Loss from continuing operations (2,655 ) (4,768 ) 14,750 (17,088 ) (9,761 ) Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties (5,786 ) (4,768 ) 14,750 (17,088 ) (12,892 ) Gain on sale of hotel properties 637 7,445 (84 ) — 7,998 Net loss and comprehensive loss (5,149 ) 2,677 14,666 (17,088 ) (4,894 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 100 14 — 114 Preferred distributions - consolidated joint venture — — (369 ) — (369 ) Net loss and comprehensive loss attributable to FelCor LP (5,149 ) 2,777 14,311 (17,088 ) (5,149 ) Preferred distributions (6,279 ) — — — (6,279 ) Net loss attributable to FelCor LP common unitholders $ (11,428 ) $ 2,777 $ 14,311 $ (17,088 ) $ (11,428 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Percentage lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenue 41 551,137 84,846 (84,509 ) 551,515 Expense Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expense 69,478 535,476 68,630 (84,509 ) 589,075 Operating loss (69,437 ) 15,661 16,216 — (37,560 ) Intercompany interest income (expense) 241 — (241 ) — — Other income (expense) — — 100 — 100 Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (107,852 ) 15,720 (170 ) — (92,302 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax (93,892 ) 15,643 (200 ) (12,779 ) (91,228 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,927 ) 15,179 (200 ) (12,779 ) (91,727 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (97,342 ) 15,179 (200 ) (12,779 ) (95,142 ) Loss on sale of hotel properties 2 (1,565 ) (201 ) — (1,764 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Nine Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 514,563 $ — $ — $ 514,563 Food and beverage revenue — 117,489 — — 117,489 Percentage lease revenue — — 135,740 (135,740 ) — Other revenue 202 38,414 363 — 38,979 Total revenue 202 670,466 136,103 (135,740 ) 671,031 Expense Hotel operating expense — 131,479 — — 131,479 Food and beverage expense — 91,775 — — 91,775 Management and franchise fee expense — 25,773 — — 25,773 Other operating expense — 176,090 — — 176,090 Depreciation and amortization 193 35,311 51,136 — 86,640 Impairment loss — 26,459 — — 26,459 Property tax, insurance and other 6,622 165,412 17,845 (135,740 ) 54,139 General and administrative — 11,212 9,479 — 20,691 Total operating expense 6,815 663,511 78,460 (135,740 ) 613,046 Operating income (6,613 ) 6,955 57,643 — 57,985 Intercompany interest income (expense) 283 — (283 ) — — Other income (expense) — — 100 — 100 Interest income 21 24 1 — 46 Interest expense (44,079 ) — (15,022 ) — (59,101 ) Loss before equity in income from joint ventures (50,388 ) 6,979 42,439 — (970 ) Equity in income from consolidated entities 54,930 — — (54,930 ) — Equity in income from unconsolidated joint ventures 1,094 326 (34 ) — 1,386 Income before income tax 5,636 7,305 42,405 (54,930 ) 416 Income tax expense 411 (709 ) 154 — (144 ) Income from continuing operations 6,047 6,596 42,559 (54,930 ) 272 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties 2,916 6,596 42,559 (54,930 ) (2,859 ) Gain on sale of hotel properties 387 6,688 (421 ) — 6,654 Net income and comprehensive income 3,303 13,284 42,138 (54,930 ) 3,795 Loss attributable to noncontrolling interests in consolidated joint ventures — 413 188 — 601 Preferred distributions - consolidated joint venture — — (1,093 ) — (1,093 ) Net income and comprehensive income attributable to FelCor LP 3,303 13,697 41,233 (54,930 ) 3,303 Preferred distributions (18,837 ) — — — (18,837 ) Net loss attributable to FelCor LP common unitholders $ (15,534 ) $ 13,697 $ 41,233 $ (54,930 ) $ (15,534 ) |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through September 30, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (8,078 ) $ (1,666 ) $ (1,418 ) $ — $ (11,162 ) Investing activities: Improvements and additions to hotel properties — (16 ) (39 ) — (55 ) Increase in restricted cash reserves — — (623 ) — (623 ) Intercompany financing (3,942 ) — — 3,942 — Cash flows from investing activities (3,942 ) (16 ) (662 ) 3,942 (678 ) Financing activities: Repayment of borrowings — — (471 ) — (471 ) Contributions from partners 35,545 — — — 35,545 Distributions to partners (19,123 ) — — — (19,123 ) Distribution of FelCor TRS — (40,878 ) — — (40,878 ) Preferred distributions - consolidated joint venture — — (126 ) — (126 ) Intercompany financing — 1,682 2,260 (3,942 ) — Cash flows from financing activities 16,422 (39,196 ) 1,663 (3,942 ) (25,053 ) Net change in cash and cash equivalents 4,402 (40,878 ) (417 ) — (36,893 ) Cash and cash equivalents at beginning of period 4,592 40,878 1,926 — 47,396 Cash and cash equivalents at end of period $ 8,994 $ — $ 1,509 $ — $ 10,503 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Decrease (increase) in restricted cash reserves — 5,431 (2,978 ) — 2,453 Distributions from unconsolidated joint ventures 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 62,985 (50,223 ) (91,391 ) 12,907 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash and cash equivalents (5,567 ) 8,364 (2,718 ) — 79 Cash and cash equivalents at beginning of period 13,532 29,141 4,644 — 47,317 Cash and cash equivalents at end of period $ 7,965 $ 37,505 $ 1,926 $ — $ 47,396 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (47,665 ) $ 60,960 $ 100,749 $ — $ 114,044 Investing activities: Acquisition of land — — (8,209 ) — (8,209 ) Improvements and additions to hotel properties (2 ) (23,936 ) (27,390 ) — (51,328 ) Proceeds from the sale of hotel properties, net (1,104 ) 103,077 (252 ) — 101,721 Insurance proceeds — — 94 — 94 Increase in restricted cash reserves — (1,456 ) (2,972 ) — (4,428 ) Distributions from unconsolidated joint ventures 786 — — — 786 Intercompany financing 120,897 — — (120,897 ) — Cash flows from investing activities 120,577 77,685 (38,729 ) (120,897 ) 38,636 Financing activities: Proceeds from borrowings — — 55,000 — 55,000 Repayment of borrowings — — (141,989 ) — (141,989 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 313 239 — 552 Repurchase of common units (30,462 ) — — — (30,462 ) Distributions to preferred unitholders (18,837 ) — — — (18,837 ) Distributions to common unitholders (25,141 ) — — — (25,141 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 597 — 597 Intercompany financing — (142,194 ) 21,297 120,897 — Other (702 ) — (1,097 ) — (1,799 ) Cash flows from financing activities (75,142 ) (141,895 ) (65,967 ) 120,897 (162,107 ) Effect of exchange rate changes on cash — — (9 ) — (9 ) Net change in cash and cash equivalents (2,230 ) (3,250 ) (3,956 ) — (9,436 ) Cash and cash equivalents at beginning of period 21,219 33,873 4,694 — 59,786 Cash and cash equivalents at end of period $ 18,989 $ 30,623 $ 738 $ — $ 50,350 |
Organization (Details)
Organization (Details) | 9 Months Ended | |
Sep. 30, 2017propertyroomstate | Aug. 31, 2017 | |
Sale of Stock | ||
Business combination, stock conversion ratio | 0.362 | |
Number of properties owned | 37 | |
Number of hotel rooms owned | room | 11,200 | |
Number of states in which hotels owned by the entity are located | state | 14 | |
Wholly Owned Properties | ||
Sale of Stock | ||
Number of properties owned | 34 | |
Hotel property ownership interest (as a percent) | 100.00% | |
Partially Owned Properties [Member] | 95% owned | ||
Sale of Stock | ||
Hotel property ownership interest (as a percent) | 95.00% | |
Partially Owned Properties [Member] | 50% owned | ||
Sale of Stock | ||
Number of properties owned | 2 | |
Hotel property ownership interest (as a percent) | 50.00% | |
Consolidated Properties | ||
Sale of Stock | ||
Number of properties owned | 35 | |
Number of leased real estate properties | 36 | |
Unconsolidated Properties | ||
Sale of Stock | ||
Number of properties owned | 2 | |
Hotel property ownership interest (as a percent) | 50.00% | |
Rangers Sub I, LLC | ||
Sale of Stock | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | |
Rangers General Partner, LLC [Member] | ||
Sale of Stock | ||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Merger with RLJ Lodging Trust -
Merger with RLJ Lodging Trust - Narrative (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | |||||
Off-market Lease, Unfavorable | $ 14,600,000 | $ 14,600,000 | |||
Transaction costs | $ 1,039,000 | ||||
Rangers Sub I, LLC | |||||
Business Acquisition [Line Items] | |||||
Transaction costs | $ 1,039,000 | ||||
Predecessor | |||||
Business Acquisition [Line Items] | |||||
Transaction costs | 61,932,000 | 68,248,000 | |||
Predecessor | Rangers Sub I, LLC | |||||
Business Acquisition [Line Items] | |||||
Transaction costs | $ 61,932,000 | $ 0 | $ 68,248,000 | $ 0 |
Merger with RLJ Lodging Trust34
Merger with RLJ Lodging Trust - Schedule of Consideration Transferred (Details) - FelCor Lodging LP | Aug. 31, 2017$ / shares |
Business Acquisition [Line Items] | |
Share price | $ 20.18 |
Common Stock | |
Business Acquisition [Line Items] | |
Share price | 20.18 |
Series A Cumulative Preferred Stock | |
Business Acquisition [Line Items] | |
Share price | $ 28.49 |
Merger with RLJ Lodging Trust35
Merger with RLJ Lodging Trust - Schedule of Allocation of Purchase Price (Details) $ in Thousands | Aug. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 151,706 |
FelCor Lodging LP | |
Business Acquisition [Line Items] | |
Investment in hotel properties | 2,673,629 |
FelCor TRS Distribution, investment in hotel properties | (2,000) |
New Basis after FelCor TRS Distribution, investment in hotel properties | 2,671,629 |
Investment in unconsolidated joint ventures | 25,651 |
FelCor TRS Distribution, investment in unconsolidated joint ventures | (7,900) |
New Basis After FelCor TRS Distribution, investment in unconsolidated joint ventures | 17,751 |
Cash and cash equivalents | 47,396 |
FelCor TRS Distribution, cash and cash equivalents | (40,878) |
New Basis After FelCor TRS Distribution, cash and cash equivalents | 6,518 |
Restricted cash reserves | 17,038 |
FelCor TRS Distribution, restricted cash reserves | (10,989) |
New Basis After FelCor TRS Distribution, restricted cash reserves | 6,049 |
Hotel and other receivables | 28,308 |
FelCor TRS Distribution, hotel and other receivables | (28,308) |
New Basis After FelCor TRS Distribution, hotel and other receivables | 0 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 32,000 |
FelCor TRS Distribution, deferred income tax asset | (32,000) |
New Basis After FelCor TRS Distribution, deferred income tax asset | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 151,706 |
FelCor TRS Distribution, intangible assets | (21,546) |
New Basis After FelCor TRS Distribution, intangible assets | 130,160 |
Prepaid expenses and other assets | 22,525 |
FelCor TRS Distribution, prepaid expenses and other assets | (11,417) |
New Basis After FelCor TRS Distribution, prepaid expenses and other assets | 11,108 |
Debt | (1,305,337) |
FelCor TRS Distribution, debt | 0 |
New Basis After FelCor TRS Distribution, debt | 1,305,337 |
Accounts payable and other liabilities | (115,788) |
FelCor TRS Distribution, accounts payable and other liabilities | 51,642 |
New Basis After FelCor TRS Distribution, accounts payable and other liabilities | 64,146 |
Advance deposits and deferred revenue | (23,795) |
FelCor TRS Distribution, advance deposits and deferred revenue | 23,795 |
New Basis After FelCor TRS Distribution, advance deposits and deferred revenue | 0 |
Accrued interest | (22,612) |
FelCor TRS Distribution, accrued interest | 0 |
New Basis After FelCor TRS Distribution, accrued interest | 22,612 |
Distributions payable | (4,312) |
FelCor TRS Distribution, distributions payable | 0 |
New Basis After FelCor TRS Distribution, distributions payable | 4,312 |
Total equity | 1,526,409 |
FelCor TRS Distribution, total equity | (79,601) |
New Basis After FelCor TRS Distribution, total equity | $ 1,446,808 |
Merger with RLJ Lodging Trust M
Merger with RLJ Lodging Trust Merger with RLJ Logging Trust - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market ground leases | $ 128,181 | |
Advanced bookings | 15,146 | |
Other intangible assets | 8,379 | |
Total intangible assets | $ 151,706 | |
Weighted Average Amortization Period (in Years) | 45 years | |
Below market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 53 years | |
Advanced bookings | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year | |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 6 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($)joint_venture | Sep. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | ||||
Real estate interests, number of joint ventures | joint_venture | 2 | |||
Equity method investment, ownership percentage | 50.00% | |||
Summary of Significant Accounting Policies | ||||
Interest expense, net | $ (4,778,864) | |||
Transaction costs | $ 1,039,000 | |||
Accounts Receivable to Prepaid Expenses And Other Assets | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Accounts receivable | $ 15,400,000 | |||
Prepaid expense and other assets | 0 | |||
Deferred Expenses To Prepaid Expenses And Other Assets | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Deferred expenses | 4,500,000 | |||
Prepaid expense and other assets | 0 | |||
Accrued Expenses And Other Liabilities To Advance Deposits And Deferred Revenue | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Accrued expenses and other liabilities | 25,400,000 | |||
Advance deposits | 0 | |||
Accrued Expenses And Other Liabilities To Accrued Interest | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Accrued expenses and other liabilities | 12,800,000 | |||
Accrued interest | $ 0 | |||
Hotel Operating Revenue To Room Revenue | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel operating revenue | $ 174,200,000 | $ 514,600,000 | ||
Room revenue | 0 | |||
Hotel Operating Revenue To Food And Beverage Revenue | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel operating revenue | 34,300,000 | 117,500,000 | ||
Food and beverage revenue | 0 | |||
Hotel Operating Revenue To Other Operating Department Revenue | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel operating revenue | 12,700,000 | 35,300,000 | ||
Other revenue | 0 | |||
Hotel Departmental Expenses To Room Expense | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel departmental expenses | 44,000,000 | 131,500,000 | ||
Room expense | 0 | |||
Hotel Departmental Expenses To Food And Beverage Expense | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel departmental expenses | 28,200,000 | 91,800,000 | ||
Food and beverage expense | 0 | |||
Hotel Departmental Expenses To Other Operating Expense | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Hotel departmental expenses | 3,800,000 | 11,600,000 | ||
Other operating expense | 0 | |||
Other Expenses To Property Tax, Insurance And Other | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Other expenses | 7,600,000 | 10,600,000 | ||
Property tax, insurance and other | 0 | |||
Other Expenses To Transaction And Pursuit Costs | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Transaction costs | 0 | |||
Interest Expense, Net To Interest Income | Restatement Adjustment | ||||
Summary of Significant Accounting Policies | ||||
Interest expense, net | $ 100,000 | 100,000 | ||
Interest income | $ 0 |
Investment in Hotel Propertie38
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | ||||||
Real Estate Depreciation and Amortization Excluding Discontinued Operations Expense | $ 5,900 | |||||
Land and improvements | 627,506 | |||||
Buildings and improvements | 1,931,489 | |||||
Furniture, fixtures and equipment | 119,645 | |||||
Total | 2,678,640 | |||||
Accumulated depreciation | (5,912) | |||||
Investment in hotel and other properties, net | $ 2,672,728 | |||||
Predecessor | ||||||
Real Estate Properties [Line Items] | ||||||
Real Estate Depreciation and Amortization Excluding Discontinued Operations Expense | $ 17,700 | $ 28,300 | $ 73,100 | $ 86,600 | ||
Land and improvements | $ 271,662 | |||||
Buildings and improvements | 1,801,355 | |||||
Furniture, fixtures and equipment | 426,692 | |||||
Total | 2,499,709 | |||||
Accumulated depreciation | (932,886) | |||||
Investment in hotel and other properties, net | $ 1,566,823 |
Investment in Hotel Propertie39
Investment in Hotel Properties - Narrative (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($)property | Sep. 30, 2016USD ($)property | Jun. 30, 2016USD ($) | Aug. 31, 2017USD ($)property | Sep. 30, 2016USD ($)property | Sep. 30, 2015USD ($) | Aug. 31, 2017USD ($)property | Sep. 30, 2016USD ($)property | Jun. 30, 2017property | |
Real Estate Properties [Line Items] | ||||||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 5,900,000 | |||||||||
Impairment loss | $ 0 | |||||||||
Predecessor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 17,700,000 | $ 28,300,000 | $ 73,100,000 | $ 86,600,000 | ||||||
Impairment loss | $ 24,800,000 | $ 20,100,000 | $ 6,300,000 | $ 20,100,000 | $ 20,900,000 | $ 35,100,000 | $ 26,500,000 | |||
Number of real estate properties impaired | property | 1 | 2 | 2 | 2 | 2 | 2 | ||||
Discontinued Operations, Held-for-sale | Predecessor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Impairment loss | $ 10,300,000 | |||||||||
Number of properties held-for-sale | property | 2 |
Investment in Unconsolidated 40
Investment in Unconsolidated Entities - Narrative (Details) | Sep. 30, 2017property | Dec. 31, 2016hotel |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of properties owned | 37 | |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of properties owned | 2 | |
Unconsolidated Properties | Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of properties owned | hotel | 2,000 |
Investment in Unconsolidated 41
Investment in Unconsolidated Entities - Schedule of Combined Statement of Operations Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | $ 1,074 | |||
Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 814 | $ 1,386 | ||
FelCor Lodging LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | ||||
FelCor Lodging LP | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 814 | $ 1,074 | $ 1,386 |
Investment in Unconsolidated 42
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities(Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 17,117 | |
Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 8,312 | |
Equity basis of the joint venture investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (4,808) | |
Equity basis of the joint venture investments | Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | 1,370 | |
Cost of the joint venture investments in excess of the joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 21,925 | |
Cost of the joint venture investments in excess of the joint venture book value | Predecessor | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 6,942 |
Investment in Unconsolidated 43
Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities(Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 115 | $ 1,074 | |||
Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ 556 | $ 814 | $ 1,386 | ||
Unconsolidated joint ventures net income attributable to the Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | 208 | 1,332 | |||
Unconsolidated joint ventures net income attributable to the Company | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | 621 | 911 | 1,676 | ||
Depreciation of cost in excess of book value | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ (93) | $ (258) | |||
Depreciation of cost in excess of book value | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ (65) | $ (97) | $ (290) |
Sale of Hotel Properties - Nar
Sale of Hotel Properties - Narrative (Details) | 8 Months Ended | 9 Months Ended | |
Aug. 31, 2017USD ($) | Sep. 30, 2017property | Sep. 30, 2016USD ($)property | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Number of hotel properties sold | property | 2 | 2 | |
Disposal of hotel properties | $ 92,000,000 | $ 107,500,000 | |
Gain (loss) on sale of hotel properties | $ 1,600,000 | $ (7,516,464) |
Sale of Hotel Properties - Sch
Sale of Hotel Properties - Schedule of Properties Disposed (Details) - room | Sep. 30, 2017 | Aug. 01, 2017 | Jul. 17, 2017 | Sep. 30, 2016 | Sep. 01, 2016 | Aug. 02, 2016 |
2017 Disposals | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 285 | |||||
Morgans New York | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 117 | |||||
Royalton New York | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 168 | |||||
2016 Disposals | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 943 | |||||
Renaissance Esmeralda Indian Wells Resort & Spa | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 560 | |||||
Holiday Inn Nashville Airport | ||||||
Discontinued operations | ||||||
Property disposed, number of rooms | 383 |
Debt (Details)
Debt (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)asset | Aug. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2017USD ($) | Sep. 30, 2017USD ($)asset | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt | |||||||
Number of Assets Encumbered | asset | 22 | 22 | |||||
Long-term debt, gross | $ 1,303,907,000 | $ 1,303,907,000 | |||||
Deferred financing costs | 0 | 0 | |||||
Total Debt, net | 1,303,907,000 | $ 1,303,907,000 | $ 1,300,000,000 | ||||
Interest Expense | $ 4,778,864 | ||||||
Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 1,354,293,000 | ||||||
Deferred financing costs | 15,967,000 | ||||||
Total Debt, net | 1,338,326,000 | ||||||
Interest Expense | $ 12,908,000 | $ 19,446,000 | $ 51,690,000 | $ 59,101,000 | |||
Interest Costs Capitalized | $ 300,000 | $ 300,000 | $ 1,100,000 | $ 600,000 | |||
Senior Secured Notes [Member] | |||||||
Debt | |||||||
Debt Instrument, Redemption Price, Percentage | 102.80% | ||||||
Senior Unsecured Notes [Member] | |||||||
Debt | |||||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||||
Unsecured Debt | 6.00% Percent, Due June 2025 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 0 | 0 | |||||
Interest rate | 6.00% | 6.00% | |||||
Long-term debt, gross | $ 511,229,000 | $ 511,229,000 | |||||
Unsecured Debt | 6.00% Percent, Due June 2025 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 475,000,000 | ||||||
Secured Debt | 5.63 Percent, Due March 23 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 9 | 9 | |||||
Interest rate | 5.625% | 5.625% | |||||
Long-term debt, gross | $ 555,046,000 | $ 555,046,000 | |||||
Secured Debt | 5.63 Percent, Due March 23 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 525,000,000 | ||||||
Mortgage loans | 4.95 Percent, Due October 2022 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 4 | 4 | |||||
Interest rate | 4.95% | 4.95% | |||||
Long-term debt, gross | $ 121,614,000 | $ 121,614,000 | |||||
Mortgage loans | 4.95 Percent, Due October 2022 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 120,109,000 | ||||||
Mortgage loans | 4.94 Percent, Due October 2022 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 1 | 1 | |||||
Interest rate | 4.94% | 4.94% | |||||
Long-term debt, gross | $ 30,504,000 | $ 30,504,000 | |||||
Mortgage loans | 4.94 Percent, Due October 2022 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 30,184,000 | ||||||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 1 | 1 | |||||
Long-term debt, gross | $ 85,514,000 | $ 85,514,000 | |||||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 85,000,000 | ||||||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | LIBOR | |||||||
Debt | |||||||
Basis spread | 3.00% | ||||||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | |||||||
Debt | |||||||
Number of Assets Encumbered | asset | 7 | 7 | |||||
Long-term debt, gross | $ 0 | $ 0 | |||||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | Predecessor | |||||||
Debt | |||||||
Long-term debt, gross | 119,000,000 | ||||||
Remaining borrowing capacity | $ 281,000,000 | ||||||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | LIBOR | |||||||
Debt | |||||||
Basis spread | 2.75% | ||||||
Senior Unsecured Notes [Member] | Unsecured Debt | |||||||
Debt | |||||||
Debt Instrument, Fair Value Adjustment, Net | 36,229,000 | 36,229,000 | |||||
Senior Secured Notes [Member] | Secured Debt | |||||||
Debt | |||||||
Debt Instrument, Fair Value Adjustment, Net | 30,046,000 | 30,046,000 | |||||
LIBOR Plus 3.00 Percent, Due November 2017 | Secured Debt | |||||||
Debt | |||||||
Debt Instrument, Fair Value Adjustment, Net | 500,000 | 500,000 | |||||
4.94 Percent, Due October 2022 | Secured Debt | |||||||
Debt | |||||||
Debt Instrument, Fair Value Adjustment, Net | 800,000 | 800,000 | |||||
4.95 Percent, Due October 2022 | Secured Debt | |||||||
Debt | |||||||
Debt Instrument, Fair Value Adjustment, Net | $ 3,200,000 | $ 3,200,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Debt | |||||
Total interest expense | $ 4,778,864 | ||||
Predecessor | |||||
Debt | |||||
Capitalized interest | $ (300,000) | $ (300,000) | $ (1,100,000) | $ (600,000) | |
Total interest expense | $ 12,908,000 | $ 19,446,000 | $ 51,690,000 | $ 59,101,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, carrying value | $ 1,303,907 | $ 1,300,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 1,300,000 | 1,400,000 |
Senior notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 1,100,000 | 1,000,000 |
Mortgage loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 236,500 | |
Mortgages and Line of Credit | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 400,000 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 6.7 | |
Predecessor | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 19.5 |
Commitments and Contingencies50
Commitments and Contingencies - Future Minimum Lease Payments to the Company Under Noncancelable Operating Leases (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 22,721 |
2,018 | 95,343 |
2,019 | 84,611 |
2,020 | 0 |
2,021 | 0 |
Thereafter (1) | 0 |
Total | $ 202,675 |
Commitments and Contingencies51
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | |
Apr. 30, 2016USD ($)hotel | Sep. 30, 2017USD ($)property | |
Loss Contingencies [Line Items] | ||
Number of properties owned | property | 37 | |
Loss contingency accrual | $ | $ 5.7 | |
Predecessor | ||
Loss Contingencies [Line Items] | ||
Withdrawal liability | $ | $ 8.3 | |
Predecessor | InterContinental Hotels Group PLC | ||
Loss Contingencies [Line Items] | ||
Number of properties owned | 3 | |
Predecessor | InterContinental Hotels Group PLC | Disposed of by sale | ||
Loss Contingencies [Line Items] | ||
Number of properties owned | 2 | |
Predecessor | Wyndham Hotel Group | ||
Loss Contingencies [Line Items] | ||
Number of properties owned | 1 |
Commitments and Contingencies52
Commitments and Contingencies - Management Agreements (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Other Commitments | ||||||
Management agreement term | 10 years | |||||
NOI Guarantee over life of agreement | $ 100 | |||||
NOI Guarantee annual limit | $ 21.5 | |||||
Predecessor | ||||||
Other Commitments | ||||||
Management fee expense | $ 4.4 | $ 5.3 | $ 19.1 | $ 17.6 | ||
Management Agreement, Guarantee Earnings Recognized During Period | $ 1.4 | $ 1.8 | $ 3.8 | $ 3.3 | ||
Minimum | ||||||
Other Commitments | ||||||
Management agreement term | 5 years | |||||
Base management fee as percentage of hotel revenues | 2.00% | |||||
Maximum | ||||||
Other Commitments | ||||||
Management agreement term | 20 years | |||||
Base management fee as percentage of hotel revenues | 5.00% |
Commitments and Contingencies53
Commitments and Contingencies - Franchise Agreements (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Predecessor | |||||
Other Commitments | |||||
Franchise fee expense | $ 0.2 | $ 2.7 | $ 0.8 | $ 8.2 | |
Minimum | |||||
Other Commitments | |||||
Franchise agreements, additional fees for marketing central reservation systems and other franchisor costs as percentage of room revenue | 3.50% | ||||
Maximum | |||||
Other Commitments | |||||
Franchise agreements term | 15 years | ||||
Franchise agreements, royalty fee as percentage of room revenue | 5.50% | ||||
Franchise agreements, additional fees for marketing central reservation systems and other franchisor costs as percentage of room revenue | 4.00% |
Equity (Details)
Equity (Details) - USD ($) | 9 Months Ended | 33 Months Ended | 45 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Series A Preferred Stock | |||||||
Equity, Class of Treasury Stock | |||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | ||||||
Conversion ratio | 0.7752 | 0.7752 | 0.7752 | ||||
Joint Venture | |||||||
Equity, Class of Treasury Stock | |||||||
Proceeds from redeemable preferred equity | $ 650,000 | $ 600,000 | $ 45,000,000 | ||||
Annual return (as a percent) | 3.25% | ||||||
Annual return equity not redeemed (as a percent) | 8.00% | ||||||
Non-compounding annual return (as a percent) | 0.25% | ||||||
RLJ Lodging Trust Limited Partnership [Member] | General Partner | |||||||
Equity, Class of Treasury Stock | |||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 100.00% | ||||||
Rangers Sub I, LLC | |||||||
Equity, Class of Treasury Stock | |||||||
Membership units, units outstanding (in shares) | 0 | 0 | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | $ 44,430,000 | $ 44,430,000 | $ 44,430,000 | ||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||
Preferred shares, shares authorized (in shares) | 0 | 0 | 0 | ||||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||
Rangers Sub I, LLC | Predecessor | |||||||
Equity, Class of Treasury Stock | |||||||
Membership units, units outstanding (in shares) | 0 | ||||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | $ 43,783,000 | ||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | ||||||
Stock repurchased during the period, Value | $ 30,462,000 | ||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | ||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | ||||||
Rangers Sub I, LLC | Predecessor | Common Stock | |||||||
Equity, Class of Treasury Stock | |||||||
Common shares repurchased and retired (in shares) | 4,609,855 | ||||||
Stock repurchased during the period, Value | $ 45,000 | ||||||
Rangers Sub I, LLC | Limited Partners | |||||||
Equity, Class of Treasury Stock | |||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 99.00% | ||||||
Rangers General Partner, LLC [Member] | General Partner | |||||||
Equity, Class of Treasury Stock | |||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 1.00% | ||||||
FelCor Lodging LP | |||||||
Equity, Class of Treasury Stock | |||||||
Membership units, units outstanding (in shares) | 0 | 0 | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | $ 44,430,000 | $ 44,430,000 | $ 44,430,000 | ||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||
Preferred shares, shares authorized (in shares) | 0 | 0 | 0 | ||||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||
FelCor Lodging LP | Predecessor | |||||||
Equity, Class of Treasury Stock | |||||||
Membership units, units outstanding (in shares) | 0 | ||||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | $ 43,783,000 | ||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | ||||||
Stock repurchased during the period, Value | $ 30,462,000 | ||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | ||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | ||||||
FelCor Lodging LP | Predecessor | Common Stock | |||||||
Equity, Class of Treasury Stock | |||||||
Share repurchase program, authorized amount | $ 100,000,000 | ||||||
Common shares repurchased and retired (in shares) | 4,600,000 | 6,600,000 | |||||
Stock repurchased during the period, Value | $ 30,462,000 | $ 44,800,000 | |||||
FelCor Lodging Trust | |||||||
Equity, Class of Treasury Stock | |||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | ||||||
Common stock, conversion basis | 0.362 | ||||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | ||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | ||||||
RLJ Lodging Trust [Member] | Series A Cumulative Preferred Stock | |||||||
Equity, Class of Treasury Stock | |||||||
Annual cumulative dividend (in dollars per share) | 1.95 | ||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Redeemable Noncontrolling Int55
Redeemable Noncontrolling Interests/Units in FelCor LP - Narrative (Details) $ / shares in Units, $ in Thousands | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Noncontrolling Interest [Line Items] | |||||
Business combination, stock conversion ratio | 0.362 | ||||
FelCor Lodging LP | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable units, at redemption value | $ 0 | ||||
Predecessor | FelCor Lodging LP | |||||
Noncontrolling Interest [Line Items] | |||||
Redeemable units, at redemption value | $ 4,455 | $ 4,888 | $ 3,923 | $ 4,464 | |
Predecessor | Common Stock | FelCor Lodging LP | |||||
Noncontrolling Interest [Line Items] | |||||
Outstanding limited partnership units (in shares) | shares | 610,183 | ||||
Redeemable units, at redemption value | $ 4,500 | $ 4,900 | |||
Closing price of common stock | $ / shares | $ 7.30 | $ 8.01 |
Redeemable Noncontrolling Int56
Redeemable Noncontrolling Interests/Units in FelCor LP - Redeemable Noncontrolling Interests (Details) - Predecessor - FelCor Lodging LP - USD ($) $ in Thousands | 8 Months Ended | 9 Months Ended |
Aug. 31, 2017 | Sep. 30, 2016 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Balance at beginning of the period | $ 4,888 | $ 4,464 |
Conversion of units | 0 | (9) |
Redemption value allocation | 196 | (355) |
Distributions paid to unitholders | (134) | (110) |
Net loss | (495) | (67) |
Balance at end of the period | $ 4,455 | $ 3,923 |
Earnings (Loss) per Common Sh57
Earnings (Loss) per Common Share/Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Rangers Sub I, LLC | |||||
Numerator: | |||||
Less: Preferred dividends | $ 0 | ||||
Rangers Sub I, LLC | Predecessor | |||||
Numerator: | |||||
Net (loss) income attributable to FelCor LP | $ (59,175) | $ (5,099) | $ (96,845) | $ 3,370 | |
Discontinued operations | (3,400) | (3,118) | (3,400) | (3,118) | |
(Loss) income from continuing operations attributable to FelCor LP | (55,775) | (1,981) | (93,445) | 6,488 | |
Less: Preferred dividends | (4,186) | (6,279) | (16,744) | (18,837) | |
Less: Dividends paid on unvested restricted stock | 0 | (36) | (73) | (109) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (59,961) | (8,296) | (110,262) | (12,458) | |
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (63,361) | $ (11,414) | $ (113,662) | $ (15,576) | |
Denominator: | |||||
Weighted-average number of common shares - basic (in shares) | 137,904,668 | 137,463,547 | 137,331,743 | 138,437,454 | |
Unvested restricted shares (in shares) | 0 | 0 | 0 | 0 | |
Weighted-average number of common shares - diluted (in shares) | 137,904,668 | 137,463,547 | 137,331,743 | 138,437,454 | |
Basic and diluted loss per share: | |||||
Loss from continuing operations - basic (in dollars per share) | $ (0.4300) | $ (0.06) | $ (0.8000) | $ (0.09) | |
Discontinued operations (in dollars per share) | (0.02) | (0.02) | (0.02) | (0.02) | |
Net loss - diluted (in dollars per share) | $ (0.46) | $ (0.08) | $ (0.83) | $ (0.11) | |
FelCor Lodging LP | |||||
Numerator: | |||||
Less: Preferred dividends | $ 0 | ||||
FelCor Lodging LP | Predecessor | |||||
Numerator: | |||||
Net (loss) income attributable to FelCor LP | $ (59,449) | $ (5,149) | $ (97,340) | $ 3,303 | |
Discontinued operations | (3,415) | (3,131) | (3,415) | (3,131) | |
(Loss) income from continuing operations attributable to FelCor LP | (56,034) | (2,018) | (93,925) | 6,434 | |
Less: Preferred dividends | (4,186) | (6,279) | (16,744) | (18,837) | |
Less: Dividends paid on unvested restricted stock | 0 | (36) | (73) | (109) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (60,220) | (8,333) | (110,742) | (12,512) | |
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (63,635) | $ (11,464) | $ (114,157) | $ (15,643) | |
Denominator: | |||||
Weighted-average number of common shares - basic (in shares) | 138,514,851 | 138,074,647 | 137,941,926 | 139,048,795 | |
Unvested restricted shares (in shares) | 0 | 0 | 0 | 0 | |
Weighted-average number of common shares - diluted (in shares) | 138,514,851 | 138,074,647 | 137,941,926 | 139,048,795 | |
Basic and diluted loss per share: | |||||
Loss from continuing operations - basic (in dollars per share) | $ (0.4300) | $ (0.0621) | $ (0.8000) | $ (0.0942) | |
Discontinued operations (in dollars per share) | (0.02) | (0.02) | (0.02) | (0.02) | |
Net loss - diluted (in dollars per share) | $ (0.46) | $ (0.08) | $ (0.83) | $ (0.11) | |
Subsidiaries | |||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% |
Supplemental Information to S58
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flows [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | $ 6,956 | ||
Interest paid, net of capitalized interest | 16,301 | ||
Income taxes paid | 19 | ||
Distribution of FelCor TRS, non-cash transaction | $ 38,723 | ||
Predecessor | |||
Supplemental Cash Flows [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | $ 3,640 | $ 4,015 | |
Interest paid, net of capitalized interest | 38,677 | 56,853 | |
Income taxes paid | 1,346 | 575 | |
Distribution of FelCor TRS, non-cash transaction | $ 0 | $ 0 |
FelCor LP's Consolidating Fin59
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | |||||
Investment in hotel properties, net | $ 2,672,728 | ||||
Investment in unconsolidated joint ventures | 17,117 | ||||
Restricted cash reserves | 6,700 | ||||
Debt, net | 1,303,907 | $ 1,300,000 | |||
Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Investment in hotel properties, net | 1,566,823 | ||||
Investment in unconsolidated joint ventures | 8,312 | ||||
Restricted cash reserves | 19,500 | ||||
Debt, net | 1,338,326 | ||||
FelCor Lodging LP | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 2,672,728 | ||||
Intangible assets, net | 129,703 | ||||
Investment in unconsolidated joint ventures | 17,117 | ||||
Cash and cash equivalents | 10,503 | $ 47,396 | |||
Restricted cash reserves | 6,671 | ||||
Related party rent receivable | 12,582 | 0 | |||
Hotel and other receivables, net | 0 | ||||
Prepaid expense and other assets | 11,058 | ||||
Total assets | 2,860,362 | ||||
Debt, net | 1,303,907 | ||||
Accounts payable and other liabilities | 72,451 | ||||
Advance deposits and deferred revenue | 0 | ||||
Accrued interest | 12,049 | ||||
Distributions payable | 4,308 | ||||
Total liabilities | 1,392,715 | ||||
Redeemable units, at redemption value | 0 | ||||
Common units | 1,417,931 | ||||
Total member's/shareholders’ equity | 1,417,931 | ||||
Noncontrolling interests | 5,286 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 44,430 | ||||
Total equity | 1,467,647 | 1,526,409 | |||
Total liabilities and equity | 2,860,362 | ||||
FelCor Lodging LP | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 1,566,823 | ||||
Investment in unconsolidated joint ventures | 8,312 | ||||
Cash and cash equivalents | 47,396 | 47,396 | 47,317 | $ 50,350 | $ 59,786 |
Restricted cash reserves | 19,491 | ||||
Hotel and other receivables, net | 26,651 | ||||
Prepaid expense and other assets | 38,498 | ||||
Total assets | 1,707,092 | ||||
Debt, net | 1,338,326 | ||||
Accounts payable and other liabilities | 78,282 | ||||
Advance deposits and deferred revenue | 25,405 | ||||
Accrued interest | 12,750 | ||||
Distributions payable | 14,858 | ||||
Total liabilities | 1,469,621 | ||||
Redeemable units, at redemption value | 4,455 | 4,888 | 3,923 | 4,464 | |
Preferred units | 309,337 | ||||
Common units | (128,040) | ||||
Total member's/shareholders’ equity | 181,297 | ||||
Noncontrolling interests | 7,503 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 43,783 | ||||
Total equity | 102,986 | 232,583 | 249,381 | 311,145 | |
Total liabilities and equity | 1,707,092 | ||||
FelCor Lodging LP | Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | (2,532,396) | ||||
Investment in hotel properties, net | 0 | ||||
Intangible assets, net | 0 | ||||
Investment in unconsolidated joint ventures | 0 | ||||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash reserves | 0 | ||||
Related party rent receivable | (8,266) | ||||
Prepaid expense and other assets | 0 | ||||
Total assets | (2,540,662) | ||||
Debt, net | (32,741) | ||||
Accounts payable and other liabilities | (8,266) | ||||
Accrued interest | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | (41,007) | ||||
Common units | (2,499,655) | ||||
Total member's/shareholders’ equity | (2,499,655) | ||||
Noncontrolling interests | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | (2,499,655) | ||||
Total liabilities and equity | (2,540,662) | ||||
FelCor Lodging LP | Eliminations | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | (1,190,737) | ||||
Investment in hotel properties, net | 0 | ||||
Investment in unconsolidated joint ventures | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Restricted cash reserves | 0 | ||||
Hotel and other receivables, net | 0 | ||||
Prepaid expense and other assets | 0 | ||||
Total assets | (1,190,737) | ||||
Debt, net | (39,436) | ||||
Accounts payable and other liabilities | 0 | ||||
Advance deposits and deferred revenue | 0 | ||||
Accrued interest | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | (39,436) | ||||
Redeemable units, at redemption value | 0 | ||||
Preferred units | 0 | ||||
Common units | (1,151,301) | ||||
Total member's/shareholders’ equity | (1,151,301) | ||||
Noncontrolling interests | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | (1,151,301) | ||||
Total liabilities and equity | (1,190,737) | ||||
FelCor Lodging LP | Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 2,532,396 | ||||
Investment in hotel properties, net | 0 | ||||
Intangible assets, net | 0 | ||||
Investment in unconsolidated joint ventures | 0 | ||||
Cash and cash equivalents | 8,994 | 4,592 | |||
Restricted cash reserves | 436 | ||||
Related party rent receivable | 0 | ||||
Prepaid expense and other assets | 6,743 | ||||
Total assets | 2,548,569 | ||||
Debt, net | 1,066,275 | ||||
Accounts payable and other liabilities | 42,843 | ||||
Accrued interest | 12,049 | ||||
Distributions payable | 4,186 | ||||
Total liabilities | 1,125,353 | ||||
Common units | 1,423,216 | ||||
Total member's/shareholders’ equity | 1,423,216 | ||||
Noncontrolling interests | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | 1,423,216 | ||||
Total liabilities and equity | 2,548,569 | ||||
FelCor Lodging LP | Parent Company | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 1,190,737 | ||||
Investment in hotel properties, net | 0 | ||||
Investment in unconsolidated joint ventures | 2,410 | ||||
Cash and cash equivalents | 7,965 | 13,532 | 18,989 | 21,219 | |
Restricted cash reserves | 0 | ||||
Hotel and other receivables, net | 0 | ||||
Prepaid expense and other assets | 8,438 | ||||
Total assets | 1,215,117 | ||||
Debt, net | 985,767 | ||||
Accounts payable and other liabilities | 15,209 | ||||
Advance deposits and deferred revenue | 923 | ||||
Accrued interest | 12,299 | ||||
Distributions payable | 14,734 | ||||
Total liabilities | 1,028,932 | ||||
Redeemable units, at redemption value | 4,888 | ||||
Preferred units | 309,337 | ||||
Common units | (128,040) | ||||
Total member's/shareholders’ equity | 181,297 | ||||
Noncontrolling interests | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | 181,297 | ||||
Total liabilities and equity | 1,215,117 | ||||
FelCor Lodging LP | Subsidiary Guarantors | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 812,380 | ||||
Intangible assets, net | 129,703 | ||||
Investment in unconsolidated joint ventures | 0 | ||||
Cash and cash equivalents | 0 | 40,878 | |||
Restricted cash reserves | 14 | ||||
Related party rent receivable | 9,511 | ||||
Prepaid expense and other assets | 1,927 | ||||
Total assets | 953,535 | ||||
Debt, net | 0 | ||||
Accounts payable and other liabilities | 18,466 | ||||
Accrued interest | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | 18,466 | ||||
Common units | 935,069 | ||||
Total member's/shareholders’ equity | 935,069 | ||||
Noncontrolling interests | 0 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | 935,069 | ||||
Total liabilities and equity | 953,535 | ||||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 488,528 | ||||
Investment in unconsolidated joint ventures | 4,800 | ||||
Cash and cash equivalents | 37,505 | 29,141 | 30,623 | 33,873 | |
Restricted cash reserves | 16,433 | ||||
Hotel and other receivables, net | 26,651 | ||||
Prepaid expense and other assets | 16,696 | ||||
Total assets | 582,249 | ||||
Debt, net | 0 | ||||
Accounts payable and other liabilities | 54,960 | ||||
Advance deposits and deferred revenue | 24,479 | ||||
Accrued interest | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | 79,439 | ||||
Redeemable units, at redemption value | 0 | ||||
Preferred units | 0 | ||||
Common units | 503,765 | ||||
Total member's/shareholders’ equity | 503,765 | ||||
Noncontrolling interests | (955) | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 0 | ||||
Total equity | 502,810 | ||||
Total liabilities and equity | 582,249 | ||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 1,860,348 | ||||
Intangible assets, net | 0 | ||||
Investment in unconsolidated joint ventures | 17,117 | ||||
Cash and cash equivalents | 1,509 | 1,926 | |||
Restricted cash reserves | 6,221 | ||||
Related party rent receivable | 11,337 | ||||
Prepaid expense and other assets | 2,388 | ||||
Total assets | 1,898,920 | ||||
Debt, net | 270,373 | ||||
Accounts payable and other liabilities | 19,408 | ||||
Accrued interest | 0 | ||||
Distributions payable | 122 | ||||
Total liabilities | 289,903 | ||||
Common units | 1,559,301 | ||||
Total member's/shareholders’ equity | 1,559,301 | ||||
Noncontrolling interests | 5,286 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 44,430 | ||||
Total equity | 1,609,017 | ||||
Total liabilities and equity | $ 1,898,920 | ||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | ||||
Investment in hotel properties, net | 1,078,295 | ||||
Investment in unconsolidated joint ventures | 1,102 | ||||
Cash and cash equivalents | $ 1,926 | 4,644 | $ 738 | $ 4,694 | |
Restricted cash reserves | 3,058 | ||||
Hotel and other receivables, net | 0 | ||||
Prepaid expense and other assets | 13,364 | ||||
Total assets | 1,100,463 | ||||
Debt, net | 391,995 | ||||
Accounts payable and other liabilities | 8,113 | ||||
Advance deposits and deferred revenue | 3 | ||||
Accrued interest | 451 | ||||
Distributions payable | 124 | ||||
Total liabilities | 400,686 | ||||
Redeemable units, at redemption value | 0 | ||||
Preferred units | 0 | ||||
Common units | 647,536 | ||||
Total member's/shareholders’ equity | 647,536 | ||||
Noncontrolling interests | 8,458 | ||||
Preferred capital in a consolidated joint venture, liquidation value of $45,401 and $44,667 at September 30, 2017 and December 31, 2016, respectively | 43,783 | ||||
Total equity | 699,777 | ||||
Total liabilities and equity | $ 1,100,463 |
FelCor LP's Consolidating Fin60
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Loss (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Aug. 31, 2017 | Sep. 30, 2016 | |
Expense | |||||||||
Impairment loss | $ 0 | ||||||||
Transaction costs | 1,039,000 | ||||||||
Interest expense | (4,778,864) | ||||||||
Equity in income from unconsolidated joint ventures | 115,000 | $ 1,074,000 | |||||||
Predecessor | |||||||||
Expense | |||||||||
Impairment loss | $ 24,800,000 | $ 20,100,000 | $ 6,300,000 | $ 20,100,000 | $ 20,900,000 | 35,100,000 | $ 26,500,000 | ||
Transaction costs | $ 61,932,000 | 68,248,000 | |||||||
Interest expense | (12,908,000) | (19,446,000) | (51,690,000) | (59,101,000) | |||||
Equity in income from unconsolidated joint ventures | 556,000 | 814,000 | 1,386,000 | ||||||
FelCor Lodging LP | |||||||||
Revenue | |||||||||
Room revenue | 0 | ||||||||
Food and beverage revenue | 0 | ||||||||
Percentage lease revenue | 20,854,000 | ||||||||
Other revenue | 0 | ||||||||
Total revenue | 20,854,000 | ||||||||
Expense | |||||||||
Room expense | 0 | ||||||||
Food and beverage expense | 0 | ||||||||
Food and beverage expense | 0 | ||||||||
Other operating expense | 0 | ||||||||
Depreciation and amortization | 5,974,000 | ||||||||
Impairment loss | 0 | ||||||||
Property tax, insurance and other | 4,449,000 | ||||||||
General and administrative | 192,000 | ||||||||
Transaction costs | 1,039,000 | ||||||||
Total operating expense | 11,654,000 | ||||||||
Operating income (loss) | 9,200,000 | ||||||||
Other Nonoperating Income (Expense) | 0 | ||||||||
Interest income | 3,000 | ||||||||
Interest expense | (4,779,000) | ||||||||
Loss on debt extinguishment | 0 | ||||||||
Income (loss) before income tax benefit (expense) | 4,424,000 | ||||||||
Equity in income from consolidated joint ventures | 0 | ||||||||
Equity in income from unconsolidated joint ventures | 115,000 | ||||||||
Income (loss) before income tax benefit (expense) | 4,539,000 | ||||||||
Income tax benefit | 0 | ||||||||
Income from continuing operations | 4,539,000 | ||||||||
Loss before gain on sale of hotel properties | 4,539,000 | ||||||||
Gain (loss) on sale of hotel properties | 0 | ||||||||
Net income (loss) and comprehensive income (loss) | 4,539,000 | ||||||||
Income attributable to noncontrolling interests | (51,000) | ||||||||
Preferred distributions from a consolidated joint venture | (122,000) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,366,000 | ||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,366,000 | ||||||||
FelCor Lodging LP | Predecessor | |||||||||
Revenue | |||||||||
Room revenue | 111,977,000 | 174,169,000 | 425,682,000 | 514,563,000 | |||||
Food and beverage revenue | 20,577,000 | 34,260,000 | 90,572,000 | 117,489,000 | |||||
Percentage lease revenue | 0 | 0 | 0 | 0 | |||||
Other revenue | 10,417,000 | 14,552,000 | 35,261,000 | 38,979,000 | |||||
Total revenue | 142,971,000 | 222,981,000 | 551,515,000 | 671,031,000 | |||||
Expense | |||||||||
Room expense | 28,652,000 | 44,032,000 | 112,813,000 | 131,479,000 | |||||
Food and beverage expense | 17,325,000 | 28,227,000 | 71,828,000 | 91,775,000 | |||||
Food and beverage expense | 4,625,000 | 8,047,000 | 19,901,000 | 25,773,000 | |||||
Other operating expense | 37,272,000 | 56,695,000 | 147,827,000 | 176,090,000 | |||||
Depreciation and amortization | 5,974,000 | 17,699,000 | 28,280,000 | 73,065,000 | 86,640,000 | ||||
Impairment loss | 0 | 20,126,000 | 35,109,000 | 26,459,000 | |||||
Property tax, insurance and other | 12,647,000 | 22,723,000 | 44,278,000 | 54,139,000 | |||||
General and administrative | 2,785,000 | 6,244,000 | 16,006,000 | 20,691,000 | |||||
Transaction costs | 61,932,000 | 0 | 68,248,000 | 0 | |||||
Total operating expense | 182,937,000 | 214,374,000 | 589,075,000 | 613,046,000 | |||||
Operating income (loss) | (39,966,000) | 8,607,000 | (37,560,000) | 57,985,000 | |||||
Intercompany interest income (expense) | 0 | 0 | 0 | 0 | |||||
Other Nonoperating Income (Expense) | 0 | 0 | 100,000 | 100,000 | |||||
Interest income | 46,000 | 18,000 | 126,000 | 46,000 | |||||
Interest expense | (12,908,000) | (19,446,000) | (51,690,000) | (59,101,000) | |||||
Loss on debt extinguishment | (3,278,000) | 0 | (3,278,000) | 0 | |||||
Income (loss) before income tax benefit (expense) | (56,106,000) | (10,821,000) | (92,302,000) | (970,000) | |||||
Equity in income from consolidated joint ventures | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated joint ventures | 556,000 | 814,000 | 1,074,000 | 1,386,000 | |||||
Income (loss) before income tax benefit (expense) | (55,550,000) | (10,007,000) | (91,228,000) | 416,000 | |||||
Income tax benefit | 551,000 | 246,000 | (499,000) | (144,000) | |||||
Income from continuing operations | (54,999,000) | (9,761,000) | (91,727,000) | 272,000 | |||||
Loss from discontinued operations | (3,415,000) | (3,131,000) | (3,415,000) | (3,131,000) | |||||
Loss before gain on sale of hotel properties | (58,414,000) | (12,892,000) | (95,142,000) | (2,859,000) | |||||
Gain (loss) on sale of hotel properties | (891,000) | 7,998,000 | (1,764,000) | 6,654,000 | |||||
Net income (loss) and comprehensive income (loss) | (59,305,000) | (4,894,000) | (96,906,000) | 3,795,000 | |||||
Income attributable to noncontrolling interests | 108,000 | 114,000 | 545,000 | 601,000 | |||||
Preferred distributions from a consolidated joint venture | (252,000) | (369,000) | (979,000) | (1,093,000) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (5,149,000) | (97,340,000) | 3,303,000 | |||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (63,635,000) | (11,428,000) | (114,084,000) | (15,534,000) | |||||
Preferred distributions | (4,186,000) | (6,279,000) | (16,744,000) | (18,837,000) | |||||
FelCor Lodging LP | Eliminations | |||||||||
Revenue | |||||||||
Percentage lease revenue | 0 | ||||||||
Total revenue | 0 | ||||||||
Expense | |||||||||
Depreciation and amortization | 0 | ||||||||
Property tax, insurance and other | 0 | ||||||||
General and administrative | 0 | ||||||||
Transaction costs | 0 | ||||||||
Total operating expense | 0 | ||||||||
Operating income (loss) | 0 | ||||||||
Interest income | (24,000) | ||||||||
Interest expense | 26,000 | ||||||||
Income (loss) before income tax benefit (expense) | 2,000 | ||||||||
Equity in income from consolidated joint ventures | (9,641,000) | ||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||
Net income (loss) and comprehensive income (loss) | (9,639,000) | ||||||||
Income attributable to noncontrolling interests | 0 | ||||||||
Preferred distributions from a consolidated joint venture | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (9,639,000) | ||||||||
FelCor Lodging LP | Eliminations | Predecessor | |||||||||
Revenue | |||||||||
Room revenue | 0 | 0 | 0 | 0 | |||||
Food and beverage revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | 20,000 | (45,242,000) | (84,509,000) | (135,740,000) | |||||
Other revenue | 0 | 0 | 0 | 0 | |||||
Total revenue | 20,000 | (45,242,000) | (84,509,000) | (135,740,000) | |||||
Expense | |||||||||
Room expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Other operating expense | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |||||
Impairment loss | 0 | 0 | 0 | ||||||
Property tax, insurance and other | 20,000 | (45,242,000) | (84,509,000) | (135,740,000) | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Transaction costs | 0 | 0 | |||||||
Total operating expense | 20,000 | (45,242,000) | (84,509,000) | (135,740,000) | |||||
Operating income (loss) | 0 | 0 | 0 | 0 | |||||
Intercompany interest income (expense) | 0 | 0 | 0 | 0 | |||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||
Interest income | 0 | 0 | 0 | 0 | |||||
Interest expense | 0 | 0 | 0 | 0 | |||||
Loss on debt extinguishment | 0 | 0 | |||||||
Income (loss) before income tax benefit (expense) | 0 | 0 | 0 | 0 | |||||
Equity in income from consolidated joint ventures | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Equity in income from unconsolidated joint ventures | 0 | 0 | 0 | 0 | |||||
Income (loss) before income tax benefit (expense) | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Income tax benefit | 0 | 0 | 0 | 0 | |||||
Income from continuing operations | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Loss from discontinued operations | 0 | 0 | 0 | 0 | |||||
Loss before gain on sale of hotel properties | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Gain (loss) on sale of hotel properties | 0 | 0 | 0 | 0 | |||||
Net income (loss) and comprehensive income (loss) | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Preferred distributions from a consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (16,160,000) | (17,088,000) | (12,779,000) | (54,930,000) | |||||
Preferred distributions | 0 | 0 | 0 | 0 | |||||
FelCor Lodging LP | Parent Company | |||||||||
Revenue | |||||||||
Percentage lease revenue | 0 | ||||||||
Total revenue | 0 | ||||||||
Expense | |||||||||
Depreciation and amortization | 38,000 | ||||||||
Property tax, insurance and other | 8,000 | ||||||||
General and administrative | 191,000 | ||||||||
Transaction costs | 1,034,000 | ||||||||
Total operating expense | 1,271,000 | ||||||||
Operating income (loss) | (1,271,000) | ||||||||
Interest income | 27,000 | ||||||||
Interest expense | (3,980,000) | ||||||||
Income (loss) before income tax benefit (expense) | (5,224,000) | ||||||||
Equity in income from consolidated joint ventures | 9,641,000 | ||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||
Net income (loss) and comprehensive income (loss) | 4,417,000 | ||||||||
Income attributable to noncontrolling interests | (51,000) | ||||||||
Preferred distributions from a consolidated joint venture | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,366,000 | ||||||||
FelCor Lodging LP | Parent Company | Predecessor | |||||||||
Revenue | |||||||||
Room revenue | 0 | 0 | 0 | 0 | |||||
Food and beverage revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | 0 | 0 | 0 | 0 | |||||
Other revenue | 2,000 | 15,000 | 41,000 | 202,000 | |||||
Total revenue | 2,000 | 15,000 | 41,000 | 202,000 | |||||
Expense | |||||||||
Room expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Other operating expense | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 78,000 | 49,000 | 309,000 | 193,000 | |||||
Impairment loss | 0 | 0 | 0 | ||||||
Property tax, insurance and other | 815,000 | 6,150,000 | 921,000 | 6,622,000 | |||||
General and administrative | 0 | 0 | 0 | 0 | |||||
Transaction costs | 61,932,000 | 68,248,000 | |||||||
Total operating expense | 62,825,000 | 6,199,000 | 69,478,000 | 6,815,000 | |||||
Operating income (loss) | (62,823,000) | (6,184,000) | (69,437,000) | (6,613,000) | |||||
Intercompany interest income (expense) | 56,000 | 95,000 | 241,000 | 283,000 | |||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||
Interest income | 23,000 | 10,000 | 66,000 | 21,000 | |||||
Interest expense | (9,637,000) | (14,618,000) | (38,722,000) | (44,079,000) | |||||
Loss on debt extinguishment | 0 | 0 | |||||||
Income (loss) before income tax benefit (expense) | (72,381,000) | (20,697,000) | (107,852,000) | (50,388,000) | |||||
Equity in income from consolidated joint ventures | 16,160,000 | 17,088,000 | 12,779,000 | 54,930,000 | |||||
Equity in income from unconsolidated joint ventures | 165,000 | 378,000 | 1,181,000 | 1,094,000 | |||||
Income (loss) before income tax benefit (expense) | (56,056,000) | (3,231,000) | (93,892,000) | 5,636,000 | |||||
Income tax benefit | 20,000 | 576,000 | (35,000) | 411,000 | |||||
Income from continuing operations | (56,036,000) | (2,655,000) | (93,927,000) | 6,047,000 | |||||
Loss from discontinued operations | (3,415,000) | (3,131,000) | (3,415,000) | (3,131,000) | |||||
Loss before gain on sale of hotel properties | (59,451,000) | (5,786,000) | (97,342,000) | 2,916,000 | |||||
Gain (loss) on sale of hotel properties | 2,000 | 637,000 | 2,000 | 387,000 | |||||
Net income (loss) and comprehensive income (loss) | (59,449,000) | (5,149,000) | (97,340,000) | 3,303,000 | |||||
Income attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |||||
Preferred distributions from a consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (59,449,000) | (5,149,000) | (97,340,000) | 3,303,000 | |||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (63,635,000) | (11,428,000) | (114,084,000) | (15,534,000) | |||||
Preferred distributions | (4,186,000) | (6,279,000) | (16,744,000) | (18,837,000) | |||||
FelCor Lodging LP | Subsidiary Guarantors | |||||||||
Revenue | |||||||||
Percentage lease revenue | 9,511,000 | ||||||||
Total revenue | 9,511,000 | ||||||||
Expense | |||||||||
Depreciation and amortization | 2,021,000 | ||||||||
Property tax, insurance and other | 2,821,000 | ||||||||
General and administrative | 0 | ||||||||
Transaction costs | 4,000 | ||||||||
Total operating expense | 4,846,000 | ||||||||
Operating income (loss) | 4,665,000 | ||||||||
Interest income | 0 | ||||||||
Interest expense | 0 | ||||||||
Income (loss) before income tax benefit (expense) | 4,665,000 | ||||||||
Equity in income from consolidated joint ventures | 0 | ||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||
Net income (loss) and comprehensive income (loss) | 4,665,000 | ||||||||
Income attributable to noncontrolling interests | 0 | ||||||||
Preferred distributions from a consolidated joint venture | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,665,000 | ||||||||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||
Revenue | |||||||||
Room revenue | 111,977,000 | 174,169,000 | 425,682,000 | 514,563,000 | |||||
Food and beverage revenue | 20,577,000 | 34,260,000 | 90,572,000 | 117,489,000 | |||||
Percentage lease revenue | 0 | 0 | 0 | 0 | |||||
Other revenue | 10,281,000 | 14,365,000 | 34,883,000 | 38,414,000 | |||||
Total revenue | 142,835,000 | 222,794,000 | 551,137,000 | 670,466,000 | |||||
Expense | |||||||||
Room expense | 28,652,000 | 44,032,000 | 112,813,000 | 131,479,000 | |||||
Food and beverage expense | 17,325,000 | 28,227,000 | 71,828,000 | 91,775,000 | |||||
Food and beverage expense | 4,625,000 | 8,047,000 | 19,901,000 | 25,773,000 | |||||
Other operating expense | 37,272,000 | 56,695,000 | 147,827,000 | 176,090,000 | |||||
Depreciation and amortization | 6,494,000 | 11,284,000 | 28,064,000 | 35,311,000 | |||||
Impairment loss | 20,126,000 | 35,109,000 | 26,459,000 | ||||||
Property tax, insurance and other | 7,286,000 | 55,603,000 | 111,020,000 | 165,412,000 | |||||
General and administrative | 1,889,000 | 3,517,000 | 8,914,000 | 11,212,000 | |||||
Transaction costs | 0 | 0 | |||||||
Total operating expense | 103,543,000 | 227,531,000 | 535,476,000 | 663,511,000 | |||||
Operating income (loss) | 39,292,000 | (4,737,000) | 15,661,000 | 6,955,000 | |||||
Intercompany interest income (expense) | 0 | 0 | 0 | 0 | |||||
Other Nonoperating Income (Expense) | 0 | 0 | |||||||
Interest income | 23,000 | 6,000 | 59,000 | 24,000 | |||||
Interest expense | 0 | 0 | 0 | 0 | |||||
Loss on debt extinguishment | 0 | 0 | |||||||
Income (loss) before income tax benefit (expense) | 39,315,000 | (4,731,000) | 15,720,000 | 6,979,000 | |||||
Equity in income from consolidated joint ventures | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated joint ventures | 399,000 | 447,000 | (77,000) | 326,000 | |||||
Income (loss) before income tax benefit (expense) | 39,714,000 | (4,284,000) | 15,643,000 | 7,305,000 | |||||
Income tax benefit | 531,000 | (484,000) | (464,000) | (709,000) | |||||
Income from continuing operations | 40,245,000 | (4,768,000) | 15,179,000 | 6,596,000 | |||||
Loss from discontinued operations | 0 | 0 | 0 | 0 | |||||
Loss before gain on sale of hotel properties | 40,245,000 | (4,768,000) | 15,179,000 | 6,596,000 | |||||
Gain (loss) on sale of hotel properties | (913,000) | 7,445,000 | (1,565,000) | 6,688,000 | |||||
Net income (loss) and comprehensive income (loss) | 39,332,000 | 2,677,000 | 13,614,000 | 13,284,000 | |||||
Income attributable to noncontrolling interests | 76,000 | 100,000 | 336,000 | 413,000 | |||||
Preferred distributions from a consolidated joint venture | 0 | 0 | 0 | 0 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 39,408,000 | 2,777,000 | 13,950,000 | 13,697,000 | |||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 39,408,000 | 2,777,000 | 13,950,000 | 13,697,000 | |||||
Preferred distributions | 0 | 0 | 0 | 0 | |||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||||||
Revenue | |||||||||
Percentage lease revenue | 11,343,000 | ||||||||
Total revenue | 11,343,000 | ||||||||
Expense | |||||||||
Depreciation and amortization | 3,915,000 | ||||||||
Property tax, insurance and other | 1,620,000 | ||||||||
General and administrative | 1,000 | ||||||||
Transaction costs | 1,000 | ||||||||
Total operating expense | 5,537,000 | ||||||||
Operating income (loss) | 5,806,000 | ||||||||
Interest income | 0 | ||||||||
Interest expense | (825,000) | ||||||||
Income (loss) before income tax benefit (expense) | 4,981,000 | ||||||||
Equity in income from consolidated joint ventures | 0 | ||||||||
Equity in income from unconsolidated joint ventures | 115,000 | ||||||||
Net income (loss) and comprehensive income (loss) | 5,096,000 | ||||||||
Income attributable to noncontrolling interests | 0 | ||||||||
Preferred distributions from a consolidated joint venture | (122,000) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 4,974,000 | ||||||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||
Revenue | |||||||||
Room revenue | 0 | 0 | 0 | 0 | |||||
Food and beverage revenue | 0 | 0 | 0 | 0 | |||||
Percentage lease revenue | (20,000) | 45,242,000 | 84,509,000 | 135,740,000 | |||||
Other revenue | 134,000 | 172,000 | 337,000 | 363,000 | |||||
Total revenue | 114,000 | 45,414,000 | 84,846,000 | 136,103,000 | |||||
Expense | |||||||||
Room expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Food and beverage expense | 0 | 0 | 0 | 0 | |||||
Other operating expense | 0 | 0 | 0 | 0 | |||||
Depreciation and amortization | 11,127,000 | 16,947,000 | 44,692,000 | 51,136,000 | |||||
Impairment loss | 0 | 0 | 0 | ||||||
Property tax, insurance and other | 4,526,000 | 6,212,000 | 16,846,000 | 17,845,000 | |||||
General and administrative | 896,000 | 2,727,000 | 7,092,000 | 9,479,000 | |||||
Transaction costs | 0 | 0 | |||||||
Total operating expense | 16,549,000 | 25,886,000 | 68,630,000 | 78,460,000 | |||||
Operating income (loss) | (16,435,000) | 19,528,000 | 16,216,000 | 57,643,000 | |||||
Intercompany interest income (expense) | (56,000) | (95,000) | (241,000) | (283,000) | |||||
Other Nonoperating Income (Expense) | 100,000 | 100,000 | |||||||
Interest income | 0 | 2,000 | 1,000 | 1,000 | |||||
Interest expense | (3,271,000) | (4,828,000) | (12,968,000) | (15,022,000) | |||||
Loss on debt extinguishment | (3,278,000) | (3,278,000) | |||||||
Income (loss) before income tax benefit (expense) | (23,040,000) | 14,607,000 | (170,000) | 42,439,000 | |||||
Equity in income from consolidated joint ventures | 0 | 0 | 0 | 0 | |||||
Equity in income from unconsolidated joint ventures | (8,000) | (11,000) | (30,000) | (34,000) | |||||
Income (loss) before income tax benefit (expense) | (23,048,000) | 14,596,000 | (200,000) | 42,405,000 | |||||
Income tax benefit | 0 | 154,000 | 0 | 154,000 | |||||
Income from continuing operations | (23,048,000) | 14,750,000 | (200,000) | 42,559,000 | |||||
Loss from discontinued operations | 0 | 0 | 0 | 0 | |||||
Loss before gain on sale of hotel properties | (23,048,000) | 14,750,000 | (200,000) | 42,559,000 | |||||
Gain (loss) on sale of hotel properties | 20,000 | (84,000) | (201,000) | (421,000) | |||||
Net income (loss) and comprehensive income (loss) | (23,028,000) | 14,666,000 | (401,000) | 42,138,000 | |||||
Income attributable to noncontrolling interests | 32,000 | 14,000 | 209,000 | 188,000 | |||||
Preferred distributions from a consolidated joint venture | (252,000) | (369,000) | (979,000) | (1,093,000) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (23,248,000) | 14,311,000 | (1,171,000) | 41,233,000 | |||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (23,248,000) | 14,311,000 | (1,171,000) | 41,233,000 | |||||
Preferred distributions | $ 0 | $ 0 | $ 0 | $ 0 |
FelCor LP's Consolidating Fin61
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - FelCor Lodging LP - USD ($) $ in Thousands | 1 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | |
Operating activities: | |||
Cash flows from operating activities | $ (11,162) | ||
Investing activities: | |||
Acquisition of land | 0 | ||
Improvements and additions to hotel properties | (55) | ||
Proceeds from the sale of hotel properties, net | 0 | ||
Insurance proceeds | 0 | ||
Increase in restricted cash reserves | (623) | ||
Distributions from unconsolidated entities | 0 | ||
Intercompany financing | 0 | ||
Net cash flow (used in) provided by investing activities | (678) | ||
Financing activities: | |||
Proceeds from borrowings | 0 | ||
Repayment of borrowings | (471) | ||
Contributions from noncontrolling interests | 35,545 | ||
Distributions to noncontrolling interests | 0 | ||
Contributions from noncontrolling interests | 0 | ||
Repurchase of common units | 0 | ||
Payment of deferred financing fees | 0 | ||
Distributions to partners | 19,123 | ||
Distribution of FelCor TRS | (40,878) | ||
Preferred distributions - consolidated joint venture | (126) | ||
Distributions to preferred unitholders | 0 | ||
Distributions to common unitholders | 0 | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | ||
Intercompany financing | 0 | ||
Net cash flow used in financing activities | (25,053) | ||
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | (36,893) | ||
Cash and cash equivalents, beginning of period | 47,396 | ||
Cash and cash equivalents, end of period | 10,503 | $ 47,396 | |
Predecessor | |||
Operating activities: | |||
Cash flows from operating activities | 99,340 | $ 114,044 | |
Investing activities: | |||
Acquisition of land | 0 | (8,209) | |
Improvements and additions to hotel properties | (63,802) | (51,328) | |
Proceeds from the sale of hotel properties, net | 73,416 | 101,721 | |
Insurance proceeds | 0 | 94 | |
Increase in restricted cash reserves | 2,453 | (4,428) | |
Distributions from unconsolidated entities | 840 | 786 | |
Intercompany financing | 0 | 0 | |
Net cash flow (used in) provided by investing activities | 12,907 | 38,636 | |
Financing activities: | |||
Proceeds from borrowings | 66,000 | 55,000 | |
Repayment of borrowings | (121,691) | (141,989) | |
Contributions from noncontrolling interests | 0 | 0 | |
Distributions to noncontrolling interests | (150) | (16) | |
Contributions from noncontrolling interests | 333 | 552 | |
Repurchase of common units | 0 | 30,462 | |
Payment of deferred financing fees | 0 | (12) | |
Preferred distributions - consolidated joint venture | (977) | (1,097) | |
Distributions to preferred unitholders | (18,836) | (18,837) | |
Distributions to common unitholders | (30,926) | (25,141) | |
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | 597 | |
Intercompany financing | 0 | 0 | |
Other | (7,545) | (1,799) | |
Net cash flow used in financing activities | (112,168) | (162,107) | |
Effect of exchange rate changes on cash | 0 | (9) | |
Net change in cash and cash equivalents | 79 | (9,436) | |
Cash and cash equivalents, beginning of period | 47,396 | 47,317 | 59,786 |
Cash and cash equivalents, end of period | 47,396 | 47,396 | 50,350 |
Eliminations | |||
Operating activities: | |||
Cash flows from operating activities | 0 | ||
Investing activities: | |||
Improvements and additions to hotel properties | 0 | ||
Increase in restricted cash reserves | 0 | ||
Intercompany financing | 3,942 | ||
Net cash flow (used in) provided by investing activities | 3,942 | ||
Financing activities: | |||
Repayment of borrowings | 0 | ||
Contributions from noncontrolling interests | 0 | ||
Distributions to partners | 0 | ||
Distribution of FelCor TRS | 0 | ||
Preferred distributions - consolidated joint venture | 0 | ||
Intercompany financing | (3,942) | ||
Net cash flow used in financing activities | (3,942) | ||
Net change in cash and cash equivalents | 0 | ||
Cash and cash equivalents, beginning of period | 0 | ||
Cash and cash equivalents, end of period | 0 | 0 | |
Eliminations | Predecessor | |||
Operating activities: | |||
Cash flows from operating activities | 0 | 0 | |
Investing activities: | |||
Acquisition of land | 0 | ||
Improvements and additions to hotel properties | 0 | 0 | |
Proceeds from the sale of hotel properties, net | 0 | 0 | |
Insurance proceeds | 0 | ||
Increase in restricted cash reserves | 0 | 0 | |
Distributions from unconsolidated entities | 0 | 0 | |
Intercompany financing | (91,391) | (120,897) | |
Net cash flow (used in) provided by investing activities | (91,391) | (120,897) | |
Financing activities: | |||
Proceeds from borrowings | 0 | 0 | |
Repayment of borrowings | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from noncontrolling interests | 0 | 0 | |
Repurchase of common units | 0 | ||
Payment of deferred financing fees | 0 | ||
Distributions to preferred unitholders | 0 | 0 | |
Distributions to common unitholders | 0 | 0 | |
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | |
Intercompany financing | 91,391 | 120,897 | |
Other | 0 | 0 | |
Net cash flow used in financing activities | 91,391 | 120,897 | |
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | |
Parent Company | |||
Operating activities: | |||
Cash flows from operating activities | (8,078) | ||
Investing activities: | |||
Improvements and additions to hotel properties | 0 | ||
Increase in restricted cash reserves | 0 | ||
Intercompany financing | (3,942) | ||
Net cash flow (used in) provided by investing activities | (3,942) | ||
Financing activities: | |||
Repayment of borrowings | 0 | ||
Contributions from noncontrolling interests | 35,545 | ||
Distributions to partners | 19,123 | ||
Distribution of FelCor TRS | 0 | ||
Preferred distributions - consolidated joint venture | 0 | ||
Intercompany financing | 0 | ||
Net cash flow used in financing activities | 16,422 | ||
Net change in cash and cash equivalents | 4,402 | ||
Cash and cash equivalents, beginning of period | 4,592 | ||
Cash and cash equivalents, end of period | 8,994 | 4,592 | |
Parent Company | Predecessor | |||
Operating activities: | |||
Cash flows from operating activities | (40,773) | (47,665) | |
Investing activities: | |||
Acquisition of land | 0 | ||
Improvements and additions to hotel properties | 1 | (2) | |
Proceeds from the sale of hotel properties, net | (696) | (1,104) | |
Insurance proceeds | 0 | ||
Increase in restricted cash reserves | 0 | 0 | |
Distributions from unconsolidated entities | 840 | 786 | |
Intercompany financing | 91,391 | 120,897 | |
Net cash flow (used in) provided by investing activities | 91,536 | 120,577 | |
Financing activities: | |||
Proceeds from borrowings | 0 | 0 | |
Repayment of borrowings | 0 | 0 | |
Distributions to noncontrolling interests | 0 | 0 | |
Contributions from noncontrolling interests | 0 | 0 | |
Repurchase of common units | 30,462 | ||
Payment of deferred financing fees | 0 | ||
Distributions to preferred unitholders | (18,836) | (18,837) | |
Distributions to common unitholders | (30,926) | (25,141) | |
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | |
Intercompany financing | 0 | 0 | |
Other | (6,568) | (702) | |
Net cash flow used in financing activities | (56,330) | (75,142) | |
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | (5,567) | (2,230) | |
Cash and cash equivalents, beginning of period | 7,965 | 13,532 | 21,219 |
Cash and cash equivalents, end of period | 7,965 | 18,989 | |
Subsidiary Guarantors | |||
Operating activities: | |||
Cash flows from operating activities | (1,666) | ||
Investing activities: | |||
Improvements and additions to hotel properties | (16) | ||
Increase in restricted cash reserves | 0 | ||
Intercompany financing | 0 | ||
Net cash flow (used in) provided by investing activities | (16) | ||
Financing activities: | |||
Repayment of borrowings | 0 | ||
Contributions from noncontrolling interests | 0 | ||
Distributions to partners | 0 | ||
Distribution of FelCor TRS | (40,878) | ||
Preferred distributions - consolidated joint venture | 0 | ||
Intercompany financing | 1,682 | ||
Net cash flow used in financing activities | (39,196) | ||
Net change in cash and cash equivalents | (40,878) | ||
Cash and cash equivalents, beginning of period | 40,878 | ||
Cash and cash equivalents, end of period | 0 | 40,878 | |
Subsidiary Guarantors | Predecessor | |||
Operating activities: | |||
Cash flows from operating activities | 85,899 | 60,960 | |
Investing activities: | |||
Acquisition of land | 0 | ||
Improvements and additions to hotel properties | (16,727) | (23,936) | |
Proceeds from the sale of hotel properties, net | 74,281 | 103,077 | |
Insurance proceeds | 0 | ||
Increase in restricted cash reserves | 5,431 | (1,456) | |
Distributions from unconsolidated entities | 0 | 0 | |
Intercompany financing | 0 | 0 | |
Net cash flow (used in) provided by investing activities | 62,985 | 77,685 | |
Financing activities: | |||
Proceeds from borrowings | 0 | 0 | |
Repayment of borrowings | 0 | 0 | |
Distributions to noncontrolling interests | 0 | (14) | |
Contributions from noncontrolling interests | 333 | 313 | |
Repurchase of common units | 0 | ||
Payment of deferred financing fees | 0 | ||
Distributions to preferred unitholders | 0 | 0 | |
Distributions to common unitholders | 0 | 0 | |
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | |
Intercompany financing | (140,853) | (142,194) | |
Other | 0 | 0 | |
Net cash flow used in financing activities | (140,520) | (141,895) | |
Effect of exchange rate changes on cash | 0 | ||
Net change in cash and cash equivalents | 8,364 | (3,250) | |
Cash and cash equivalents, beginning of period | 37,505 | 29,141 | 33,873 |
Cash and cash equivalents, end of period | 37,505 | 30,623 | |
Non-Guarantor Subsidiaries | |||
Operating activities: | |||
Cash flows from operating activities | (1,418) | ||
Investing activities: | |||
Improvements and additions to hotel properties | (39) | ||
Increase in restricted cash reserves | (623) | ||
Intercompany financing | 0 | ||
Net cash flow (used in) provided by investing activities | (662) | ||
Financing activities: | |||
Repayment of borrowings | (471) | ||
Contributions from noncontrolling interests | 0 | ||
Distributions to partners | 0 | ||
Distribution of FelCor TRS | 0 | ||
Preferred distributions - consolidated joint venture | (126) | ||
Intercompany financing | 2,260 | ||
Net cash flow used in financing activities | 1,663 | ||
Net change in cash and cash equivalents | (417) | ||
Cash and cash equivalents, beginning of period | 1,926 | ||
Cash and cash equivalents, end of period | 1,509 | 1,926 | |
Non-Guarantor Subsidiaries | Predecessor | |||
Operating activities: | |||
Cash flows from operating activities | 54,214 | 100,749 | |
Investing activities: | |||
Acquisition of land | (8,209) | ||
Improvements and additions to hotel properties | (47,076) | (27,390) | |
Proceeds from the sale of hotel properties, net | (169) | (252) | |
Insurance proceeds | 94 | ||
Increase in restricted cash reserves | (2,978) | (2,972) | |
Distributions from unconsolidated entities | 0 | 0 | |
Intercompany financing | 0 | 0 | |
Net cash flow (used in) provided by investing activities | (50,223) | (38,729) | |
Financing activities: | |||
Proceeds from borrowings | 66,000 | 55,000 | |
Repayment of borrowings | (121,691) | (141,989) | |
Distributions to noncontrolling interests | (150) | (2) | |
Contributions from noncontrolling interests | 0 | 239 | |
Repurchase of common units | 0 | ||
Payment of deferred financing fees | (12) | ||
Distributions to preferred unitholders | 0 | 0 | |
Distributions to common unitholders | 0 | 0 | |
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | 597 | |
Intercompany financing | 49,462 | 21,297 | |
Other | (977) | (1,097) | |
Net cash flow used in financing activities | (6,709) | (65,967) | |
Effect of exchange rate changes on cash | (9) | ||
Net change in cash and cash equivalents | (2,718) | (3,956) | |
Cash and cash equivalents, beginning of period | $ 1,926 | 4,644 | 4,694 |
Cash and cash equivalents, end of period | $ 1,926 | $ 738 |
Uncategorized Items - rlj-20170
Label | Element | Value |
Rangers Sub I, LLC [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | $ 79,601,000 |
FelCor Lodging LP [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | 79,601,000 |
Additional Paid-in Capital [Member] | Rangers Sub I, LLC [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | 78,882,000 |
Additional Paid-in Capital [Member] | FelCor Lodging LP [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | 79,679,000 |
Noncontrolling Interest, Operating Partnerships [Member] | Rangers Sub I, LLC [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | 797,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | (78,000) |
Noncontrolling Interest, Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | ||
Distribution of FelCor TRS | rlj_DistributionofFelCorTRS | $ (78,000) |