Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document Information [Line Items] | |
Entity Registrant Name | Rangers Sub I, LLC |
Entity Central Index Key | 0001715629 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 1 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Small Business | false |
FelCor Lodging LP | |
Document Information [Line Items] | |
Entity Registrant Name | FelCor Lodging Limited Partnership |
Entity Central Index Key | 0001048789 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Investment in hotel properties, net | $ 2,114,988 | $ 2,123,423 |
Restricted cash reserves | 4,100 | 3,200 |
Lease right-of-use assets | 0 | |
Intangible assets, net | 46,260 | |
Liabilities and Equity | ||
Debt, net | 624,631 | 626,628 |
Accounts payable and other liabilities | 43,389 | |
Operating Lease, Liability | 0 | |
Rangers Sub I, LLC | ||
Assets | ||
Investment in hotel properties, net | 2,114,988 | 2,123,423 |
Investment in unconsolidated joint ventures | 15,876 | 15,716 |
Cash and cash equivalents | 13,294 | 21,351 |
Restricted cash reserves | 4,111 | 3,211 |
Related party rent receivable | 25,781 | 16,501 |
Lease right-of-use assets | 83,852 | 0 |
Intangible assets, net | 0 | 46,260 |
Prepaid expense and other assets | 7,472 | 6,552 |
Related Party Prepaid Interest | 0 | 180 |
Total assets | 2,265,374 | 2,233,194 |
Liabilities and Equity | ||
Debt, net | 624,631 | 626,628 |
Notes Payable, Related Parties | 85,000 | 85,000 |
Accounts payable and other liabilities | 26,670 | 43,389 |
Operating Lease, Liability | 49,336 | 0 |
Accrued interest | 9,588 | 2,463 |
Accrued Interest, Related Party | 220 | 0 |
Distributions payable | 0 | 126 |
Total liabilities | 795,445 | 757,606 |
Commitments and Contingencies (Note 9) | ||
Member's equity: | ||
Member's equity | 1,359,436 | 1,334,154 |
Retained earnings | 87,640 | 76,695 |
Total member's equity | 1,447,076 | 1,410,849 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,236 | 6,059 |
Noncontrolling interest in FelCor LP | 14,617 | 14,250 |
Total noncontrolling interest | 22,853 | 20,309 |
Preferred capital in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | 44,430 |
Total equity | 1,469,929 | 1,475,588 |
Total liabilities and equity | 2,265,374 | 2,233,194 |
FelCor Lodging LP | ||
Assets | ||
Investment in hotel properties, net | 2,114,988 | 2,123,423 |
Investment in unconsolidated joint ventures | 15,876 | 15,716 |
Cash and cash equivalents | 13,294 | 21,351 |
Restricted cash reserves | 4,111 | 3,211 |
Related party rent receivable | 25,781 | 16,501 |
Lease right-of-use assets | 83,852 | 0 |
Intangible assets, net | 0 | 46,260 |
Prepaid expense and other assets | 7,472 | 6,552 |
Related Party Prepaid Interest | 0 | 180 |
Total assets | 2,265,374 | 2,233,194 |
Liabilities and Equity | ||
Debt, net | 624,631 | 626,628 |
Notes Payable, Related Parties | 85,000 | 85,000 |
Accounts payable and other liabilities | 26,670 | 43,389 |
Operating Lease, Liability | 49,336 | 0 |
Accrued interest | 9,588 | 2,463 |
Accrued Interest, Related Party | 220 | 0 |
Distributions payable | 0 | 126 |
Total liabilities | 795,445 | 757,606 |
Commitments and Contingencies (Note 9) | ||
Member's equity: | ||
Partners' capital | 1,373,168 | 1,347,630 |
Retained earnings | 88,525 | 77,469 |
Total member's equity | 1,461,693 | 1,425,099 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,236 | 6,059 |
Preferred capital in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | 44,430 |
Total equity | 1,469,929 | 1,475,588 |
Total liabilities and equity | $ 2,265,374 | $ 2,233,194 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Rangers Sub I, LLC | ||
Membership units, par value (in dollars per share) | $ 0 | $ 0 |
Membership units, units issued (in shares) | 1 | 1 |
Membership units, units outstanding (in shares) | 1 | 1 |
Preferred capital in a consolidated joint venture, liquidation value | $ 0 | $ 45,544 |
FelCor Lodging LP | ||
Membership units, par value (in dollars per share) | $ 0 | $ 0 |
Membership units, units issued (in shares) | 1 | 1 |
Membership units, units outstanding (in shares) | 1 | 1 |
Preferred capital in a consolidated joint venture, liquidation value | $ 0 | $ 45,544 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | ||
Related party lease revenue | $ 49,921 | |
Expenses | ||
Interest expense | (7,200) | $ (13,100) |
Interest Expense, Related Party | (1,166) | |
Equity in income from unconsolidated joint ventures | 107 | 116 |
Rangers Sub I, LLC | ||
Revenues | ||
Related party lease revenue | 49,921 | 53,550 |
Total revenues | 49,921 | 53,550 |
Expenses | ||
Depreciation and amortization | 18,294 | 20,712 |
Property tax, insurance and other | 10,508 | 14,831 |
General and administrative | 414 | 608 |
Transaction costs | 252 | 1,528 |
Total operating expenses | 29,468 | 37,679 |
Other income | 49 | 8 |
Interest income | 95 | 30 |
Interest expense | (7,247) | (13,147) |
Interest Expense, Related Party | (1,166) | 0 |
Loss on sale of hotel properties, net | 0 | (9,366) |
Gain on extinguishment of indebtedness | 0 | 12,929 |
Income (loss) before equity in income from unconsolidated joint ventures | 12,184 | 6,325 |
Equity in income from unconsolidated joint ventures | 107 | 116 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 12,291 | 6,441 |
Net loss (income) attributable to noncontrolling interests: | ||
Noncontrolling interest in consolidated joint ventures | 104 | 76 |
Noncontrolling interest in FelCor LP | (111) | (62) |
Preferred distributions - consolidated joint venture | (186) | (366) |
Redemption of preferred equity - consolidated joint venture | (1,153) | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 10,945 | 6,089 |
FelCor Lodging LP | ||
Revenues | ||
Related party lease revenue | 49,921 | 53,550 |
Total revenues | 49,921 | 53,550 |
Expenses | ||
Depreciation and amortization | 18,294 | 20,712 |
Property tax, insurance and other | 10,508 | 14,831 |
General and administrative | 414 | 608 |
Transaction costs | 252 | 1,528 |
Total operating expenses | 29,468 | 37,679 |
Other income | 49 | 8 |
Interest income | 95 | 30 |
Interest expense | (7,247) | (13,147) |
Interest Expense, Related Party | (1,166) | 0 |
Loss on sale of hotel properties, net | 0 | (9,366) |
Gain on extinguishment of indebtedness | 0 | 12,929 |
Income (loss) before equity in income from unconsolidated joint ventures | 12,184 | 6,325 |
Equity in income from unconsolidated joint ventures | 107 | 116 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 12,291 | 6,441 |
Net loss (income) attributable to noncontrolling interests: | ||
Noncontrolling interest in consolidated joint ventures | 104 | 76 |
Preferred distributions - consolidated joint venture | (186) | (366) |
Redemption of preferred equity - consolidated joint venture | (1,153) | 0 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 11,056 | $ 6,151 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Rangers Sub I, LLC | Rangers Sub I, LLCAdditional Paid-in Capital | Rangers Sub I, LLCRetained Earnings | Rangers Sub I, LLCConsolidated Joint Ventures | Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture | Rangers Sub I, LLCNoncontrolling Interest, Operating Partnerships | FelCor Lodging LP | FelCor Lodging LPAdditional Paid-in Capital | FelCor Lodging LPRetained Earnings | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture |
Balance at Dec. 31, 2017 | $ 1,370,359,000 | $ 1,302,739,000 | $ 4,090,000 | $ 5,900,000 | $ 44,430,000 | $ 13,200,000 | $ 1,370,359,000 | $ 1,315,898,000 | $ 4,131,000 | $ 5,900,000 | $ 44,430,000 |
Increase (Decrease) in Owners' Equity | |||||||||||
Net income (loss) and comprehensive income (loss) | 6,441,000 | 6,089,000 | (76,000) | 366,000 | 62,000 | 6,441,000 | 0 | 6,151,000 | (76,000) | 366,000 | |
Contributions | 598,033,000 | 592,053,000 | 5,980,000 | 598,033,000 | 598,033,000 | ||||||
Distributions | (208,012,000) | (205,932,000) | (2,080,000) | (208,012,000) | (208,012,000) | ||||||
Preferred distributions - consolidated joint venture | (366,000) | (366,000) | (366,000) | (366,000) | |||||||
Contributions from a noncontrolling interest | 0 | 0 | |||||||||
Balance at Mar. 31, 2018 | 1,766,455,000 | 1,688,860,000 | 10,179,000 | 5,824,000 | 44,430,000 | 17,162,000 | 1,766,455,000 | 1,705,919,000 | 10,282,000 | 5,824,000 | 44,430,000 |
Balance at Dec. 31, 2018 | 1,475,588,000 | 1,334,154,000 | 76,695,000 | 6,059,000 | 44,430,000 | 14,250,000 | 1,475,588,000 | 1,347,630,000 | 77,469,000 | 6,059,000 | 44,430,000 |
Increase (Decrease) in Owners' Equity | |||||||||||
Net income (loss) and comprehensive income (loss) | 12,291,000 | 10,945,000 | (104,000) | 1,339,000 | 111,000 | 12,291,000 | 0 | 11,056,000 | (104,000) | 1,339,000 | |
Contributions | 73,846,000 | 73,108,000 | 738,000 | 73,846,000 | 73,846,000 | ||||||
Distributions | (48,308,000) | (47,826,000) | (482,000) | (48,308,000) | (48,308,000) | ||||||
Preferred distributions - consolidated joint venture | (186,000) | (186,000) | (186,000) | (186,000) | |||||||
Stock Redeemed or Called During Period, Value | (45,583,000) | (45,583,000) | (45,583,000) | (45,583,000) | |||||||
Contributions from a noncontrolling interest | 2,281,000 | 2,281,000 | 2,281,000 | 2,281,000 | |||||||
Balance at Mar. 31, 2019 | $ 1,469,929,000 | $ 1,359,436,000 | $ 87,640,000 | $ 8,236,000 | $ 0 | $ 14,617,000 | $ 1,469,929,000 | $ 1,373,168,000 | $ 88,525,000 | $ 8,236,000 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Adjustments to reconcile net income to cash flow provided by operating activities: | ||
Equity in income from unconsolidated joint ventures | $ (107) | $ (116) |
Rangers Sub I, LLC | ||
Cash flows from operating activities | ||
Net income | 12,291 | 6,441 |
Adjustments to reconcile net income to cash flow provided by operating activities: | ||
Loss on sale of hotel properties, net | 0 | 9,366 |
Depreciation and amortization | 18,294 | 20,712 |
Amortization of deferred financing costs | 0 | 72 |
Other amortization | (650) | (1,533) |
Equity in income from unconsolidated joint ventures | (107) | (116) |
Distributions of income from unconsolidated joint ventures | 550 | 250 |
Gain on extinguishment of indebtedness | 0 | (12,929) |
Changes in assets and liabilities: | ||
Related party rent receivable | (9,280) | 33,336 |
Prepaid expense and other assets | (1,034) | 3,300 |
Related party prepaid interest | 180 | 0 |
Accounts payable and other liabilities | (2,376) | (6,903) |
Accrued interest | 7,125 | (2,698) |
Related party accrued interest | 220 | 0 |
Net cash flow provided by operating activities | 25,213 | 49,298 |
Cash flows from investing activities | ||
Proceeds from the sale of hotel properties, net | 0 | 116,624 |
Improvements and additions to hotel properties | (13,039) | (18,141) |
Additions to property and equipment | 0 | (3) |
Contributions to unconsolidated joint ventures | (603) | 0 |
Net cash flow (used in) provided by investing activities | (13,642) | 98,480 |
Cash flows from financing activities | ||
Repayments of Secured Debt | (650) | (539,512) |
Contributions from members | 73,846 | 598,033 |
Distributions to members | (48,308) | (206,212) |
Payments of deferred financing costs | (2) | (10) |
Preferred distributions - consolidated joint venture | (312) | (366) |
Payments for Repurchase of Redeemable Preferred Stock | (45,583) | 0 |
Contributions from a noncontrolling interest | 2,281 | 0 |
Net cash flow used in financing activities | (18,728) | (148,067) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (7,157) | (289) |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 24,562 | 18,031 |
Cash, cash equivalents, and restricted cash reserves, end of period | 17,405 | 17,742 |
FelCor Lodging LP | ||
Cash flows from operating activities | ||
Net income | 12,291 | 6,441 |
Adjustments to reconcile net income to cash flow provided by operating activities: | ||
Loss on sale of hotel properties, net | 0 | 9,366 |
Depreciation and amortization | 18,294 | 20,712 |
Amortization of deferred financing costs | 0 | 72 |
Other amortization | (650) | (1,533) |
Equity in income from unconsolidated joint ventures | (107) | (116) |
Distributions of income from unconsolidated joint ventures | 550 | 250 |
Gain on extinguishment of indebtedness | 0 | (12,929) |
Changes in assets and liabilities: | ||
Related party rent receivable | (9,280) | 33,336 |
Prepaid expense and other assets | (1,034) | 3,300 |
Related party prepaid interest | 180 | 0 |
Accounts payable and other liabilities | (2,376) | (6,903) |
Accrued interest | 7,125 | (2,698) |
Related party accrued interest | 220 | 0 |
Net cash flow provided by operating activities | 25,213 | 49,298 |
Cash flows from investing activities | ||
Proceeds from the sale of hotel properties, net | 0 | 116,624 |
Improvements and additions to hotel properties | (13,039) | (18,141) |
Additions to property and equipment | 0 | (3) |
Contributions to unconsolidated joint ventures | (603) | 0 |
Net cash flow (used in) provided by investing activities | (13,642) | 98,480 |
Cash flows from financing activities | ||
Repayments of Secured Debt | (650) | (539,512) |
Contributions from members | 73,846 | 598,033 |
Distributions to members | (48,308) | (206,212) |
Payments of deferred financing costs | (2) | (10) |
Preferred distributions - consolidated joint venture | (312) | (366) |
Payments for Repurchase of Redeemable Preferred Stock | (45,583) | 0 |
Contributions from a noncontrolling interest | 2,281 | 0 |
Net cash flow used in financing activities | (18,728) | (148,067) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (7,157) | (289) |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 24,562 | 18,031 |
Cash, cash equivalents, and restricted cash reserves, end of period | 17,405 | 17,742 |
Preferred Capital in Consolidated Joint Venture | Rangers Sub I, LLC | ||
Cash flows from operating activities | ||
Net income | 1,339 | 366 |
Preferred Capital in Consolidated Joint Venture | FelCor Lodging LP | ||
Cash flows from operating activities | ||
Net income | 1,339 | 366 |
Consolidated Joint Ventures | Rangers Sub I, LLC | ||
Cash flows from operating activities | ||
Net income | (104) | (76) |
Cash flows from financing activities | ||
Contributions from a noncontrolling interest | 2,281 | |
Consolidated Joint Ventures | FelCor Lodging LP | ||
Cash flows from operating activities | ||
Net income | (104) | $ (76) |
Cash flows from financing activities | ||
Contributions from a noncontrolling interest | $ 2,281 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of 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 hotels located in major markets and resort locations. As of March 31, 2019 , the Company owned 30 hotel properties with approximately 8,800 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 27 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 28 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 29 of its 30 hotel properties to subsidiaries of RLJ LP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no other significant changes to the Company's significant accounting policies since December 31, 2018 . 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, 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, 2018 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on March 1, 2019. 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 Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity 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. Leases In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which provides the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The Company adopted this standard on January 1, 2019 using the modified retrospective transition approach. There are two methods of applying the modified retrospective transition approach and the Company elected to not adjust the comparative periods in the consolidated financial statements and footnotes, so the Company did not recognize a cumulative effect adjustment on the date of adoption. The comparative historical periods will be presented in accordance with ASC 840, Leases . Lessors As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company's hotel properties are leased through intercompany lease contracts. The Company's hotel property-owning subsidiaries (the "Lessors") lease the hotel properties to lessees owned by FelCor TRS Holdings, LLC ("FelCor TRS"), a subsidiary of RLJ LP (the "Lessees"). The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Base lease revenue is recognized on a straight-line basis over the lease term. Percentage lease revenue is recognized over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease contracts. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The Lessees are in compliance with their rental obligations under their respective lease agreements. Lessees As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheet. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheet and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheet. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) the frequency to which the leased asset is used, or (iii) the lease payments are adjusted periodically for inflation; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income. The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. For purposes of adopting ASC 842, the Company used its incremental borrowing rate on January 1, 2019 for the operating leases that commenced prior to that date. The Company elected the following practical expedients in adopting the new standard: • The Company elected the package of practical expedients that allows the Company to not reassess: (i) whether any expired or existing contracts meet the definition of a lease; (ii) the lease classification for any expired or existing leases; and (iii) the initial direct costs for any existing leases. • The Company elected a practical expedient to make an accounting policy election to not recognize a right-of-use asset and a lease liability for leases with an initial term of 12 months or less. • The Company elected a practical expedient to allow the Company to not reassess whether an existing land easement not previously accounted for as a lease under ASC 840 would now be considered to be a lease under ASC 842. • The Company elected the practical expedient whereby lessors, by class of underlying asset, are not required to separate the nonlease components from the lease components, if certain conditions are met. Upon adoption of this standard on January 1, 2019, the Company recognized lease liabilities and the related lease right-of-use assets on the consolidated balance sheet for its ground leases, parking leases and office leases. In addition to recognizing the lease liabilities and the related lease right-of-use assets on the date of adoption, the Company reclassified its below market ground lease intangible assets from intangible assets, net on the consolidated balance sheet to the lease right-of-use assets. In addition, the Company reclassified its above market ground lease liabilities and deferred rent liabilities from accounts payable and other liabilities on the consolidated balance sheet to the lease right-of-use assets. The following table summarizes the impact of adopting this guidance on the consolidated balance sheet (in thousands): January 1, 2019 As Previously Reported Impact of the Adoption of ASC 842 As Adjusted Lease right-of-use assets $ — $ 84,913 $ 84,913 Intangible assets, net $ 46,260 $ (46,260 ) $ — Accounts payable and other liabilities $ 43,389 $ (11,048 ) $ 32,341 Lease liabilities $ — $ 49,701 $ 49,701 There was no impact to the Company’s consolidated statement of operations and comprehensive income and the consolidated statement of cash flows. Refer to Note 9, Commitments and Contingencies , for the Company's disclosures about its lease contracts. Recently Issued Accounting Pronouncements In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification . The amendments add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company will adopt this new standard on January 1, 2020. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land and improvements $ 532,832 $ 532,490 Buildings and improvements 1,562,430 1,555,132 Furniture, fixtures and equipment 127,312 125,207 2,222,574 2,212,829 Accumulated depreciation (107,586 ) (89,406 ) Investment in hotel properties, net $ 2,114,988 $ 2,123,423 For the three months ended March 31, 2019 and 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.2 million and $20.5 million , respectively. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2019 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 and December 31, 2018 , 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): March 31, 2019 December 31, 2018 Equity basis of the joint venture investments $ (4,370 ) $ (4,810 ) Cost of the joint venture investments in excess of the joint venture book value 20,246 20,526 Investment in unconsolidated joint ventures $ 15,876 $ 15,716 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2019 2018 Unconsolidated joint ventures net income attributable to the Company $ 387 $ 396 Depreciation of cost in excess of book value (280 ) (280 ) Equity in income from unconsolidated joint ventures $ 107 $ 116 |
Sale of Hotel Properties
Sale of Hotel Properties | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the three months ended March 31, 2019 , the Company did not sell any hotel properties. During the three months ended March 31, 2018 , the Company sold two hotel properties for a total sale price of approximately $119.2 million . In connection with these transactions, the Company recorded an aggregate $9.4 million loss on sale, which is included in loss on sale of hotel properties, net in the accompanying consolidated statement of operations and comprehensive income. The loss on sale included approximately $1.5 million in lease termination fees as a result of early terminating the TRS Leases with the lessees at these hotel properties. The following table discloses the hotel properties that were sold during the three months ended March 31, 2018 : Hotel Property Name Location Sale Date Rooms Embassy Suites Boston Marlborough Marlborough, MA February 21, 2018 229 Sheraton Philadelphia Society Hill Hotel Philadelphia, PA March 27, 2018 364 Total 593 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2019 December 31, 2018 Senior unsecured notes (1)(2)(3) — 6.00% June 2025 $ 504,141 $ 505,322 Mortgage loan (4) 3 4.95% October 2022 91,121 91,737 Mortgage loan (5) 1 4.94% October 2022 29,371 29,569 4 624,633 626,628 Deferred financing costs, net (2 ) — Debt, net $ 624,631 $ 626,628 (1) Requires payments of interest only through maturity. (2) The senior unsecured notes include $29.1 million and $30.3 million at March 31, 2019 and December 31, 2018 , respectively, related to fair value adjustments 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 unsecured notes beginning June 1, 2020 at a price of 103.0% of face value. (4) Includes $1.7 million and $1.9 million at March 31, 2019 and December 31, 2018 , respectively, 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 $0.6 million and $0.6 million at March 31, 2019 and December 31, 2018 , respectively, 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. The senior unsecured notes (the "Senior Notes") and certain mortgage agreements are subject to customary financial covenants. As of March 31, 2019 and December 31, 2018 , the Company was in compliance with all financial covenants. During the three months ended March 31, 2019 and 2018, the Company recognized $7.2 million and $13.1 million of interest expense, respectively. |
Related Party Debt (Notes)
Related Party Debt (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Debt [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Debt In November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan. During the three months ended March 31, 2019 , the Company recognized $1.2 million of interest expense related to its related party loan with RLJ LP. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
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 senior unsecured notes had an estimated fair value of approximately $493.2 million and $492.6 million at March 31, 2019 and December 31, 2018 , 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 mortgage loans had an estimated fair value of approximately $122.5 million and $121.1 million at March 31, 2019 and December 31, 2018 , respectively. The Company estimated the fair value of the mortgage loans 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 $615.7 million and $613.7 million at March 31, 2019 and December 31, 2018 , respectively. The total carrying value of the Company's debt was $624.6 million and $626.6 million at March 31, 2019 and December 31, 2018 , respectively. • Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $90.0 million and $84.1 million at March 31, 2019 and December 31, 2018 , respectively. The Company estimated the fair value of the mortgage loan 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 carrying value of the Company's related party debt was $85.0 million at both March 31, 2019 and December 31, 2018 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases Lessors As a lessor, the Company will receive lease revenue from the Lessees under its lease contracts. The lease contracts contain a specific base rent amount or 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 contracts will expire in 2019 ( 22 hotels), 2022 ( five hotels), and thereafter ( one hotel). The lease revenue recognized during the three months ended March 31, 2019 consisted of the following: Lease revenue relating to lease payments $ 14,653 Lease revenue relating to variable lease payments 35,268 Total related party lease revenue $ 49,921 The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 44,160 $ 58,880 2020 (1) — — 2021 (1) — — 2022 (1) — — 2023 (1) — — Thereafter (1) — — Total $ 44,160 $ 58,880 (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 lease payments to the Company under the noncancelable operating leases will be determined. Lessees As a lessee, as of March 31, 2019 , six of the Company's hotel properties were subject to ground leases that cover the land underlying the respective hotels. The ground leases are classified as operating leases. During the three months ended March 31, 2019 , the total ground lease expense was $2.5 million , which consisted of $1.7 million of fixed lease expense and $0.8 million of variable lease expense. The ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income. The DoubleTree Suites by Hilton Orlando Lake Buena Vista is subject to a ground lease with an initial term expiring in 2032. After the initial term, the Company may extend the ground lease for an additional term of 25 years to 2057. The ground lease expense was $0.2 million for the three months ended March 31, 2019 . The Embassy Suites San Francisco Airport Waterfront is subject to a ground lease with a term expiring in 2059. The ground lease expense was $0.6 million for the three months ended March 31, 2019 . The Wyndham Boston Beacon Hill is subject to a ground lease with a term expiring in 2028. The ground lease expense was $0.2 million for the three months ended March 31, 2019 . The Wyndham New Orleans French Quarter is subject to a ground lease with a term expiring in 2065. The ground lease expense was $0.1 million for the three months ended March 31, 2019 . The Wyndham Pittsburgh University Center is subject to a ground lease with an initial term expiring in 2038. After the initial term, the Company may extend the ground lease for up to five additional nine-year renewal terms to 2083. The ground lease expense was $0.2 million for the three months ended March 31, 2019 . The Wyndham San Diego Bayside is subject to a ground lease with a term expiring in 2029. The ground lease expense was $1.2 million for three months ended March 31, 2019 . One of the Company's hotel properties is subject to a long-term contract to lease parking spaces. The parking lease is classified as an operating lease. The total parking lease expense was de minimis for the three months ended March 31, 2019 . The Company is subject to an office lease in Dallas, Texas with a term expiring in 2027. The office lease is classified as an operating lease. The total office lease expense was $0.1 million for the three months ended March 31, 2019 , which is included in general and administrative in the accompanying consolidated statements of operations and comprehensive income. The future lease payments for the Company's operating leases were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 3,648 $ 4,863 2020 4,884 4,884 2021 4,909 4,909 2022 4,968 4,968 2023 4,990 4,990 Thereafter 119,019 119,019 Total future lease payments 142,418 $ 143,633 Less: Imputed interest 93,082 Lease liabilities $ 49,336 The following table presents certain information related to the Company's operating leases as of March 31, 2019 : Weighted average remaining lease term 32 years Weighted average discount rate (1) 6.85 % (1) Upon adoption of the new lease accounting standard, the discount rates used for the Company's operating leases were determined at January 1, 2019. 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 March 31, 2019 and December 31, 2018 , approximately $4.1 million and $3.2 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Litigation Other than the legal proceeding 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. Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC ("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 National Retirement 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. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Rangers Ownership Interests/FelCor LP Partnership Interests As of March 31, 2019 , RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through 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. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. 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 received a 3.25% annual return, plus a 0.25% non-compounding annual return that was paid upon redemption. The preferred equity raised by the joint venture is included in preferred equity in a consolidated joint venture on the consolidated balance sheets. On February 15, 2019, the Company redeemed the preferred equity in full. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2019 | |
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): For the three months ended March 31, 2019 2018 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 13,294 $ 13,025 Restricted cash reserves 4,111 4,717 Cash, cash equivalents, and restricted cash reserves $ 17,405 $ 17,742 Interest paid $ 1,468 $ 18,188 Interest paid to a related party $ 766 $ — Income taxes refunded $ — $ (169 ) Operating cash flow lease payments for operating leases $ 1,866 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 119,200 Transaction costs — (2,576 ) Proceeds from the sale of hotel properties, net $ — $ 116,624 Supplemental non-cash transactions Accrued capital expenditures $ 2,050 $ 3,508 |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information 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. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,963,959 $ — $ — $ (1,963,959 ) $ — Investment in hotel properties, net — 653,372 1,461,616 — 2,114,988 Investment in unconsolidated joint ventures 15,876 — — — 15,876 Cash and cash equivalents 1,170 — 12,124 — 13,294 Restricted cash reserves 443 — 3,668 — 4,111 Related party rent receivable — 7,069 18,712 — 25,781 Lease right-of-use assets 4,772 69,421 9,659 — 83,852 Prepaid expense and other assets 1,651 1,154 4,667 — 7,472 Total assets $ 1,987,871 $ 731,016 $ 1,510,446 $ (1,963,959 ) $ 2,265,374 Debt, net $ 504,141 $ — $ 153,199 $ (32,709 ) $ 624,631 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 7,501 11,756 7,413 — 26,670 Lease liabilities 4,948 26,493 17,895 — 49,336 Accrued interest 9,588 — — — 9,588 Related party accrued interest — — 220 — 220 Total liabilities 526,178 38,249 263,727 (32,709 ) 795,445 Partnership interests 1,461,693 692,767 1,238,483 (1,931,250 ) 1,461,693 Total partners' capital, excluding noncontrolling interest 1,461,693 692,767 1,238,483 (1,931,250 ) 1,461,693 Noncontrolling interest in consolidated joint ventures — — 8,236 — 8,236 Total partners’ capital 1,461,693 692,767 1,246,719 (1,931,250 ) 1,469,929 Total liabilities and partners’ capital $ 1,987,871 $ 731,016 $ 1,510,446 $ (1,963,959 ) $ 2,265,374 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,913,418 $ — $ — $ (1,913,418 ) $ — Investment in hotel properties, net — 656,570 1,466,853 — 2,123,423 Investment in unconsolidated joint ventures 15,716 — — — 15,716 Cash and cash equivalents 10,778 — 10,573 — 21,351 Restricted cash reserves 441 — 2,770 — 3,211 Related party rent receivable — 3,666 12,835 — 16,501 Intangible assets, net — 46,260 — — 46,260 Prepaid expense and other assets 1,819 1,297 3,436 — 6,552 Related party prepaid interest — — 180 — 180 Total assets $ 1,942,172 $ 707,793 $ 1,496,647 $ (1,913,418 ) $ 2,233,194 Debt, net $ 505,322 $ — $ 154,015 $ (32,709 ) $ 626,628 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 9,288 14,376 19,725 — 43,389 Accrued interest 2,463 — — — 2,463 Distributions payable — — 126 — 126 Total liabilities 517,073 14,376 258,866 (32,709 ) 757,606 Partnership interests 1,425,099 693,417 1,187,292 (1,880,709 ) 1,425,099 Total partners' capital, excluding noncontrolling interest 1,425,099 693,417 1,187,292 (1,880,709 ) 1,425,099 Noncontrolling interest in consolidated joint ventures — — 6,059 — 6,059 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,425,099 693,417 1,237,781 (1,880,709 ) 1,475,588 Total liabilities and partners’ capital $ 1,942,172 $ 707,793 $ 1,496,647 $ (1,913,418 ) $ 2,233,194 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,272 $ 31,649 $ — $ 49,921 Total revenues — 18,272 31,649 — 49,921 Expenses Depreciation and amortization 114 6,765 11,415 — 18,294 Property tax, insurance and other 26 4,906 5,576 — 10,508 General and administrative 385 20 9 — 414 Transaction costs 95 8 149 — 252 Total operating expenses 620 11,699 17,149 — 29,468 Other income 39 10 — — 49 Interest income 238 — 51 (194 ) 95 Interest expense (5,944 ) — (1,497 ) 194 (7,247 ) Related party interest expense — — (1,166 ) — (1,166 ) Income before equity in income from unconsolidated joint ventures (6,287 ) 6,583 11,888 — 12,184 Equity in income from consolidated entities 17,236 — — (17,236 ) — Equity in income from unconsolidated joint ventures 107 — — — 107 Net income and comprehensive income 11,056 6,583 11,888 (17,236 ) 12,291 Noncontrolling interest in consolidated joint ventures — — 104 — 104 Preferred distributions - consolidated joint venture — — (186 ) — (186 ) Redemption of preferred capital - consolidated joint venture — — (1,153 ) — (1,153 ) Net income and comprehensive income attributable to FelCor LP $ 11,056 $ 6,583 $ 10,653 $ (17,236 ) $ 11,056 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,853 $ 34,697 $ — $ 53,550 Total revenues — 18,853 34,697 — 53,550 Expenses Depreciation and amortization 114 8,752 11,846 — 20,712 Property tax, insurance and other 42 7,485 7,304 — 14,831 General and administrative 481 40 87 — 608 Transaction costs 1,509 8 11 — 1,528 Total operating expenses 2,146 16,285 19,248 — 37,679 Other income 8 — — — 8 Interest income 108 — — (78 ) 30 Interest expense (10,587 ) — (2,638 ) 78 (13,147 ) Loss on sale of hotel properties, net — (9,399 ) 33 — (9,366 ) Gain on extinguishment of indebtedness 12,929 — — — 12,929 Income before equity in income from unconsolidated joint ventures 312 (6,831 ) 12,844 — 6,325 Equity in income from consolidated entities 5,723 — — (5,723 ) — Equity in income from unconsolidated joint ventures 116 — — — 116 Net income and comprehensive income 6,151 (6,831 ) 12,844 (5,723 ) 6,441 Noncontrolling interest in consolidated joint ventures — — 76 — 76 Preferred distributions - consolidated joint venture — — (366 ) — (366 ) Net income and comprehensive income attributable to FelCor LP $ 6,151 $ (6,831 ) $ 12,554 $ (5,723 ) $ 6,151 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (1,236 ) $ 10,947 $ 15,502 $ — $ 25,213 Investing activities: Improvements and additions to hotel properties — (3,714 ) (9,325 ) — (13,039 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing (33,305 ) — — 33,305 — Cash flows from investing activities (33,908 ) (3,714 ) (9,325 ) 33,305 (13,642 ) Financing activities: Repayments of borrowings — — (650 ) — (650 ) Contributions from partners 73,846 — — — 73,846 Distributions to partners (48,308 ) — — — (48,308 ) Payments of deferred financing costs — (1 ) (1 ) — (2 ) Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Contributions from joint venture partners — — 2,281 — 2,281 Intercompany financing — (7,232 ) 40,537 (33,305 ) — Cash flows from financing activities 25,538 (7,233 ) (3,728 ) (33,305 ) (18,728 ) Net change in cash, cash equivalents, and restricted cash reserves (9,606 ) — 2,449 — (7,157 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 11,219 — 13,343 — 24,562 Cash, cash equivalents, and restricted cash reserves, end of period $ 1,613 $ — $ 15,792 $ — $ 17,405 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (24,317 ) $ 31,603 $ 42,012 $ — $ 49,298 Investing activities: Proceeds from the sale of hotel properties, net — 116,591 33 — 116,624 Improvements and additions to hotel properties — (5,416 ) (12,725 ) — (18,141 ) Additions to property and equipment (3 ) — — — (3 ) Intercompany financing 171,272 — — (171,272 ) — Cash flows from investing activities 171,269 111,175 (12,692 ) (171,272 ) 98,480 Financing activities: Repayments of borrowings (538,760 ) — (752 ) — (539,512 ) Contributions from partners 598,033 — — — 598,033 Distributions to partners (206,212 ) — — — (206,212 ) Payments of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (366 ) — (366 ) Intercompany financing — (142,778 ) (28,494 ) 171,272 — Cash flows from financing activities (146,939 ) (142,778 ) (29,622 ) 171,272 (148,067 ) Net change in cash, cash equivalents, and restricted cash reserves 13 — (302 ) — (289 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 9,637 — 8,394 — 18,031 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,650 $ — $ 8,092 $ — $ 17,742 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 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, 2018 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on March 1, 2019. 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 Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. |
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. |
Lessor, Leases | Leases In February 2016, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) , which provides the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The Company adopted this standard on January 1, 2019 using the modified retrospective transition approach. There are two methods of applying the modified retrospective transition approach and the Company elected to not adjust the comparative periods in the consolidated financial statements and footnotes, so the Company did not recognize a cumulative effect adjustment on the date of adoption. The comparative historical periods will be presented in accordance with ASC 840, Leases . Lessors As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company's hotel properties are leased through intercompany lease contracts. The Company's hotel property-owning subsidiaries (the "Lessors") lease the hotel properties to lessees owned by FelCor TRS Holdings, LLC ("FelCor TRS"), a subsidiary of RLJ LP (the "Lessees"). The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Base lease revenue is recognized on a straight-line basis over the lease term. Percentage lease revenue is recognized over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease contracts. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The Lessees are in compliance with their rental obligations under their respective lease agreements. Lessees |
Lessee, Leases | As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheet. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheet and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheet. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) the frequency to which the leased asset is used, or (iii) the lease payments are adjusted periodically for inflation; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income. The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. For purposes of adopting ASC 842, the Company used its incremental borrowing rate on January 1, 2019 for the operating leases that commenced prior to that date. The Company elected the following practical expedients in adopting the new standard: • The Company elected the package of practical expedients that allows the Company to not reassess: (i) whether any expired or existing contracts meet the definition of a lease; (ii) the lease classification for any expired or existing leases; and (iii) the initial direct costs for any existing leases. • The Company elected a practical expedient to make an accounting policy election to not recognize a right-of-use asset and a lease liability for leases with an initial term of 12 months or less. • The Company elected a practical expedient to allow the Company to not reassess whether an existing land easement not previously accounted for as a lease under ASC 840 would now be considered to be a lease under ASC 842. • The Company elected the practical expedient whereby lessors, by class of underlying asset, are not required to separate the nonlease components from the lease components, if certain conditions are met. Upon adoption of this standard on January 1, 2019, the Company recognized lease liabilities and the related lease right-of-use assets on the consolidated balance sheet for its ground leases, parking leases and office leases. In addition to recognizing the lease liabilities and the related lease right-of-use assets on the date of adoption, the Company reclassified its below market ground lease intangible assets from intangible assets, net on the consolidated balance sheet to the lease right-of-use assets. In addition, the Company reclassified its above market ground lease liabilities and deferred rent liabilities from accounts payable and other liabilities on the consolidated balance sheet to the lease right-of-use assets. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification . The amendments add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The guidance is effective for annual reporting periods beginning after December 15, 2019, and the interim periods within those annual periods, with early adoption permitted. The Company will adopt this new standard on January 1, 2020. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Impact of New Guidance | The following table summarizes the impact of adopting this guidance on the consolidated balance sheet (in thousands): January 1, 2019 As Previously Reported Impact of the Adoption of ASC 842 As Adjusted Lease right-of-use assets $ — $ 84,913 $ 84,913 Intangible assets, net $ 46,260 $ (46,260 ) $ — Accounts payable and other liabilities $ 43,389 $ (11,048 ) $ 32,341 Lease liabilities $ — $ 49,701 $ 49,701 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): March 31, 2019 December 31, 2018 Land and improvements $ 532,832 $ 532,490 Buildings and improvements 1,562,430 1,555,132 Furniture, fixtures and equipment 127,312 125,207 2,222,574 2,212,829 Accumulated depreciation (107,586 ) (89,406 ) Investment in hotel properties, net $ 2,114,988 $ 2,123,423 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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): March 31, 2019 December 31, 2018 Equity basis of the joint venture investments $ (4,370 ) $ (4,810 ) Cost of the joint venture investments in excess of the joint venture book value 20,246 20,526 Investment in unconsolidated joint ventures $ 15,876 $ 15,716 |
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): For the three months ended March 31, 2019 2018 Unconsolidated joint ventures net income attributable to the Company $ 387 $ 396 Depreciation of cost in excess of book value (280 ) (280 ) Equity in income from unconsolidated joint ventures $ 107 $ 116 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Event [Line Items] | |
Schedule of property disposed during period | The following table discloses the hotel properties that were sold during the three months ended March 31, 2018 : Hotel Property Name Location Sale Date Rooms Embassy Suites Boston Marlborough Marlborough, MA February 21, 2018 229 Sheraton Philadelphia Society Hill Hotel Philadelphia, PA March 27, 2018 364 Total 593 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2019 December 31, 2018 Senior unsecured notes (1)(2)(3) — 6.00% June 2025 $ 504,141 $ 505,322 Mortgage loan (4) 3 4.95% October 2022 91,121 91,737 Mortgage loan (5) 1 4.94% October 2022 29,371 29,569 4 624,633 626,628 Deferred financing costs, net (2 ) — Debt, net $ 624,631 $ 626,628 (1) Requires payments of interest only through maturity. (2) The senior unsecured notes include $29.1 million and $30.3 million at March 31, 2019 and December 31, 2018 , respectively, related to fair value adjustments 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 unsecured notes beginning June 1, 2020 at a price of 103.0% of face value. (4) Includes $1.7 million and $1.9 million at March 31, 2019 and December 31, 2018 , respectively, 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 $0.6 million and $0.6 million at March 31, 2019 and December 31, 2018 , respectively, 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. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | he future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 44,160 $ 58,880 2020 (1) — — 2021 (1) — — 2022 (1) — — 2023 (1) — — Thereafter (1) — — Total $ 44,160 $ 58,880 (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 lease payments to the Company under the noncancelable operating leases will be determined. |
Lessee, Operating Lease, Liability, Maturity | The future lease payments for the Company's operating leases were as follows (in thousands): March 31, 2019 December 31, 2018 2019 $ 3,648 $ 4,863 2020 4,884 4,884 2021 4,909 4,909 2022 4,968 4,968 2023 4,990 4,990 Thereafter 119,019 119,019 Total future lease payments 142,418 $ 143,633 Less: Imputed interest 93,082 Lease liabilities $ 49,336 |
Assets And Liabilities, Lessee | The following table presents certain information related to the Company's operating leases as of March 31, 2019 : Weighted average remaining lease term 32 years Weighted average discount rate (1) 6.85 % (1) Upon adoption of the new lease accounting standard, the discount rates used for the Company's operating leases were determined at January 1, 2019. |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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): For the three months ended March 31, 2019 2018 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 13,294 $ 13,025 Restricted cash reserves 4,111 4,717 Cash, cash equivalents, and restricted cash reserves $ 17,405 $ 17,742 Interest paid $ 1,468 $ 18,188 Interest paid to a related party $ 766 $ — Income taxes refunded $ — $ (169 ) Operating cash flow lease payments for operating leases $ 1,866 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 119,200 Transaction costs — (2,576 ) Proceeds from the sale of hotel properties, net $ — $ 116,624 Supplemental non-cash transactions Accrued capital expenditures $ 2,050 $ 3,508 |
FelCor LP's Consolidating Fin_2
FelCor LP's Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Financial Information 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 March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,963,959 $ — $ — $ (1,963,959 ) $ — Investment in hotel properties, net — 653,372 1,461,616 — 2,114,988 Investment in unconsolidated joint ventures 15,876 — — — 15,876 Cash and cash equivalents 1,170 — 12,124 — 13,294 Restricted cash reserves 443 — 3,668 — 4,111 Related party rent receivable — 7,069 18,712 — 25,781 Lease right-of-use assets 4,772 69,421 9,659 — 83,852 Prepaid expense and other assets 1,651 1,154 4,667 — 7,472 Total assets $ 1,987,871 $ 731,016 $ 1,510,446 $ (1,963,959 ) $ 2,265,374 Debt, net $ 504,141 $ — $ 153,199 $ (32,709 ) $ 624,631 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 7,501 11,756 7,413 — 26,670 Lease liabilities 4,948 26,493 17,895 — 49,336 Accrued interest 9,588 — — — 9,588 Related party accrued interest — — 220 — 220 Total liabilities 526,178 38,249 263,727 (32,709 ) 795,445 Partnership interests 1,461,693 692,767 1,238,483 (1,931,250 ) 1,461,693 Total partners' capital, excluding noncontrolling interest 1,461,693 692,767 1,238,483 (1,931,250 ) 1,461,693 Noncontrolling interest in consolidated joint ventures — — 8,236 — 8,236 Total partners’ capital 1,461,693 692,767 1,246,719 (1,931,250 ) 1,469,929 Total liabilities and partners’ capital $ 1,987,871 $ 731,016 $ 1,510,446 $ (1,963,959 ) $ 2,265,374 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,913,418 $ — $ — $ (1,913,418 ) $ — Investment in hotel properties, net — 656,570 1,466,853 — 2,123,423 Investment in unconsolidated joint ventures 15,716 — — — 15,716 Cash and cash equivalents 10,778 — 10,573 — 21,351 Restricted cash reserves 441 — 2,770 — 3,211 Related party rent receivable — 3,666 12,835 — 16,501 Intangible assets, net — 46,260 — — 46,260 Prepaid expense and other assets 1,819 1,297 3,436 — 6,552 Related party prepaid interest — — 180 — 180 Total assets $ 1,942,172 $ 707,793 $ 1,496,647 $ (1,913,418 ) $ 2,233,194 Debt, net $ 505,322 $ — $ 154,015 $ (32,709 ) $ 626,628 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 9,288 14,376 19,725 — 43,389 Accrued interest 2,463 — — — 2,463 Distributions payable — — 126 — 126 Total liabilities 517,073 14,376 258,866 (32,709 ) 757,606 Partnership interests 1,425,099 693,417 1,187,292 (1,880,709 ) 1,425,099 Total partners' capital, excluding noncontrolling interest 1,425,099 693,417 1,187,292 (1,880,709 ) 1,425,099 Noncontrolling interest in consolidated joint ventures — — 6,059 — 6,059 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,425,099 693,417 1,237,781 (1,880,709 ) 1,475,588 Total liabilities and partners’ capital $ 1,942,172 $ 707,793 $ 1,496,647 $ (1,913,418 ) $ 2,233,194 |
Condensed Consolidating Statement of Operations and Comprehensive Loss | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,272 $ 31,649 $ — $ 49,921 Total revenues — 18,272 31,649 — 49,921 Expenses Depreciation and amortization 114 6,765 11,415 — 18,294 Property tax, insurance and other 26 4,906 5,576 — 10,508 General and administrative 385 20 9 — 414 Transaction costs 95 8 149 — 252 Total operating expenses 620 11,699 17,149 — 29,468 Other income 39 10 — — 49 Interest income 238 — 51 (194 ) 95 Interest expense (5,944 ) — (1,497 ) 194 (7,247 ) Related party interest expense — — (1,166 ) — (1,166 ) Income before equity in income from unconsolidated joint ventures (6,287 ) 6,583 11,888 — 12,184 Equity in income from consolidated entities 17,236 — — (17,236 ) — Equity in income from unconsolidated joint ventures 107 — — — 107 Net income and comprehensive income 11,056 6,583 11,888 (17,236 ) 12,291 Noncontrolling interest in consolidated joint ventures — — 104 — 104 Preferred distributions - consolidated joint venture — — (186 ) — (186 ) Redemption of preferred capital - consolidated joint venture — — (1,153 ) — (1,153 ) Net income and comprehensive income attributable to FelCor LP $ 11,056 $ 6,583 $ 10,653 $ (17,236 ) $ 11,056 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,853 $ 34,697 $ — $ 53,550 Total revenues — 18,853 34,697 — 53,550 Expenses Depreciation and amortization 114 8,752 11,846 — 20,712 Property tax, insurance and other 42 7,485 7,304 — 14,831 General and administrative 481 40 87 — 608 Transaction costs 1,509 8 11 — 1,528 Total operating expenses 2,146 16,285 19,248 — 37,679 Other income 8 — — — 8 Interest income 108 — — (78 ) 30 Interest expense (10,587 ) — (2,638 ) 78 (13,147 ) Loss on sale of hotel properties, net — (9,399 ) 33 — (9,366 ) Gain on extinguishment of indebtedness 12,929 — — — 12,929 Income before equity in income from unconsolidated joint ventures 312 (6,831 ) 12,844 — 6,325 Equity in income from consolidated entities 5,723 — — (5,723 ) — Equity in income from unconsolidated joint ventures 116 — — — 116 Net income and comprehensive income 6,151 (6,831 ) 12,844 (5,723 ) 6,441 Noncontrolling interest in consolidated joint ventures — — 76 — 76 Preferred distributions - consolidated joint venture — — (366 ) — (366 ) Net income and comprehensive income attributable to FelCor LP $ 6,151 $ (6,831 ) $ 12,554 $ (5,723 ) $ 6,151 |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (1,236 ) $ 10,947 $ 15,502 $ — $ 25,213 Investing activities: Improvements and additions to hotel properties — (3,714 ) (9,325 ) — (13,039 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing (33,305 ) — — 33,305 — Cash flows from investing activities (33,908 ) (3,714 ) (9,325 ) 33,305 (13,642 ) Financing activities: Repayments of borrowings — — (650 ) — (650 ) Contributions from partners 73,846 — — — 73,846 Distributions to partners (48,308 ) — — — (48,308 ) Payments of deferred financing costs — (1 ) (1 ) — (2 ) Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Contributions from joint venture partners — — 2,281 — 2,281 Intercompany financing — (7,232 ) 40,537 (33,305 ) — Cash flows from financing activities 25,538 (7,233 ) (3,728 ) (33,305 ) (18,728 ) Net change in cash, cash equivalents, and restricted cash reserves (9,606 ) — 2,449 — (7,157 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 11,219 — 13,343 — 24,562 Cash, cash equivalents, and restricted cash reserves, end of period $ 1,613 $ — $ 15,792 $ — $ 17,405 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (24,317 ) $ 31,603 $ 42,012 $ — $ 49,298 Investing activities: Proceeds from the sale of hotel properties, net — 116,591 33 — 116,624 Improvements and additions to hotel properties — (5,416 ) (12,725 ) — (18,141 ) Additions to property and equipment (3 ) — — — (3 ) Intercompany financing 171,272 — — (171,272 ) — Cash flows from investing activities 171,269 111,175 (12,692 ) (171,272 ) 98,480 Financing activities: Repayments of borrowings (538,760 ) — (752 ) — (539,512 ) Contributions from partners 598,033 — — — 598,033 Distributions to partners (206,212 ) — — — (206,212 ) Payments of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (366 ) — (366 ) Intercompany financing — (142,778 ) (28,494 ) 171,272 — Cash flows from financing activities (146,939 ) (142,778 ) (29,622 ) 171,272 (148,067 ) Net change in cash, cash equivalents, and restricted cash reserves 13 — (302 ) — (289 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 9,637 — 8,394 — 18,031 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,650 $ — $ 8,092 $ — $ 17,742 |
Organization Real Estate Proper
Organization Real Estate Properties (Details) | 3 Months Ended | |||||
Mar. 31, 2019property | Mar. 31, 2019hotel | Mar. 31, 2019room | Mar. 31, 2019 | Mar. 31, 2019state | Dec. 31, 2018hotel | |
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 30 | 6 | ||||
Equity method investment, ownership percentage | 50.00% | |||||
Number of states in which hotels owned by the entity are located | state | 13 | |||||
Number of hotel rooms owned | room | 8,800 | |||||
Wholly Owned Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 27 | |||||
Hotel property ownership interest (as a percent) | 100.00% | |||||
Consolidated Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 28 | |||||
Number of leased real estate properties | 29 | |||||
Unconsolidated Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 2 | 2 | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
95% owned | Partially Owned Properties [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Hotel property ownership interest (as a percent) | 95.00% | |||||
50% owned | Partially Owned Properties [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 2 | |||||
Hotel property ownership interest (as a percent) | 50.00% |
Organization Limited Liability
Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Rangers Sub I, LLC | |
Real Estate Properties [Line Items] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% |
Rangers General Partner, LLC [Member] | |
Real Estate Properties [Line Items] | |
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | Mar. 31, 2019joint_venture | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Real estate interests, number of joint ventures | joint_venture | 2 | ||
Equity method investment, ownership percentage | 50.00% | ||
Lease right-of-use assets | $ 84,913 | $ 0 | |
Intangible assets, net | 0 | 46,260 | |
Accounts payable and other liabilities | 32,341 | 43,389 | |
Lease liabilities | 49,701 | $ 0 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Lease right-of-use assets | 84,913 | ||
Intangible assets, net | (46,260) | ||
Accounts payable and other liabilities | (11,048) | ||
Lease liabilities | $ 49,701 |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense | $ 18,200 | $ 20,500 | |
Land and improvements | 532,832 | $ 532,490 | |
Buildings and improvements | 1,562,430 | 1,555,132 | |
Furniture, fixtures and equipment | 127,312 | 125,207 | |
Total | 2,222,574 | 2,212,829 | |
Accumulated depreciation | (107,586) | (89,406) | |
Investment in hotel properties, net | $ 2,114,988 | $ 2,123,423 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Real Estate Properties [Line Items] | ||
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense | $ 18.2 | $ 20.5 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) | Mar. 31, 2019property | Mar. 31, 2019hotel | Mar. 31, 2019 | Dec. 31, 2018hotel |
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Number of Real Estate Properties | 30 | 6 | ||
Unconsolidated Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||
Number of Real Estate Properties | 2 | 2 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Combined Statement of Operations Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 107 | $ 116 |
FelCor Lodging LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 107 | $ 116 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 15,876 | $ 15,716 |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (4,370) | (4,810) |
Cost of the joint venture investments in excess of the joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 20,246 | $ 20,526 |
Investment in Unconsolidated _6
Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 107 | $ 116 |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | 387 | 396 |
Cost of the joint venture investments in excess of the joint venture book value | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ (280) | $ (280) |
Sale of Hotel Properties - Sch
Sale of Hotel Properties - Schedule of Properties Disposed (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2018USD ($)propertyroom | Mar. 27, 2018room | Feb. 21, 2018room | |
Disposal Groups | |||
Disposal Group, Number of Properties Disposed During Period | property | 2 | ||
Embassy Suites Boston Marlborough | |||
Disposal Groups | |||
Property disposed, number of rooms | room | 229 | ||
Sheraton Philadelphia Society Hill Hotel | |||
Disposal Groups | |||
Property disposed, number of rooms | room | 364 | ||
Disposals 2018 [Member] | |||
Disposal Groups | |||
Proceeds from Sale of Real Estate | $ | $ 119.2 | ||
Gain (Loss) on Sale of Properties | $ | $ (9.4) | ||
Property disposed, number of rooms | room | 593 | ||
Gain (Loss) on Termination of Lease | $ | $ (1.5) |
Debt (Details)
Debt (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)asset | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Debt | |||
Number of Assets Encumbered | asset | 4 | ||
Long-term debt, gross | $ 624,633,000 | $ 626,628,000 | |
Deferred financing costs | (2,000) | 0 | |
Debt, net | 624,631,000 | 626,628,000 | |
Interest Expense | $ 7,200,000 | $ 13,100,000 | |
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 | ||
Interest rate | 6.00% | ||
Long-term debt, gross | $ 504,141,000 | 505,322,000 | |
Mortgage loans | 4.95 Percent, Due October 2022 | |||
Debt | |||
Number of Assets Encumbered | asset | 3 | ||
Interest rate | 4.95% | ||
Long-term debt, gross | $ 91,121,000 | 91,737,000 | |
Mortgage loans | 4.94 Percent, Due October 2022 | |||
Debt | |||
Number of Assets Encumbered | asset | 1 | ||
Interest rate | 4.94% | ||
Long-term debt, gross | $ 29,371,000 | 29,569,000 | |
Senior Unsecured Notes [Member] | Unsecured Debt | |||
Debt | |||
Debt Instrument, Fair Value Adjustment, Net | 29,140,575 | 30,300,000 | |
4.94 Percent, Due October 2022 | Secured Debt | |||
Debt | |||
Debt Instrument, Fair Value Adjustment, Net | 600,000 | 600,000 | |
4.95 Percent, Due October 2022 | Secured Debt | |||
Debt | |||
Debt Instrument, Fair Value Adjustment, Net | $ 1,700,000 | $ 1,900,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt | ||
Total interest expense | $ 7.2 | $ 13.1 |
Related Party Debt (Details)
Related Party Debt (Details) - LIBOR Plus 3.00 Percent, Due November 2023 [Member] $ in Millions | 1 Months Ended |
Nov. 30, 2018USD ($) | |
Related Party Transaction [Line Items] | |
Notes Payable, Related Parties | $ 85 |
LIBOR | |
Related Party Transaction [Line Items] | |
Debt Instrument, Description of Variable Rate Basis | LIBOR |
Basis Spread | 3.00% |
Related Party Debt Related Part
Related Party Debt Related Party Interest Expense (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |
Interest Expense, Related Party | $ 1,166 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, carrying value | $ 624,631 | $ 626,628 |
Related Party Debt | 85,000 | 85,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 615,700 | 613,700 |
Related Party Debt, Fair Value | 90,000 | 84,100 |
Senior notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 493,200 | 492,600 |
Mortgage loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 122,500 | $ 121,100 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 4.1 | $ 3.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Lease Payments to the Company Under Noncancelable Operating Leases (Details) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019USD ($)property | Mar. 31, 2019USD ($) | Mar. 31, 2019hotel | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | |||||
Number of Real Estate Properties | 30 | 6 | |||
Operating Leases, Rent Expense, Net | $ 2,500 | ||||
Operating Leases, Income Statement, Minimum Lease Revenue | 14,653 | ||||
Operating Leases, Income Statement, Percentage Revenue | 35,268 | ||||
Related party lease revenue | 49,921 | ||||
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 3,648 | $ 4,863 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 4,884 | 4,884 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 4,909 | 4,909 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 4,968 | 4,968 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 4,990 | 4,990 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 119,019 | 119,019 | |||
Operating Leases, Future Minimum Payments Due | 142,418 | 143,633 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 93,082 | ||||
Operating Leases, Rent Expense, Minimum Rentals | 1,700 | ||||
Operating Leases, Rent Expense, Contingent Rentals | 800 | ||||
Operating Lease, Liability | $ 49,701 | 0 | |||
Number of TRS Leases Expiring in 2019 | hotel | 22 | ||||
Number of TRS Leases Expiring in 2022 | hotel | 5 | ||||
Number of TRS Leases expiring Thereafter | hotel | 1 | ||||
2019 | 44,160 | 58,880 | |||
2020 (1) | 0 | 0 | |||
2021 (1) | 0 | 0 | |||
2022 (1) | 0 | 0 | |||
2023 (1) | 0 | 0 | |||
Thereafter (1) | 0 | 0 | |||
Total | $ 44,160 | $ 58,880 | |||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 200 | ||||
Embassy Suites San Francisco Airport Waterfront [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 600 | ||||
Wyndham Boston Beacon Hill [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 200 | ||||
Wyndham New Orleans French Quarter [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 100 | ||||
Wyndham Pittsburgh University Center [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 200 | ||||
Wyndham San Diego Bayside [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | 1,200 | ||||
Dallas Office [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 100 |
Commitments and Contingencies -
Commitments and Contingencies - Remaining Lease Term And Discount Rate (Details) | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 32 years |
Operating Lease, Weighted Average Discount Rate, Percent | 6.85% |
Commitments and Contingencies_3
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2019property | Mar. 31, 2019hotel | Mar. 24, 2016hotel | |
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | 30 | 6 | ||
InterContinental Hotels Group PLC | ||||
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | 3 | |||
Withdrawal liability | $ | $ 8.3 | |||
InterContinental Hotels Group PLC | Disposed of by sale | ||||
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | 2 | |||
Wyndham Hotel Group | ||||
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | 1 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Joint Venture | |||
Equity, Class of Treasury Stock | |||
Proceeds from redeemable preferred equity | $ 45,000 | ||
Annual return (as a percent) | 3.25% | ||
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) | 1 | 1 | |
Preferred capital in a consolidated joint venture | $ 0 | $ 44,430 | |
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) | 1 | 1 | |
Preferred capital in a consolidated joint venture | $ 0 | $ 44,430 |
Equity Noncontrolling Interest
Equity Noncontrolling Interest (Details) | Mar. 31, 2019 |
The Knickerbocker New York [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flows [Line Items] | ||||
Restricted cash reserves | $ 4,100 | $ 3,200 | ||
Rangers Sub I, LLC | ||||
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | 13,294 | $ 13,025 | 21,351 | |
Restricted cash reserves | 4,111 | 4,717 | 3,211 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 17,405 | 17,742 | $ 24,562 | $ 18,031 |
Interest paid | 1,468 | 18,188 | ||
Interest Paid, Related Party | 766 | 0 | ||
Income taxes refunded | 0 | (169) | ||
Operating Lease, Lease Income, Lease Payments | 1,866 | |||
Gross Proceeds from Sale of Real Estate Held-for-investment | 0 | 119,200 | ||
Transaction costs | 0 | (2,576) | ||
Proceeds from Sale of Real Estate Held-for-investment | 0 | 116,624 | ||
Accrued capital expenditures | $ 2,050 | $ 3,508 |
FelCor LP's Consolidating Fin_3
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Investment in hotel properties, net | $ 2,114,988 | $ 2,123,423 | |||
Restricted cash reserves | 4,100 | 3,200 | |||
Lease right-of-use assets | $ 84,913 | 0 | |||
Debt, net | $ 624,631 | 626,628 | |||
Accounts payable and other liabilities | 32,341 | 43,389 | |||
Operating Lease, Liability | $ 49,701 | 0 | |||
FelCor Lodging LP | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Percentage of subsidiary guarantor owned by company | 100.00% | ||||
Equity investment in consolidated entities | $ 0 | 0 | |||
Investment in hotel properties, net | 2,114,988 | 2,123,423 | |||
Investment in unconsolidated joint ventures | 15,876 | 15,716 | |||
Cash and cash equivalents | 13,294 | 21,351 | |||
Restricted cash reserves | 4,111 | 3,211 | |||
Related party rent receivable | 25,781 | 16,501 | |||
Lease right-of-use assets | 83,852 | 0 | |||
Intangible assets, net | 46,260 | ||||
Prepaid expense and other assets | 7,472 | 6,552 | |||
Related Party Prepaid Interest | 0 | 180 | |||
Total assets | 2,265,374 | 2,233,194 | |||
Debt, net | 624,631 | 626,628 | |||
Notes Payable, Related Parties | 85,000 | 85,000 | |||
Accounts payable and other liabilities | 26,670 | 43,389 | |||
Operating Lease, Liability | 49,336 | 0 | |||
Accrued interest | 9,588 | 2,463 | |||
Accrued Interest, Related Party | 220 | 0 | |||
Distributions payable | 0 | 126 | |||
Total liabilities | 795,445 | 757,606 | |||
Partnership interests | 1,461,693 | 1,425,099 | |||
Total partners' capital, excluding noncontrolling interest | 1,461,693 | 1,425,099 | |||
Noncontrolling interest in consolidated joint ventures | 8,236 | 6,059 | |||
Preferred capital in a consolidated joint venture | 0 | 44,430 | |||
Total equity | 1,469,929 | 1,475,588 | $ 1,766,455 | $ 1,370,359 | |
Total liabilities and equity | 2,265,374 | 2,233,194 | |||
FelCor Lodging LP | Eliminations | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | (1,963,959) | (1,913,418) | |||
Investment in hotel properties, net | 0 | 0 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash reserves | 0 | 0 | |||
Related party rent receivable | 0 | 0 | |||
Lease right-of-use assets | 0 | ||||
Intangible assets, net | 0 | ||||
Prepaid expense and other assets | 0 | 0 | |||
Related Party Prepaid Interest | 0 | ||||
Total assets | (1,963,959) | (1,913,418) | |||
Debt, net | (32,709) | (32,709) | |||
Notes Payable, Related Parties | 0 | 0 | |||
Accounts payable and other liabilities | 0 | 0 | |||
Operating Lease, Liability | 0 | ||||
Accrued interest | 0 | 0 | |||
Accrued Interest, Related Party | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | (32,709) | (32,709) | |||
Partnership interests | (1,931,250) | (1,880,709) | |||
Total partners' capital, excluding noncontrolling interest | (1,931,250) | (1,880,709) | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | ||||
Total equity | (1,931,250) | (1,880,709) | |||
Total liabilities and equity | (1,963,959) | (1,913,418) | |||
FelCor Lodging LP | Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 1,963,959 | 1,913,418 | |||
Investment in hotel properties, net | 0 | 0 | |||
Investment in unconsolidated joint ventures | 15,876 | 15,716 | |||
Cash and cash equivalents | 1,170 | 10,778 | |||
Restricted cash reserves | 443 | 441 | |||
Related party rent receivable | 0 | 0 | |||
Lease right-of-use assets | 4,772 | ||||
Intangible assets, net | 0 | ||||
Prepaid expense and other assets | 1,651 | 1,819 | |||
Related Party Prepaid Interest | 0 | ||||
Total assets | 1,987,871 | 1,942,172 | |||
Debt, net | 504,141 | 505,322 | |||
Notes Payable, Related Parties | 0 | 0 | |||
Accounts payable and other liabilities | 7,501 | 9,288 | |||
Operating Lease, Liability | 4,948 | ||||
Accrued interest | 9,588 | 2,463 | |||
Accrued Interest, Related Party | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | 526,178 | 517,073 | |||
Partnership interests | 1,461,693 | 1,425,099 | |||
Total partners' capital, excluding noncontrolling interest | 1,461,693 | 1,425,099 | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | ||||
Total equity | 1,461,693 | 1,425,099 | |||
Total liabilities and equity | 1,987,871 | 1,942,172 | |||
FelCor Lodging LP | Subsidiary Guarantors | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | 0 | |||
Investment in hotel properties, net | 653,372 | 656,570 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | |||
Restricted cash reserves | 0 | 0 | |||
Related party rent receivable | 7,069 | 3,666 | |||
Lease right-of-use assets | 69,421 | ||||
Intangible assets, net | 46,260 | ||||
Prepaid expense and other assets | 1,154 | 1,297 | |||
Related Party Prepaid Interest | 0 | ||||
Total assets | 731,016 | 707,793 | |||
Debt, net | 0 | 0 | |||
Notes Payable, Related Parties | 0 | 0 | |||
Accounts payable and other liabilities | 11,756 | 14,376 | |||
Operating Lease, Liability | 26,493 | ||||
Accrued interest | 0 | 0 | |||
Accrued Interest, Related Party | 0 | ||||
Distributions payable | 0 | ||||
Total liabilities | 38,249 | 14,376 | |||
Partnership interests | 692,767 | 693,417 | |||
Total partners' capital, excluding noncontrolling interest | 692,767 | 693,417 | |||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||
Preferred capital in a consolidated joint venture | 0 | ||||
Total equity | 692,767 | 693,417 | |||
Total liabilities and equity | 731,016 | 707,793 | |||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Equity investment in consolidated entities | 0 | 0 | |||
Investment in hotel properties, net | 1,461,616 | 1,466,853 | |||
Investment in unconsolidated joint ventures | 0 | 0 | |||
Cash and cash equivalents | 12,124 | 10,573 | |||
Restricted cash reserves | 3,668 | 2,770 | |||
Related party rent receivable | 18,712 | 12,835 | |||
Lease right-of-use assets | 9,659 | ||||
Intangible assets, net | 0 | ||||
Prepaid expense and other assets | 4,667 | 3,436 | |||
Related Party Prepaid Interest | 180 | ||||
Total assets | 1,510,446 | 1,496,647 | |||
Debt, net | 153,199 | 154,015 | |||
Notes Payable, Related Parties | 85,000 | 85,000 | |||
Accounts payable and other liabilities | 7,413 | 19,725 | |||
Operating Lease, Liability | 17,895 | ||||
Accrued interest | 0 | 0 | |||
Accrued Interest, Related Party | 220 | ||||
Distributions payable | 126 | ||||
Total liabilities | 263,727 | 258,866 | |||
Partnership interests | 1,238,483 | 1,187,292 | |||
Total partners' capital, excluding noncontrolling interest | 1,238,483 | 1,187,292 | |||
Noncontrolling interest in consolidated joint ventures | 8,236 | 6,059 | |||
Preferred capital in a consolidated joint venture | 44,430 | ||||
Total equity | 1,246,719 | 1,237,781 | |||
Total liabilities and equity | $ 1,510,446 | $ 1,496,647 |
FelCor LP's Consolidating Fin_4
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Related party lease revenue | $ 49,921 | |
Expense | ||
Interest expense | (7,200) | $ (13,100) |
Interest Expense, Related Party | (1,166) | |
Equity in income from unconsolidated joint ventures | 107 | 116 |
FelCor Lodging LP | ||
Revenue | ||
Related party lease revenue | 49,921 | 53,550 |
Total revenues | 49,921 | 53,550 |
Expense | ||
Depreciation and amortization | 18,294 | 20,712 |
Property tax, insurance and other | 10,508 | 14,831 |
General and administrative | 414 | 608 |
Transaction costs | 252 | 1,528 |
Total operating expenses | 29,468 | 37,679 |
Other income | 49 | 8 |
Interest income | 95 | 30 |
Interest expense | (7,247) | (13,147) |
Interest Expense, Related Party | (1,166) | 0 |
Loss on sale of hotel properties, net | 0 | (9,366) |
Gain on extinguishment of indebtedness | 0 | 12,929 |
Income (loss) before equity in income from unconsolidated joint ventures | 12,184 | 6,325 |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 107 | 116 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 12,291 | 6,441 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 104 | 76 |
Preferred distributions - consolidated joint venture | (186) | (366) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 11,056 | 6,151 |
Redemption of preferred capital - consolidated joint venture | (1,153) | 0 |
Net Income (Loss) Attributable to Parent | 11,056 | 6,151 |
FelCor Lodging LP | Eliminations | ||
Revenue | ||
Related party lease revenue | 0 | 0 |
Total revenues | 0 | 0 |
Expense | ||
Depreciation and amortization | 0 | 0 |
Property tax, insurance and other | 0 | 0 |
General and administrative | 0 | 0 |
Transaction costs | 0 | 0 |
Total operating expenses | 0 | 0 |
Other income | 0 | 0 |
Interest income | (194) | (78) |
Interest expense | 194 | 78 |
Interest Expense, Related Party | 0 | |
Loss on sale of hotel properties, net | 0 | |
Gain on extinguishment of indebtedness | 0 | |
Income (loss) before equity in income from unconsolidated joint ventures | 0 | 0 |
Equity in Income (Loss) from consolidated entities | (17,236) | (5,723) |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (17,236) | (5,723) |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | 0 |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | (17,236) | (5,723) |
FelCor Lodging LP | Parent Company | ||
Revenue | ||
Related party lease revenue | 0 | 0 |
Total revenues | 0 | 0 |
Expense | ||
Depreciation and amortization | 114 | 114 |
Property tax, insurance and other | 26 | 42 |
General and administrative | 385 | 481 |
Transaction costs | 95 | 1,509 |
Total operating expenses | 620 | 2,146 |
Other income | 39 | 8 |
Interest income | 238 | 108 |
Interest expense | (5,944) | (10,587) |
Interest Expense, Related Party | 0 | |
Loss on sale of hotel properties, net | 0 | |
Gain on extinguishment of indebtedness | 12,929 | |
Income (loss) before equity in income from unconsolidated joint ventures | (6,287) | 312 |
Equity in Income (Loss) from consolidated entities | 17,236 | 5,723 |
Equity in income from unconsolidated joint ventures | 107 | 116 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,056 | 6,151 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | 0 |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | 11,056 | 6,151 |
FelCor Lodging LP | Subsidiary Guarantors | ||
Revenue | ||
Related party lease revenue | 18,272 | 18,853 |
Total revenues | 18,272 | 18,853 |
Expense | ||
Depreciation and amortization | 6,765 | 8,752 |
Property tax, insurance and other | 4,906 | 7,485 |
General and administrative | 20 | 40 |
Transaction costs | 8 | 8 |
Total operating expenses | 11,699 | 16,285 |
Other income | 10 | 0 |
Interest income | 0 | 0 |
Interest expense | 0 | 0 |
Interest Expense, Related Party | 0 | |
Loss on sale of hotel properties, net | (9,399) | |
Gain on extinguishment of indebtedness | 0 | |
Income (loss) before equity in income from unconsolidated joint ventures | 6,583 | (6,831) |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,583 | (6,831) |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | 0 |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | 6,583 | (6,831) |
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||
Revenue | ||
Related party lease revenue | 31,649 | 34,697 |
Total revenues | 31,649 | 34,697 |
Expense | ||
Depreciation and amortization | 11,415 | 11,846 |
Property tax, insurance and other | 5,576 | 7,304 |
General and administrative | 9 | 87 |
Transaction costs | 149 | 11 |
Total operating expenses | 17,149 | 19,248 |
Other income | 0 | 0 |
Interest income | 51 | 0 |
Interest expense | (1,497) | (2,638) |
Interest Expense, Related Party | (1,166) | |
Loss on sale of hotel properties, net | 33 | |
Gain on extinguishment of indebtedness | 0 | |
Income (loss) before equity in income from unconsolidated joint ventures | 11,888 | 12,844 |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 11,888 | 12,844 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 104 | 76 |
Preferred distributions - consolidated joint venture | (186) | (366) |
Redemption of preferred capital - consolidated joint venture | (1,153) | |
Net Income (Loss) Attributable to Parent | 10,653 | 12,554 |
Consolidated Joint Venture [Member] | FelCor Lodging LP | ||
Expense | ||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | $ 104 | $ 76 |
FelCor LP's Consolidating Fin_5
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - FelCor Lodging LP - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | ||||
Cash flows from operating activities | $ 25,213 | $ 49,298 | ||
Investing activities: | ||||
Payments for (Proceeds from) Productive Assets | 0 | 116,624 | ||
Improvements and additions to hotel properties | (13,039) | (18,141) | ||
Additions to property and equipment | 0 | (3) | ||
Cash Paid to Equity Method Investment, Contribution | 603 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow (used in) provided by investing activities | (13,642) | 98,480 | ||
Financing activities: | ||||
Repayments of Secured Debt | (650) | (539,512) | ||
Contributions from members | 73,846 | 598,033 | ||
Contributions from noncontrolling interests | 2,281 | |||
Distributions to partners | (48,308) | (206,212) | ||
Payment of deferred financing fees | (2) | (10) | ||
Preferred distributions - consolidated joint venture | (312) | (366) | ||
Payments for Repurchase of Redeemable Preferred Stock | (45,583) | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow used in financing activities | (18,728) | (148,067) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (7,157) | (289) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 17,405 | 17,742 | $ 24,562 | $ 18,031 |
Eliminations | ||||
Operating activities: | ||||
Cash flows from operating activities | 0 | 0 | ||
Investing activities: | ||||
Payments for (Proceeds from) Productive Assets | 0 | |||
Improvements and additions to hotel properties | 0 | 0 | ||
Additions to property and equipment | 0 | |||
Cash Paid to Equity Method Investment, Contribution | 0 | |||
Intercompany financing | 33,305 | (171,272) | ||
Net cash flow (used in) provided by investing activities | 33,305 | (171,272) | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | 0 | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||
Intercompany financing | (33,305) | 171,272 | ||
Net cash flow used in financing activities | (33,305) | 171,272 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Parent Company | ||||
Operating activities: | ||||
Cash flows from operating activities | (1,236) | (24,317) | ||
Investing activities: | ||||
Payments for (Proceeds from) Productive Assets | 0 | |||
Improvements and additions to hotel properties | 0 | 0 | ||
Additions to property and equipment | (3) | |||
Cash Paid to Equity Method Investment, Contribution | (603) | |||
Intercompany financing | (33,305) | 171,272 | ||
Net cash flow (used in) provided by investing activities | (33,908) | 171,269 | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | (538,760) | ||
Contributions from members | 73,846 | 598,033 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | (48,308) | (206,212) | ||
Payment of deferred financing fees | 0 | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||
Intercompany financing | 0 | 0 | ||
Net cash flow used in financing activities | 25,538 | (146,939) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (9,606) | 13 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 1,613 | 9,650 | 11,219 | 9,637 |
Subsidiary Guarantors | ||||
Operating activities: | ||||
Cash flows from operating activities | 10,947 | 31,603 | ||
Investing activities: | ||||
Payments for (Proceeds from) Productive Assets | 116,591 | |||
Improvements and additions to hotel properties | (3,714) | (5,416) | ||
Additions to property and equipment | 0 | |||
Cash Paid to Equity Method Investment, Contribution | 0 | |||
Intercompany financing | 0 | 0 | ||
Net cash flow (used in) provided by investing activities | (3,714) | 111,175 | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | 0 | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | (1) | 0 | ||
Preferred distributions - consolidated joint venture | 0 | 0 | ||
Payments for Repurchase of Redeemable Preferred Stock | 0 | |||
Intercompany financing | (7,232) | (142,778) | ||
Net cash flow used in financing activities | (7,233) | (142,778) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0 | 0 | 0 | 0 |
Non-Guarantor Subsidiaries | ||||
Operating activities: | ||||
Cash flows from operating activities | 15,502 | 42,012 | ||
Investing activities: | ||||
Payments for (Proceeds from) Productive Assets | 33 | |||
Improvements and additions to hotel properties | (9,325) | (12,725) | ||
Additions to property and equipment | 0 | |||
Cash Paid to Equity Method Investment, Contribution | 0 | |||
Intercompany financing | 0 | 0 | ||
Net cash flow (used in) provided by investing activities | (9,325) | (12,692) | ||
Financing activities: | ||||
Repayments of Secured Debt | (650) | (752) | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 2,281 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | (1) | (10) | ||
Preferred distributions - consolidated joint venture | (312) | (366) | ||
Payments for Repurchase of Redeemable Preferred Stock | (45,583) | |||
Intercompany financing | 40,537 | (28,494) | ||
Net cash flow used in financing activities | (3,728) | (29,622) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 2,449 | (302) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 15,792 | $ 8,092 | $ 13,343 | $ 8,394 |
Consolidated Joint Venture [Member] | ||||
Investing activities: | ||||
Cash Paid to Equity Method Investment, Contribution | $ (603) |