Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019USD ($)shares | |
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-K |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | shares | 1 |
Entity Current Reporting Status | Yes |
Entity Public Float | $ | $ 0 |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Entity Shell Company | 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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Investment in hotel properties, net | $ 1,946,826,000 | |
Restricted cash reserves | 4,100,000 | |
Operating Lease, Right-of-Use Asset | $ 0 | |
Intangible assets, net | 46,260,000 | |
Liabilities and Equity | ||
Debt, net | 713,727,000 | |
Related Party Debt | 85,000,000 | |
Accounts payable and other liabilities | 43,389,000 | |
Operating Lease, Liability | 0 | |
Rangers Sub I, LLC | ||
Assets | ||
Investment in hotel properties, net | 1,946,826,000 | 2,123,423,000 |
Investment in unconsolidated joint ventures | 15,171,000 | 15,716,000 |
Cash and cash equivalents | 19,572,000 | 21,351,000 |
Restricted cash reserves | 4,147,000 | 3,211,000 |
Related party rent receivable | 49,181,000 | 16,501,000 |
Operating Lease, Right-of-Use Asset | 80,635,000 | 0 |
Intangible assets, net | 0 | 46,260,000 |
Prepaid expense and other assets | 7,543,000 | 6,552,000 |
Related Party Prepaid Interest | 0 | 180,000 |
Total assets | 2,123,075,000 | 2,233,194,000 |
Liabilities and Equity | ||
Debt, net | 713,727,000 | 626,628,000 |
Related Party Debt | 85,000,000 | 85,000,000 |
Accounts payable and other liabilities | 32,676,000 | 43,389,000 |
Operating Lease, Liability | 48,200,000 | |
Accrued interest | 2,463,000 | 2,463,000 |
Due to Related Parties, Current | 190,000 | 0 |
Distributions payable | 0 | 126,000 |
Total liabilities | 882,256,000 | 757,606,000 |
Member's/Shareholders' equity: | ||
Membership units, $0.01 par value, XXX and zero units authorized, issued, and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,119,913,000 | 1,334,154,000 |
Retained earnings | 99,996,000 | 76,695,000 |
Total member's/shareholders’ equity | 1,219,909,000 | 1,410,849,000 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,588,000 | 6,059,000 |
Noncontrolling interest in FelCor LP | 12,322,000 | 14,250,000 |
Total noncontrolling interest | 20,910,000 | 20,309,000 |
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | 44,430,000 |
Total equity | 1,240,819,000 | 1,475,588,000 |
Total liabilities and equity | 2,123,075,000 | 2,233,194,000 |
Rangers Sub I, LLC | Predecessor | ||
Noncontrolling interest: | ||
Total equity | 1,475,588,000 | |
FelCor Lodging LP | ||
Assets | ||
Investment in hotel properties, net | 1,946,826,000 | 2,123,423,000 |
Investment in unconsolidated joint ventures | 15,171,000 | 15,716,000 |
Cash and cash equivalents | 19,572,000 | 21,351,000 |
Restricted cash reserves | 4,147,000 | 3,211,000 |
Related party rent receivable | 49,181,000 | 16,501,000 |
Operating Lease, Right-of-Use Asset | 80,635,000 | 0 |
Intangible assets, net | 0 | 46,260,000 |
Prepaid expense and other assets | 7,543,000 | 6,552,000 |
Related Party Prepaid Interest | 0 | 180,000 |
Total assets | 2,123,075,000 | 2,233,194,000 |
Liabilities and Equity | ||
Debt, net | 713,727,000 | 626,628,000 |
Related Party Debt | 85,000,000 | 85,000,000 |
Accounts payable and other liabilities | 32,676,000 | 43,389,000 |
Operating Lease, Liability | 48,200,000 | 0 |
Accrued interest | 2,463,000 | 2,463,000 |
Due to Related Parties, Current | 190,000 | 0 |
Distributions payable | 0 | 126,000 |
Total liabilities | 882,256,000 | 757,606,000 |
Member's/Shareholders' equity: | ||
Partners' Capital | 1,131,226,000 | 1,347,630,000 |
Retained earnings | 101,005,000 | 77,469,000 |
Total member's/shareholders’ equity | 1,232,231,000 | 1,425,099,000 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,588,000 | 6,059,000 |
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | 44,430,000 |
Total equity | 1,240,819,000 | 1,475,588,000 |
Total liabilities and equity | $ 2,123,075,000 | $ 2,233,194,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2017 |
Rangers Sub I, LLC | ||
Hotel and other receivables, allowance | $ 0 | $ 0 |
Redeemable noncontrolling interests, units issued (in shares) | 0 | 0 |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | 0 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, shares authorized (in shares) | 0 | 0 |
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 |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 |
Common shares of beneficial interest, shares authorized (in shares) | 0 | 0 |
Common shares of beneficial interest, shares issued (in shares) | 0 | 0 |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | 0 |
Preferred equity in a consolidated joint venture, liquidation value | $ 0 | $ 45,544 |
FelCor Lodging LP | ||
Hotel and other receivables, allowance | $ 0 | $ 0 |
Redeemable noncontrolling interests, units issued (in shares) | 0 | 0 |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | 0 |
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 |
Preferred shares, shares authorized (in shares) | 0 | 0 |
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 |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 |
Common shares of beneficial interest, shares authorized (in shares) | 0 | 0 |
Common shares of beneficial interest, shares issued (in shares) | 0 | 0 |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | 0 |
Preferred equity in a consolidated joint venture, liquidation value | $ 0 | $ 45,544 |
Series A Preferred Stock | Rangers Sub I, LLC | ||
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Series A Preferred Stock | FelCor Lodging LP | ||
Preferred shares, shares issued (in shares) | 0 | 0 |
Preferred shares, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | ||||
Related party lease revenue | $ 196,695,000 | |||
Total revenues | $ 14,159,000 | |||
Expenses | ||||
Cost of Goods and Services Sold | 53,930,000 | |||
Impairment loss | 35,100,000 | 0 | ||
Transaction costs | 2,000,000 | |||
Operating income (loss) | (39,771,000) | |||
Interest expense | $ (19,270,340) | (31,900,000) | $ (37,900,000) | |
Income tax expense | 0 | 500,000 | 0 | 0 |
Predecessor | ||||
Expenses | ||||
Impairment loss | 35,100,000 | |||
Transaction costs | 68,200,000 | |||
Interest expense | (51,700,000) | |||
Equity in income from unconsolidated joint ventures | 1,074,000 | |||
Rangers Sub I, LLC | ||||
Revenues | ||||
Related party lease revenue | 196,695,000 | 217,597,000 | ||
Total revenues | 196,695,000 | 217,597,000 | ||
Expenses | ||||
Management and franchise fee expense | 0 | 0 | ||
Depreciation and amortization | 72,389,000 | 78,491,000 | ||
Impairment loss | 0 | 0 | ||
Property tax, insurance and other | 40,965,000 | 53,754,000 | ||
General and administrative | 1,289,000 | 1,056,000 | ||
Transaction costs | 241,000 | 2,186,000 | ||
Total operating expenses | 114,884,000 | 135,487,000 | ||
Other income | 59,000 | 113,000 | ||
Interest income | 347,000 | 311,000 | ||
Interest expense | (31,930,000) | (37,930,000) | ||
Related party interest expense | (4,529,000) | 708,000 | ||
(Loss) gain on sale of hotel properties, net | (21,451,000) | 18,423,000 | ||
Gain (loss) on extinguishment of indebtedness, net | 0 | 11,266,000 | ||
Income (loss) before equity in income from unconsolidated joint ventures | 24,307,000 | 73,585,000 | ||
Equity in income from unconsolidated joint ventures | 816,000 | 1,395,000 | ||
Income (loss) before income tax expense | 25,123,000 | 74,980,000 | ||
Income tax expense | 0 | 0 | ||
Income (loss) from continuing operations | 25,123,000 | 74,980,000 | ||
Loss from discontinued operations | 0 | 0 | ||
Net income (loss) and comprehensive income (loss) | 4,784,000 | 25,123,000 | 74,980,000 | |
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (248,000) | (159,000) | ||
Noncontrolling interest in FelCor LP | (235,000) | (733,000) | ||
Preferred distributions - consolidated joint venture | (186,000) | (1,483,000) | ||
Other Preferred Stock Dividends and Adjustments | (1,153,000) | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 23,301,000 | 72,605,000 | ||
Preferred dividends | 0 | 0 | ||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 23,301,000 | 72,605,000 | ||
Rangers Sub I, LLC | Predecessor | ||||
Revenues | ||||
Related party lease revenue | 81,259,000 | 0 | ||
Total revenues | 81,259,000 | 551,515,000 | ||
Expenses | ||||
Management and franchise fee expense | 0 | 19,901,000 | ||
Depreciation and amortization | 28,965,000 | 73,065,000 | ||
Impairment loss | 0 | 35,109,000 | ||
Property tax, insurance and other | 17,062,000 | 44,278,000 | ||
General and administrative | 1,019,000 | 16,006,000 | ||
Transaction costs | 4,193,000 | 68,248,000 | ||
Total operating expenses | 51,239,000 | 589,075,000 | ||
Other income | 0 | 100,000 | ||
Interest income | 10,000 | 126,000 | ||
Interest expense | (19,270,000) | (51,690,000) | ||
Related party interest expense | 0 | 0 | ||
(Loss) gain on sale of hotel properties, net | (6,637,000) | (1,764,000) | ||
Gain (loss) on extinguishment of indebtedness, net | 0 | (3,278,000) | ||
Income (loss) before equity in income from unconsolidated joint ventures | 4,123,000 | (94,066,000) | ||
Equity in income from unconsolidated joint ventures | 661,000 | 1,074,000 | ||
Income (loss) before income tax expense | 4,784,000 | (92,992,000) | ||
Income tax expense | 0 | (499,000) | ||
Income (loss) from continuing operations | 4,784,000 | (93,491,000) | ||
Loss from discontinued operations | 0 | (3,415,000) | ||
Net income (loss) and comprehensive income (loss) | 4,784,000 | (96,906,000) | ||
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (157,000) | 545,000 | ||
Noncontrolling interest in FelCor LP | (41,000) | 495,000 | ||
Preferred distributions - consolidated joint venture | (496,000) | (979,000) | ||
Other Preferred Stock Dividends and Adjustments | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,090,000 | (96,845,000) | ||
Preferred dividends | 0 | (16,744,000) | ||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,090,000 | $ (113,589,000) | ||
Basic and diluted per common share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | |||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 137,331,743 | |||
Diluted per common share data: | ||||
Weighted-average number of common shares (in shares) | 137,331,743 | |||
Amounts attributable to the Company's common shareholders: | ||||
Income from operations | $ (93,445,000) | |||
FelCor Lodging LP | ||||
Revenues | ||||
Related party lease revenue | 196,695,000 | 217,597,000 | ||
Total revenues | 196,695,000 | 217,597,000 | ||
Expenses | ||||
Management and franchise fee expense | 0 | 0 | ||
Depreciation and amortization | 72,389,000 | 78,491,000 | ||
Impairment loss | 0 | 0 | ||
Property tax, insurance and other | 40,965,000 | 53,754,000 | ||
General and administrative | 1,289,000 | 1,056,000 | ||
Transaction costs | 241,000 | 2,186,000 | ||
Total operating expenses | 114,884,000 | 135,487,000 | ||
Other income | 59,000 | 113,000 | ||
Interest income | 347,000 | 311,000 | ||
Interest expense | (31,930,000) | (37,930,000) | ||
Related party interest expense | (4,529,000) | 708,000 | ||
(Loss) gain on sale of hotel properties, net | (21,451,000) | 18,423,000 | ||
Gain (loss) on extinguishment of indebtedness, net | 0 | 11,266,000 | ||
Income (loss) before equity in income from unconsolidated joint ventures | 24,307,000 | 73,585,000 | ||
Equity in income from unconsolidated joint ventures | 816,000 | 1,395,000 | ||
Income (loss) before income tax expense | 25,123,000 | 74,980,000 | ||
Income tax expense | 0 | 0 | ||
Income (loss) from continuing operations | 25,123,000 | 74,980,000 | ||
Loss from discontinued operations | 0 | 0 | ||
Net income (loss) and comprehensive income (loss) | 4,784,000 | 25,123,000 | 74,980,000 | |
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (248,000) | (159,000) | ||
Preferred distributions - consolidated joint venture | (186,000) | (1,483,000) | ||
Other Preferred Stock Dividends and Adjustments | (1,153,000) | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 23,536,000 | 73,338,000 | ||
Preferred dividends | 0 | 0 | ||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 23,536,000 | 73,338,000 | ||
FelCor Lodging LP | Predecessor | ||||
Revenues | ||||
Related party lease revenue | 81,259,000 | 0 | ||
Total revenues | 81,259,000 | 551,515,000 | ||
Expenses | ||||
Management and franchise fee expense | 0 | 19,901,000 | ||
Depreciation and amortization | 28,965,000 | 73,065,000 | ||
Impairment loss | 0 | 35,109,000 | ||
Property tax, insurance and other | 17,062,000 | 44,278,000 | ||
General and administrative | 1,019,000 | 16,006,000 | ||
Transaction costs | 4,193,000 | 68,248,000 | ||
Total operating expenses | 51,239,000 | 589,075,000 | ||
Other income | 0 | 100,000 | ||
Interest income | 10,000 | 126,000 | ||
Interest expense | (19,270,000) | (51,690,000) | ||
Related party interest expense | 0 | 0 | ||
(Loss) gain on sale of hotel properties, net | (6,637,000) | (1,764,000) | ||
Gain (loss) on extinguishment of indebtedness, net | 0 | (3,278,000) | ||
Income (loss) before equity in income from unconsolidated joint ventures | 4,123,000 | (94,066,000) | ||
Equity in income from unconsolidated joint ventures | 661,000 | 1,074,000 | ||
Income (loss) before income tax expense | 4,784,000 | (92,992,000) | ||
Income tax expense | 0 | (499,000) | ||
Income (loss) from continuing operations | 4,784,000 | (93,491,000) | ||
Loss from discontinued operations | 0 | (3,415,000) | ||
Net income (loss) and comprehensive income (loss) | 4,784,000 | (96,906,000) | ||
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (157,000) | 545,000 | ||
Preferred distributions - consolidated joint venture | (496,000) | (979,000) | ||
Other Preferred Stock Dividends and Adjustments | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | (97,340,000) | ||
Preferred dividends | 0 | (16,744,000) | ||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ 4,131,000 | $ (114,084,000) | ||
Basic and diluted per common share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | |||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 137,941,926 | |||
Diluted per common share data: | ||||
Weighted-average number of common shares (in shares) | 137,941,926 | |||
Amounts attributable to the Company's common shareholders: | ||||
Income from operations | $ (93,925,000) | |||
Occupancy [Member] | Rangers Sub I, LLC | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Occupancy [Member] | Rangers Sub I, LLC | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | 425,682,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 112,813,000 | ||
Occupancy [Member] | FelCor Lodging LP | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Occupancy [Member] | FelCor Lodging LP | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 425,682,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 112,813,000 | ||
Food and Beverage [Member] | Rangers Sub I, LLC | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Food and Beverage [Member] | Rangers Sub I, LLC | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 90,572,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 71,828,000 | ||
Food and Beverage [Member] | FelCor Lodging LP | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Food and Beverage [Member] | FelCor Lodging LP | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 90,572,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 71,828,000 | ||
Hotel, Other [Member] | Rangers Sub I, LLC | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Hotel, Other [Member] | Rangers Sub I, LLC | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 35,261,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 147,827,000 | ||
Hotel, Other [Member] | FelCor Lodging LP | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Hotel, Other [Member] | FelCor Lodging LP | Predecessor | ||||
Revenues | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 35,261,000 | ||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 147,827,000 | ||
Hotel [Member] | Rangers Sub I, LLC | ||||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 0 | ||
Hotel [Member] | Rangers Sub I, LLC | Predecessor | ||||
Expenses | ||||
Cost of Goods and Services Sold | 0 | 352,369,000 | ||
Hotel [Member] | FelCor Lodging LP | ||||
Expenses | ||||
Cost of Goods and Services Sold | $ 0 | $ 0 | ||
Hotel [Member] | FelCor Lodging LP | Predecessor | ||||
Expenses | ||||
Cost of Goods and Services Sold | $ 0 | $ 352,369,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Total | Preferred Equity in a Consolidated Joint Venture | Consolidated Joint Venture [Member] | Rangers Sub I, LLC | Rangers Sub I, LLCSeries A Cumulative Preferred Stock | Rangers Sub I, LLCMember's Equity | Rangers Sub I, LLCNoncontrolling Interest | Rangers Sub I, LLCAdditional Paid-in Capital | Rangers Sub I, LLCAccumulated Deficit | Rangers Sub I, LLCFelCor LP | Rangers Sub I, LLCConsolidated Joint Ventures | Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture | Rangers Sub I, LLCConsolidated Joint Venture [Member] | Rangers Sub I, LLCAccumulated Distributions in Excess of Net Income [Member] | FelCor Lodging LP | FelCor Lodging LPMember's Equity | FelCor Lodging LPNoncontrolling Interest | FelCor Lodging LPAdditional Paid-in Capital | FelCor Lodging LPAccumulated Deficit | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture |
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2016 | 12,879,475 | 137,990,097 | |||||||||||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||||||
Net income and comprehensive income | Predecessor | $ (96,906,000) | $ (96,906,000) | $ (97,340,000) | $ (545,000) | $ 979,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | Predecessor | 859,000 | 859,000 | |||||||||||||||||||
Contributions | Predecessor | 333,000 | 333,000 | |||||||||||||||||||
Distributions | Predecessor | (150,000) | (150,000) | |||||||||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (979,000) | (979,000) | |||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | Predecessor | 647,000 | 647,000 | |||||||||||||||||||
Amortization of share-based compensation | Predecessor | 11,946,000 | 11,946,000 | |||||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (6,434,000) | (6,434,000) | |||||||||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | 433,000 | 433,000 | |||||||||||||||||||
Distributions on Series A preferred shares | Predecessor | (16,744,000) | (16,744,000) | |||||||||||||||||||
Distributions on common shares and units | Predecessor | (22,602,000) | (22,602,000) | |||||||||||||||||||
Ending Balance (in shares) (Predecessor) at Aug. 31, 2017 | 12,879,475 | 139,095,285 | |||||||||||||||||||
Balance (Predecessor) at Aug. 31, 2017 | 102,986,000 | $ 309,337,000 | $ 1,391,000 | $ 2,589,577,000 | $ 44,430,000 | $ 7,141,000 | $ (2,848,890,000) | 102,986,000 | $ 309,337,000 | $ (257,922,000) | 7,141,000 | 44,430,000 | |||||||||
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2016 | 12,879,475 | 137,990,097 | |||||||||||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||||||
Net income and comprehensive income | Predecessor | (96,411,000) | 979,000 | (545,000) | (96,845,000) | |||||||||||||||||
Contributions | Predecessor | 333,000 | 333,000 | |||||||||||||||||||
Distributions | Predecessor | 150,000 | $ 150,000 | |||||||||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | 979,000 | 979,000 | |||||||||||||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | Predecessor | 647,000 | 647,000 | |||||||||||||||||||
Issuance of stock awards, Shares | Predecessor | 1,998,497 | ||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | Predecessor | 859,000 | $ 20,000 | 839,000 | ||||||||||||||||||
Amortization of share-based compensation | Predecessor | 11,946,000 | 11,946,000 | |||||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (893,309) | ||||||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (6,434,000) | $ (9,000) | (6,425,000) | ||||||||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | 196,000 | 196,000 | |||||||||||||||||||
Distributions on Series A preferred shares | Predecessor | 16,744,000 | 16,744,000 | |||||||||||||||||||
Distributions on common shares and units | Predecessor | 22,468,000 | $ 22,468,000 | |||||||||||||||||||
Ending Balance (in shares) (Predecessor) at Dec. 31, 2017 | 1,302,739,000 | 13,200,000 | |||||||||||||||||||
Balance (Predecessor) at Dec. 31, 2017 | 1,370,359,000 | $ 4,090,000 | $ 5,900,000 | 44,430,000 | |||||||||||||||||
Balance at Dec. 31, 2017 | 1,370,359,000 | 1,302,739,000 | $ 4,090,000 | $ 13,200,000 | 5,900,000 | 44,430,000 | 1,370,359,000 | $ 1,315,898,000 | $ 4,131,000 | 5,900,000 | 44,430,000 | ||||||||||
Beginning Balance (in shares) (Predecessor) at Aug. 31, 2017 | 12,879,475 | 139,095,285 | |||||||||||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||||||
Distribution of FelCor TRS | (103,134,000) | (102,350,000) | (1,034,000) | 250,000 | (103,134,000) | (103,384,000) | 250,000 | ||||||||||||||
Net income and comprehensive income | Predecessor | 4,784,000 | 4,784,000 | |||||||||||||||||||
Net income and comprehensive income | 4,784,000 | 4,090,000 | 41,000 | 157,000 | 496,000 | 4,784,000 | 4,131,000 | 157,000 | 496,000 | ||||||||||||
Contributions | 130,076,000 | 128,775,000 | 1,301,000 | 130,076,000 | 130,076,000 | ||||||||||||||||
Distributions | (187,616,000) | (185,740,000) | (1,876,000) | 0 | (187,616,000) | (187,616,000) | 0 | ||||||||||||||
Preferred distributions - consolidated joint venture | (496,000) | (496,000) | (496,000) | (496,000) | |||||||||||||||||
Ending Balance (in shares) (Predecessor) at Dec. 31, 2017 | 1,302,739,000 | 13,200,000 | |||||||||||||||||||
Balance (Predecessor) at Dec. 31, 2017 | 1,370,359,000 | $ 4,090,000 | 5,900,000 | 44,430,000 | |||||||||||||||||
Balance at Dec. 31, 2017 | 1,370,359,000 | 1,302,739,000 | 4,090,000 | 13,200,000 | 5,900,000 | 44,430,000 | 1,370,359,000 | 1,315,898,000 | 4,131,000 | 5,900,000 | 44,430,000 | ||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||||||
Net income and comprehensive income | 74,980,000 | 74,980,000 | 73,338,000 | 159,000 | 1,483,000 | ||||||||||||||||
Contributions | Predecessor | 732,319,000 | 724,997,000 | $ 7,322,000 | 0 | |||||||||||||||||
Contributions | 732,319,000 | 732,319,000 | |||||||||||||||||||
Distributions | Predecessor | (700,587,000) | 693,582,000 | 7,005,000 | 0 | 0 | ||||||||||||||||
Distributions | (700,587,000) | (700,587,000) | |||||||||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (1,483,000) | (1,483,000) | |||||||||||||||||||
Preferred distributions - consolidated joint venture | (1,483,000) | 1,483,000 | |||||||||||||||||||
Net income and comprehensive income | Predecessor | 74,980,000 | $ 72,605,000 | $ 733,000 | 159,000 | 1,483,000 | ||||||||||||||||
Ending Balance (in shares) (Predecessor) at Dec. 31, 2018 | 1,334,154,000 | 14,250,000 | |||||||||||||||||||
Balance (Predecessor) at Dec. 31, 2018 | 1,475,588,000 | $ 76,695,000 | 6,059,000 | 44,430,000 | |||||||||||||||||
Balance at Dec. 31, 2018 | 1,475,588,000 | 1,334,154,000 | 76,695,000 | 14,250,000 | 6,059,000 | 44,430,000 | 1,475,588,000 | 1,347,630,000 | 77,469,000 | 6,059,000 | 44,430,000 | ||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||||||
Net income and comprehensive income | 25,123,000 | 23,301,000 | 235,000 | 248,000 | 1,339,000 | 25,123,000 | 23,536,000 | 248,000 | 1,339,000 | ||||||||||||
Contributions | 188,318,000 | 186,435,000 | 1,883,000 | 188,318,000 | 188,318,000 | ||||||||||||||||
Distributions | (404,722,000) | (400,676,000) | (4,046,000) | 0 | (404,722,000) | (404,722,000) | 0 | ||||||||||||||
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 Dec. 31, 2019 | $ 1,240,819,000 | $ 1,119,913,000 | $ 99,996,000 | $ 12,322,000 | $ 8,588,000 | $ 0 | $ 1,240,819,000 | $ 1,131,226,000 | $ 101,005,000 | $ 8,588,000 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Loss (gain) on sale of hotel properties and other assets, net | $ (1,600) | |||||
Amortization of deferred financing costs | $ 100 | $ 200 | ||||
Predecessor | ||||||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Amortization of deferred financing costs | 2,800 | |||||
Equity in income from unconsolidated entities | (1,074) | |||||
Equity based severance | 8,400 | |||||
Rangers Sub I, LLC | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 18,031 | 23,719 | 24,562 | $ 18,031 | ||
Cash flows from operating activities | ||||||
Net income (loss) | 4,784 | 25,123 | 74,980 | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Loss (gain) on sale of hotel properties and other assets, net | 21,451 | (18,423) | ||||
Depreciation and amortization | 72,389 | 78,491 | ||||
Amortization of deferred financing costs | 148 | 241 | ||||
Amortization of fair value adjustments | (2,604) | (3,649) | ||||
Equity in income from unconsolidated entities | (816) | (1,395) | ||||
Distributions of income from unconsolidated joint ventures | 1,964 | 2,591 | ||||
Amortization of share-based compensation | 0 | 0 | ||||
Equity based severance | 0 | 0 | ||||
(Gain) loss on extinguishment of indebtedness, net | 0 | (11,266) | ||||
Impairment loss | 0 | 0 | ||||
Changes in assets and liabilities: | ||||||
Increase (Decrease) in Related Party Rent Receivable | (32,680) | 63,588 | ||||
Hotel and other receivables, net | 0 | 0 | ||||
Prepaid expense and other assets | (1,348) | 4,142 | ||||
Increase (Decrease) in Related Party Prepaid Interest | 180 | (180) | ||||
Accounts payable and other liabilities | 1,017 | (6,052) | ||||
Advance deposits and deferred revenue | 0 | 0 | ||||
Accrued interest | 0 | (9,823) | ||||
Accrued Interest, Related Party | 190 | 0 | ||||
Net cash flow provided by (used in) operating activities | 85,014 | 173,245 | ||||
Cash flows from investing activities | ||||||
Proceeds from the sale of hotel properties, net | 144,447 | 445,287 | ||||
Improvements and additions to hotel properties | (62,015) | (74,384) | ||||
Distributions from unconsolidated entities | 0 | 0 | ||||
Payments for Advance to Affiliate | 603 | |||||
Net cash flow provided by investing activities | 81,829 | 370,903 | ||||
Cash flows from financing activities | ||||||
Proceeds from borrowings | 96,000 | 0 | ||||
Proceeds from Related Party Debt | 0 | 85,000 | ||||
Repayments of borrowings | (2,678) | (654,656) | ||||
Repurchase of common shares to satisfy employee tax withholding requirements | 0 | 0 | ||||
Contributions from members | 188,318 | 732,319 | ||||
Distributions to members | (404,722) | (698,787) | ||||
Distribution of cash in FelCor TRS | 0 | 0 | ||||
Distributions on preferred shares | 0 | 0 | ||||
Redemption of preferred units | (45,583) | 0 | ||||
Distributions on common shares | 0 | 0 | ||||
Distributions on Operating Partnership units | 0 | 0 | ||||
Payments of deferred financing costs | (990) | (10) | ||||
Distributions to consolidated joint venture partners | 0 | 0 | ||||
Contributions from consolidated joint venture partners | 2,281 | 0 | ||||
Preferred distributions - consolidated joint venture | (312) | (1,483) | ||||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 0 | ||||
Net cash flow used in financing activities | (167,686) | (537,617) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (843) | 6,531 | ||||
Rangers Sub I, LLC | Predecessor | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | 64,434 | 18,031 | $ 66,808 | ||
Cash flows from operating activities | ||||||
Net income (loss) | 4,784 | (96,906) | (96,411) | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Loss (gain) on sale of hotel properties and other assets, net | 6,637 | 5,079 | ||||
Depreciation and amortization | 28,966 | 73,065 | ||||
Amortization of deferred financing costs | 23 | 2,803 | ||||
Amortization of fair value adjustments | (2,660) | 0 | ||||
Equity in income from unconsolidated entities | (661) | (1,074) | ||||
Distributions of income from unconsolidated joint ventures | 1,500 | 333 | ||||
Amortization of share-based compensation | 0 | 3,833 | ||||
Equity based severance | 0 | 8,372 | ||||
(Gain) loss on extinguishment of indebtedness, net | 0 | 3,278 | ||||
Impairment loss | 0 | 35,109 | ||||
Changes in assets and liabilities: | ||||||
Increase (Decrease) in Related Party Rent Receivable | (80,090) | 0 | ||||
Hotel and other receivables, net | 0 | (6,155) | ||||
Prepaid expense and other assets | (449) | 2,954 | ||||
Increase (Decrease) in Related Party Prepaid Interest | 0 | 0 | ||||
Accounts payable and other liabilities | (19,876) | 54,361 | ||||
Advance deposits and deferred revenue | 0 | 4,426 | ||||
Accrued interest | (10,326) | 9,862 | ||||
Accrued Interest, Related Party | 0 | 0 | ||||
Net cash flow provided by (used in) operating activities | (72,152) | 99,340 | ||||
Cash flows from investing activities | ||||||
Proceeds from the sale of hotel properties, net | 165,893 | 73,416 | ||||
Improvements and additions to hotel properties | (23,637) | (63,802) | ||||
Distributions from unconsolidated entities | 0 | 840 | ||||
Payments for Advance to Affiliate | 0 | 0 | 0 | |||
Net cash flow provided by investing activities | 142,256 | 10,454 | ||||
Cash flows from financing activities | ||||||
Proceeds from borrowings | 0 | 66,000 | ||||
Proceeds from Related Party Debt | 0 | 0 | ||||
Repayments of borrowings | (2,164) | (121,691) | ||||
Repurchase of common shares to satisfy employee tax withholding requirements | 0 | (6,434) | ||||
Contributions from members | 130,076 | 0 | ||||
Distributions to members | (187,616) | 0 | ||||
Distribution of cash in FelCor TRS | (51,867) | 0 | ||||
Distributions on preferred shares | (4,186) | (18,836) | ||||
Redemption of preferred units | 0 | 0 | ||||
Distributions on common shares | 0 | (30,926) | ||||
Distributions on Operating Partnership units | 0 | (134) | ||||
Payments of deferred financing costs | (254) | 0 | ||||
Distributions to consolidated joint venture partners | 0 | (150) | ||||
Contributions from consolidated joint venture partners | 0 | 333 | ||||
Preferred distributions - consolidated joint venture | (496) | (977) | ||||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 647 | ||||
Net cash flow used in financing activities | (116,507) | (112,168) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (46,403) | (2,374) | ||||
FelCor Lodging LP | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | 23,719 | 24,562 | 18,031 | ||
Cash flows from operating activities | ||||||
Net income (loss) | 4,784 | 25,123 | 74,980 | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Loss (gain) on sale of hotel properties and other assets, net | 21,451 | (18,423) | ||||
Depreciation and amortization | 72,389 | 78,491 | ||||
Amortization of deferred financing costs | 148 | 241 | ||||
Amortization of fair value adjustments | (2,604) | (3,649) | ||||
Equity in income from unconsolidated entities | (816) | (1,395) | ||||
Distributions of income from unconsolidated joint ventures | 1,964 | 2,591 | ||||
Amortization of share-based compensation | 0 | 0 | ||||
Equity based severance | 0 | 0 | ||||
(Gain) loss on extinguishment of indebtedness, net | 0 | (11,266) | ||||
Impairment loss | 0 | 0 | ||||
Changes in assets and liabilities: | ||||||
Increase (Decrease) in Related Party Rent Receivable | (32,680) | 63,588 | ||||
Hotel and other receivables, net | 0 | 0 | ||||
Prepaid expense and other assets | (1,348) | 4,142 | ||||
Increase (Decrease) in Related Party Prepaid Interest | 180 | (180) | ||||
Accounts payable and other liabilities | 1,017 | (6,052) | ||||
Advance deposits and deferred revenue | 0 | 0 | ||||
Accrued interest | 0 | (9,823) | ||||
Accrued Interest, Related Party | 190 | 0 | ||||
Net cash flow provided by (used in) operating activities | 85,014 | 173,245 | ||||
Cash flows from investing activities | ||||||
Proceeds from the sale of hotel properties, net | 144,447 | 445,287 | ||||
Improvements and additions to hotel properties | (62,015) | (74,384) | ||||
Distributions from unconsolidated entities | 0 | 0 | ||||
Payments for Advance to Affiliate | 603 | |||||
Net cash flow provided by investing activities | 81,829 | 370,903 | ||||
Cash flows from financing activities | ||||||
Proceeds from borrowings | 96,000 | 0 | ||||
Proceeds from Related Party Debt | 0 | 85,000 | ||||
Repayments of borrowings | (2,678) | (654,656) | ||||
Repurchase of common shares to satisfy employee tax withholding requirements | 0 | 0 | ||||
Contributions from members | 188,318 | 732,319 | ||||
Distributions to members | (404,722) | (698,787) | ||||
Distribution of cash in FelCor TRS | 0 | 0 | ||||
Distributions on preferred shares | 0 | 0 | ||||
Redemption of preferred units | (45,583) | 0 | ||||
Distributions on common shares | 0 | 0 | ||||
Distributions on Operating Partnership units | 0 | 0 | ||||
Payments of deferred financing costs | (990) | (10) | ||||
Distributions to consolidated joint venture partners | 0 | 0 | ||||
Contributions from consolidated joint venture partners | 2,281 | 0 | ||||
Preferred distributions - consolidated joint venture | (312) | (1,483) | ||||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 0 | ||||
Net cash flow used in financing activities | (167,686) | (537,617) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | $ (843) | 6,531 | ||||
FelCor Lodging LP | Predecessor | ||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | 64,434 | $ 18,031 | $ 66,808 | ||
Cash flows from operating activities | ||||||
Net income (loss) | 4,784 | (96,906) | ||||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||
Loss (gain) on sale of hotel properties and other assets, net | 6,637 | 5,079 | ||||
Depreciation and amortization | 28,966 | 73,065 | ||||
Amortization of deferred financing costs | 23 | 2,803 | ||||
Amortization of fair value adjustments | (2,660) | 0 | ||||
Equity in income from unconsolidated entities | (661) | (1,074) | ||||
Distributions of income from unconsolidated joint ventures | 1,500 | 333 | ||||
Amortization of share-based compensation | 0 | 3,833 | ||||
Equity based severance | 0 | 8,372 | ||||
(Gain) loss on extinguishment of indebtedness, net | 0 | 3,278 | ||||
Impairment loss | 0 | 35,109 | ||||
Changes in assets and liabilities: | ||||||
Increase (Decrease) in Related Party Rent Receivable | (80,090) | 0 | ||||
Hotel and other receivables, net | 0 | (6,155) | ||||
Prepaid expense and other assets | (449) | 2,954 | ||||
Increase (Decrease) in Related Party Prepaid Interest | 0 | 0 | ||||
Accounts payable and other liabilities | (19,876) | 54,361 | ||||
Advance deposits and deferred revenue | 0 | 4,426 | ||||
Accrued interest | (10,326) | 9,862 | ||||
Accrued Interest, Related Party | 0 | 0 | ||||
Net cash flow provided by (used in) operating activities | (72,152) | 99,340 | ||||
Cash flows from investing activities | ||||||
Proceeds from the sale of hotel properties, net | 165,893 | 73,416 | ||||
Improvements and additions to hotel properties | (23,637) | (63,802) | ||||
Distributions from unconsolidated entities | 0 | 840 | ||||
Payments for Advance to Affiliate | 0 | 0 | $ 0 | |||
Net cash flow provided by investing activities | 142,256 | 10,454 | ||||
Cash flows from financing activities | ||||||
Proceeds from borrowings | 0 | 66,000 | ||||
Proceeds from Related Party Debt | 0 | 0 | ||||
Repayments of borrowings | (2,164) | (121,691) | ||||
Repurchase of common shares to satisfy employee tax withholding requirements | 0 | (6,434) | ||||
Contributions from members | 130,076 | 0 | ||||
Distributions to members | (187,616) | 0 | ||||
Distribution of cash in FelCor TRS | (51,867) | 0 | ||||
Distributions on preferred shares | (4,186) | (18,836) | ||||
Redemption of preferred units | 0 | 0 | ||||
Distributions on common shares | 0 | (30,926) | ||||
Distributions on Operating Partnership units | 0 | (134) | ||||
Payments of deferred financing costs | (254) | 0 | ||||
Distributions to consolidated joint venture partners | 0 | (150) | ||||
Contributions from consolidated joint venture partners | 0 | 333 | ||||
Preferred distributions - consolidated joint venture | (496) | (977) | ||||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | 647 | ||||
Net cash flow used in financing activities | (116,507) | (112,168) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | $ (46,403) | $ (2,374) |
Related Party Debt Statement
Related Party Debt Statement - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Consolidated Joint Venture [Member] | |||
Due to Related Parties | $ 85 | ||
Interest Expense, Related Party | $ 4.5 | $ 0.7 | |
LIBOR Plus Three Point Zero Zero Percent Due November 2023 [Member] | |||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% |
Organization
Organization | 12 Months Ended |
Dec. 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 December 31, 2019 , the Company owned 28 hotel properties with approximately 8,100 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 25 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 26 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 27 of its 28 hotel properties to subsidiaries of RLJ LP. |
Merger with RLJ Lodging Trust
Merger with RLJ Lodging Trust | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Merger with RLJ Lodging Trust | Merger with RLJ On August 31, 2017 (the "Acquisition Date"), RLJ Lodging Trust ("RLJ"), RLJ LP, Rangers, and Rangers Sub II, LP, a wholly-owned subsidiary of RLJ LP ("Partnership Merger Sub"), consummated the transactions contemplated by the definitive Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2017, with FelCor and FelCor LP pursuant to which Partnership Merger Sub merged with and into FelCor LP, with FelCor LP surviving as a wholly-owned subsidiary of RLJ LP (the "Partnership Merger"), and, immediately thereafter, FelCor merged with and into Rangers, with Rangers surviving as a wholly-owned subsidiary of RLJ LP (the "REIT Merger" and, together with the Partnership Merger, the "Mergers"). RLJ accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations . In accordance with the guidance, RLJ elected to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired and the liabilities assumed in the Mergers. Accordingly, the consolidated financial statements of the Company for the periods before and after the Acquisition Date reflect different bases of accounting, and the financial positions and the results of operations for those periods are not comparable. As a result, the consolidated financial statements and the notes to those financial statements are separated into two distinct periods; the periods prior to the Acquisition Date are identified as "Predecessor," and the period after the Acquisition Date is identified as "Successor". The new basis of accounting for the assets and liabilities that existed on the Acquisition Date will be used in the preparation of the Company's future financial statements and footnotes. At the closing of the Mergers, FelCor LP had controlling financial interests in various hotel property-owning subsidiaries (the "Lessors"), and FelCor TRS Holdings, LLC (the "FelCor TRS") and its property-operating subsidiaries (the "Lessees"). The hotel properties were leased through intercompany lease agreements between the Lessors and the Lessees, resulting in the Lessees' lease payments being eliminated in consolidation. Immediately after the consummation of the Mergers and the push down of the allocation of the purchase price consideration, FelCor LP distributed its equity interests in FelCor TRS to RLJ LP. The Company accounted for the distribution as a transaction amongst entities under common control. As a result of the distribution of the equity interests in FelCor TRS, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP: August 31, 2017 New Basis Before FelCor TRS Distribution FelCor TRS Distribution New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 118,050 54 Advanced bookings 13,862 1 Other intangible assets 7,761 6 Total intangible assets $ 139,673 46 For the year ended December 31, 2018, the Company recognized approximately $2.0 million of integration costs. The Company recognized approximately $4.2 million of integration costs during the Successor period of September 1, 2017 through December 31, 2017. The Company recognized approximately $68.2 million of transaction costs during the Predecessor period of January 1, 2017 through August 31, 2017. The transaction costs primarily related to financial advisory, legal, accounting, severance, other professional service fees, and other transaction-related costs in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs, including compensation for transition employees. The merger-related transaction and integration costs were expensed to transaction costs in the accompanying consolidated statements of operations and comprehensive income (loss). There were no merger-related costs incurred during the year ended December 31, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The 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"). 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. 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. 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. As a result of the merger with RLJ, the Company conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassification had no impact to net income (loss) and comprehensive income (loss), member's/shareholders’ equity (partners' capital), or cash flows. Revenue For the Predecessor period, the Company’s revenue consisted of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues were recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts were recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues were recorded on an accrual basis as they were earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it was recorded as a bad debt expense. The allowance for doubtful accounts was calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival was recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections at the respective hotel properties. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. For the Predecessor period, FelCor's investments in hotel properties were carried at cost and depreciated using the straight-line method over the estimated useful lives of 15 to 30 years for improvements, 40 years for buildings and three to 10 years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated from the operations and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, terminal capitalization rates, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimates the fair value of the intangible assets by using market data and independent appraisals, and by making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible assets are amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement, or the useful life of the respective intangible asset, to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated undiscounted future cash flows, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant's future expectations for the travel industry and the economy in general, including discount rates, market rent, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net in the accompanying consolidated balance sheets. For the years ended December 31, 2019 and 2018, approximately $0.1 million and $0.2 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). For the Successor period of September 1, 2017 through December 31, 2017, the amortization expense recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss) was de minimis. For the Predecessor period of January 1, 2017 through August 31, 2017, approximately $2.8 million of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income. Leases In February 2016, the FASB issued 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. 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 between the Lessors and the Lessees. As a result of the distribution of the equity interests in FelCor TRS to RLJ LP, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. 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; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income. The variable lease expense incurred by the Company was not based on an index or rate. 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 a 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 statements of operations and comprehensive income (loss) and the consolidated statements of cash flows. Refer to Note 11 , Commitments and Contingencies , for the Company's disclosures about its lease contracts. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. 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. As of December 31, 2019 and 2018 , Rangers owned 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 GP's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP in the equity section of the consolidated balance sheets of Rangers. The portion of the income and losses associated with Rangers GP's partnership interest are included in the noncontrolling interest in FelCor LP in the consolidated statements of operations and comprehensive income. As of December 31, 2019 and 2018 , the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income. For the Predecessor period, the redeemable noncontrolling interests in FelCor LP represent the FelCor LP units that were not owned by FelCor. FelCor allocated the income and loss to the redeemable noncontrolling interests in FelCor LP based on the weighted-average percentage ownership throughout the year. FelCor characterized the redeemable noncontrolling interests in FelCor LP in the mezzanine section (between liabilities and equity) on the consolidated balance sheets as a result of the redemption feature of the units. The units were redeemable at the option of the holder for a like number of shares of FelCor's common stock or, at FelCor's option, the cash equivalent thereof. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. Income Taxes The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements. Significant differences may exist between the results of operations reported in these consolidated financial statements and those determined for income tax purposes primarily due to the use of different asset valuation methods for tax purposes. The partnership files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the partnership is subject to examination by federal, state, and local jurisdictions, where applicable. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. For the Predecessor period, FelCor elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, FelCor was required to meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. As a REIT, FelCor generally was not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If FelCor failed to qualify for taxation as a REIT in any taxable year, it would be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if FelCor qualified for taxation as a REIT, it could have been subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes at the applicable rates. FelCor accounted for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. FelCor performed an annual review for any uncertain tax positions and, as required, recorded the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share/Unit RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. For the Predecessor period, basic earnings (loss) per common share/unit was calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings (loss) per common share/unit was calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of unvested share/unit-based awards, calculated using the treasury stock method. Any anti-dilutive shares (units) were excluded from the diluted earnings (loss) per common share/unit calculation. Share-based Compensation As a result of the Mergers, the Company does not have an equity incentive plan. For the Predecessor period, FelCor issued share-based awards as compensation to executive officers and employees. The share-based awards vest over a period of time as determined at the date of grant. FelCor accounted for the share-based compensation using the fair value based method of accounting. FelCor classified the share-based payment awards granted in exchange for employee services as either equity awards or liability awards. The equity classified awards were measured based on the fair value on the date of grant. The liability classified awards were remeasured to fair value each reporting period. The share-based awards that were settled in cash (i.e. phantom stock) were classified as liability awards. FelCor recognized compensation expense for the share-based awards on a straight-line basis over the requisite service period during which an employee was required to provide services in exchange for the award. No share-based compensation expense was recognized for the awards when the employees did not render the requisite services. Recently Issued Accounting Pronouncements In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification . The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also 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 amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company adopted the |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 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): December 31, 2019 December 31, 2018 Land and improvements $ 500,618 $ 532,490 Buildings and improvements 1,461,525 1,555,132 Furniture, fixtures and equipment 135,400 125,207 2,097,543 2,212,829 Accumulated depreciation (150,717 ) (89,406 ) Investment in hotel properties, net $ 1,946,826 $ 2,123,423 For the years ended December 31, 2019 and, 2018, the Company recognized depreciation expense related to its investment in hotel properties of approximately $71.9 million and $77.9 million , respectively. For the Successor period of September 1, 2017 through December 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $28.7 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $73.1 million . Impairment The Company determined that there were no impairments of any assets for the years ended December 31, 2019 and 2018 or for the Successor period of September 1, 2017 through December 31, 2017. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded a total impairment loss of $35.1 million related to two hotel properties. In March 2017, the Company recorded a $24.8 million impairment loss on one hotel property based on third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). In June 2017, two hotel properties, including the hotel property that was previously impaired in March 2017, were classified as held for sale on the consolidated balance sheet. The basis for these hotel properties had previously been written down to the respective fair values of the hotel properties based on third-party offers to purchase the hotel properties and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). The Company recorded an additional impairment loss of $10.3 million on these two hotel properties in order to reflect the contractual sale prices, less the estimated costs to sell. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2019 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of December 31, 2019 and 2018 , the Company owned 50% interests in joint ventures that owned two hotel properties. For the Predecessor period, FelCor also owned 50% interests in joint ventures that owned real estate and a condominium management business that was associated with two of its resort 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 December 31, 2019 and 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): December 31, 2019 December 31, 2018 Equity basis of the joint venture investments $ (4,236 ) $ (4,810 ) Cost of the joint venture investments in excess of the joint venture book value 19,407 20,526 Investment in unconsolidated joint ventures $ 15,171 $ 15,716 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor For the year ended December 31, September 1 through December 31, January 1 through August 31, 2019 2018 2017 2017 Unconsolidated joint ventures net income attributable to the Company $ 1,935 $ 2,514 $ 1,034 $ 1,332 Depreciation of cost in excess of book value (1,119 ) (1,119 ) (373 ) (258 ) Equity in income from unconsolidated joint ventures $ 816 $ 1,395 $ 661 $ 1,074 |
Intangible Assets (Notes)
Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets The Company's intangible assets consisted of the following (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Below market ground leases (1) $ 49,708 $ (3,447 ) $ 46,260 Intangible assets, net $ 49,708 $ (3,447 ) $ 46,260 (1) As mentioned in Note 3 Summary of Significant Accounting Policies , the Company adopted ASU 2016-02, Leases (Topic 842) on January 1, 2019. Upon adoption of this standard, 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. For the year ended December 31, 2019 , the Company did not carry any intangible assets and did not recognize any amortization expense related to intangible assets. For the year ended December 31, 2018, the Company recognized amortization expense related to its intangible assets of approximately $3.2 million . For the Successor period of September 1, 2017 through December 31, 2017, the Company recognized amortization expense related to its intangible assets of approximately $1.2 million . |
Sale of Hotel Properties
Sale of Hotel Properties | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the year ended December 31, 2019 , the Company sold two hotel properties in one transaction for a total sale price of approximately $147.4 million . In connection with this transaction, the Company recorded a $21.4 million loss on sale, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income (loss). The loss on sale included approximately $0.7 million in lease termination fees as a result of early termination of the TRS Leases with the lessees at these hotel properties. The following table discloses the hotel properties that were sold during the year ended December 31, 2019 : Hotel Property Name Location Sale Date Rooms Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC June 27, 2019 255 Hilton Myrtle Beach Resort Myrtle Beach, SC June 27, 2019 385 Total 640 During the year ended December 31, 2018 , the Company sold six hotel properties for a total sale price of approximately $516.5 million . In connection with these transactions, the Company recorded an aggregate $18.3 million net gain on sales, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income (loss). The gain on sale is net of approximately $9.8 million in lease termination fees as a result of early termination of the TRS Leases with the lessees at these hotel properties. The following table discloses the hotel properties that were sold during the year ended December 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 Embassy Suites Napa Valley Napa, CA July 13, 2018 205 The Vinoy Renaissance St. Petersburg Resort & Golf Club St. Petersburg, FL August 28, 2018 362 DoubleTree by Hilton Burlington Vermont Burlington, VT September 27, 2018 309 Holiday Inn San Francisco - Fisherman's Wharf (1) San Francisco, CA October 15, 2018 585 Total 2,054 (1) The Company's interests in the Holiday Inn San Francisco - Fisherman's Wharf consisted of two separate buildings, the 342-room Columbus Street building and the 243-room Annex building. On October 31, 2018, the ground lease under the Columbus Street building expired and the building was transferred to the lessor in accordance with the ground lease. On October 15, 2018, the Company separately sold the remaining 243-room Annex building for $75.3 million . In connection with the sale, the Company transferred its purchase option on the land underlying the Annex building ground lease to the buyer. The proceeds to the Company as a result of the sale were approximately $30.4 million . During the Successor period of September 1, 2017 through December 31, 2017, the Company sold one hotel property for a sale price of approximately $170.0 million . In conjunction with this transaction, the Company recorded a $6.6 million loss on sale, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income (loss). The loss on sale was due to a $7.7 million lease termination fee as a result of early termination of the TRS Lease with the lessee at the hotel property. The following table discloses the hotel property that was sold during the Successor period of September 1, 2017 through December 31, 2017: Hotel Property Name Location Sale Date Rooms The Fairmont Copley Plaza Boston, MA December 14, 2017 383 Total 383 During the Predecessor period of January 1, 2017 through August 31, 2017, the Company sold two hotel properties in two separate transactions for a total sale price of approximately $92.0 million . In conjunction with these transactions, the Company recorded a $1.6 million loss on sale, which is included in (loss) gain on sale of hotel properties, net, in the accompanying consolidated statement of operations and comprehensive income (loss). The following table discloses the hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 The following table includes the condensed financial information primarily related to the two hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017 included in continuing operations (in thousands): Predecessor January 1 through August 31, 2017 Total revenues $ 14,159 Operating expenses (1) (53,930 ) Operating loss (39,771 ) Loss on sale of hotel properties (1,764 ) Net loss (41,535 ) Net loss attributable to redeemable noncontrolling interests in FelCor LP 179 Net loss attributable to FelCor $ (41,356 ) (1) Operating expenses include an impairment loss of $35.1 million . |
Debt
Debt | 12 Months Ended |
Dec. 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 December 31, 2019 December 31, 2018 Senior notes (1)(2)(3) — 6.00% June 2025 $ 500,484 $ 505,322 Mortgage loan (4) 3 4.95% October 2022 89,299 91,737 Mortgage loan (5) 1 4.94% October 2022 28,785 29,569 Mortgage loan (1)(6) 3 3.36% April 2024 (7) 96,000 — 7 714,568 626,628 Deferred financing costs, net (841 ) — Debt, net $ 713,727 $ 626,628 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $25.6 million and $30.3 million at December 31, 2019 and 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 Notes beginning June 1, 2020 at a price of 103.0% of face value. (4) Includes $1.4 million and $1.9 million at December 31, 2019 and 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 $0.4 million and $0.6 million at December 31, 2019 and 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. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) In April 2019, the Company entered into a new mortgage loan that bears interest at LIBOR + 1.60% and provides two one year extension options. The 6.000% Senior Notes due 2025 (the "Senior Notes") contain certain financial covenants relating to the Company's total leverage ratio, secured leverage ratio, and interest coverage ratio. If an event of default exists, the Company is not permitted to (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. As of December 31, 2019 and 2018 , the Company was in compliance with all financial covenants. Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at December 31, 2019 and 2018 . Interest Expense During the years ended December 31, 2019 and 2018, the Company recognized $31.9 million and $37.9 million of interest expense, respectively. During the Successor period of September 1, 2017 through December 31, 2017, the Company recognized $19.3 million of interest expense. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized $51.7 million of interest expense, which is net of capitalized interest of $1.1 million . Future Minimum Principal Payments As of December 31, 2019 , the future minimum principal payments were as follows (in thousands): 2020 $ 2,461 2021 2,824 2022 110,997 2023 — 2024 96,000 Thereafter 474,888 Total (1) $ 687,170 (1) Excludes a total of $27.4 million related to fair value adjustments on debt. |
Related Party Debt (Notes)
Related Party Debt (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
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 years ended December 31, 2019 and 2018, the Company recognized $4.5 million and $0.7 million of interest expense, respectively, related to its related party loan with RLJ LP. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 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, 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 Notes had an estimated fair value of approximately $497.8 million and $492.6 million at December 31, 2019 and 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 $216.5 million and $121.1 million at December 31, 2019 and 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 $714.3 million and $613.7 million at December 31, 2019 and 2018, respectively. The total carrying value of the Company's debt was $713.7 million and $626.6 million at December 31, 2019 and 2018, respectively. • Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $86.9 million and $84.1 million at December 31, 2019 and 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 December 31, 2019 and 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating 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 expired on December 31, 2019 for 19 hotels. These 19 lease contracts were renewed effective January 1, 2020 for a three-year term expiring December 31, 2022. The remaining lease contracts will expire in 2021 for one hotel, 2022 for five hotels and thereafter for one hotel. The lease revenue recognized during the year ended December 31, 2019 consisted of the following: For the Lease revenue relating to lease payments $ 56,796 Lease revenue relating to variable lease payments 139,899 Total related party lease revenue $ 196,695 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 December 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. The total ground lease expense was $10.2 million for the year ended December 31, 2019 , which consisted of $6.6 million of fixed lease expense and $3.6 million of variable lease expense. The total ground lease expense was $16.6 million for the year ended December 31, 2018. The total ground lease expense was $5.6 million for the Successor period of September 1, 2017 through December 31, 2017. The total ground lease expense was $9.9 million for the Predecessor period of January 1, 2017 through August 31, 2017. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income (loss). The Company's ground leases consisted of the following (in millions): Ground Lease Expense Successor Predecessor For the year ended December 31, September 1 through January 1 through Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2019 2018 2017 2017 Holiday Inn San Francisco Fisherman's Wharf (1)(2) 2018 — $ — $ 4.6 $ 1.6 $ 3.8 Wyndham Boston Beacon Hill 2028 — 0.9 0.9 0.3 0.4 Wyndham San Diego Bayside 2029 — 4.8 4.8 1.5 2.1 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 0.9 0.8 0.2 0.6 Wyndham Pittsburgh University Center 2038 2083 0.7 0.8 0.1 0.3 DoubleTree by Hilton Burlington Vermont (3) 2051 — — — 0.1 0.1 Embassy Suites San Francisco Airport Waterfront 2059 — 2.4 2.3 0.7 1.0 Wyndham New Orleans French Quarter 2065 — 0.5 0.5 0.1 0.4 The Vinoy Renaissance St. Petersburg Resort & Golf Club (4) 2090 — — 1.9 1.0 1.2 $ 10.2 $ 16.6 $ 5.6 $ 9.9 (1) This hotel property was sold on October 15, 2018. (2) This lease covered only a portion of the hotel property site. (3) This hotel property was sold on September 27, 2018. (4) This hotel property was sold on August 28, 2018. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2019 2020 $ 4,884 2021 4,909 2022 4,968 2023 4,990 2024 5,011 Thereafter 114,008 Total future lease payments 138,770 Imputed interest (90,570 ) Lease liabilities $ 48,200 The following table presents certain information related to the Company's operating leases as of December 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 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. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2019 and 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, an affiliate of InterContinental Hotels Group PLC ("IHG"), which previously managed three of the Company’s hotels, notified the Company that National Retirement Fund had assessed an employee withdrawal liability of $8.3 million , with required quarterly payments including interest, in connection with the termination of IHG’s management of those hotels. The Company’s management agreements with IHG stated that it may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately paid to National Retirement Fund with respect to the claim. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, had a base management fee between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements guaranteed minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10 -year term to December 31, 2022, subject to an aggregate $100.0 million limit over the term and an annual $21.5 million limit. For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded $3.8 million for the pro-rata portion of the projected aggregate full-year guarantee. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' franchise agreements. During the Predecessor comparative period, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee of 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs of 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Equity Successor Period Rangers Ownership Interests/FelCor LP Partnership Interests As of December 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 GP'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, 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 joint venture received $0.7 million in gross proceeds during the Predecessor period of January 1, 2017 through August 31, 2017. 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. Predecessor Period Common Stock Upon completion of the REIT Merger, on August 31, 2017, each issued and outstanding share of Common Stock was converted into the right to receive 0.362 common shares of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Common Stock. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company declared a cash dividend (distribution) of $0.16 per share of Common Stock (unit). Preferred Stock/Units FelCor's Board of Directors authorized the issuance of up to 20 million shares of preferred stock in one or more series. FelCor's $1.95 Series A cumulative convertible preferred stock, par value $0.01 per share (the "Series A Preferred Stock") (units), had an annual cumulative dividend (distribution) that was payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of Common Stock (units) into which the Series A Preferred Stock (units) is then convertible. Each share of Series A Preferred Stock (unit) was convertible at the holder's option to 0.7752 shares of Common Stock (units), subject to certain adjustments. Upon completion of the REIT Merger, each issued and outstanding share of Series A Preferred Stock was converted into the right to receive one $1.95 Series A Cumulative Convertible Preferred Share, par value $0.01 per share, of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Series A Preferred Stock. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company declared a cash dividend (distribution) of $1.30 on each share of Series A Preferred Stock (unit). |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation As a result of the Mergers, the Company does not have an equity incentive plan. For the Predecessor period, FelCor issued share-based awards as compensation to executive officers and employees. The share-based awards vest over a period of time as determined at the date of grant. FelCor accounted for the share-based compensation using the fair value based method of accounting. FelCor classified the share-based payment awards granted in exchange for employee services as either equity awards or liability awards. The equity classified awards were measured based on the fair value on the date of grant. The liability classified awards were remeasured to fair value each reporting period. The share-based awards that were settled in cash (i.e. phantom stock) were classified as liability awards. FelCor recognized compensation expense for the share-based awards on a straight-line basis over the requisite service period during which an employee was required to provide services in exchange for the award. No share-based compensation expense was recognized for the awards when the employees did not render the requisite services. Equity Incentive Plan Successor Period As a result of the Mergers, the Company does not have an equity incentive plan. Predecessor Period FelCor sponsored a restricted stock and stock option plan, whereby FelCor was authorized to issue up to 6,100,000 shares of Common Stock in the form of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The stock-based grants were subject to time-based or performance-based vesting. Restricted Stock and Restricted Stock Units A summary of the unvested shares of restricted stock and restricted stock units is as follows: January 1 through August 31, 2017 Number of Weighted-Average Fair Value Unvested at the beginning of the period 1,870,393 $ 6.21 Granted 1,398,705 5.53 Vested (2,241,683 ) 6.52 Forfeited (1,027,415 ) 4.61 Unvested at the end of the period — $ — On August 15, 2017, FelCor's common stockholders approved the Mergers with RLJ. In accordance with the change-in-control provision included in the employees' restricted stock and restricted stock unit agreements, 596,560 unvested shares of restricted stock and 1,363,293 shares of unvested restricted stock units were accelerated and immediately vested on August 15, 2017. In connection with the acceleration of the unvested stock awards, FelCor recognized $8.4 million in share-based compensation expense, which is included in transaction costs in the consolidated statement of operations and comprehensive income (loss) for the Predecessor period of January 1, 2017 through August 31, 2017. Prior to the Mergers with RLJ, FelCor's executive officers were granted market-based restricted stock units that allowed them the potential to earn common shares based on the total stockholder return relative to a peer group. The market-based awards granted in 2017 and 2016 cliff vested in three years, and the market-based awards granted in 2015 vested in three increments over four years. The fair value of the market-based awards was determined using a Monte Carlo simulation with the following assumptions: 2017 2016 2015 Volatility (1) 43.92 % 45.92 % 48.11 % Dividend rate (2) $ 0.06 $ 0.05 $ 0.04 Risk-free interest rate 1.51 % 0.93 % 1.32 % (1) Based on the share price history. (2) Based on the dividend rate at the time of the award. Prior to the Mergers with RLJ, FelCor's executive officers were granted time-based restricted stock unit awards in 2017 and 2016 that vested in three equal increments over three years. Other employees were granted time-based restricted stock awards that vested in equal increments over three to five years. Prior to the Mergers with RLJ, FelCor's executive officers also received financial performance-based restricted stock unit awards in 2017 and 2016; however, the three-year performance requirement for vesting was not established at the time the award was issued. Accordingly, these awards did not have a grant date and no share-based compensation expense was recorded in the consolidated financial statements prior to the Mergers with RLJ. In accordance with the change-in-control provisions included in the restricted stock unit agreements, the financial performance shares were issued to the executive officers when the Mergers with RLJ were approved and it was included in the share-based compensation expense related to the acceleration of the unvested stock awards noted previously. Prior to the acceleration of the unvested stock awards noted above, for the Predecessor period of January 1, 2017 through August 31, 2017, FelCor recognized approximately $2.7 million of share-based compensation expense related to the market-based and time-based restricted stock and restricted stock unit awards. The share-based compensation expense was included in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). As a result of the Mergers with RLJ, there were no unvested restricted shares or units as of August 31, 2017. The restricted stock unit grant allowed that to the extent any of FelCor's executive officers earned more shares than allowed under the share-based award plan upon the vesting of the award, the excess would be settled in cash. To the extent the excess would likely be settled in cash, these awards were accounted for as liability-based awards, and the fair value was measured at the end of each reporting period. FelCor paid $1.1 million in 2017 for the excess cash settlements for the vested awards. There was no amortization expense for the variable share-based compensation during the Predecessor period of January 1, 2017 through August 31, 2017, as FelCor's executive officers did not earn more shares than allowed under the share-based award plan. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share/Unit | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share/Unit | Loss per Common Share/Unit Successor Period For the Successor period, RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. Predecessor Period Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor January 1 through August 31, 2017 Numerator: Net loss attributable to Rangers $ (96,845 ) Discontinued operations attributable to Rangers 3,400 Loss from continuing operations attributable to Rangers (93,445 ) Less: Preferred dividends (16,744 ) Less: Dividends paid on unvested restricted stock (73 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (110,262 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (113,662 ) Denominator: Weighted-average number of common shares - basic 137,331,743 Unvested restricted stock units — Weighted-average number of common shares - diluted 137,331,743 Basic and diluted loss per share: Loss from continuing operations $ (0.80 ) Discontinued operations $ (0.02 ) Net loss $ (0.83 ) FelCor LP Loss Per Common Unit Predecessor January 1 through August 31, 2017 Numerator: Net loss attributable to FelCor LP $ (97,340 ) Discontinued operations attributable to FelCor LP 3,415 Loss from continuing operations attributable to FelCor LP (93,925 ) Less: Preferred distributions (16,744 ) Less: Distributions paid on FelCor unvested restricted stock (73 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (110,742 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (114,157 ) Denominator: Weighted-average number of common units - basic 137,941,926 Unvested restricted stock units — Weighted-average number of common units - diluted 137,941,926 Basic and diluted loss per unit: Loss from continuing operations $ (0.80 ) Discontinued operations $ (0.02 ) Net loss $ (0.83 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Successor Period The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements with respect to the Company. The Company retains an ownership of one taxable REIT subsidiary related to one hotel property (the "TRS Sub") which is treated as a C-corporation for income tax purposes. The TRS Sub pays federal, state and local income taxes on its net taxable income, and its after-tax net income will be available for distribution to the Company but it is not required to be distributed. The Company uses the asset and liability method of accounting for income taxes of the TRS Sub. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the net rate is enacted. The provision for income taxes of the TRS Sub is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): For the September 1 through December 31, 2019 2018 2017 Expected TRS Sub federal tax expense at statutory rate $ 5,207 $ 15,746 $ 1,627 Tax impact of REIT election (4,049 ) (14,805 ) (560 ) Expected TRS Sub tax expense 1,158 941 1,067 Change in valuation allowance (1,085 ) (363 ) (879 ) Impact of rate change — — (188 ) Permanent items — 85 — Impact of provision to return (73 ) (663 ) — TRS Sub income tax expense $ — $ — $ — The TRS Sub's deferred income taxes represent the tax effect of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2019 December 31, 2018 Deferred tax liabilities: Partnership basis $ (3,125 ) $ (2,210 ) Prepaid expenses — (28 ) Deferred tax liabilities $ (3,125 ) $ (2,238 ) Deferred tax assets: Property and equipment $ 8,436 $ 8,963 Net operating loss carryforwards 7,517 7,220 Federal historic tax credits 631 631 Other deferred tax assets 160 128 Valuation allowance (13,619 ) (14,704 ) Deferred tax assets $ 3,125 $ 2,238 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income, and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2019 and 2018 , the Company had a valuation allowance of approximately $13.6 million and $14.7 million , respectively, related to net operating loss ("NOL") carryforwards, historic tax credits, and other deferred tax assets of the TRS Sub. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. The Company recognized a 100% valuation allowance related to the TRS Sub's net deferred tax asset because the Company believed it is more likely than not that the deferred tax assets of the TRS Sub will not be fully realized. The realization of the deferred tax assets associated with the TRS Sub's NOLs and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering the TRS Sub's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income (loss). The TRS Sub's NOLs and historic tax credits begin to expire in 2036. Additionally, the annual utilization of these NOLs and historic tax credits is limited pursuant to Sections 382 and 383 of the Internal Revenue Code. The Company is subject to examination by the U.S. Internal Revenue Service ("IRS") and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2019 , the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2015 and before. The Company had no accruals for tax uncertainties as of December 31, 2019 and 2018 . Predecessor Period For the Predecessor period, FelCor LP was a partnership for federal income tax purposes and was not subject to federal income tax. However, under its partnership agreement, FelCor LP was required to reimburse FelCor for any tax payments FelCor was required to make relative to its taxable income or loss. Accordingly, the tax information herein represents the disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally was not subject to federal income taxation at the corporate level on taxable income that was distributed to its stockholders. FelCor was, however, subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotel properties were subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposed restrictions on the ownership and transfer of shares of its common stock. It was FelCor LP's intention to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. FelCor accounted for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles FelCor's TRSs’ GAAP net loss to federal taxable income (in thousands): January 1 through August 31, 2017 GAAP consolidated net loss attributable to FelCor LP $ (97,340 ) Loss allocated to FelCor LP unitholders 495 GAAP consolidated loss attributable to FelCor (96,845 ) GAAP net loss from REIT operations 105,888 GAAP net income of taxable subsidiaries 9,043 Depreciation and amortization (1) 1,571 Employee benefits not deductible for tax 1,531 Other book/tax differences 5,480 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 Utilization of net operating loss (17,625 ) Net federal tax income of taxable subsidiaries $ — (1) The book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. FelCor's state income taxes of $0.5 million are included in income tax expense in the consolidated statements of operations and comprehensive income (loss) for the period of January 1, 2017 through August 31, 2017. The following table reconciles the REIT's GAAP net loss to taxable loss (in thousands): January 1 through August 31, 2017 GAAP net loss from REIT operations $ (105,888 ) Book/tax differences, net: Dividend income from TRS 17,794 Depreciation and amortization (1) 12,908 Noncontrolling interests (495 ) Gain/loss differences from dispositions (46,054 ) Impairment loss not deductible for tax 35,109 Conversion costs (2,155 ) Compensation 20,402 Other 10,035 Taxable loss (2) $ (58,344 ) (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017, FelCor's distributions were in excess of 100% of taxable income. For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, 2017 Amount (3) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 Cash liquidating distributions (1) 0.4875 1.62 Non-cash liquidating distributions (2) 28.49 95.12 $ 29.9525 100.00 Common Stock Capital gains $ 0.12 1.59 Cash liquidating distributions (1) 0.10 1.33 Non-cash liquidating distributions (2) 7.31 97.08 $ 7.53 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests/Units in FelCor LP Redeemable Noncontrolling Interests/Units in FelCor LP | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests/Units in FelCor LP | Redeemable Noncontrolling Interests/Units in FelCor LP In the Predecessor period, FelCor recorded the redeemable noncontrolling interests in FelCor LP, and FelCor LP recorded the redeemable units, in the mezzanine section (between liabilities and equity/partners' capital) of the consolidated balance sheets because of the redemption feature of the units. The redeemable noncontrolling interests/redeemable units held by the limited partners were redeemable for shares of Common Stock, or at the option of FelCor, for cash. Additionally, FelCor's consolidated statements of operations and comprehensive income (loss) separately present earnings attributable to the redeemable noncontrolling interests. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of the carrying value based on the accumulation of historical costs or the redemption value. FelCor based the historical cost on the proportionate relationship between the carrying value of the equity associated with FelCor's common stockholders relative to that of FelCor LP's unitholders. FelCor based the redemption value on the closing price of the Common Stock at the end of the reporting period. FelCor allocated the net income (loss) to FelCor LP's noncontrolling limited partners based on their weighted average ownership percentage during the period. At August 31, 2017, FelCor carried 610,183 outstanding limited partnership units at $4.5 million . FelCor based the value of the outstanding limited partnership units on the closing price of the Common Stock at August 31, 2017 ( $7.30 per share). The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, 2017 Balance at beginning of the period $ 4,888 Redemption value allocation 196 Distributions paid to unitholders (134 ) Net loss (495 ) Balance at end of the period $ 4,455 Upon completion of the Partnership Merger, each outstanding FelCor LP Common Unit was converted into 0.362 common units of limited partnership interest in RLJ LP, unless the respective limited partner of FelCor LP elected to redeem his or her FelCor LP Common Units and receive 0.362 common shares of RLJ. Accordingly, for the Successor period, the Company no longer recognizes a redeemable noncontrolling interest (or redeemable units) in FelCor LP on the consolidated balance sheets. |
Severance (Notes)
Severance (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | Severance During the Predecessor period of January 1, 2017 through August 31, 2017, FelCor recognized severance charges of approximately $34.5 million (including $8.4 million of equity-based charges) related to the Mergers with RLJ. The severance charges are included in transaction costs in the consolidated statements of operations and comprehensive income (loss). |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 12 Months Ended |
Dec. 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): Successor Predecessor For the year ended December 31, September 1 January 1 through August 31, 2019 2018 2017 2017 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 19,572 $ 21,351 $ 14,728 $ 47,396 Restricted cash reserves 4,147 3,211 3,303 17,038 Cash, cash equivalents, and restricted cash reserves $ 23,719 $ 24,562 $ 18,031 $ 64,434 Interest paid, net of capitalized interest $ 37,163 $ 54,298 $ 33,410 $ 38,677 Interest paid to a related party $ 4,159 $ 887 $ — $ — Income taxes (refunded) paid $ — $ (1,770 ) $ (85 ) $ 1,346 Operating cash flow lease payments for operating leases $ 8,401 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 147,377 $ 516,450 $ 170,000 $ 92,000 Purchase option for land subject to a ground lease — (44,831 ) — — Transaction costs (2,394 ) (26,400 ) (4,107 ) (18,584 ) Operating prorations (536 ) 68 — — Proceeds from the sale of hotel properties, net $ 144,447 $ 445,287 $ 165,893 $ 73,416 Supplemental non-cash transactions Accrued capital expenditures $ 5,257 $ 5,345 $ 8,587 $ 3,640 FelCor TRS Distribution (1) $ — $ — $ 51,267 $ — (1) Refer to Note 2 for the non-cash assets and liabilities associated with the FelCor TRS distribution. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Operating Results [Abstract] | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial Data (unaudited) The tables below set forth the Company's unaudited condensed consolidated quarterly financial data for the years ended December 31, 2019 and 2018 (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly financial data for the hotel properties are not indicative of the financial results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of the financial and operating results, changes in shareholders' equity and cash flows for a period of several years. Rangers For the year ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 49,921 $ 56,221 $ 46,392 $ 44,161 Net income (loss) and comprehensive income (loss) $ 12,291 $ (3,098 ) $ 8,673 $ 7,257 Net income (loss) and comprehensive income (loss) attributable to Rangers $ 10,945 $ (3,166 ) $ 8,506 $ 7,016 For the year ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 53,550 $ 60,650 $ 57,811 $ 45,586 Net income and comprehensive income $ 6,441 $ 17,111 $ 39,362 $ 12,066 Net income and comprehensive income attributable to Rangers $ 6,089 $ 16,533 $ 38,547 $ 11,436 FelCor LP For the year ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 49,921 $ 56,221 $ 46,392 $ 44,161 Net income (loss) and comprehensive income (loss) $ 12,291 $ (3,098 ) $ 8,673 $ 7,257 Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ 11,056 $ (3,198 ) $ 8,591 $ 7,087 For the year ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 53,550 $ 60,650 $ 57,811 $ 45,586 Net income and comprehensive income $ 6,441 $ 17,111 $ 39,362 $ 12,066 Net income and comprehensive income attributable to FelCor LP $ 6,151 $ 16,700 $ 38,936 $ 11,551 |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 12 Months Ended |
Dec. 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. For the Predecessor period, FelCor TRS was a subsidiary guarantor in the condensed consolidating balance sheet, the condensed consolidating statements of operations and comprehensive income, and the condensed consolidating statements of cash flows. Pursuant to the terms of each of the indentures governing the Senior Notes, upon completion of the distribution of the equity interests in FelCor TRS, FelCor TRS' guarantee of the Senior Notes was automatically released and FelCor TRS Holdings, L.L.C. ceased being a subsidiary guarantor of the Senior Notes. Accordingly, FelCor TRS is not a subsidiary guarantor in the FelCor LP consolidating financial information for the Company. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,722,133 $ — $ — $ (1,722,133 ) $ — Investment in hotel properties, net — 571,769 1,375,057 — 1,946,826 Investment in unconsolidated joint ventures 15,171 — — — 15,171 Cash and cash equivalents 1,985 — 17,587 — 19,572 Restricted cash reserves 447 — 3,700 — 4,147 Related party receivable 1,360 15,217 32,604 — 49,181 Lease right-of-use assets 4,444 66,571 9,620 — 80,635 Prepaid expense and other assets 1,748 1,888 3,907 — 7,543 Total assets $ 1,747,288 $ 655,445 $ 1,442,475 $ (1,722,133 ) $ 2,123,075 Debt, net $ 500,484 $ 24,711 $ 221,241 $ (32,709 ) $ 713,727 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 7,449 15,017 10,210 — 32,676 Lease liabilities 4,661 25,571 17,968 — 48,200 Accrued interest 2,463 — — — 2,463 Related party accrued interest — — 190 — 190 Total liabilities 515,057 65,299 334,609 (32,709 ) 882,256 Partnership interests 1,232,231 590,146 1,099,278 (1,689,424 ) 1,232,231 Total partners' capital, excluding noncontrolling interest 1,232,231 590,146 1,099,278 (1,689,424 ) 1,232,231 Noncontrolling interest in consolidated joint ventures — — 8,588 — 8,588 Total partners’ capital 1,232,231 590,146 1,107,866 (1,689,424 ) 1,240,819 Total liabilities and partners’ capital $ 1,747,288 $ 655,445 $ 1,442,475 $ (1,722,133 ) $ 2,123,075 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 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 Year Ended December 31, 2019 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 74,621 $ 122,074 $ — $ 196,695 Total revenues — 74,621 122,074 — 196,695 Expenses Depreciation and amortization 512 26,832 45,045 — 72,389 Property tax, insurance and other (24 ) 19,367 21,622 — 40,965 General and administrative 1,066 159 64 — 1,289 Transaction costs 164 — 77 — 241 Total operating expenses 1,718 46,358 66,808 — 114,884 Other income 39 10 10 — 59 Interest income 898 — 232 (783 ) 347 Interest expense (23,793 ) (765 ) (8,155 ) 783 (31,930 ) Related party interest expense — — (4,529 ) — (4,529 ) Loss on sale of hotel properties, net — (10,638 ) (10,813 ) — (21,451 ) Income before equity in income from unconsolidated joint ventures (24,574 ) 16,870 32,011 — 24,307 Equity in income from consolidated entities 47,294 — — (47,294 ) — Equity in income from unconsolidated joint ventures 816 — — — 816 Net income and comprehensive income 23,536 16,870 32,011 (47,294 ) 25,123 Noncontrolling interest in consolidated joint ventures — — (248 ) — (248 ) 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 $ 23,536 $ 16,870 $ 30,424 $ (47,294 ) $ 23,536 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 87,898 $ 129,699 $ — $ 217,597 Total revenues — 87,898 129,699 — 217,597 Expenses Depreciation and amortization 458 31,806 46,227 — 78,491 Property tax, insurance and other 134 27,948 25,672 — 53,754 General and administrative 840 117 99 — 1,056 Transaction costs 2,039 8 139 — 2,186 Total operating expenses 3,471 59,879 72,137 — 135,487 Other income 10 — 103 — 113 Interest income 805 — 84 (578 ) 311 Interest expense (28,428 ) — (10,080 ) 578 (37,930 ) Related party interest expense — — (708 ) — (708 ) Gain on sale of hotel properties, net — (15,763 ) 34,186 — 18,423 Gain on extinguishment of indebtedness, net 12,931 — (1,665 ) — 11,266 Income before equity in income from unconsolidated joint ventures (18,153 ) 12,256 79,482 — 73,585 Equity in income from consolidated entities 90,096 — — (90,096 ) — Equity in income from unconsolidated joint ventures 1,395 — — — 1,395 Net income and comprehensive income 73,338 12,256 79,482 (90,096 ) 74,980 Noncontrolling interest in consolidated joint ventures — — (159 ) — (159 ) Preferred distributions - consolidated joint venture — — (1,483 ) — (1,483 ) Net income and comprehensive income attributable to FelCor LP $ 73,338 $ 12,256 $ 77,840 $ (90,096 ) $ 73,338 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 32,572 $ 48,687 $ — $ 81,259 Total revenues — 32,572 48,687 — 81,259 Expenses Depreciation and amortization 151 12,164 16,650 — 28,965 Property tax, insurance and other 25 8,800 8,237 — 17,062 General and administrative 904 59 56 — 1,019 Transaction costs 4,079 105 9 — 4,193 Total operating expenses 5,159 21,128 24,952 — 51,239 Interest income 113 — 1 (104 ) 10 Interest expense (15,918 ) — (3,456 ) 104 (19,270 ) Loss on sale of hotel properties — — (6,637 ) — (6,637 ) Income before equity in income from unconsolidated joint ventures (20,964 ) 11,444 13,643 — 4,123 Equity in income from consolidated entities 24,434 — — (24,434 ) — Equity in income from unconsolidated joint ventures 661 — — — 661 Net income and comprehensive income 4,131 11,444 13,643 (24,434 ) 4,784 Noncontrolling interest in consolidated joint ventures — — (157 ) — (157 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Net income and comprehensive income attributable to FelCor LP $ 4,131 $ 11,444 $ 12,990 $ (24,434 ) $ 4,131 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Related party lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenues 41 551,137 84,846 (84,509 ) 551,515 Expenses Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Total property operating expenses — 352,369 — — 352,369 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expenses 69,478 535,476 68,630 (84,509 ) 589,075 Other income — — 100 — 100 Intercompany interest income (expense) 241 — (241 ) — — Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on sale of hotel properties, net 2 (1,565 ) (201 ) — (1,764 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (107,850 ) 14,155 (371 ) — (94,066 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax expense (93,890 ) 14,078 (401 ) (12,779 ) (92,992 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,925 ) 13,614 (401 ) (12,779 ) (93,491 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Noncontrolling interest in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2019 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (30,086 ) $ 46,685 $ 68,415 $ — $ 85,014 Investing activities: Proceeds from the sale of hotel properties, net — 81,943 62,504 — 144,447 Improvements and additions to hotel properties (162 ) (33,146 ) (28,707 ) — (62,015 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing 238,580 — — (238,580 ) — Cash flows from investing activities 237,815 48,797 33,797 (238,580 ) 81,829 Financing activities: Proceeds from borrowings — 25,000 71,000 — 96,000 Repayments of borrowings (112 ) — (2,566 ) — (2,678 ) Contributions from partners 188,318 — — — 188,318 Distributions to partners (404,722 ) — — — (404,722 ) Payments of deferred financing costs — (340 ) (650 ) — (990 ) Contributions from consolidated joint venture partners — — 2,281 — 2,281 Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Intercompany financing — (120,142 ) (118,438 ) 238,580 — Cash flows from financing activities (216,516 ) (95,482 ) (94,268 ) 238,580 (167,686 ) Net change in cash, cash equivalents, and restricted cash reserves (8,787 ) — 7,944 — (843 ) 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 year $ 2,432 $ — $ 21,287 $ — $ 23,719 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (53,388 ) $ 93,671 $ 132,962 $ — $ 173,245 Investing activities: Proceeds from the sale of hotel properties, net — 178,170 267,117 — 445,287 Improvements and additions to hotel properties (4 ) (27,530 ) (46,850 ) — (74,384 ) Intercompany financing 560,256 — — (560,256 ) — Cash flows from investing activities 560,252 150,640 220,267 (560,256 ) 370,903 Financing activities: Proceeds from borrowings - related party — — 85,000 — 85,000 Repayments of borrowings (538,814 ) — (115,842 ) — (654,656 ) Contributions from partners 732,319 — — — 732,319 Distributions to partners (698,787 ) — — — (698,787 ) Payment of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (1,483 ) — (1,483 ) Intercompany financing — (244,311 ) (315,945 ) 560,256 — Cash flows from financing activities (505,282 ) (244,311 ) (348,280 ) 560,256 (537,617 ) Net change in cash, cash equivalents, and restricted cash reserves 1,582 — 4,949 — 6,531 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 year $ 11,219 $ — $ 13,343 $ — $ 24,562 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (44,202 ) $ (11,078 ) $ (16,872 ) $ — $ (72,152 ) Investing activities: Proceeds from the sale of hotel properties, net — — 165,893 — 165,893 Improvements and additions to hotel properties — (5,704 ) (17,933 ) — (23,637 ) Intercompany financing 108,590 — — (108,590 ) — Cash flows from investing activities 108,590 (5,704 ) 147,960 (108,590 ) 142,256 Financing activities: Repayments of borrowings (990 ) — (1,174 ) — (2,164 ) Contributions from partners 130,076 — — — 130,076 Distributions to partners (187,616 ) — — — (187,616 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Distributions to preferred unitholders (4,186 ) — — — (4,186 ) Payment of deferred financing costs — — (254 ) — (254 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Intercompany financing — 20,142 (128,732 ) 108,590 — Cash flows from financing activities (62,716 ) (31,725 ) (130,656 ) 108,590 (116,507 ) Net change in cash, cash equivalents, and restricted cash reserves 1,672 (48,507 ) 432 — (46,403 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 7,965 48,507 7,962 — 64,434 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,637 $ — $ 8,394 $ — $ 18,031 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Distributions from unconsolidated joint ventures in excess of earnings 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Distributions to consolidated joint venture partners — — (150 ) — (150 ) Contributions from consolidated joint venture partners — 333 — — 333 Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 13,532 45,574 7,702 — 66,808 Cash, cash equivalents, and restricted cash reserves, end of period $ 7,965 $ 48,507 $ 7,962 $ — $ 64,434 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation As a result of the Mergers, the Company does not have an equity incentive plan. For the Predecessor period, FelCor issued share-based awards as compensation to executive officers and employees. The share-based awards vest over a period of time as determined at the date of grant. FelCor accounted for the share-based compensation using the fair value based method of accounting. FelCor classified the share-based payment awards granted in exchange for employee services as either equity awards or liability awards. The equity classified awards were measured based on the fair value on the date of grant. The liability classified awards were remeasured to fair value each reporting period. The share-based awards that were settled in cash (i.e. phantom stock) were classified as liability awards. FelCor recognized compensation expense for the share-based awards on a straight-line basis over the requisite service period during which an employee was required to provide services in exchange for the award. No share-based compensation expense was recognized for the awards when the employees did not render the requisite services. Equity Incentive Plan Successor Period As a result of the Mergers, the Company does not have an equity incentive plan. Predecessor Period FelCor sponsored a restricted stock and stock option plan, whereby FelCor was authorized to issue up to 6,100,000 shares of Common Stock in the form of incentive stock options, non-qualified stock options, restricted stock and restricted stock units. The stock-based grants were subject to time-based or performance-based vesting. Restricted Stock and Restricted Stock Units A summary of the unvested shares of restricted stock and restricted stock units is as follows: January 1 through August 31, 2017 Number of Weighted-Average Fair Value Unvested at the beginning of the period 1,870,393 $ 6.21 Granted 1,398,705 5.53 Vested (2,241,683 ) 6.52 Forfeited (1,027,415 ) 4.61 Unvested at the end of the period — $ — On August 15, 2017, FelCor's common stockholders approved the Mergers with RLJ. In accordance with the change-in-control provision included in the employees' restricted stock and restricted stock unit agreements, 596,560 unvested shares of restricted stock and 1,363,293 shares of unvested restricted stock units were accelerated and immediately vested on August 15, 2017. In connection with the acceleration of the unvested stock awards, FelCor recognized $8.4 million in share-based compensation expense, which is included in transaction costs in the consolidated statement of operations and comprehensive income (loss) for the Predecessor period of January 1, 2017 through August 31, 2017. Prior to the Mergers with RLJ, FelCor's executive officers were granted market-based restricted stock units that allowed them the potential to earn common shares based on the total stockholder return relative to a peer group. The market-based awards granted in 2017 and 2016 cliff vested in three years, and the market-based awards granted in 2015 vested in three increments over four years. The fair value of the market-based awards was determined using a Monte Carlo simulation with the following assumptions: 2017 2016 2015 Volatility (1) 43.92 % 45.92 % 48.11 % Dividend rate (2) $ 0.06 $ 0.05 $ 0.04 Risk-free interest rate 1.51 % 0.93 % 1.32 % (1) Based on the share price history. (2) Based on the dividend rate at the time of the award. Prior to the Mergers with RLJ, FelCor's executive officers were granted time-based restricted stock unit awards in 2017 and 2016 that vested in three equal increments over three years. Other employees were granted time-based restricted stock awards that vested in equal increments over three to five years. Prior to the Mergers with RLJ, FelCor's executive officers also received financial performance-based restricted stock unit awards in 2017 and 2016; however, the three-year performance requirement for vesting was not established at the time the award was issued. Accordingly, these awards did not have a grant date and no share-based compensation expense was recorded in the consolidated financial statements prior to the Mergers with RLJ. In accordance with the change-in-control provisions included in the restricted stock unit agreements, the financial performance shares were issued to the executive officers when the Mergers with RLJ were approved and it was included in the share-based compensation expense related to the acceleration of the unvested stock awards noted previously. Prior to the acceleration of the unvested stock awards noted above, for the Predecessor period of January 1, 2017 through August 31, 2017, FelCor recognized approximately $2.7 million of share-based compensation expense related to the market-based and time-based restricted stock and restricted stock unit awards. The share-based compensation expense was included in general and administrative expense in the consolidated statements of operations and comprehensive income (loss). As a result of the Mergers with RLJ, there were no unvested restricted shares or units as of August 31, 2017. The restricted stock unit grant allowed that to the extent any of FelCor's executive officers earned more shares than allowed under the share-based award plan upon the vesting of the award, the excess would be settled in cash. To the extent the excess would likely be settled in cash, these awards were accounted for as liability-based awards, and the fair value was measured at the end of each reporting period. FelCor paid $1.1 million in 2017 for the excess cash settlements for the vested awards. There was no amortization expense for the variable share-based compensation during the Predecessor period of January 1, 2017 through August 31, 2017, as FelCor's executive officers did not earn more shares than allowed under the share-based award plan. |
Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. |
Advertising Barter Transactions, Policy [Policy Text Block] | Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income. Leases In February 2016, the FASB issued 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. 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 between the Lessors and the Lessees. As a result of the distribution of the equity interests in FelCor TRS to RLJ LP, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. 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; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income. The variable lease expense incurred by the Company was not based on an index or rate. 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 a 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 statements of operations and comprehensive income (loss) and the consolidated statements of cash flows. Refer to Note 11 , Commitments and Contingencies , for the Company's disclosures about its lease contracts. |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | 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 |
Intangible Assets, Costs Incurred to Renew or Extend, Policy [Policy Text Block] | Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimates the fair value of the intangible assets by using market data and independent appraisals, and by making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible assets are amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement, or the useful life of the respective intangible asset, to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated undiscounted future cash flows, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant's future expectations for the travel industry and the economy in general, including discount rates |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The 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"). 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. As a result of the merger with RLJ, the Company conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassification had no impact to net income (loss) and comprehensive income (loss), member's/shareholders’ equity (partners' capital), or cash flows. |
Revenue Recognition, Policy [Policy Text Block] | Revenue For the Predecessor period, the Company’s revenue consisted of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues were recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts were recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues were recorded on an accrual basis as they were earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it was recorded as a bad debt expense. The allowance for doubtful accounts was calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival was recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. |
Use of Estimates | |
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 simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also 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 amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. 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. |
Management Agreements | Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative period, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, had a base management fee between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized management fee expense of approximately $19.1 million . The Wyndham management agreements guaranteed minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10 -year term to December 31, 2022, subject to an aggregate $100.0 million limit over the term and an annual $21.5 million limit. For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded $3.8 million for the pro-rata portion of the projected aggregate full-year guarantee. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. |
Income Taxes | Income Taxes The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements. Significant differences may exist between the results of operations reported in these consolidated financial statements and those determined for income tax purposes primarily due to the use of different asset valuation methods for tax purposes. The partnership files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the partnership is subject to examination by federal, state, and local jurisdictions, where applicable. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. For the Predecessor period, FelCor elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, FelCor was required to meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. As a REIT, FelCor generally was not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If FelCor failed to qualify for taxation as a REIT in any taxable year, it would be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if FelCor qualified for taxation as a REIT, it could have been subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes at the applicable rates. FelCor accounted for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. FelCor performed an annual review for any uncertain tax positions and, as required, recorded the expected future tax consequences of uncertain tax positions in the consolidated financial statements. |
Franchise Agreements | Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' franchise agreements. During the Predecessor comparative period, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee of 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs of 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized franchise fee expense of approximately $0.8 million . |
Earnings (Loss) per Common Share/Unit | Earnings Per Common Share/Unit RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. For the Predecessor period, basic earnings (loss) per common share/unit was calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings (loss) per common share/unit was calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of unvested share/unit-based awards, calculated using the treasury stock method. Any anti-dilutive shares (units) were excluded from the diluted earnings (loss) per common share/unit calculation. Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net in the accompanying consolidated balance sheets. For the years ended December 31, 2019 and 2018, approximately $0.1 million and $0.2 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). For the Successor period of September 1, 2017 through December 31, 2017, the amortization expense recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss) was de minimis. For the Predecessor period of January 1, 2017 through August 31, 2017, approximately $2.8 million of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures and cash flow projections at the respective hotel properties. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. For the Predecessor period, FelCor's investments in hotel properties were carried at cost and depreciated using the straight-line method over the estimated useful lives of 15 to 30 years for improvements, 40 years for buildings and three to 10 years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated from the operations and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, terminal capitalization rates, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. 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. As of December 31, 2019 and 2018 , Rangers owned 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 GP's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP in the equity section of the consolidated balance sheets of Rangers. The portion of the income and losses associated with Rangers GP's partnership interest are included in the noncontrolling interest in FelCor LP in the consolidated statements of operations and comprehensive income. As of December 31, 2019 and 2018 , the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income. For the Predecessor period, the redeemable noncontrolling interests in FelCor LP represent the FelCor LP units that were not owned by FelCor. FelCor allocated the income and loss to the redeemable noncontrolling interests in FelCor LP based on the weighted-average percentage ownership throughout the year. FelCor characterized the redeemable noncontrolling interests in FelCor LP in the mezzanine section (between liabilities and equity) on the consolidated balance sheets as a result of the redemption feature of the units. The units were redeemable at the option of the holder for a like number of shares of FelCor's common stock or, at FelCor's option, the cash equivalent thereof. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. |
Merger with RLJ Lodging Trust (
Merger with RLJ Lodging Trust (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP: August 31, 2017 New Basis Before FelCor TRS Distribution FelCor TRS Distribution New Basis After FelCor TRS Distribution Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 118,050 54 Advanced bookings 13,862 1 Other intangible assets 7,761 6 Total intangible assets $ 139,673 46 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): December 31, 2019 December 31, 2018 Land and improvements $ 500,618 $ 532,490 Buildings and improvements 1,461,525 1,555,132 Furniture, fixtures and equipment 135,400 125,207 2,097,543 2,212,829 Accumulated depreciation (150,717 ) (89,406 ) Investment in hotel properties, net $ 1,946,826 $ 2,123,423 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 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): December 31, 2019 December 31, 2018 Equity basis of the joint venture investments $ (4,236 ) $ (4,810 ) Cost of the joint venture investments in excess of the joint venture book value 19,407 20,526 Investment in unconsolidated joint ventures $ 15,171 $ 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): Successor Predecessor For the year ended December 31, September 1 through December 31, January 1 through August 31, 2019 2018 2017 2017 Unconsolidated joint ventures net income attributable to the Company $ 1,935 $ 2,514 $ 1,034 $ 1,332 Depreciation of cost in excess of book value (1,119 ) (1,119 ) (373 ) (258 ) Equity in income from unconsolidated joint ventures $ 816 $ 1,395 $ 661 $ 1,074 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company's intangible assets consisted of the following (in thousands): December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Below market ground leases (1) $ 49,708 $ (3,447 ) $ 46,260 Intangible assets, net $ 49,708 $ (3,447 ) $ 46,260 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued operations | |
Schedule of property disposed during period | The following table discloses the hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 The following table discloses the hotel properties that were sold during the year ended December 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 Embassy Suites Napa Valley Napa, CA July 13, 2018 205 The Vinoy Renaissance St. Petersburg Resort & Golf Club St. Petersburg, FL August 28, 2018 362 DoubleTree by Hilton Burlington Vermont Burlington, VT September 27, 2018 309 Holiday Inn San Francisco - Fisherman's Wharf (1) San Francisco, CA October 15, 2018 585 Total 2,054 (1) The Company's interests in the Holiday Inn San Francisco - Fisherman's Wharf consisted of two separate buildings, the 342-room Columbus Street building and the 243-room Annex building. On October 31, 2018, the ground lease under the Columbus Street building expired and the building was transferred to the lessor in accordance with the ground lease. On October 15, 2018, the Company separately sold the remaining 243-room Annex building for $75.3 million . In connection with the sale, the Company transferred its purchase option on the land underlying the Annex building ground lease to the buyer. The proceeds to the Company as a result of the sale were approximately $30.4 million . The following table includes the condensed financial information primarily related to the two hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017 included in continuing operations (in thousands): Predecessor January 1 through August 31, 2017 Total revenues $ 14,159 Operating expenses (1) (53,930 ) Operating loss (39,771 ) Loss on sale of hotel properties (1,764 ) Net loss (41,535 ) Net loss attributable to redeemable noncontrolling interests in FelCor LP 179 Net loss attributable to FelCor $ (41,356 ) (1) Operating expenses include an impairment loss of $35.1 million . The following table discloses the hotel property that was sold during the Successor period of September 1, 2017 through December 31, 2017: Hotel Property Name Location Sale Date Rooms The Fairmont Copley Plaza Boston, MA December 14, 2017 383 Total 383 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt | |
Schedule of Related Party Transactions [Table Text Block] | As of December 31, 2019 , the future minimum principal payments were as follows (in thousands): 2020 $ 2,461 2021 2,824 2022 110,997 2023 — 2024 96,000 Thereafter 474,888 Total (1) $ 687,170 (1) Excludes a total of $27.4 million related to fair value adjustments on debt. |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date December 31, 2019 December 31, 2018 Senior notes (1)(2)(3) — 6.00% June 2025 $ 500,484 $ 505,322 Mortgage loan (4) 3 4.95% October 2022 89,299 91,737 Mortgage loan (5) 1 4.94% October 2022 28,785 29,569 Mortgage loan (1)(6) 3 3.36% April 2024 (7) 96,000 — 7 714,568 626,628 Deferred financing costs, net (841 ) — Debt, net $ 713,727 $ 626,628 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $25.6 million and $30.3 million at December 31, 2019 and 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 Notes beginning June 1, 2020 at a price of 103.0% of face value. (4) Includes $1.4 million and $1.9 million at December 31, 2019 and 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 $0.4 million and $0.6 million at December 31, 2019 and 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. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) In April 2019, the Company entered into a new mortgage loan that bears interest at LIBOR + 1.60% and provides two one year extension options. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases, Rent Expense, Net [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The lease revenue recognized during the year ended December 31, 2019 consisted of the following: For the Lease revenue relating to lease payments $ 56,796 Lease revenue relating to variable lease payments 139,899 Total related party lease revenue $ 196,695 |
Lease, Cost [Table Text Block] | The Company's ground leases consisted of the following (in millions): Ground Lease Expense Successor Predecessor For the year ended December 31, September 1 through January 1 through Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2019 2018 2017 2017 Holiday Inn San Francisco Fisherman's Wharf (1)(2) 2018 — $ — $ 4.6 $ 1.6 $ 3.8 Wyndham Boston Beacon Hill 2028 — 0.9 0.9 0.3 0.4 Wyndham San Diego Bayside 2029 — 4.8 4.8 1.5 2.1 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 0.9 0.8 0.2 0.6 Wyndham Pittsburgh University Center 2038 2083 0.7 0.8 0.1 0.3 DoubleTree by Hilton Burlington Vermont (3) 2051 — — — 0.1 0.1 Embassy Suites San Francisco Airport Waterfront 2059 — 2.4 2.3 0.7 1.0 Wyndham New Orleans French Quarter 2065 — 0.5 0.5 0.1 0.4 The Vinoy Renaissance St. Petersburg Resort & Golf Club (4) 2090 — — 1.9 1.0 1.2 $ 10.2 $ 16.6 $ 5.6 $ 9.9 (1) This hotel property was sold on October 15, 2018. (2) This lease covered only a portion of the hotel property site. (3) This hotel property was sold on September 27, 2018. (4) This hotel property was sold on August 28, 2018. |
Schedule of Future Minimum Rental Payments for Operating Leases | The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2019 2020 $ 4,884 2021 4,909 2022 4,968 2023 4,990 2024 5,011 Thereafter 114,008 Total future lease payments 138,770 Imputed interest (90,570 ) Lease liabilities $ 48,200 The following table presents certain information related to the Company's operating leases as of December 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. |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Incentive Plan | |
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions [Table Text Block] | The fair value of the market-based awards was determined using a Monte Carlo simulation with the following assumptions: 2017 2016 2015 Volatility (1) 43.92 % 45.92 % 48.11 % Dividend rate (2) $ 0.06 $ 0.05 $ 0.04 Risk-free interest rate 1.51 % 0.93 % 1.32 % (1) Based on the share price history. (2) Based on the dividend rate at the time of the award. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of the unvested shares of restricted stock and restricted stock units is as follows: January 1 through August 31, 2017 Number of Weighted-Average Fair Value Unvested at the beginning of the period 1,870,393 $ 6.21 Granted 1,398,705 5.53 Vested (2,241,683 ) 6.52 Forfeited (1,027,415 ) 4.61 Unvested at the end of the period — $ — |
Earnings (Loss) per Common Sh_2
Earnings (Loss) per Common Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share/Unit | The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor January 1 through August 31, 2017 Numerator: Net loss attributable to Rangers $ (96,845 ) Discontinued operations attributable to Rangers 3,400 Loss from continuing operations attributable to Rangers (93,445 ) Less: Preferred dividends (16,744 ) Less: Dividends paid on unvested restricted stock (73 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (110,262 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (113,662 ) Denominator: Weighted-average number of common shares - basic 137,331,743 Unvested restricted stock units — Weighted-average number of common shares - diluted 137,331,743 Basic and diluted loss per share: Loss from continuing operations $ (0.80 ) Discontinued operations $ (0.02 ) Net loss $ (0.83 ) FelCor LP Loss Per Common Unit Predecessor January 1 through August 31, 2017 Numerator: Net loss attributable to FelCor LP $ (97,340 ) Discontinued operations attributable to FelCor LP 3,415 Loss from continuing operations attributable to FelCor LP (93,925 ) Less: Preferred distributions (16,744 ) Less: Distributions paid on FelCor unvested restricted stock (73 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (110,742 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (114,157 ) Denominator: Weighted-average number of common units - basic 137,941,926 Unvested restricted stock units — Weighted-average number of common units - diluted 137,941,926 Basic and diluted loss per unit: Loss from continuing operations $ (0.80 ) Discontinued operations $ (0.02 ) Net loss $ (0.83 ) |
Income Taxes Schedule of Income
Income Taxes Schedule of Income Tax Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Line Items] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The TRS Sub's deferred income taxes represent the tax effect of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2019 December 31, 2018 Deferred tax liabilities: Partnership basis $ (3,125 ) $ (2,210 ) Prepaid expenses — (28 ) Deferred tax liabilities $ (3,125 ) $ (2,238 ) Deferred tax assets: Property and equipment $ 8,436 $ 8,963 Net operating loss carryforwards 7,517 7,220 Federal historic tax credits 631 631 Other deferred tax assets 160 128 Valuation allowance (13,619 ) (14,704 ) Deferred tax assets $ 3,125 $ 2,238 |
Schedule of Characterization of Cash Dividends Distrubuted [Table Text Block] | For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, 2017 Amount (3) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 Cash liquidating distributions (1) 0.4875 1.62 Non-cash liquidating distributions (2) 28.49 95.12 $ 29.9525 100.00 Common Stock Capital gains $ 0.12 1.59 Cash liquidating distributions (1) 0.10 1.33 Non-cash liquidating distributions (2) 7.31 97.08 $ 7.53 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. |
Income Taxes | Income Taxes Successor Period The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements with respect to the Company. The Company retains an ownership of one taxable REIT subsidiary related to one hotel property (the "TRS Sub") which is treated as a C-corporation for income tax purposes. The TRS Sub pays federal, state and local income taxes on its net taxable income, and its after-tax net income will be available for distribution to the Company but it is not required to be distributed. The Company uses the asset and liability method of accounting for income taxes of the TRS Sub. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the net rate is enacted. The provision for income taxes of the TRS Sub is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): For the September 1 through December 31, 2019 2018 2017 Expected TRS Sub federal tax expense at statutory rate $ 5,207 $ 15,746 $ 1,627 Tax impact of REIT election (4,049 ) (14,805 ) (560 ) Expected TRS Sub tax expense 1,158 941 1,067 Change in valuation allowance (1,085 ) (363 ) (879 ) Impact of rate change — — (188 ) Permanent items — 85 — Impact of provision to return (73 ) (663 ) — TRS Sub income tax expense $ — $ — $ — The TRS Sub's deferred income taxes represent the tax effect of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2019 December 31, 2018 Deferred tax liabilities: Partnership basis $ (3,125 ) $ (2,210 ) Prepaid expenses — (28 ) Deferred tax liabilities $ (3,125 ) $ (2,238 ) Deferred tax assets: Property and equipment $ 8,436 $ 8,963 Net operating loss carryforwards 7,517 7,220 Federal historic tax credits 631 631 Other deferred tax assets 160 128 Valuation allowance (13,619 ) (14,704 ) Deferred tax assets $ 3,125 $ 2,238 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income, and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2019 and 2018 , the Company had a valuation allowance of approximately $13.6 million and $14.7 million , respectively, related to net operating loss ("NOL") carryforwards, historic tax credits, and other deferred tax assets of the TRS Sub. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. The Company recognized a 100% valuation allowance related to the TRS Sub's net deferred tax asset because the Company believed it is more likely than not that the deferred tax assets of the TRS Sub will not be fully realized. The realization of the deferred tax assets associated with the TRS Sub's NOLs and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering the TRS Sub's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income (loss). The TRS Sub's NOLs and historic tax credits begin to expire in 2036. Additionally, the annual utilization of these NOLs and historic tax credits is limited pursuant to Sections 382 and 383 of the Internal Revenue Code. The Company is subject to examination by the U.S. Internal Revenue Service ("IRS") and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2019 , the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2015 and before. The Company had no accruals for tax uncertainties as of December 31, 2019 and 2018 . Predecessor Period For the Predecessor period, FelCor LP was a partnership for federal income tax purposes and was not subject to federal income tax. However, under its partnership agreement, FelCor LP was required to reimburse FelCor for any tax payments FelCor was required to make relative to its taxable income or loss. Accordingly, the tax information herein represents the disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally was not subject to federal income taxation at the corporate level on taxable income that was distributed to its stockholders. FelCor was, however, subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotel properties were subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposed restrictions on the ownership and transfer of shares of its common stock. It was FelCor LP's intention to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. FelCor accounted for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles FelCor's TRSs’ GAAP net loss to federal taxable income (in thousands): January 1 through August 31, 2017 GAAP consolidated net loss attributable to FelCor LP $ (97,340 ) Loss allocated to FelCor LP unitholders 495 GAAP consolidated loss attributable to FelCor (96,845 ) GAAP net loss from REIT operations 105,888 GAAP net income of taxable subsidiaries 9,043 Depreciation and amortization (1) 1,571 Employee benefits not deductible for tax 1,531 Other book/tax differences 5,480 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 Utilization of net operating loss (17,625 ) Net federal tax income of taxable subsidiaries $ — (1) The book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. FelCor's state income taxes of $0.5 million are included in income tax expense in the consolidated statements of operations and comprehensive income (loss) for the period of January 1, 2017 through August 31, 2017. The following table reconciles the REIT's GAAP net loss to taxable loss (in thousands): January 1 through August 31, 2017 GAAP net loss from REIT operations $ (105,888 ) Book/tax differences, net: Dividend income from TRS 17,794 Depreciation and amortization (1) 12,908 Noncontrolling interests (495 ) Gain/loss differences from dispositions (46,054 ) Impairment loss not deductible for tax 35,109 Conversion costs (2,155 ) Compensation 20,402 Other 10,035 Taxable loss (2) $ (58,344 ) (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017, FelCor's distributions were in excess of 100% of taxable income. For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, 2017 Amount (3) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 Cash liquidating distributions (1) 0.4875 1.62 Non-cash liquidating distributions (2) 28.49 95.12 $ 29.9525 100.00 Common Stock Capital gains $ 0.12 1.59 Cash liquidating distributions (1) 0.10 1.33 Non-cash liquidating distributions (2) 7.31 97.08 $ 7.53 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes of the TRS Sub is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): For the September 1 through December 31, 2019 2018 2017 Expected TRS Sub federal tax expense at statutory rate $ 5,207 $ 15,746 $ 1,627 Tax impact of REIT election (4,049 ) (14,805 ) (560 ) Expected TRS Sub tax expense 1,158 941 1,067 Change in valuation allowance (1,085 ) (363 ) (879 ) Impact of rate change — — (188 ) Permanent items — 85 — Impact of provision to return (73 ) (663 ) — TRS Sub income tax expense $ — $ — $ — The following table reconciles the REIT's GAAP net loss to taxable loss (in thousands): January 1 through August 31, 2017 GAAP net loss from REIT operations $ (105,888 ) Book/tax differences, net: Dividend income from TRS 17,794 Depreciation and amortization (1) 12,908 Noncontrolling interests (495 ) Gain/loss differences from dispositions (46,054 ) Impairment loss not deductible for tax 35,109 Conversion costs (2,155 ) Compensation 20,402 Other 10,035 Taxable loss (2) $ (58,344 ) (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017, FelCor's distributions were in excess of 100% of taxable income. |
Subsidiaries | |
Income Taxes [Line Items] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles FelCor's TRSs’ GAAP net loss to federal taxable income (in thousands): January 1 through August 31, 2017 GAAP consolidated net loss attributable to FelCor LP $ (97,340 ) Loss allocated to FelCor LP unitholders 495 GAAP consolidated loss attributable to FelCor (96,845 ) GAAP net loss from REIT operations 105,888 GAAP net income of taxable subsidiaries 9,043 Depreciation and amortization (1) 1,571 Employee benefits not deductible for tax 1,531 Other book/tax differences 5,480 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 Utilization of net operating loss (17,625 ) Net federal tax income of taxable subsidiaries $ — (1) The book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests/Units in FelCor LP (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests (or Redeemable Units) | The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, 2017 Balance at beginning of the period $ 4,888 Redemption value allocation 196 Distributions paid to unitholders (134 ) Net loss (495 ) Balance at end of the period $ 4,455 |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 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): Successor Predecessor For the year ended December 31, September 1 January 1 through August 31, 2019 2018 2017 2017 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 19,572 $ 21,351 $ 14,728 $ 47,396 Restricted cash reserves 4,147 3,211 3,303 17,038 Cash, cash equivalents, and restricted cash reserves $ 23,719 $ 24,562 $ 18,031 $ 64,434 Interest paid, net of capitalized interest $ 37,163 $ 54,298 $ 33,410 $ 38,677 Interest paid to a related party $ 4,159 $ 887 $ — $ — Income taxes (refunded) paid $ — $ (1,770 ) $ (85 ) $ 1,346 Operating cash flow lease payments for operating leases $ 8,401 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ 147,377 $ 516,450 $ 170,000 $ 92,000 Purchase option for land subject to a ground lease — (44,831 ) — — Transaction costs (2,394 ) (26,400 ) (4,107 ) (18,584 ) Operating prorations (536 ) 68 — — Proceeds from the sale of hotel properties, net $ 144,447 $ 445,287 $ 165,893 $ 73,416 Supplemental non-cash transactions Accrued capital expenditures $ 5,257 $ 5,345 $ 8,587 $ 3,640 FelCor TRS Distribution (1) $ — $ — $ 51,267 $ — (1) Refer to Note 2 for the non-cash assets and liabilities associated with the FelCor TRS distribution. |
Quarterly Operating Results (_2
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Operating Results [Line Items] | |
Quarterly Financial Information [Table Text Block] | Rangers For the year ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 49,921 $ 56,221 $ 46,392 $ 44,161 Net income (loss) and comprehensive income (loss) $ 12,291 $ (3,098 ) $ 8,673 $ 7,257 Net income (loss) and comprehensive income (loss) attributable to Rangers $ 10,945 $ (3,166 ) $ 8,506 $ 7,016 For the year ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 53,550 $ 60,650 $ 57,811 $ 45,586 Net income and comprehensive income $ 6,441 $ 17,111 $ 39,362 $ 12,066 Net income and comprehensive income attributable to Rangers $ 6,089 $ 16,533 $ 38,547 $ 11,436 |
FelCor Lodging LP | |
Quarterly Operating Results [Line Items] | |
Quarterly Financial Information [Table Text Block] | FelCor LP For the year ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 49,921 $ 56,221 $ 46,392 $ 44,161 Net income (loss) and comprehensive income (loss) $ 12,291 $ (3,098 ) $ 8,673 $ 7,257 Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ 11,056 $ (3,198 ) $ 8,591 $ 7,087 For the year ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 53,550 $ 60,650 $ 57,811 $ 45,586 Net income and comprehensive income $ 6,441 $ 17,111 $ 39,362 $ 12,066 Net income and comprehensive income attributable to FelCor LP $ 6,151 $ 16,700 $ 38,936 $ 11,551 |
FelCor LP's Consolidating Fin_2
FelCor LP's Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 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 December 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,722,133 $ — $ — $ (1,722,133 ) $ — Investment in hotel properties, net — 571,769 1,375,057 — 1,946,826 Investment in unconsolidated joint ventures 15,171 — — — 15,171 Cash and cash equivalents 1,985 — 17,587 — 19,572 Restricted cash reserves 447 — 3,700 — 4,147 Related party receivable 1,360 15,217 32,604 — 49,181 Lease right-of-use assets 4,444 66,571 9,620 — 80,635 Prepaid expense and other assets 1,748 1,888 3,907 — 7,543 Total assets $ 1,747,288 $ 655,445 $ 1,442,475 $ (1,722,133 ) $ 2,123,075 Debt, net $ 500,484 $ 24,711 $ 221,241 $ (32,709 ) $ 713,727 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 7,449 15,017 10,210 — 32,676 Lease liabilities 4,661 25,571 17,968 — 48,200 Accrued interest 2,463 — — — 2,463 Related party accrued interest — — 190 — 190 Total liabilities 515,057 65,299 334,609 (32,709 ) 882,256 Partnership interests 1,232,231 590,146 1,099,278 (1,689,424 ) 1,232,231 Total partners' capital, excluding noncontrolling interest 1,232,231 590,146 1,099,278 (1,689,424 ) 1,232,231 Noncontrolling interest in consolidated joint ventures — — 8,588 — 8,588 Total partners’ capital 1,232,231 590,146 1,107,866 (1,689,424 ) 1,240,819 Total liabilities and partners’ capital $ 1,747,288 $ 655,445 $ 1,442,475 $ (1,722,133 ) $ 2,123,075 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 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 Year Ended December 31, 2019 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 74,621 $ 122,074 $ — $ 196,695 Total revenues — 74,621 122,074 — 196,695 Expenses Depreciation and amortization 512 26,832 45,045 — 72,389 Property tax, insurance and other (24 ) 19,367 21,622 — 40,965 General and administrative 1,066 159 64 — 1,289 Transaction costs 164 — 77 — 241 Total operating expenses 1,718 46,358 66,808 — 114,884 Other income 39 10 10 — 59 Interest income 898 — 232 (783 ) 347 Interest expense (23,793 ) (765 ) (8,155 ) 783 (31,930 ) Related party interest expense — — (4,529 ) — (4,529 ) Loss on sale of hotel properties, net — (10,638 ) (10,813 ) — (21,451 ) Income before equity in income from unconsolidated joint ventures (24,574 ) 16,870 32,011 — 24,307 Equity in income from consolidated entities 47,294 — — (47,294 ) — Equity in income from unconsolidated joint ventures 816 — — — 816 Net income and comprehensive income 23,536 16,870 32,011 (47,294 ) 25,123 Noncontrolling interest in consolidated joint ventures — — (248 ) — (248 ) 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 $ 23,536 $ 16,870 $ 30,424 $ (47,294 ) $ 23,536 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 87,898 $ 129,699 $ — $ 217,597 Total revenues — 87,898 129,699 — 217,597 Expenses Depreciation and amortization 458 31,806 46,227 — 78,491 Property tax, insurance and other 134 27,948 25,672 — 53,754 General and administrative 840 117 99 — 1,056 Transaction costs 2,039 8 139 — 2,186 Total operating expenses 3,471 59,879 72,137 — 135,487 Other income 10 — 103 — 113 Interest income 805 — 84 (578 ) 311 Interest expense (28,428 ) — (10,080 ) 578 (37,930 ) Related party interest expense — — (708 ) — (708 ) Gain on sale of hotel properties, net — (15,763 ) 34,186 — 18,423 Gain on extinguishment of indebtedness, net 12,931 — (1,665 ) — 11,266 Income before equity in income from unconsolidated joint ventures (18,153 ) 12,256 79,482 — 73,585 Equity in income from consolidated entities 90,096 — — (90,096 ) — Equity in income from unconsolidated joint ventures 1,395 — — — 1,395 Net income and comprehensive income 73,338 12,256 79,482 (90,096 ) 74,980 Noncontrolling interest in consolidated joint ventures — — (159 ) — (159 ) Preferred distributions - consolidated joint venture — — (1,483 ) — (1,483 ) Net income and comprehensive income attributable to FelCor LP $ 73,338 $ 12,256 $ 77,840 $ (90,096 ) $ 73,338 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 32,572 $ 48,687 $ — $ 81,259 Total revenues — 32,572 48,687 — 81,259 Expenses Depreciation and amortization 151 12,164 16,650 — 28,965 Property tax, insurance and other 25 8,800 8,237 — 17,062 General and administrative 904 59 56 — 1,019 Transaction costs 4,079 105 9 — 4,193 Total operating expenses 5,159 21,128 24,952 — 51,239 Interest income 113 — 1 (104 ) 10 Interest expense (15,918 ) — (3,456 ) 104 (19,270 ) Loss on sale of hotel properties — — (6,637 ) — (6,637 ) Income before equity in income from unconsolidated joint ventures (20,964 ) 11,444 13,643 — 4,123 Equity in income from consolidated entities 24,434 — — (24,434 ) — Equity in income from unconsolidated joint ventures 661 — — — 661 Net income and comprehensive income 4,131 11,444 13,643 (24,434 ) 4,784 Noncontrolling interest in consolidated joint ventures — — (157 ) — (157 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Net income and comprehensive income attributable to FelCor LP $ 4,131 $ 11,444 $ 12,990 $ (24,434 ) $ 4,131 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Related party lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenues 41 551,137 84,846 (84,509 ) 551,515 Expenses Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Total property operating expenses — 352,369 — — 352,369 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expenses 69,478 535,476 68,630 (84,509 ) 589,075 Other income — — 100 — 100 Intercompany interest income (expense) 241 — (241 ) — — Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on sale of hotel properties, net 2 (1,565 ) (201 ) — (1,764 ) Loss on extinguishment of indebtedness — — (3,278 ) — (3,278 ) Loss before equity in income from unconsolidated joint ventures (107,850 ) 14,155 (371 ) — (94,066 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax expense (93,890 ) 14,078 (401 ) (12,779 ) (92,992 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,925 ) 13,614 (401 ) (12,779 ) (93,491 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Noncontrolling interest in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss and comprehensive loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2019 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (30,086 ) $ 46,685 $ 68,415 $ — $ 85,014 Investing activities: Proceeds from the sale of hotel properties, net — 81,943 62,504 — 144,447 Improvements and additions to hotel properties (162 ) (33,146 ) (28,707 ) — (62,015 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing 238,580 — — (238,580 ) — Cash flows from investing activities 237,815 48,797 33,797 (238,580 ) 81,829 Financing activities: Proceeds from borrowings — 25,000 71,000 — 96,000 Repayments of borrowings (112 ) — (2,566 ) — (2,678 ) Contributions from partners 188,318 — — — 188,318 Distributions to partners (404,722 ) — — — (404,722 ) Payments of deferred financing costs — (340 ) (650 ) — (990 ) Contributions from consolidated joint venture partners — — 2,281 — 2,281 Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Intercompany financing — (120,142 ) (118,438 ) 238,580 — Cash flows from financing activities (216,516 ) (95,482 ) (94,268 ) 238,580 (167,686 ) Net change in cash, cash equivalents, and restricted cash reserves (8,787 ) — 7,944 — (843 ) 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 year $ 2,432 $ — $ 21,287 $ — $ 23,719 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2018 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (53,388 ) $ 93,671 $ 132,962 $ — $ 173,245 Investing activities: Proceeds from the sale of hotel properties, net — 178,170 267,117 — 445,287 Improvements and additions to hotel properties (4 ) (27,530 ) (46,850 ) — (74,384 ) Intercompany financing 560,256 — — (560,256 ) — Cash flows from investing activities 560,252 150,640 220,267 (560,256 ) 370,903 Financing activities: Proceeds from borrowings - related party — — 85,000 — 85,000 Repayments of borrowings (538,814 ) — (115,842 ) — (654,656 ) Contributions from partners 732,319 — — — 732,319 Distributions to partners (698,787 ) — — — (698,787 ) Payment of deferred financing costs — — (10 ) — (10 ) Preferred distributions - consolidated joint venture — — (1,483 ) — (1,483 ) Intercompany financing — (244,311 ) (315,945 ) 560,256 — Cash flows from financing activities (505,282 ) (244,311 ) (348,280 ) 560,256 (537,617 ) Net change in cash, cash equivalents, and restricted cash reserves 1,582 — 4,949 — 6,531 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 year $ 11,219 $ — $ 13,343 $ — $ 24,562 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (44,202 ) $ (11,078 ) $ (16,872 ) $ — $ (72,152 ) Investing activities: Proceeds from the sale of hotel properties, net — — 165,893 — 165,893 Improvements and additions to hotel properties — (5,704 ) (17,933 ) — (23,637 ) Intercompany financing 108,590 — — (108,590 ) — Cash flows from investing activities 108,590 (5,704 ) 147,960 (108,590 ) 142,256 Financing activities: Repayments of borrowings (990 ) — (1,174 ) — (2,164 ) Contributions from partners 130,076 — — — 130,076 Distributions to partners (187,616 ) — — — (187,616 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Distributions to preferred unitholders (4,186 ) — — — (4,186 ) Payment of deferred financing costs — — (254 ) — (254 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Intercompany financing — 20,142 (128,732 ) 108,590 — Cash flows from financing activities (62,716 ) (31,725 ) (130,656 ) 108,590 (116,507 ) Net change in cash, cash equivalents, and restricted cash reserves 1,672 (48,507 ) 432 — (46,403 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 7,965 48,507 7,962 — 64,434 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,637 $ — $ 8,394 $ — $ 18,031 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Distributions from unconsolidated joint ventures in excess of earnings 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Distributions to consolidated joint venture partners — — (150 ) — (150 ) Contributions from consolidated joint venture partners — 333 — — 333 Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 13,532 45,574 7,702 — 66,808 Cash, cash equivalents, and restricted cash reserves, end of period $ 7,965 $ 48,507 $ 7,962 $ — $ 64,434 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block] | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2019 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life DoubleTree Suites by Hilton Austin — 7,072 50,827 827 7,155 51,571 58,726 3,031 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 752 904 45,252 46,156 2,781 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 5,256 31,451 51,099 82,550 2,895 2017 15 - 40 years Embassy Suites Birmingham 21,744 10,495 33,568 499 10,495 34,067 44,562 2,097 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 1,306 6,413 35,995 42,408 2,140 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa 28,785 7,527 56,128 3,231 7,682 59,204 66,886 3,502 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street 32,594 30,933 54,592 3,068 31,160 57,433 88,593 3,575 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 1,625 13,168 96,300 109,468 5,691 2017 15 - 40 years Embassy Suites Mandalay Beach - Hotel & Resort — 35,769 53,280 1,897 35,833 55,113 90,946 3,414 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 3,186 15,057 20,993 36,050 1,454 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 9,914 43,369 36,101 79,470 2,280 2017 15 - 40 years Embassy Suites Minneapolis - Airport 34,961 7,248 41,202 15,930 9,673 54,707 64,380 3,767 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,351 4,833 38,948 43,781 2,356 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 2,413 24,719 26,861 51,580 1,694 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 7,488 39,654 62,613 102,267 3,866 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 3,791 3,961 88,798 92,759 5,720 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 12,948 46,876 120,686 167,562 7,417 2017 15 - 40 years The Knickerbocker New York (2) 85,000 113,613 119,453 1,613 113,622 121,057 234,679 7,056 2017 15 - 40 years The Mills House Wyndham Grand Hotel — 9,599 68,932 664 9,601 69,594 79,195 4,093 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 1,507 178 53,437 53,615 11,142 2017 10 years Wyndham Houston - Medical Center Hotel & Suites — 7,776 43,475 237 7,793 43,695 51,488 2,601 2017 15 - 40 years Wyndham New Orleans - French Quarter — 300 72,711 670 300 73,381 73,681 4,348 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2019 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life Wyndham Philadelphia Historic District — 8,367 51,914 666 8,403 52,544 60,947 3,099 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 286 158 31,907 32,065 1,880 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 4,364 1,079 33,714 34,793 6,088 2017 11 years Wyndham Santa Monica At The Pier — 27,054 45,866 616 27,081 46,455 73,536 2,767 2017 15 - 40 years $ 299,084 $ 496,195 $ 1,379,843 $ 86,105 $ 500,618 $ 1,461,525 $ 1,962,143 $ 100,754 (1) The aggregate cost of real estate for federal income tax purposes was approximately $1.9 billion at December 31, 2019. (2) In November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP. The change in the total cost of the hotel properties is as follows: Successor Predecessor 2019 2018 September 1 through December 31, 2017 January 1 through August 31, 2017 Reconciliation of Land and Buildings and Improvements Balance at the beginning of the period (1) $ 2,087,622 $ 2,398,753 $ 2,537,854 $ 2,108,117 Add: Improvements 38,256 45,726 22,305 30,403 Less: Sale of hotel properties (163,735 ) (356,857 ) (161,406 ) (133,922 ) Balance at the end of the period before impairment charges (1) $ 1,962,143 $ 2,087,622 $ 2,398,753 $ 2,004,598 Cumulative impairment charges on the real estate assets owned at the end of the period — — — (55,145 ) Balance at the end of the period after impairment charges $ 1,962,143 $ 2,087,622 $ 2,398,753 $ 1,949,453 (1) The balance at the end of the Predecessor period of January 1, 2017 through August 31, 2017 does not equal the balance at the beginning of the Successor period of September 1, 2017 through December 31, 2017 due to the impact of RLJ electing to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired in the Mergers on August 31, 2017. The change in the accumulated depreciation of the real estate assets is as follows: Successor Predecessor 2019 2018 September 1 through December 31, 2017 January 1 through August 31, 2017 Reconciliation of Accumulated Depreciation Balance at the beginning of the period (1) $ (60,867 ) $ (18,533 ) $ — $ (716,376 ) Add: Depreciation for the period (46,012 ) (51,387 ) (19,518 ) (37,966 ) Less: Sale of hotel properties 6,125 9,053 985 13,838 Balance at the end of the period (1) $ (100,754 ) $ (60,867 ) $ (18,533 ) $ (740,504 ) (1) The balance at the end of the Predecessor period of January 1, 2017 through August 31, 2017 does not equal the balance at the beginning of the Successor period of September 1, 2017 through December 31, 2017 due to the impact of RLJ electing to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired in the Mergers on August 31, 2017. |
Organization (Details)
Organization (Details) | 12 Months Ended | |||||
Dec. 31, 2019property | Dec. 31, 2019hotel | Dec. 31, 2019room | Dec. 31, 2019state | Dec. 31, 2017hotel | Aug. 31, 2017 | |
Real Estate Properties [Line Items] | ||||||
Business combination, stock conversion ratio | 0.362 | |||||
Number of Real Estate Properties | 28 | |||||
Number of hotel rooms owned | room | 8,100 | |||||
Number of states in which hotels owned by the entity are located | state | 13 | |||||
Wholly Owned Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 25 | |||||
Hotel property ownership interest (as a percent) | 100.00% | |||||
Consolidated Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 26 | |||||
Number of leased real estate properties | 27 | |||||
Unconsolidated Properties | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 2 | 2 | 2 | |||
Hotel property ownership interest (as a percent) | 50.00% | |||||
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% | |||||
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% |
Merger with RLJ Lodging Trust -
Merger with RLJ Lodging Trust - Narrative (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Transaction costs | $ 2,000 | |||
Rangers Sub I, LLC | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 241 | $ 2,186 | ||
Predecessor | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 68,200 | |||
Predecessor | Rangers Sub I, LLC | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 4,193 | $ 68,248 | ||
Successor [Member] | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 4,200 |
Merger with RLJ Lodging Trust_2
Merger with RLJ Lodging Trust - Schedule of Allocation of Purchase Price (Details) $ in Thousands | Aug. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 139,673 |
FelCor Lodging LP | |
Business Acquisition [Line Items] | |
Investment in hotel properties | 2,661,114 |
FelCor TRS Distribution, investment in hotel properties | (2,000) |
New Basis after FelCor TRS Distribution, investment in hotel properties | 2,659,114 |
Investment in unconsolidated joint ventures | 25,651 |
FelCor TRS Distribution, investment in unconsolidated joint ventures | (7,900) |
New Basis After FelCor TRS Distribution, investment in unconsolidated joint ventures | 17,751 |
Cash and cash equivalents | 47,396 |
FelCor TRS Distribution, cash and cash equivalents | (40,878) |
New Basis After FelCor TRS Distribution, cash and cash equivalents | 6,518 |
Restricted cash reserves | 17,038 |
FelCor TRS Distribution, restricted cash reserves | (10,989) |
New Basis After FelCor TRS Distribution, restricted cash reserves | 6,049 |
Hotel and other receivables | 28,308 |
FelCor TRS Distribution, hotel and other receivables | (28,308) |
New Basis After FelCor TRS Distribution, hotel and other receivables | 0 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 58,170 |
FelCor TRS Distribution, deferred income tax asset | (58,170) |
New Basis After FelCor TRS Distribution, deferred income tax asset | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 139,673 |
FelCor TRS Distribution, intangible assets | (20,262) |
New Basis After FelCor TRS Distribution, intangible assets | 119,411 |
Prepaid expenses and other assets | 23,811 |
FelCor TRS Distribution, prepaid expenses and other assets | (11,417) |
New Basis After FelCor TRS Distribution, prepaid expenses and other assets | 12,394 |
Debt | (1,305,337) |
FelCor TRS Distribution, debt | 0 |
New Basis After FelCor TRS Distribution, debt | 1,305,337 |
Accounts payable and other liabilities | (118,360) |
FelCor TRS Distribution, accounts payable and other liabilities | 52,995 |
New Basis After FelCor TRS Distribution, accounts payable and other liabilities | (65,365) |
Advance deposits and deferred revenue | (23,795) |
FelCor TRS Distribution, advance deposits and deferred revenue | 23,795 |
New Basis After FelCor TRS Distribution, advance deposits and deferred revenue | 0 |
Accrued interest | (22,612) |
FelCor TRS Distribution, accrued interest | 0 |
New Basis After FelCor TRS Distribution, accrued interest | (22,612) |
Distributions payable | (4,312) |
FelCor TRS Distribution, distributions payable | 0 |
New Basis After FelCor TRS Distribution, distributions payable | (4,312) |
Total equity | 1,526,745 |
FelCor TRS Distribution, total equity | (103,134) |
New Basis After FelCor TRS Distribution, total equity | $ 1,423,611 |
Merger with RLJ Lodging Trust M
Merger with RLJ Lodging Trust Merger with RLJ Logging Trust - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 8 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market ground leases | $ 118,050 | |
Advanced bookings | 13,862 | |
Other intangible assets | 7,761 | |
Total intangible assets | $ 139,673 | |
Weighted Average Amortization Period (in Years) | 46 years | |
Below market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market ground leases | $ 49,708 | |
Weighted Average Amortization Period (in Years) | 54 years | |
Advanced bookings | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year | |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 6 years |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2019USD ($)joint_venture | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Accounting Policies [Abstract] | |||||
Real estate interests, number of joint ventures | joint_venture | 2 | ||||
Equity method investment, ownership percentage | 50.00% | ||||
Summary of Significant Accounting Policies | |||||
Operating Lease, Right-of-Use Asset | $ 0 | $ 84,913,000 | |||
Accounts payable and other liabilities | 43,389,000 | 32,341,000 | |||
Cost of Goods and Services Sold | $ 53,930,000 | ||||
Amortization of deferred financing costs | $ 100,000 | 200,000 | |||
Interest Expense | $ 19,270,340 | 31,900,000 | 37,900,000 | ||
Transaction costs | $ 2,000,000 | ||||
Intangible assets, net | 46,260,000 | 0 | |||
Operating Lease, Liability | $ 0 | 49,701,000 | |||
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as REIT | 90.00% | ||||
Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Amortization of deferred financing costs | 2,800,000 | ||||
Interest Expense | 51,700,000 | ||||
Transaction costs | $ 68,200,000 | ||||
Land Improvements [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Building Improvements [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Building [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Building [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Minimum | Furniture and Fixtures [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum | Furniture and Fixtures [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum | Land, Buildings and Improvements [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Maximum | Furniture and Fixtures [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum | Furniture and Fixtures [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Maximum | Land, Buildings and Improvements [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Unconsolidated Properties | |||||
Accounting Policies [Abstract] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
The Knickerbocker New York [Member] | |||||
Summary of Significant Accounting Policies | |||||
Real Estate Properties Ownership Percentage | 5.00% | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Summary of Significant Accounting Policies | |||||
Operating Lease, Right-of-Use Asset | 84,913,000 | ||||
Accounts payable and other liabilities | (11,048,000) | ||||
Intangible assets, net | (46,260,000) | ||||
Operating Lease, Liability | $ 49,701,000 |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties [Line Items] | ||||
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense | $ 71,900 | $ 77,900 | ||
Land and improvements | 500,618 | $ 532,490 | ||
Buildings and improvements | 1,461,525 | 1,555,132 | ||
Furniture, fixtures and equipment | 135,400 | 125,207 | ||
Total | 2,097,543 | 2,212,829 | ||
Accumulated depreciation | (150,717) | (89,406) | ||
Investment in hotel and other properties, net | $ 1,946,826 | $ 2,123,423 | ||
Predecessor | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense | $ 73,100 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Narrative (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Mar. 31, 2017USD ($)property | Jun. 30, 2017USD ($)property | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | ||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 71,900,000 | $ 77,900,000 | ||||
Impairment loss | $ 35,100,000 | $ 0 | ||||
Successor [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 28,700,000 | |||||
Predecessor | ||||||
Real Estate Properties [Line Items] | ||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | 73,100,000 | |||||
Impairment loss | $ 24,800,000 | $ 35,100,000 | ||||
Number of real estate properties impaired | property | 1 | 2 | ||||
Discontinued Operations, Held-for-sale | Predecessor | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment loss | $ 10,300,000 | |||||
Number of properties held-for-sale | property | 2 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) $ in Thousands | 8 Months Ended | ||||
Aug. 31, 2017USD ($) | Dec. 31, 2019property | Dec. 31, 2019hotel | Dec. 31, 2019 | Dec. 31, 2017propertyhotel | |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Number of Real Estate Properties | 28 | ||||
Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity in income from unconsolidated joint ventures | $ | $ 1,074 | ||||
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 | 2 | ||
Hotel, Condominium Units [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Number of Real Estate Properties | 2 | ||||
Hotel, Condominium Units [Member] | Predecessor | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Number of Real Estate Properties | 2 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 15,171 | $ 15,716 | ||
Successor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 661 | 816 | 1,395 | |
Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 1,074 | |||
Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | (4,236) | (4,810) | ||
Equity basis of the joint venture investments | Successor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | 1,034 | 1,935 | 2,514 | |
Equity basis of the joint venture investments | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | 1,332 | |||
Cost of the joint venture investments in excess of the joint venture book value | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | 19,407 | 20,526 | ||
Cost of the joint venture investments in excess of the joint venture book value | Successor [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ (373) | $ (1,119) | $ (1,119) | |
Cost of the joint venture investments in excess of the joint venture book value | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ (258) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 3,200 | $ 1,200 | |
Other intangible assets | $ 7,761 | ||
Below market ground leases | $ 118,050 | ||
Finite-Lived Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 49,708 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (3,447) | ||
Finite-Lived Intangible Assets, Net | 46,260 | ||
Below market ground leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Below Market Lease, Net | 46,260 | ||
Below Market Lease, Accumulated Amortization | (3,447) | ||
Below market ground leases | $ 49,708 |
Sale of Hotel Properties - Nar
Sale of Hotel Properties - Narrative (Details) $ in Millions | 8 Months Ended | 12 Months Ended | |
Aug. 31, 2017USD ($)property | Dec. 31, 2019USD ($)roomHotels | Dec. 31, 2018Hotels | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss (gain) on sale of hotel properties and other assets, net | $ (1.6) | ||
Proceeds from Sale of Real Estate | $ 92 | ||
Number of hotel properties sold | 2 | 6 | |
Disposals 2019 [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 640 | ||
Loss (gain) on sale of hotel properties and other assets, net | $ 21.4 | ||
Proceeds from Sale of Real Estate | 147.4 | ||
Gain (Loss) on Termination of Lease | $ (0.7) | ||
Number of hotel properties sold | Hotels | 2 |
Sale of Hotel Properties - Sch
Sale of Hotel Properties - Schedule of Properties Disposed (Details) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018USD ($)room | Dec. 31, 2017USD ($)propertyhotel | Aug. 31, 2017USD ($)propertyroom | Dec. 31, 2019USD ($)propertyHotels | Dec. 31, 2018USD ($)roomHotels | Dec. 31, 2019hotel | Dec. 31, 2019room | Jun. 27, 2019room | Oct. 15, 2018room | Sep. 27, 2018room | Aug. 28, 2018room | Jul. 13, 2018room | Mar. 27, 2018room | Feb. 21, 2018room | Dec. 14, 2017room | Aug. 01, 2017room | Jul. 17, 2017room | |
Discontinued operations | |||||||||||||||||
Proceeds from Sale of Real Estate | $ 92,000,000 | ||||||||||||||||
Gain (Loss) on Sale of Properties | (1,600,000) | ||||||||||||||||
Revenues | 14,159,000 | ||||||||||||||||
Cost of Goods and Services Sold | $ (53,930,000) | ||||||||||||||||
Number of Real Estate Properties | property | 28 | ||||||||||||||||
Disposal Group, Number of Properties Disposed During Period | 2 | 6 | |||||||||||||||
Impairment loss | $ 35,100,000 | $ 0 | |||||||||||||||
Operating Income (Loss) | (39,771,000) | ||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (1,764,000) | ||||||||||||||||
Profit (Loss) from Real Estate Operations | (41,535,000) | ||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 179,000 | ||||||||||||||||
Net Income (Loss) attributable to Parent | $ (41,356,000) | ||||||||||||||||
Embassy Suites Myrtle Beach - Oceanfront Resort [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 255 | ||||||||||||||||
Hilton Myrtle Beach Resort [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 385 | ||||||||||||||||
Disposals 2019 [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Proceeds from Sale of Real Estate | 147,400,000 | ||||||||||||||||
Gain (Loss) on Sale of Properties | 21,400,000 | ||||||||||||||||
Gain (Loss) on Termination of Lease | $ (700,000) | ||||||||||||||||
Disposal Group, Number of Properties Disposed During Period | Hotels | 2 | ||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 640 | ||||||||||||||||
2017 Disposals | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 285 | ||||||||||||||||
Fairmont Copley Plaza | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Proceeds from Sale of Real Estate | $ 170,000,000 | ||||||||||||||||
Gain (Loss) on Sale of Properties | (6,600,000) | ||||||||||||||||
Gain (Loss) on Termination of Lease | $ (7,700,000) | ||||||||||||||||
Number of Real Estate Properties | property | 1 | ||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 383 | ||||||||||||||||
Morgans New York [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 117 | ||||||||||||||||
Royalton New York | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 168 | ||||||||||||||||
Disposals 2018 [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Proceeds from Sale of Real Estate | $ 516,500,000 | ||||||||||||||||
Gain (Loss) on Sale of Properties | 18,300,000 | ||||||||||||||||
Gain (Loss) on Termination of Lease | $ (9,800,000) | ||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 2,054 | 2,054 | |||||||||||||||
Embassy Suites Boston Marlborough [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 229 | ||||||||||||||||
Sheraton Philadelphia Society Hill Hotel [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 364 | ||||||||||||||||
Embassy Suites Napa Valley [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 205 | ||||||||||||||||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 362 | ||||||||||||||||
Sheraton Burlington Hotel & Conference Center [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 309 | ||||||||||||||||
Holiday Inn San Francisco Fisherman's Wharf [Member] | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Proceeds from Sale of Real Estate | $ 75,300,000 | ||||||||||||||||
Gain (Loss) on Sale of Properties | $ (30,400,000) | ||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 585 | ||||||||||||||||
Unconsolidated Properties | |||||||||||||||||
Discontinued operations | |||||||||||||||||
Number of Real Estate Properties | 2 | 2 | 2 |
Debt (Details)
Debt (Details) | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2019USD ($)asset | Dec. 31, 2018USD ($) | |
Debt | |||||
Long-term debt, gross | $ 626,628,000 | $ 714,568,000 | |||
Debt Instrument, Fair Value Adjustment, Net | $ 27,400,000 | ||||
Number of Assets Encumbered | asset | 7 | ||||
Deferred financing costs | 0 | $ (841,000) | |||
Debt, net | 626,628,000 | 713,727,000 | |||
Related Party Debt | 85,000,000 | ||||
Interest Expense | 19,270,340 | 31,900,000 | $ 37,900,000 | ||
Successor [Member] | |||||
Debt | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 2,461,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,824,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 110,997,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 96,000,000 | ||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 474,888,000 | ||||
Long-term debt, gross | $ 687,170,000 | ||||
Predecessor | |||||
Debt | |||||
Interest Expense | $ 51,700,000 | ||||
Interest Costs Capitalized | $ 1,100,000 | ||||
LIBOR Plus 3.00 Percent, Due November 2023 [Member] | |||||
Debt | |||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||||
Debt Instrument, Number of Additional Maturity Terms | 2 | ||||
Debt Instrument, Additional Maturity Term | 1 year | ||||
Senior Unsecured Notes [Member] | |||||
Debt | |||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||
Unsecured Debt | 6.00% Percent, Due June 2025 | |||||
Debt | |||||
Long-term debt, gross | 505,322,000 | $ 500,484,000 | |||
Number of Assets Encumbered | asset | 0 | ||||
Interest rate | 6.00% | ||||
Mortgage loans | Three Point Three Six Percent Due April 2024 [Member] | |||||
Debt | |||||
Long-term debt, gross | 0 | $ 96,000,000 | |||
Number of Assets Encumbered | asset | 3 | ||||
Interest rate | 3.36% | ||||
Mortgage loans | 4.95 Percent, Due October 2022 | |||||
Debt | |||||
Long-term debt, gross | 91,737,000 | $ 89,299,000 | |||
Number of Assets Encumbered | asset | 3 | ||||
Interest rate | 4.95% | ||||
Mortgage loans | 4.94 Percent, Due October 2022 | |||||
Debt | |||||
Long-term debt, gross | 29,569,000 | $ 28,785,000 | |||
Number of Assets Encumbered | asset | 1 | ||||
Interest rate | 4.94% | ||||
Senior Unsecured Notes [Member] | Unsecured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | $ 30,300,000 | ||||
Senior Secured Notes [Member] | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 25,596,451 | ||||
4.94 Percent, Due October 2022 | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 600,000 | 400,000 | |||
4.95 Percent, Due October 2022 | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | $ 1,900,000 | $ 1,400,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt | ||||
Amortization of deferred financing costs | $ 100,000 | $ 200,000 | ||
Total interest expense | $ 19,270,340 | $ 31,900,000 | $ 37,900,000 | |
Predecessor | ||||
Debt | ||||
Amortization of deferred financing costs | $ 2,800,000 | |||
Capitalized interest | (1,100,000) | |||
Total interest expense | $ 51,700,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt, carrying value | $ 713,727 | $ 626,628 | |
Due to Related Parties | 86,900 | $ 84,100 | |
Related Party Debt | 85,000 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | 714,300 | 613,700 | |
Long-term debt, carrying value | 713,700 | 626,600 | |
Senior notes | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | 497,800 | 492,600 | |
Mortgage loans | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Long-term debt fair value | $ 216,500 | $ 121,100 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 4.1 | $ 3.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments to the Company Under Noncancelable Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)property | |
Lessee, Lease, Description [Line Items] | |
Related party lease revenue | $ 196,695 |
Operating Leases, Income Statement, Percentage Revenue | 139,899 |
Operating Leases, Income Statement, Minimum Lease Revenue | $ 56,796 |
Number of Real Estate Properties | property | 28 |
Commitments and Contingencies_3
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | |
Mar. 31, 2016USD ($)hotel | Dec. 31, 2019property | |
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | property | 28 | |
Predecessor | ||
Loss Contingencies [Line Items] | ||
Withdrawal liability | $ | $ 8.3 | |
Predecessor | InterContinental Hotels Group PLC | ||
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | hotel | 3 |
Commitments and Contingencies_4
Commitments and Contingencies - Management Agreements (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | |
Other Commitments | |||
Cost of Goods and Services Sold | $ 53,930 | ||
Predecessor | |||
Other Commitments | |||
Management agreement term | 10 years | ||
NOI Guarantee over life of agreement | $ 100,000 | ||
NOI Guarantee annual limit | $ 21,500 | ||
Management Agreement, Guarantee Earnings Recognized During Period | 3,800 | ||
Minimum | Predecessor | |||
Other Commitments | |||
Management agreement term | 5 years | ||
Base management fee as percentage of hotel revenues | 2.00% | ||
Maximum | Predecessor | |||
Other Commitments | |||
Management agreement term | 20 years | ||
Base management fee as percentage of hotel revenues | 5.00% | ||
Management Service [Member] | Predecessor | |||
Other Commitments | |||
Cost of Goods and Services Sold | $ 19,100 |
Commitments and Contingencies_5
Commitments and Contingencies - Franchise Agreements (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended |
Dec. 31, 2017 | Aug. 31, 2017 | |
Other Commitments | ||
Cost of Goods and Services Sold | $ 53,930 | |
Minimum | Predecessor | ||
Other Commitments | ||
Franchise agreements, royalty fee as percentage of room revenue | 5.50% | |
Maximum | Predecessor | ||
Other Commitments | ||
Franchise agreements term | 15 years | |
Franchise agreements, additional fees for marketing central reservation systems and other franchisor costs as percentage of room revenue | 4.00% | |
Franchise [Member] | Predecessor | ||
Other Commitments | ||
Cost of Goods and Services Sold | $ 800 |
Commitments and Contingencies G
Commitments and Contingencies Ground Lease (Details) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | |
Loss Contingencies [Line Items] | |||||
Operating Lease, Weighted Average Remaining Lease Term | 32 years | ||||
Number of Real Estate Properties | property | 28 | ||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 4,884 | ||||
Operating Leases, Future Minimum Payments, Due in Two Years | 4,909 | ||||
Operating Leases, Future Minimum Payments, Due in Three Years | 4,968 | ||||
Operating Leases, Future Minimum Payments, Due in Four Years | 4,990 | ||||
Operating Leases, Future Minimum Payments, Due in Five Years | 5,011 | ||||
Operating Leases, Future Minimum Payments, Due Thereafter | 114,008 | ||||
Operating Leases, Future Minimum Payments Due | 138,770 | ||||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (90,570) | ||||
Operating Lease, Liability | $ 0 | $ 49,701 | |||
Operating Lease, Weighted Average Discount Rate, Percent | 6.85% | ||||
Rangers Sub I, LLC | |||||
Loss Contingencies [Line Items] | |||||
Operating Lease, Liability | $ 48,200 | ||||
Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Contingent Rentals | $ 3,600 | ||||
Number of Real Estate Properties | property | 6 | ||||
Operating Leases, Rent Expense, Net | $ 5,600 | $ 10,200 | 16,600 | ||
Operating Leases, Rent Expense, Minimum Rentals | 6,600 | ||||
Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 9,900 | ||||
Holiday Inn San Francisco Fisherman's Wharf [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 1,600 | 0 | 4,600 | ||
Holiday Inn San Francisco Fisherman's Wharf [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 3,800 | ||||
Wyndham Boston Beacon Hill [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 300 | 900 | 900 | ||
Wyndham Boston Beacon Hill [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 400 | ||||
Wyndham San Diego Bayside [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 1,500 | 4,800 | 4,800 | ||
Wyndham San Diego Bayside [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 2,100 | ||||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 200 | 900 | 800 | ||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 600 | ||||
Wyndham Pittsburgh University Center [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 100 | 700 | 800 | ||
Wyndham Pittsburgh University Center [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 300 | ||||
DoubleTree by Hilton Burlington Vermont [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 100 | 0 | 0 | ||
DoubleTree by Hilton Burlington Vermont [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 100 | ||||
Embassy Suites San Francisco Airport Waterfront [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 700 | 2,400 | 2,300 | ||
Embassy Suites San Francisco Airport Waterfront [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 1,000 | ||||
Wyndham New Orleans French Quarter [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 100 | 500 | 500 | ||
Wyndham New Orleans French Quarter [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | 400 | ||||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 1,000 | $ 0 | $ 1,900 | ||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | Predecessor | Land Lease [Member] | |||||
Loss Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Net | $ 1,200 |
Equity (Details)
Equity (Details) - USD ($) | 8 Months Ended | 12 Months Ended | |||
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Predecessor | Common Stock | |||||
Equity, Class of Treasury Stock | |||||
Dividends | $ 0.16 | ||||
Predecessor | Series A Preferred Stock | |||||
Equity, Class of Treasury Stock | |||||
Preferred shares, shares authorized (in shares) | 20,000,000 | ||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | ||||
Conversion ratio | 0.7752 | ||||
Predecessor | Preferred Class A [Member] | |||||
Equity, Class of Treasury Stock | |||||
Dividends | $ 1.30 | ||||
Joint Venture | |||||
Equity, Class of Treasury Stock | |||||
Proceeds from redeemable preferred equity | $ 45,000,000 | ||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | $ 44,400,000 | ||||
Annual return (as a percent) | 3.25% | ||||
Non-compounding annual return (as a percent) | 0.25% | ||||
Joint Venture | Predecessor | |||||
Equity, Class of Treasury Stock | |||||
Proceeds from redeemable preferred equity | $ 700,000 | ||||
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 equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | $ 0 | $ 44,430,000 | |||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | |||
Preferred shares, shares authorized (in shares) | 0 | 0 | |||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | |||
Rangers Sub I, LLC | Predecessor | Common Stock | |||||
Equity, Class of Treasury Stock | |||||
Shares, Issued | 139,095,285 | 14,250,000 | 13,200,000 | 137,990,097 | |
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 equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | $ 0 | $ 44,430,000 | |||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | |||
Preferred shares, shares authorized (in shares) | 0 | 0 | |||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | |||
FelCor Lodging Trust | |||||
Equity, Class of Treasury Stock | |||||
Common stock, conversion basis | 0.362 | ||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | ||||
Preferred shares, par value (in dollars per share) | 0.01 | ||||
RLJ Lodging Trust [Member] | Series A Cumulative Preferred Stock | |||||
Equity, Class of Treasury Stock | |||||
Annual cumulative dividend (in dollars per share) | 1.95 | ||||
Preferred shares, par value (in dollars per share) | $ 0.01 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 15, 2017 | |
Restricted share awards | ||||
Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 596,560 | |||
Summary of non-vested shares/units | ||||
Granted (in shares) | 1,398,705 | |||
Vested (in shares) | (2,241,683) | |||
Forfeited (in shares) | (1,027,415) | |||
Unvested at the end of the period (in shares) | 0 | 1,870,393 | ||
Weighted Average Grant Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 6.21 | |||
Granted (in dollars per share) | 5.53 | |||
Vested (in dollars per share) | 6.52 | |||
Forfeited (in dollars per share) | 4.61 | |||
Unvested at the end of the period (in dollars per share) | $ 0 | $ 6.21 | ||
Other Disclosures | ||||
Share-based compensation expense | $ (8.4) | |||
2016 Performance Shares | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 0.93% | |||
Fair value assumptions, expected volatility rate | 45.92% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.00% | |||
2015 Performance Shares [Member] | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 1.32% | |||
Fair value assumptions, expected volatility rate | 48.11% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 4.00% | |||
2017 Performance Shares | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 1.51% | |||
Fair value assumptions, expected volatility rate | 43.92% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,363,293 | |||
Predecessor | ||||
Equity Incentive Plan | ||||
Maximum number of common shares available for issuance (in shares) | 6,100,000 | |||
Other Disclosures | ||||
Total fair value of shares vested | $ 1.1 | |||
Predecessor | Restricted share awards | ||||
Other Disclosures | ||||
Share-based compensation expense | $ (2.7) |
Earnings (Loss) per Common Sh_3
Earnings (Loss) per Common Share/Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||
Numerator: | ||||||||
Net loss attributable to FelCor LP | $ (41,356) | |||||||
Rangers Sub I, LLC | ||||||||
Numerator: | ||||||||
Net loss attributable to FelCor LP | $ 7,016 | $ 8,506 | $ (3,166) | $ 10,945 | ||||
Less: Preferred dividends | $ 0 | $ 0 | ||||||
Rangers Sub I, LLC | Predecessor | ||||||||
Numerator: | ||||||||
Net loss attributable to FelCor LP | (96,845) | |||||||
Discontinued operations | 3,400 | |||||||
Loss from continuing operations attributable to FelCor LP | (93,445) | |||||||
Less: Preferred dividends | $ 0 | (16,744) | ||||||
Less: Dividends paid on unvested restricted stock | (73) | |||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | (110,262) | |||||||
Numerator for the discontinued operations attributable to Rangers common stockholders | 3,400 | |||||||
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (113,662) | |||||||
Denominator: | ||||||||
Weighted-average number of common shares - basic (in shares) | 137,331,743 | |||||||
Unvested restricted shares (in shares) | 0 | |||||||
Weighted-average number of common shares - diluted (in shares) | 137,331,743 | |||||||
Basic and diluted loss per share: | ||||||||
Loss from continuing operations - basic (in dollars per share) | $ (0.80) | |||||||
Discontinued operations (in dollars per share) | (0.02) | |||||||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||||||
FelCor Lodging LP | ||||||||
Numerator: | ||||||||
Net loss attributable to FelCor LP | $ 7,087 | $ 8,591 | $ (3,198) | $ 11,056 | $ (97,340) | |||
Less: Preferred dividends | $ 0 | $ 0 | ||||||
FelCor Lodging LP | Predecessor | ||||||||
Numerator: | ||||||||
Net loss attributable to FelCor LP | (97,340) | |||||||
Discontinued operations | 3,415 | |||||||
Loss from continuing operations attributable to FelCor LP | (93,925) | |||||||
Less: Preferred dividends | $ 0 | (16,744) | ||||||
Less: Dividends paid on unvested restricted stock | (73) | |||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | (110,742) | |||||||
Numerator for the discontinued operations attributable to Rangers common stockholders | 3,415 | |||||||
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (114,157) | |||||||
Denominator: | ||||||||
Weighted-average number of common shares - basic (in shares) | 137,941,926 | |||||||
Unvested restricted shares (in shares) | 0 | |||||||
Weighted-average number of common shares - diluted (in shares) | 137,941,926 | |||||||
Basic and diluted loss per share: | ||||||||
Loss from continuing operations - basic (in dollars per share) | $ (0.80) | |||||||
Discontinued operations (in dollars per share) | (0.02) | |||||||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||||||
Subsidiaries | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Impact of REIT election, Percent | (11.70%) | (19.70%) | |||||||
Deferred Tax Liabilities, Other | $ (3,125) | $ (3,125) | $ (2,210) | ||||||
Deferred Tax Liabilities, Prepaid Expenses | 0 | 0 | 28 | ||||||
Deferred Tax Liabilities, Gross | (3,125) | (3,125) | (2,238) | ||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 1,627 | 5,207 | 15,746 | ||||||
GAAP Net Income (loss) from REIT Operations | $ (105,888) | ||||||||
Income Tax Expense (Benefit) | 0 | 500 | 0 | 0 | |||||
Deferred Tax Assets, Operating Loss Carryforwards | 7,517 | 7,517 | 7,220 | ||||||
Net loss attributable to FelCor LP | (41,356) | ||||||||
Net income (loss) attributable to redeemable noncontrolling interests in FelCor LP | 495 | ||||||||
Deferred Tax Assets, Historic Tax Credits | 631 | 631 | 631 | ||||||
Deferred Tax Assets, Other | 160 | 160 | 128 | ||||||
Deferred Tax Assets, Property, Plant and Equipment | $ 8,436 | $ 8,436 | 8,963 | ||||||
Deferred Tax Assets, Valuation Allowance Percentage | 100.00% | 100.00% | |||||||
Disqualification of REIT status | 4 years | ||||||||
Income Tax Reconciliation, Income (Loss) of Passthrough Entities | (560) | $ (4,049) | (14,805) | ||||||
Income Tax Expense (Benefit) at TRS | 1,067 | 1,158 | 941 | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (879) | (1,085) | (363) | ||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (188) | 0 | 0 | ||||||
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | 0 | 85 | ||||||
Income Tax Reconciliation Provision to Return | $ 0 | $ (73) | (663) | ||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (18.40%) | (0.50%) | |||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (3.90%) | (0.00%) | |||||||
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent | 0.00% | 0.10% | |||||||
Income Tax Reconciliation Provision to Return, Percentage | (0.00%) | (0.90%) | |||||||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% | |||||||
Deferred Tax Assets, Valuation Allowance | $ (13,619) | $ (13,619) | (14,704) | ||||||
Deferred Tax Assets, Net of Valuation Allowance | 3,125 | $ 3,125 | 2,238 | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 21.00% | |||||||
FelCor Lodging LP | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Tax Expense (Benefit) | $ 0 | 0 | |||||||
Net loss attributable to FelCor LP | $ 7,087 | $ 8,591 | $ (3,198) | $ 11,056 | (97,340) | ||||
Net income and comprehensive income | $ 4,784 | 25,123 | 74,980 | ||||||
FelCor Lodging LP | Predecessor | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Tax Expense (Benefit) | 0 | (499) | |||||||
Net loss attributable to FelCor LP | (97,340) | ||||||||
Net income and comprehensive income | 4,784 | (96,906) | |||||||
FelCor Lodging Trust | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Net loss attributable to FelCor LP | (96,845) | ||||||||
Subsidiaries | |||||||||
Income Tax Contingency [Line Items] | |||||||||
GAAP Net Loss from REIT Operations | 105,888 | ||||||||
Net income and comprehensive income | 9,043 | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation and Amortization, Amount | 1,571 | ||||||||
Income Tax Reconciliation, Nondeductible Expense, Employee Benefits | 1,531 | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 5,480 | ||||||||
Income Tax Reconciliation, Tax Income (Loss) Before Utilization of Net Operating Losses | 17,625 | ||||||||
Income Tax Reconciliation, Utilization of Net Operating Loss | (17,625) | ||||||||
Net Tax Income (Loss) | 0 | ||||||||
Parent Company [Member] | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 35,109 | ||||||||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | (46,054) | ||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation and Amortization, Amount | 12,908 | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 10,035 | ||||||||
Net Tax Income (Loss) | (58,344) | ||||||||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 17,794 | ||||||||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | (495) | ||||||||
Income Tax Reconciliation, Conversion Costs | (2,155) | ||||||||
Income Tax Reconciliation, Compensation | 20,402 | ||||||||
Parent Company [Member] | FelCor Lodging LP | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Net income and comprehensive income | $ 23,536 | $ 73,338 | |||||||
Parent Company [Member] | FelCor Lodging LP | Predecessor | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Tax Expense (Benefit) | (35) | ||||||||
Net income and comprehensive income | $ 4,131 | $ (97,340) | |||||||
Series A Preferred Stock | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains | $ 0.975 | ||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains, Percent | 3.25515% | ||||||||
Income Taxes, Cash Liquidating Distributions | $ 0.4875 | ||||||||
Income Taxes, Cash Liquidating Distributions, Percent | 1.62% | ||||||||
Income Taxes, Non-cash Liquidating Distributions | $ 28.49 | ||||||||
Income Taxes, Non-cash Liquidating Distributions, Percent | 95.12% | ||||||||
Income Taxes, Cash Dividends Distributed Total | $ 29.9525000 | ||||||||
Income Taxes, Cash Dividends Distributed Total, Percent | 100.00% | ||||||||
Common Stock | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains | $ 0.12 | ||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains, Percent | 1.59363% | ||||||||
Income Taxes, Cash Liquidating Distributions | $ 0.10 | ||||||||
Income Taxes, Cash Liquidating Distributions, Percent | 1.33% | ||||||||
Income Taxes, Non-cash Liquidating Distributions | $ 7.31 | ||||||||
Income Taxes, Non-cash Liquidating Distributions, Percent | 97.08% | ||||||||
Income Taxes, Cash Dividends Distributed Total | $ 7.53000 | ||||||||
Income Taxes, Cash Dividends Distributed Total, Percent | 100.00% | ||||||||
Minimum | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Distribution % of annual taxable income to stockholders | 90.00% | 90.00% | |||||||
Maximum | |||||||||
Income Tax Contingency [Line Items] | |||||||||
Distribution % of annual taxable income to stockholders | 100.00% |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests/Units in FelCor LP - Narrative (Details) $ / shares in Units, $ in Thousands | Aug. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) |
Noncontrolling Interest [Line Items] | ||
Business combination, stock conversion ratio | 0.362 | |
Predecessor | FelCor Lodging LP | ||
Noncontrolling Interest [Line Items] | ||
Redeemable units, at redemption value | $ 4,455 | $ 4,888 |
Predecessor | Common Stock | FelCor Lodging LP | ||
Noncontrolling Interest [Line Items] | ||
Outstanding limited partnership units (in shares) | shares | 610,183 | |
Redeemable units, at redemption value | $ 4,500 | |
Closing price of common stock | $ / shares | $ 7.30 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interests/Units in FelCor LP - Redeemable Noncontrolling Interests (Details) $ in Thousands | 8 Months Ended |
Aug. 31, 2017USD ($) | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Net loss | $ 179 |
Predecessor | FelCor Lodging LP | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Balance at beginning of the period | 4,888 |
Redemption value allocation | 196 |
Distributions paid to unitholders | (134) |
Net loss | (495) |
Balance at end of the period | $ 4,455 |
Severance (Details)
Severance (Details) - Predecessor $ in Millions | 8 Months Ended |
Aug. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Severance Costs | $ 34.5 |
Equity based severance | $ 8.4 |
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 | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Supplemental Cash Flows [Line Items] | |||||
Restricted cash reserves | $ 3,200 | $ 4,100 | |||
Operating Lease, Payments | 8,401 | ||||
Rangers Sub I, LLC | |||||
Supplemental Cash Flows [Line Items] | |||||
Gross Proceeds from Sale of Real Estate Held-for-investment | 147,377 | $ 516,450 | |||
Purchase Option for Land Subject to Ground Lease | 0 | (44,831) | |||
Cash and cash equivalents | 19,572 | 21,351 | |||
Restricted cash reserves | 4,147 | 3,211 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 23,719 | 24,562 | |||
Capital Expenditures Incurred but Not yet Paid | 5,257 | 5,345 | |||
Interest paid, net of capitalized interest | 37,163 | 54,298 | |||
Interest Paid, Related Party | 4,159 | 887 | |||
Income taxes (refunded) paid | 0 | (1,770) | |||
Distribution of FelCor TRS, non-cash transaction | 0 | 0 | |||
Disposal Group, Cost of Disposition of Property Plant and Equipment | (2,394) | (26,400) | |||
Proceeds from Sale of Real Estate Held-for-investment, Operating Prorations | (536) | 68 | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 144,447 | $ 445,287 | |||
Rangers Sub I, LLC | Predecessor | |||||
Supplemental Cash Flows [Line Items] | |||||
Gross Proceeds from Sale of Real Estate Held-for-investment | 170,000 | $ 92,000 | |||
Purchase Option for Land Subject to Ground Lease | 0 | 0 | |||
Cash and cash equivalents | 14,728 | $ 47,396 | |||
Restricted cash reserves | 3,303 | 17,038 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | $ 64,434 | |||
Capital Expenditures Incurred but Not yet Paid | 8,587 | 3,640 | |||
Interest paid, net of capitalized interest | 33,410 | 38,677 | |||
Interest Paid, Related Party | 0 | 0 | |||
Income taxes (refunded) paid | (85) | 1,346 | |||
Distribution of FelCor TRS, non-cash transaction | 51,267 | 0 | |||
Disposal Group, Cost of Disposition of Property Plant and Equipment | (4,107) | (18,584) | |||
Proceeds from Sale of Real Estate Held-for-investment, Operating Prorations | 0 | 0 | |||
Proceeds from Sale of Real Estate Held-for-investment | $ 165,893 | $ 73,416 |
Quarterly Operating Results (_3
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 14,159 | |||||||||||
Net loss attributable to FelCor LP | (41,356) | |||||||||||
FelCor Lodging LP | ||||||||||||
Revenues | $ 44,161 | $ 46,392 | $ 56,221 | $ 49,921 | $ 45,586 | $ 196,695 | $ 217,597 | |||||
Loss from continuing operations | 7,257 | 8,673 | (3,098) | 12,291 | 12,066 | 25,123 | 74,980 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 11,551 | |||||||||||
Net loss attributable to FelCor LP | 7,087 | 8,591 | (3,198) | 11,056 | (97,340) | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 23,536 | 73,338 | ||||||||||
FelCor Lodging LP | Predecessor | ||||||||||||
Revenues | $ 57,811 | $ 60,650 | $ 53,550 | $ 81,259 | 551,515 | |||||||
Loss from continuing operations | 39,362 | 17,111 | 6,441 | 4,784 | (93,491) | |||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 38,936 | 16,700 | 6,151 | (3,415) | ||||||||
Net loss attributable to FelCor LP | (97,340) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 4,131 | $ (97,340) | ||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | |||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | (0.02) | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 137,941,926 | |||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 137,941,926 | |||||||||||
Rangers Sub I, LLC | ||||||||||||
Revenues | 44,161 | 46,392 | 56,221 | 49,921 | 45,586 | 196,695 | 217,597 | |||||
Loss from continuing operations | 7,257 | 8,673 | (3,098) | 12,291 | 12,066 | 25,123 | 74,980 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 11,436 | |||||||||||
Net loss attributable to FelCor LP | $ 7,016 | $ 8,506 | $ (3,166) | $ 10,945 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 23,301 | $ 72,605 | ||||||||||
Rangers Sub I, LLC | Predecessor | ||||||||||||
Revenues | 57,811 | 60,650 | 53,550 | $ 81,259 | $ 551,515 | |||||||
Loss from continuing operations | 39,362 | 17,111 | 6,441 | 4,784 | (93,491) | |||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 38,547 | $ 16,533 | $ 6,089 | |||||||||
Net loss attributable to FelCor LP | (96,845) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 4,090 | $ (96,845) | ||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | |||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | (0.02) | |||||||||||
Earnings Per Share, Basic and Diluted | $ (0.83) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 137,331,743 | |||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 137,331,743 |
FelCor LP's Consolidating Fin_3
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||
Investment in hotel properties, net | $ 1,946,826 | $ 2,123,423 | |||||
Restricted cash reserves | 4,100 | 3,200 | |||||
Operating Lease, Right-of-Use Asset | $ 84,913 | $ 0 | |||||
Debt, net | 713,727 | 626,628 | |||||
Related Party Debt | $ 85,000 | ||||||
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 | 1,946,826 | 2,123,423 | |||||
Investment in unconsolidated joint ventures | 15,171 | 15,716 | |||||
Cash and cash equivalents | 19,572 | 21,351 | |||||
Restricted cash reserves | 4,147 | 3,211 | |||||
Related party rent receivable | 49,181 | 16,501 | |||||
Operating Lease, Right-of-Use Asset | 80,635 | 0 | |||||
Intangible assets, net | 46,260 | ||||||
Prepaid expense and other assets | 7,543 | 6,552 | |||||
Related Party Prepaid Interest | 0 | 180 | |||||
Total assets | 2,123,075 | 2,233,194 | |||||
Debt, net | 713,727 | 626,628 | |||||
Related Party Debt | 85,000 | 85,000 | |||||
Accounts payable and other liabilities | 32,676 | 43,389 | |||||
Operating Lease, Liability | 48,200 | 0 | |||||
Accrued interest | 2,463 | 2,463 | |||||
Due to Related Parties, Current | 190 | 0 | |||||
Distributions payable | 0 | 126 | |||||
Total liabilities | 882,256 | 757,606 | |||||
Partnership interests | 1,425,099 | ||||||
Common units | 1,232,231 | ||||||
Total member's/shareholders’ equity | 1,232,231 | 1,425,099 | |||||
Noncontrolling interest in consolidated joint ventures | 8,588 | 6,059 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | 44,430 | |||||
Total equity | 1,240,819 | 1,475,588 | $ 1,370,359 | $ 1,526,745 | |||
Total liabilities and equity | 2,123,075 | 2,233,194 | |||||
FelCor Lodging LP | Predecessor | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Redeemable units, at redemption value | $ 4,455 | $ 4,888 | |||||
Total equity | $ 102,986 | $ 232,583 | |||||
FelCor Lodging LP | Eliminations | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Equity investment in consolidated entities | (1,722,133) | (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 | |||||
Operating Lease, Right-of-Use Asset | 0 | ||||||
Intangible assets, net | 0 | ||||||
Prepaid expense and other assets | 0 | 0 | |||||
Related Party Prepaid Interest | 0 | ||||||
Total assets | (1,722,133) | (1,913,418) | |||||
Debt, net | (32,709) | (32,709) | |||||
Related Party Debt | 0 | 0 | |||||
Accounts payable and other liabilities | 0 | 0 | |||||
Operating Lease, Liability | 0 | ||||||
Accrued interest | 0 | 0 | |||||
Due to Related Parties, Current | 0 | ||||||
Distributions payable | 0 | ||||||
Total liabilities | (32,709) | (32,709) | |||||
Partnership interests | (1,880,709) | ||||||
Common units | (1,689,424) | ||||||
Total member's/shareholders’ equity | (1,689,424) | (1,880,709) | |||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | ||||||
Total equity | (1,689,424) | (1,880,709) | |||||
Total liabilities and equity | (1,722,133) | (1,913,418) | |||||
FelCor Lodging LP | Parent Company | |||||||
Condensed Financial Statements, Captions [Line Items] | |||||||
Equity investment in consolidated entities | 1,722,133 | 1,913,418 | |||||
Investment in hotel properties, net | 0 | 0 | |||||
Investment in unconsolidated joint ventures | 15,171 | 15,716 | |||||
Cash and cash equivalents | 1,985 | 10,778 | |||||
Restricted cash reserves | 447 | 441 | |||||
Related party rent receivable | 1,360 | 0 | |||||
Operating Lease, Right-of-Use Asset | 4,444 | ||||||
Intangible assets, net | 0 | ||||||
Prepaid expense and other assets | 1,748 | 1,819 | |||||
Related Party Prepaid Interest | 0 | ||||||
Total assets | 1,747,288 | 1,942,172 | |||||
Debt, net | 500,484 | 505,322 | |||||
Related Party Debt | 0 | 0 | |||||
Accounts payable and other liabilities | 7,449 | 9,288 | |||||
Operating Lease, Liability | 4,661 | ||||||
Accrued interest | 2,463 | 2,463 | |||||
Due to Related Parties, Current | 0 | ||||||
Distributions payable | 0 | ||||||
Total liabilities | 515,057 | 517,073 | |||||
Partnership interests | 1,425,099 | ||||||
Common units | 1,232,231 | ||||||
Total member's/shareholders’ equity | 1,232,231 | 1,425,099 | |||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | ||||||
Total equity | 1,232,231 | 1,425,099 | |||||
Total liabilities and equity | 1,747,288 | 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 | 571,769 | 656,570 | |||||
Investment in unconsolidated joint ventures | 0 | 0 | |||||
Cash and cash equivalents | 0 | 0 | |||||
Restricted cash reserves | 0 | 0 | |||||
Related party rent receivable | 15,217 | 3,666 | |||||
Operating Lease, Right-of-Use Asset | 66,571 | ||||||
Intangible assets, net | 46,260 | ||||||
Prepaid expense and other assets | 1,888 | 1,297 | |||||
Related Party Prepaid Interest | 0 | ||||||
Total assets | 655,445 | 707,793 | |||||
Debt, net | 24,711 | 0 | |||||
Related Party Debt | 0 | 0 | |||||
Accounts payable and other liabilities | 15,017 | 14,376 | |||||
Operating Lease, Liability | 25,571 | ||||||
Accrued interest | 0 | 0 | |||||
Due to Related Parties, Current | 0 | ||||||
Distributions payable | 0 | ||||||
Total liabilities | 65,299 | 14,376 | |||||
Partnership interests | 693,417 | ||||||
Common units | 590,146 | ||||||
Total member's/shareholders’ equity | 590,146 | 693,417 | |||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 0 | ||||||
Total equity | 590,146 | 693,417 | |||||
Total liabilities and equity | 655,445 | 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 | 1,375,057 | 1,466,853 | |||||
Investment in unconsolidated joint ventures | 0 | 0 | |||||
Cash and cash equivalents | 17,587 | 10,573 | |||||
Restricted cash reserves | 3,700 | 2,770 | |||||
Related party rent receivable | 32,604 | 12,835 | |||||
Operating Lease, Right-of-Use Asset | 9,620 | ||||||
Intangible assets, net | 0 | ||||||
Prepaid expense and other assets | 3,907 | 3,436 | |||||
Related Party Prepaid Interest | 180 | ||||||
Total assets | 1,442,475 | 1,496,647 | |||||
Debt, net | 221,241 | 154,015 | |||||
Related Party Debt | 85,000 | 85,000 | |||||
Accounts payable and other liabilities | 10,210 | 19,725 | |||||
Operating Lease, Liability | 17,968 | ||||||
Accrued interest | 0 | 0 | |||||
Due to Related Parties, Current | 190 | ||||||
Distributions payable | 126 | ||||||
Total liabilities | 334,609 | 258,866 | |||||
Partnership interests | 1,187,292 | ||||||
Common units | 1,099,278 | ||||||
Total member's/shareholders’ equity | 1,099,278 | 1,187,292 | |||||
Noncontrolling interest in consolidated joint ventures | 8,588 | 6,059 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,544 at December 31, 2018 | 44,430 | ||||||
Total equity | 1,107,866 | 1,237,781 | |||||
Total liabilities and equity | $ 1,442,475 | $ 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 ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||||||||||||
Percentage lease revenue | $ 196,695,000 | ||||||||||||
Total revenues | $ 14,159,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 53,930,000 | ||||||||||||
Impairment loss | 35,100,000 | 0 | |||||||||||
Transaction costs | 2,000,000 | ||||||||||||
Operating income (loss) | (39,771,000) | ||||||||||||
Interest expense | $ (19,270,340) | (31,900,000) | $ (37,900,000) | ||||||||||
Income tax expense | 0 | 500,000 | 0 | 0 | |||||||||
Predecessor | |||||||||||||
Expenses | |||||||||||||
Impairment loss | $ 24,800,000 | 35,100,000 | |||||||||||
Transaction costs | 68,200,000 | ||||||||||||
Interest expense | (51,700,000) | ||||||||||||
Equity in income from unconsolidated joint ventures | 1,074,000 | ||||||||||||
FelCor Lodging LP | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 196,695,000 | 217,597,000 | |||||||||||
Total revenues | $ 44,161,000 | $ 46,392,000 | $ 56,221,000 | $ 49,921,000 | $ 45,586,000 | 196,695,000 | 217,597,000 | ||||||
Expenses | |||||||||||||
Management and franchise fee expense | 0 | 0 | |||||||||||
Depreciation and amortization | 72,389,000 | 78,491,000 | |||||||||||
Impairment loss | 0 | 0 | |||||||||||
Property tax, insurance and other | 40,965,000 | 53,754,000 | |||||||||||
General and administrative | 1,289,000 | 1,056,000 | |||||||||||
Transaction costs | 241,000 | 2,186,000 | |||||||||||
Total operating expenses | 114,884,000 | 135,487,000 | |||||||||||
Other Nonoperating Income (Expense) | 59,000 | 113,000 | |||||||||||
Interest income | 347,000 | 311,000 | |||||||||||
Interest expense | (31,930,000) | (37,930,000) | |||||||||||
Related party interest expense | (4,529,000) | 708,000 | |||||||||||
(Loss) gain on sale of hotel properties, net | (21,451,000) | 18,423,000 | |||||||||||
Gain (loss) on debt extinguishment | 0 | 11,266,000 | |||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 24,307,000 | 73,585,000 | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 816,000 | 1,395,000 | |||||||||||
Income (loss) before income tax expense | 25,123,000 | 74,980,000 | |||||||||||
Income tax expense | 0 | 0 | |||||||||||
Loss from continuing operations | $ 7,257,000 | $ 8,673,000 | $ (3,098,000) | $ 12,291,000 | 12,066,000 | 25,123,000 | 74,980,000 | ||||||
Loss from discontinued operations | $ 11,551,000 | ||||||||||||
Net income (loss) and comprehensive income (loss) | 4,784,000 | 25,123,000 | 74,980,000 | ||||||||||
Noncontrolling interest in consolidated joint ventures | (248,000) | (159,000) | |||||||||||
Preferred distributions - consolidated joint venture | (186,000) | (1,483,000) | |||||||||||
Other Preferred Stock Dividends and Adjustments | 1,153,000 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 23,536,000 | 73,338,000 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 0 | |||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 23,536,000 | 73,338,000 | |||||||||||
FelCor Lodging LP | Predecessor | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 81,259,000 | 0 | |||||||||||
Total revenues | $ 57,811,000 | $ 60,650,000 | $ 53,550,000 | 81,259,000 | 551,515,000 | ||||||||
Expenses | |||||||||||||
Management and franchise fee expense | 0 | 19,901,000 | |||||||||||
Depreciation and amortization | 28,965,000 | 73,065,000 | |||||||||||
Impairment loss | 0 | 35,109,000 | |||||||||||
Property tax, insurance and other | 17,062,000 | 44,278,000 | |||||||||||
General and administrative | 1,019,000 | 16,006,000 | |||||||||||
Transaction costs | 4,193,000 | 68,248,000 | |||||||||||
Total operating expenses | 51,239,000 | 589,075,000 | |||||||||||
Other Nonoperating Income (Expense) | 0 | 100,000 | |||||||||||
Intercompany interest income (expense) | 0 | ||||||||||||
Interest income | 10,000 | 126,000 | |||||||||||
Interest expense | (19,270,000) | (51,690,000) | |||||||||||
Related party interest expense | 0 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | (6,637,000) | (1,764,000) | |||||||||||
Gain (loss) on debt extinguishment | 0 | (3,278,000) | |||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 4,123,000 | (94,066,000) | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 661,000 | 1,074,000 | |||||||||||
Income (loss) before income tax expense | 4,784,000 | (92,992,000) | |||||||||||
Income tax expense | 0 | (499,000) | |||||||||||
Loss from continuing operations | 39,362,000 | 17,111,000 | 6,441,000 | 4,784,000 | (93,491,000) | ||||||||
Loss from discontinued operations | $ 38,936,000 | $ 16,700,000 | $ 6,151,000 | (3,415,000) | |||||||||
Net income (loss) and comprehensive income (loss) | 4,784,000 | (96,906,000) | |||||||||||
Noncontrolling interest in consolidated joint ventures | (157,000) | 545,000 | |||||||||||
Preferred distributions - consolidated joint venture | (496,000) | (979,000) | |||||||||||
Other Preferred Stock Dividends and Adjustments | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | (97,340,000) | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | 16,744,000 | |||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,131,000 | (114,084,000) | |||||||||||
FelCor Lodging LP | Eliminations | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 0 | 0 | |||||||||||
Total revenues | 0 | 0 | |||||||||||
Expenses | |||||||||||||
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 Nonoperating Income (Expense) | 0 | 0 | |||||||||||
Interest income | (783,000) | (578,000) | |||||||||||
Interest expense | (783,000) | 578,000 | |||||||||||
Related party interest expense | 0 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | 0 | 0 | |||||||||||
Gain (loss) on debt extinguishment | 0 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Equity in income from consolidated entities | (47,294,000) | (90,096,000) | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Net income (loss) and comprehensive income (loss) | (47,294,000) | (90,096,000) | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Other Preferred Stock Dividends and Adjustments | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (47,294,000) | (90,096,000) | |||||||||||
FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 0 | (84,509,000) | |||||||||||
Total revenues | 0 | (84,509,000) | |||||||||||
Expenses | |||||||||||||
Management and franchise fee expense | 0 | ||||||||||||
Depreciation and amortization | 0 | 0 | |||||||||||
Impairment loss | 0 | ||||||||||||
Property tax, insurance and other | 0 | (84,509,000) | |||||||||||
General and administrative | 0 | 0 | |||||||||||
Transaction costs | 0 | 0 | |||||||||||
Total operating expenses | 0 | (84,509,000) | |||||||||||
Other Nonoperating Income (Expense) | 0 | ||||||||||||
Intercompany interest income (expense) | 0 | ||||||||||||
Interest income | (104,000) | 0 | |||||||||||
Interest expense | 104,000 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | 0 | 0 | |||||||||||
Gain (loss) on debt extinguishment | 0 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Equity in income from consolidated entities | (24,434,000) | (12,779,000) | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Income (loss) before income tax expense | (12,779,000) | ||||||||||||
Income tax expense | 0 | ||||||||||||
Loss from continuing operations | (12,779,000) | ||||||||||||
Loss from discontinued operations | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) | (24,434,000) | (12,779,000) | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (24,434,000) | (12,779,000) | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (12,779,000) | ||||||||||||
FelCor Lodging LP | Parent Company | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 0 | 0 | |||||||||||
Total revenues | 0 | 0 | |||||||||||
Expenses | |||||||||||||
Depreciation and amortization | 512,000 | 458,000 | |||||||||||
Property tax, insurance and other | (24,000) | 134,000 | |||||||||||
General and administrative | 1,066,000 | 840,000 | |||||||||||
Transaction costs | 164,000 | 2,039,000 | |||||||||||
Total operating expenses | 1,718,000 | 3,471,000 | |||||||||||
Other Nonoperating Income (Expense) | 39,000 | 10,000 | |||||||||||
Interest income | 898,000 | 805,000 | |||||||||||
Interest expense | (23,793,000) | (28,428,000) | |||||||||||
Related party interest expense | 0 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | 0 | 0 | |||||||||||
Gain (loss) on debt extinguishment | 12,931,000 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | (24,574,000) | (18,153,000) | |||||||||||
Equity in income from consolidated entities | 47,294,000 | 90,096,000 | |||||||||||
Equity in income from unconsolidated joint ventures | 816,000 | 1,395,000 | |||||||||||
Net income (loss) and comprehensive income (loss) | 23,536,000 | 73,338,000 | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Other Preferred Stock Dividends and Adjustments | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 23,536,000 | 73,338,000 | |||||||||||
FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 0 | 0 | |||||||||||
Total revenues | 0 | 41,000 | |||||||||||
Expenses | |||||||||||||
Management and franchise fee expense | 0 | ||||||||||||
Depreciation and amortization | 151,000 | 309,000 | |||||||||||
Impairment loss | 0 | ||||||||||||
Property tax, insurance and other | 25,000 | 921,000 | |||||||||||
General and administrative | 904,000 | 0 | |||||||||||
Transaction costs | 4,079,000 | 68,248,000 | |||||||||||
Total operating expenses | 5,159,000 | 69,478,000 | |||||||||||
Other Nonoperating Income (Expense) | 0 | ||||||||||||
Intercompany interest income (expense) | 241,000 | ||||||||||||
Interest income | 113,000 | 66,000 | |||||||||||
Interest expense | (15,918,000) | (38,722,000) | |||||||||||
(Loss) gain on sale of hotel properties, net | 0 | 2,000 | |||||||||||
Gain (loss) on debt extinguishment | 0 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | (20,964,000) | (107,850,000) | |||||||||||
Equity in income from consolidated entities | 24,434,000 | 12,779,000 | |||||||||||
Equity in income from unconsolidated joint ventures | 661,000 | 1,181,000 | |||||||||||
Income (loss) before income tax expense | (93,890,000) | ||||||||||||
Income tax expense | (35,000) | ||||||||||||
Loss from continuing operations | (93,925,000) | ||||||||||||
Loss from discontinued operations | (3,415,000) | ||||||||||||
Net income (loss) and comprehensive income (loss) | 4,131,000 | (97,340,000) | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | (97,340,000) | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 16,744,000 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (114,084,000) | ||||||||||||
FelCor Lodging LP | Subsidiary Guarantors | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 74,621,000 | 87,898,000 | |||||||||||
Total revenues | 74,621,000 | 87,898,000 | |||||||||||
Expenses | |||||||||||||
Depreciation and amortization | 26,832,000 | 31,806,000 | |||||||||||
Property tax, insurance and other | 19,367,000 | 27,948,000 | |||||||||||
General and administrative | 159,000 | 117,000 | |||||||||||
Transaction costs | 0 | 8,000 | |||||||||||
Total operating expenses | 46,358,000 | 59,879,000 | |||||||||||
Other Nonoperating Income (Expense) | 10,000 | 0 | |||||||||||
Interest income | 0 | 0 | |||||||||||
Interest expense | 765,000 | 0 | |||||||||||
Related party interest expense | 0 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | (10,638,000) | (15,763,000) | |||||||||||
Gain (loss) on debt extinguishment | 0 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 16,870,000 | 12,256,000 | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Net income (loss) and comprehensive income (loss) | 16,870,000 | 12,256,000 | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Other Preferred Stock Dividends and Adjustments | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 16,870,000 | 12,256,000 | |||||||||||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 32,572,000 | 0 | |||||||||||
Total revenues | 32,572,000 | 551,137,000 | |||||||||||
Expenses | |||||||||||||
Management and franchise fee expense | 19,901,000 | ||||||||||||
Depreciation and amortization | 12,164,000 | 28,064,000 | |||||||||||
Impairment loss | 35,109,000 | ||||||||||||
Property tax, insurance and other | 8,800,000 | 111,020,000 | |||||||||||
General and administrative | 59,000 | 8,914,000 | |||||||||||
Transaction costs | 105,000 | 0 | |||||||||||
Total operating expenses | 21,128,000 | 535,476,000 | |||||||||||
Other Nonoperating Income (Expense) | 0 | ||||||||||||
Intercompany interest income (expense) | 0 | ||||||||||||
Interest income | 0 | 59,000 | |||||||||||
Interest expense | 0 | 0 | |||||||||||
(Loss) gain on sale of hotel properties, net | 0 | (1,565,000) | |||||||||||
Gain (loss) on debt extinguishment | 0 | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 11,444,000 | 14,155,000 | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | (77,000) | |||||||||||
Income (loss) before income tax expense | 14,078,000 | ||||||||||||
Income tax expense | (464,000) | ||||||||||||
Loss from continuing operations | 13,614,000 | ||||||||||||
Loss from discontinued operations | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) | 11,444,000 | 13,614,000 | |||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 336,000 | |||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 11,444,000 | 13,950,000 | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 13,950,000 | ||||||||||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 122,074,000 | 129,699,000 | |||||||||||
Total revenues | 122,074,000 | 129,699,000 | |||||||||||
Expenses | |||||||||||||
Depreciation and amortization | 45,045,000 | 46,227,000 | |||||||||||
Property tax, insurance and other | 21,622,000 | 25,672,000 | |||||||||||
General and administrative | 64,000 | 99,000 | |||||||||||
Transaction costs | 77,000 | 139,000 | |||||||||||
Total operating expenses | 66,808,000 | 72,137,000 | |||||||||||
Other Nonoperating Income (Expense) | 10,000 | 103,000 | |||||||||||
Interest income | 232,000 | 84,000 | |||||||||||
Interest expense | (8,155,000) | (10,080,000) | |||||||||||
Related party interest expense | (4,529,000) | 708,000 | |||||||||||
(Loss) gain on sale of hotel properties, net | (10,813,000) | 34,186,000 | |||||||||||
Gain (loss) on debt extinguishment | (1,665,000) | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 32,011,000 | 79,482,000 | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | |||||||||||
Net income (loss) and comprehensive income (loss) | 32,011,000 | 79,482,000 | |||||||||||
Noncontrolling interest in consolidated joint ventures | (248,000) | (159,000) | |||||||||||
Preferred distributions - consolidated joint venture | (186,000) | (1,483,000) | |||||||||||
Other Preferred Stock Dividends and Adjustments | 1,153,000 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 30,424,000 | 77,840,000 | |||||||||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||
Revenues | |||||||||||||
Percentage lease revenue | 48,687,000 | 84,509,000 | |||||||||||
Total revenues | 48,687,000 | 84,846,000 | |||||||||||
Expenses | |||||||||||||
Management and franchise fee expense | 0 | ||||||||||||
Depreciation and amortization | 16,650,000 | 44,692,000 | |||||||||||
Impairment loss | 0 | ||||||||||||
Property tax, insurance and other | 8,237,000 | 16,846,000 | |||||||||||
General and administrative | 56,000 | 7,092,000 | |||||||||||
Transaction costs | 9,000 | 0 | |||||||||||
Total operating expenses | 24,952,000 | 68,630,000 | |||||||||||
Other Nonoperating Income (Expense) | 100,000 | ||||||||||||
Intercompany interest income (expense) | (241,000) | ||||||||||||
Interest income | 1,000 | 1,000 | |||||||||||
Interest expense | (3,456,000) | (12,968,000) | |||||||||||
(Loss) gain on sale of hotel properties, net | (6,637,000) | (201,000) | |||||||||||
Gain (loss) on debt extinguishment | (3,278,000) | ||||||||||||
Income (loss) before equity in income from unconsolidated joint ventures | 13,643,000 | (371,000) | |||||||||||
Equity in income from consolidated entities | 0 | 0 | |||||||||||
Equity in income from unconsolidated joint ventures | 0 | (30,000) | |||||||||||
Income (loss) before income tax expense | (401,000) | ||||||||||||
Income tax expense | 0 | ||||||||||||
Loss from continuing operations | (401,000) | ||||||||||||
Loss from discontinued operations | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) | 13,643,000 | (401,000) | |||||||||||
Noncontrolling interest in consolidated joint ventures | (157,000) | 209,000 | |||||||||||
Preferred distributions - consolidated joint venture | (496,000) | (979,000) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 12,990,000 | (1,171,000) | |||||||||||
Preferred Stock Dividends, Income Statement Impact | 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (1,171,000) | ||||||||||||
Occupancy [Member] | FelCor Lodging LP | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 0 | |||||||||||
Occupancy [Member] | FelCor Lodging LP | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 425,682,000 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 112,813,000 | |||||||||||
Occupancy [Member] | FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Occupancy [Member] | FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Occupancy [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 425,682,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 112,813,000 | ||||||||||||
Occupancy [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Food and Beverage [Member] | FelCor Lodging LP | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 0 | |||||||||||
Food and Beverage [Member] | FelCor Lodging LP | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 90,572,000 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 71,828,000 | |||||||||||
Food and Beverage [Member] | FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Food and Beverage [Member] | FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Food and Beverage [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 90,572,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 71,828,000 | ||||||||||||
Food and Beverage [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel, Other [Member] | FelCor Lodging LP | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 0 | |||||||||||
Hotel, Other [Member] | FelCor Lodging LP | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 35,261,000 | |||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | 147,827,000 | |||||||||||
Hotel, Other [Member] | FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel, Other [Member] | FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 41,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel, Other [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 34,883,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 147,827,000 | ||||||||||||
Hotel, Other [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||
Revenues | |||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 337,000 | ||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel [Member] | FelCor Lodging LP | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | $ 0 | $ 0 | |||||||||||
Hotel [Member] | FelCor Lodging LP | Predecessor | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | $ 0 | 352,369,000 | |||||||||||
Hotel [Member] | FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel [Member] | FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 0 | ||||||||||||
Hotel [Member] | FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | 352,369,000 | ||||||||||||
Hotel [Member] | FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||
Expenses | |||||||||||||
Cost of Goods and Services Sold | $ 0 |
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 | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Operating activities: | |||||
Cash flows from operating activities | $ 85,014 | $ 173,245 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 144,447 | 445,287 | |||
Improvements and additions to hotel properties | (62,015) | (74,384) | |||
Distributions from unconsolidated entities | 0 | 0 | |||
Payments for Advance to Affiliate | 603 | ||||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | 81,829 | 370,903 | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 0 | 85,000 | |||
Proceeds from borrowings | 96,000 | 0 | |||
Repayments of borrowings | (2,678) | (654,656) | |||
Contributions from members | 188,318 | 732,319 | |||
Distributions to members | (404,722) | (698,787) | |||
Distribution of cash in FelCor TRS | 0 | 0 | |||
Distributions to consolidated joint venture partners | 0 | 0 | |||
Contributions from noncontrolling interests | 2,281 | 0 | |||
Redemption of preferred units | (45,583) | 0 | |||
Distributions to partners | (404,722) | ||||
Payment of deferred financing fees | (990) | (10) | |||
Preferred distributions - consolidated joint venture | (312) | (1,483) | |||
Distributions to preferred unitholders | 0 | 0 | |||
Distributions to common unitholders | 0 | 0 | |||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | |||
Intercompany financing | 0 | 0 | |||
Net cash flow used in financing activities | (167,686) | (537,617) | |||
Net change in cash, cash equivalents, and restricted cash reserves | (843) | 6,531 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 18,031 | 23,719 | 24,562 | ||
Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | (72,152) | $ 99,340 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 165,893 | 73,416 | |||
Improvements and additions to hotel properties | (23,637) | (63,802) | |||
Distributions from unconsolidated entities | 0 | 840 | |||
Payments for Advance to Affiliate | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | 142,256 | 10,454 | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 0 | 0 | |||
Proceeds from borrowings | 0 | 66,000 | |||
Repayments of borrowings | (2,164) | (121,691) | |||
Contributions from members | 130,076 | 0 | |||
Distributions to members | (187,616) | 0 | |||
Distribution of cash in FelCor TRS | (51,867) | 0 | |||
Distributions to consolidated joint venture partners | 0 | (150) | |||
Contributions from noncontrolling interests | 0 | 333 | |||
Redemption of preferred units | 0 | 0 | |||
Payment of deferred financing fees | (254) | 0 | |||
Preferred distributions - consolidated joint venture | (496) | (977) | |||
Distributions to preferred unitholders | (4,186) | (18,836) | |||
Distributions to common unitholders | 0 | (30,926) | |||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 647 | |||
Intercompany financing | 0 | 0 | |||
Other | (7,545) | ||||
Net cash flow used in financing activities | (116,507) | (112,168) | |||
Net change in cash, cash equivalents, and restricted cash reserves | (46,403) | (2,374) | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 18,031 | 64,434 | $ 66,808 | ||
Eliminations | |||||
Operating activities: | |||||
Cash flows from operating activities | 0 | 0 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 0 | 0 | |||
Improvements and additions to hotel properties | 0 | 0 | |||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | (238,580) | (560,256) | |||
Net cash flow provided by investing activities | (238,580) | (560,256) | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 0 | ||||
Proceeds from borrowings | 0 | ||||
Repayments of borrowings | 0 | 0 | |||
Contributions from members | 0 | 0 | |||
Distributions to members | 0 | ||||
Contributions from noncontrolling interests | 0 | ||||
Redemption of preferred units | 0 | ||||
Distributions to partners | 0 | ||||
Payment of deferred financing fees | 0 | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | |||
Intercompany financing | 238,580 | 560,256 | |||
Net cash flow used in financing activities | 238,580 | 560,256 | |||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | 0 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 0 | 0 | ||
Eliminations | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | 0 | 0 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 0 | 0 | |||
Improvements and additions to hotel properties | 0 | 0 | |||
Distributions from unconsolidated entities | 0 | ||||
Intercompany financing | (108,590) | (91,391) | |||
Net cash flow provided by investing activities | (108,590) | (91,391) | |||
Financing activities: | |||||
Proceeds from borrowings | 0 | ||||
Repayments of borrowings | 0 | 0 | |||
Contributions from members | 0 | ||||
Distributions to members | 0 | ||||
Distribution of cash in FelCor TRS | 0 | ||||
Distributions to consolidated joint venture partners | 0 | ||||
Contributions from noncontrolling interests | 0 | ||||
Payment of deferred financing fees | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | 0 | 0 | |||
Distributions to common unitholders | 0 | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | ||||
Intercompany financing | 108,590 | 91,391 | |||
Other | 0 | ||||
Net cash flow used in financing activities | 108,590 | 91,391 | |||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | 0 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 0 | 0 | ||
Parent Company | |||||
Operating activities: | |||||
Cash flows from operating activities | (30,086) | (53,388) | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 0 | 0 | |||
Improvements and additions to hotel properties | (162) | (4) | |||
Payments for Advance to Affiliate | 603 | ||||
Intercompany financing | 238,580 | 560,256 | |||
Net cash flow provided by investing activities | 237,815 | 560,252 | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 0 | ||||
Proceeds from borrowings | 0 | ||||
Repayments of borrowings | (112) | (538,814) | |||
Contributions from members | 188,318 | 732,319 | |||
Distributions to members | (698,787) | ||||
Contributions from noncontrolling interests | 0 | ||||
Redemption of preferred units | 0 | ||||
Distributions to partners | (404,722) | ||||
Payment of deferred financing fees | 0 | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | |||
Intercompany financing | 0 | 0 | |||
Net cash flow used in financing activities | (216,516) | (505,282) | |||
Net change in cash, cash equivalents, and restricted cash reserves | (8,787) | 1,582 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 9,637 | 2,432 | 11,219 | ||
Parent Company | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | (44,202) | (40,773) | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 0 | (696) | |||
Improvements and additions to hotel properties | 0 | 1 | |||
Distributions from unconsolidated entities | 840 | ||||
Intercompany financing | 108,590 | 91,391 | |||
Net cash flow provided by investing activities | 108,590 | 91,536 | |||
Financing activities: | |||||
Proceeds from borrowings | 0 | ||||
Repayments of borrowings | 990 | 0 | |||
Contributions from members | (130,076) | ||||
Distributions to members | 187,616 | ||||
Distribution of cash in FelCor TRS | 0 | ||||
Distributions to consolidated joint venture partners | 0 | ||||
Contributions from noncontrolling interests | 0 | ||||
Payment of deferred financing fees | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | 4,186 | (18,836) | |||
Distributions to common unitholders | (30,926) | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | ||||
Intercompany financing | 0 | 0 | |||
Other | (6,568) | ||||
Net cash flow used in financing activities | 62,716 | (56,330) | |||
Net change in cash, cash equivalents, and restricted cash reserves | 1,672 | (5,567) | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 9,637 | 7,965 | 13,532 | ||
Subsidiary Guarantors | |||||
Operating activities: | |||||
Cash flows from operating activities | 46,685 | 93,671 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 81,943 | 178,170 | |||
Improvements and additions to hotel properties | (33,146) | (27,530) | |||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | 48,797 | 150,640 | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 0 | ||||
Proceeds from borrowings | (25,000) | ||||
Repayments of borrowings | 0 | 0 | |||
Contributions from members | 0 | 0 | |||
Distributions to members | 0 | ||||
Contributions from noncontrolling interests | 0 | ||||
Redemption of preferred units | 0 | ||||
Distributions to partners | 0 | ||||
Payment of deferred financing fees | (340) | 0 | |||
Preferred distributions - consolidated joint venture | 0 | 0 | |||
Intercompany financing | (120,142) | (244,311) | |||
Net cash flow used in financing activities | (95,482) | (244,311) | |||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | 0 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 0 | 0 | ||
Subsidiary Guarantors | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | (11,078) | 85,899 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 0 | 74,281 | |||
Improvements and additions to hotel properties | (5,704) | (16,727) | |||
Distributions from unconsolidated entities | 0 | ||||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | (5,704) | 57,554 | |||
Financing activities: | |||||
Proceeds from borrowings | 0 | ||||
Repayments of borrowings | 0 | 0 | |||
Contributions from members | 0 | ||||
Distributions to members | 0 | ||||
Distribution of cash in FelCor TRS | (51,867) | ||||
Distributions to consolidated joint venture partners | 0 | ||||
Contributions from noncontrolling interests | 333 | ||||
Payment of deferred financing fees | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | 0 | 0 | |||
Distributions to common unitholders | 0 | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | ||||
Intercompany financing | 20,142 | (140,853) | |||
Other | 0 | ||||
Net cash flow used in financing activities | (31,725) | (140,520) | |||
Net change in cash, cash equivalents, and restricted cash reserves | (48,507) | 2,933 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 48,507 | 45,574 | ||
Non-Guarantor Subsidiaries | |||||
Operating activities: | |||||
Cash flows from operating activities | 68,415 | 132,962 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 62,504 | 267,117 | |||
Improvements and additions to hotel properties | (28,707) | (46,850) | |||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | 33,797 | 220,267 | |||
Financing activities: | |||||
Proceeds from Related Party Debt | 85,000 | ||||
Proceeds from borrowings | (71,000) | ||||
Repayments of borrowings | (2,566) | (115,842) | |||
Contributions from members | 0 | 0 | |||
Distributions to members | 0 | ||||
Contributions from noncontrolling interests | 2,281 | ||||
Redemption of preferred units | (45,583) | ||||
Distributions to partners | 0 | ||||
Payment of deferred financing fees | (650) | (10) | |||
Preferred distributions - consolidated joint venture | (312) | (1,483) | |||
Intercompany financing | (118,438) | (315,945) | |||
Net cash flow used in financing activities | (94,268) | (348,280) | |||
Net change in cash, cash equivalents, and restricted cash reserves | 7,944 | 4,949 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | 8,394 | $ 21,287 | $ 13,343 | ||
Non-Guarantor Subsidiaries | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | (16,872) | 54,214 | |||
Investing activities: | |||||
Proceeds from the sale of hotel properties, net | 165,893 | (169) | |||
Improvements and additions to hotel properties | (17,933) | (47,076) | |||
Distributions from unconsolidated entities | 0 | ||||
Intercompany financing | 0 | 0 | |||
Net cash flow provided by investing activities | 147,960 | (47,245) | |||
Financing activities: | |||||
Proceeds from borrowings | 66,000 | ||||
Repayments of borrowings | (1,174) | (121,691) | |||
Contributions from members | 0 | ||||
Distributions to members | 0 | ||||
Distribution of cash in FelCor TRS | 0 | ||||
Distributions to consolidated joint venture partners | (150) | ||||
Contributions from noncontrolling interests | 0 | ||||
Payment of deferred financing fees | (254) | ||||
Preferred distributions - consolidated joint venture | (496) | ||||
Distributions to preferred unitholders | 0 | 0 | |||
Distributions to common unitholders | 0 | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | ||||
Intercompany financing | (128,732) | 49,462 | |||
Other | (977) | ||||
Net cash flow used in financing activities | (130,656) | (6,709) | |||
Net change in cash, cash equivalents, and restricted cash reserves | 432 | 260 | |||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 8,394 | $ 7,962 | $ 7,702 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | $ 299,084 | |||||
Land & Improvements | 496,195 | |||||
Building & Improvements | 1,379,843 | |||||
Land, Building & Improvements | 86,105 | |||||
Land & Improvements | 500,618 | |||||
Buildings & Improvements | 1,461,525 | |||||
Total (1) | 1,962,143 | $ 2,087,622 | $ 2,398,753 | $ 2,537,854 | $ 2,004,598 | $ 2,108,117 |
Accumulated Depreciation | 100,754 | 60,867 | $ 18,533 | $ 0 | $ 740,504 | $ 716,376 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis | 1,900,000 | |||||
DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 7,072 | |||||
Building & Improvements | 50,827 | |||||
Land, Building & Improvements | 827 | |||||
Land & Improvements | 7,155 | |||||
Buildings & Improvements | 51,571 | |||||
Total (1) | 58,726 | |||||
Accumulated Depreciation | 3,031 | |||||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 896 | |||||
Building & Improvements | 44,508 | |||||
Land, Building & Improvements | 752 | |||||
Land & Improvements | 904 | |||||
Buildings & Improvements | 45,252 | |||||
Total (1) | 46,156 | |||||
Accumulated Depreciation | 2,781 | |||||
Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 31,279 | |||||
Building & Improvements | 46,015 | |||||
Land, Building & Improvements | 5,256 | |||||
Land & Improvements | 31,451 | |||||
Buildings & Improvements | 51,099 | |||||
Total (1) | 82,550 | |||||
Accumulated Depreciation | 2,895 | |||||
Embassy Suites Birmingham [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 21,744 | |||||
Land & Improvements | 10,495 | |||||
Building & Improvements | 33,568 | |||||
Land, Building & Improvements | 499 | |||||
Land & Improvements | 10,495 | |||||
Buildings & Improvements | 34,067 | |||||
Total (1) | 44,562 | |||||
Accumulated Depreciation | 2,097 | |||||
Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 25,000 | |||||
Land & Improvements | 6,408 | |||||
Building & Improvements | 34,694 | |||||
Land, Building & Improvements | 1,306 | |||||
Land & Improvements | 6,413 | |||||
Buildings & Improvements | 35,995 | |||||
Total (1) | 42,408 | |||||
Accumulated Depreciation | 2,140 | |||||
Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 28,785 | |||||
Land & Improvements | 7,527 | |||||
Building & Improvements | 56,128 | |||||
Land, Building & Improvements | 3,231 | |||||
Land & Improvements | 7,682 | |||||
Buildings & Improvements | 59,204 | |||||
Total (1) | 66,886 | |||||
Accumulated Depreciation | 3,502 | |||||
Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 32,594 | |||||
Land & Improvements | 30,933 | |||||
Building & Improvements | 54,592 | |||||
Land, Building & Improvements | 3,068 | |||||
Land & Improvements | 31,160 | |||||
Buildings & Improvements | 57,433 | |||||
Total (1) | 88,593 | |||||
Accumulated Depreciation | 3,575 | |||||
Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 50,000 | |||||
Land & Improvements | 13,110 | |||||
Building & Improvements | 94,733 | |||||
Land, Building & Improvements | 1,625 | |||||
Land & Improvements | 13,168 | |||||
Buildings & Improvements | 96,300 | |||||
Total (1) | 109,468 | |||||
Accumulated Depreciation | 5,691 | |||||
Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 35,769 | |||||
Building & Improvements | 53,280 | |||||
Land, Building & Improvements | 1,897 | |||||
Land & Improvements | 35,833 | |||||
Buildings & Improvements | 55,113 | |||||
Total (1) | 90,946 | |||||
Accumulated Depreciation | 3,414 | |||||
Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 14,765 | |||||
Building & Improvements | 18,099 | |||||
Land, Building & Improvements | 3,186 | |||||
Land & Improvements | 15,057 | |||||
Buildings & Improvements | 20,993 | |||||
Total (1) | 36,050 | |||||
Accumulated Depreciation | 1,454 | |||||
Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 43,157 | |||||
Building & Improvements | 26,399 | |||||
Land, Building & Improvements | 9,914 | |||||
Land & Improvements | 43,369 | |||||
Buildings & Improvements | 36,101 | |||||
Total (1) | 79,470 | |||||
Accumulated Depreciation | 2,280 | |||||
Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 34,961 | |||||
Land & Improvements | 7,248 | |||||
Building & Improvements | 41,202 | |||||
Land, Building & Improvements | 15,930 | |||||
Land & Improvements | 9,673 | |||||
Buildings & Improvements | 54,707 | |||||
Total (1) | 64,380 | |||||
Accumulated Depreciation | 3,767 | |||||
Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 4,743 | |||||
Building & Improvements | 37,687 | |||||
Land, Building & Improvements | 1,351 | |||||
Land & Improvements | 4,833 | |||||
Buildings & Improvements | 38,948 | |||||
Total (1) | 43,781 | |||||
Accumulated Depreciation | 2,356 | |||||
Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 21,000 | |||||
Land & Improvements | 24,680 | |||||
Building & Improvements | 24,487 | |||||
Land, Building & Improvements | 2,413 | |||||
Land & Improvements | 24,719 | |||||
Buildings & Improvements | 26,861 | |||||
Total (1) | 51,580 | |||||
Accumulated Depreciation | 1,694 | |||||
Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 39,616 | |||||
Building & Improvements | 55,163 | |||||
Land, Building & Improvements | 7,488 | |||||
Land & Improvements | 39,654 | |||||
Buildings & Improvements | 62,613 | |||||
Total (1) | 102,267 | |||||
Accumulated Depreciation | 3,866 | |||||
Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 3,698 | |||||
Building & Improvements | 85,270 | |||||
Land, Building & Improvements | 3,791 | |||||
Land & Improvements | 3,961 | |||||
Buildings & Improvements | 88,798 | |||||
Total (1) | 92,759 | |||||
Accumulated Depreciation | 5,720 | |||||
San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 46,773 | |||||
Building & Improvements | 107,841 | |||||
Land, Building & Improvements | 12,948 | |||||
Land & Improvements | 46,876 | |||||
Buildings & Improvements | 120,686 | |||||
Total (1) | 167,562 | |||||
Accumulated Depreciation | 7,417 | |||||
The Knickerbocker New York [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 85,000 | |||||
Land & Improvements | 113,613 | |||||
Building & Improvements | 119,453 | |||||
Land, Building & Improvements | 1,613 | |||||
Land & Improvements | 113,622 | |||||
Buildings & Improvements | 121,057 | |||||
Total (1) | 234,679 | |||||
Accumulated Depreciation | 7,056 | |||||
Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 9,599 | |||||
Building & Improvements | 68,932 | |||||
Land, Building & Improvements | 664 | |||||
Land & Improvements | 9,601 | |||||
Buildings & Improvements | 69,594 | |||||
Total (1) | 79,195 | |||||
Accumulated Depreciation | 4,093 | |||||
Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 174 | |||||
Building & Improvements | 51,934 | |||||
Land, Building & Improvements | 1,507 | |||||
Land & Improvements | 178 | |||||
Buildings & Improvements | 53,437 | |||||
Total (1) | 53,615 | |||||
Accumulated Depreciation | 11,142 | |||||
Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 7,776 | |||||
Building & Improvements | 43,475 | |||||
Land, Building & Improvements | 237 | |||||
Land & Improvements | 7,793 | |||||
Buildings & Improvements | 43,695 | |||||
Total (1) | 51,488 | |||||
Accumulated Depreciation | 2,601 | |||||
Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 300 | |||||
Building & Improvements | 72,711 | |||||
Land, Building & Improvements | 670 | |||||
Land & Improvements | 300 | |||||
Buildings & Improvements | 73,381 | |||||
Total (1) | 73,681 | |||||
Accumulated Depreciation | 4,348 | |||||
Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 8,367 | |||||
Building & Improvements | 51,914 | |||||
Land, Building & Improvements | 666 | |||||
Land & Improvements | 8,403 | |||||
Buildings & Improvements | 52,544 | |||||
Total (1) | 60,947 | |||||
Accumulated Depreciation | 3,099 | |||||
Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 154 | |||||
Building & Improvements | 31,625 | |||||
Land, Building & Improvements | 286 | |||||
Land & Improvements | 158 | |||||
Buildings & Improvements | 31,907 | |||||
Total (1) | 32,065 | |||||
Accumulated Depreciation | 1,880 | |||||
Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 989 | |||||
Building & Improvements | 29,440 | |||||
Land, Building & Improvements | 4,364 | |||||
Land & Improvements | 1,079 | |||||
Buildings & Improvements | 33,714 | |||||
Total (1) | 34,793 | |||||
Accumulated Depreciation | 6,088 | |||||
Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Debt | 0 | |||||
Land & Improvements | 27,054 | |||||
Building & Improvements | 45,866 | |||||
Land, Building & Improvements | 616 | |||||
Land & Improvements | 27,081 | |||||
Buildings & Improvements | 46,455 | |||||
Total (1) | 73,536 | |||||
Accumulated Depreciation | $ 2,767 | |||||
Minimum | DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Birmingham [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | The Knickerbocker New York [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 10 years | |||||
Minimum | Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 11 years | |||||
Minimum | Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Maximum | DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Birmingham [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | The Knickerbocker New York [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 10 years | |||||
Maximum | Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 11 years | |||||
Maximum | Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Consolidated Joint Venture [Member] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||||
Due to Related Parties | $ 85,000 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation Reconciliation of Land and Buildings and Improvements (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 01, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation | $ (18,533) | $ (740,504) | $ (100,754) | $ (60,867) | $ 0 | $ (716,376) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross | 2,398,753 | 2,004,598 | 1,962,143 | 2,087,622 | $ 2,537,854 | $ 2,108,117 |
Add: Improvements | 22,305 | 30,403 | 38,256 | 45,726 | ||
Less: Sale of hotel properties-Land, Building & Improvements | (161,406) | (133,922) | (163,735) | (356,857) | ||
Real Estate, Cumulative Impairment Charges on Real Estate Assets Owned | 0 | (55,145) | 0 | 0 | ||
Real Estate, Net of Impairment | 2,398,753 | 1,949,453 | 1,962,143 | 2,087,622 | ||
Add: Depreciation for the period | (19,518) | (37,966) | (46,012) | (51,387) | ||
Less: Sale of hotel properties-Accumulated Depreciation | $ 985 | $ 13,838 | $ 6,125 | $ 9,053 |
Uncategorized Items - rlj-20191
Label | Element | Value |
Preferred Stock [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 309,337,000 |
Accumulated Distributions in Excess of Net Income [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (2,706,408,000) |
Additional Paid-in Capital [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,476,822,000 |
Additional Paid-in Capital [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,462,054,000 |
Additional Paid-in Capital [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2,576,988,000 |
Retained Earnings [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Retained Earnings [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Common Stock [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (128,040,000) |
Common Stock [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,380,000 |
Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 44,430,000 |
Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 43,783,000 |
Preferred Capital in Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 44,430,000 |
Preferred Capital in Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 43,783,000 |
Series A Cumulative Preferred Stock [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 309,337,000 |
Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 7,503,000 |
Noncontrolling Interest, Operating Partnerships [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 14,768,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,493,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 7,503,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 5,493,000 |