Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | Rangers Sub I, LLC |
Entity Central Index Key | 0001715629 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 1 |
Entity Current Reporting Status | 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 ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investment in hotel properties, net | $ 1,938,553 | $ 1,946,826 |
Restricted cash reserves | 5,300 | 4,100 |
Liabilities and Equity | ||
Debt, net | 711,915 | 713,727 |
Rangers Sub I, LLC | ||
Assets | ||
Investment in hotel properties, net | 1,938,553 | 1,946,826 |
Investment in unconsolidated joint ventures | 15,820 | 15,171 |
Cash and cash equivalents | 16,995 | 19,572 |
Restricted cash reserves | 5,342 | 4,147 |
Related party receivable | 6,708 | 49,181 |
Lease right-of-use assets | 79,550 | 80,635 |
Prepaid expense and other assets | 7,508 | 7,543 |
Total assets | 2,070,476 | 2,123,075 |
Liabilities and Equity | ||
Debt, net | 711,915 | 713,727 |
Related party debt | 85,000 | 85,000 |
Accounts payable and other liabilities | 31,968 | 32,676 |
Lease liabilities | 47,805 | 48,200 |
Accrued interest | 10,161 | 2,463 |
Accrued Interest, Related Party | 149 | 190 |
Total liabilities | 886,998 | 882,256 |
Commitments and Contingencies (Note 8) | ||
Member's equity: | ||
Member's equity | 1,075,039 | 1,119,913 |
Retained earnings | 88,152 | 99,996 |
Total member's equity | 1,163,191 | 1,219,909 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,538 | 8,588 |
Noncontrolling interest in FelCor LP | 11,749 | 12,322 |
Total noncontrolling interest | 20,287 | 20,910 |
Total equity | 1,183,478 | 1,240,819 |
Total liabilities and equity | 2,070,476 | 2,123,075 |
FelCor Lodging LP | ||
Assets | ||
Investment in hotel properties, net | 1,938,553 | 1,946,826 |
Investment in unconsolidated joint ventures | 15,820 | 15,171 |
Cash and cash equivalents | 16,995 | 19,572 |
Restricted cash reserves | 5,342 | 4,147 |
Related party receivable | 6,708 | 49,181 |
Lease right-of-use assets | 79,550 | 80,635 |
Prepaid expense and other assets | 7,508 | 7,543 |
Total assets | 2,070,476 | 2,123,075 |
Liabilities and Equity | ||
Debt, net | 711,915 | 713,727 |
Related party debt | 85,000 | 85,000 |
Accounts payable and other liabilities | 31,968 | 32,676 |
Lease liabilities | 47,805 | 48,200 |
Accrued interest | 10,161 | 2,463 |
Accrued Interest, Related Party | 149 | 190 |
Total liabilities | 886,998 | 882,256 |
Commitments and Contingencies (Note 8) | ||
Member's equity: | ||
Partners’ capital | 1,085,899 | 1,131,226 |
Retained earnings | 89,041 | 101,005 |
Total member's equity | 1,174,940 | 1,232,231 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 8,538 | 8,588 |
Total equity | 1,183,478 | 1,240,819 |
Total liabilities and equity | $ 2,070,476 | $ 2,123,075 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Rangers Sub I, LLC | ||
Membership units, par value (in dollars per share) | $ 0 | $ 0 |
Membership units, units issued (in shares) | 1 | 1 |
Membership units, units outstanding (in shares) | 1 | 1 |
FelCor Lodging LP | ||
Membership units, par value (in dollars per share) | $ 0 | $ 0 |
Membership units, units issued (in shares) | 1 | 1 |
Membership units, units outstanding (in shares) | 1 | 1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Related party lease revenue | $ 25,619 | $ 49,921 |
Expenses | ||
Interest expense | (8,000) | (7,200) |
Equity in income from unconsolidated joint ventures | 549 | 107 |
Rangers Sub I, LLC | ||
Revenues | ||
Related party lease revenue | 25,619 | 49,921 |
Total revenues | 25,619 | 49,921 |
Expenses | ||
Depreciation and amortization | 18,528 | 18,294 |
Property tax, insurance and other | 10,371 | 10,508 |
General and administrative | 367 | 414 |
Transaction costs | 11 | 252 |
Total operating expenses | 29,277 | 29,468 |
Other income | 0 | 49 |
Interest income | 95 | 95 |
Interest expense | (8,033) | (7,247) |
Related party interest expense | (967) | |
Income (loss) before equity in income from unconsolidated joint ventures | (12,563) | 12,184 |
Equity in income from unconsolidated joint ventures | 549 | 107 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (12,014) | 12,291 |
Net loss (income) attributable to noncontrolling interests: | ||
Noncontrolling interest in consolidated joint ventures | 50 | 104 |
Noncontrolling interest in FelCor LP | 120 | (111) |
Preferred distributions - consolidated joint venture | 0 | (186) |
Redemption of preferred equity - consolidated joint venture | 0 | (1,153) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (11,844) | 10,945 |
FelCor Lodging LP | ||
Revenues | ||
Related party lease revenue | 25,619 | 49,921 |
Total revenues | 25,619 | 49,921 |
Expenses | ||
Depreciation and amortization | 18,528 | 18,294 |
Property tax, insurance and other | 10,371 | 10,508 |
General and administrative | 367 | 414 |
Transaction costs | 11 | 252 |
Total operating expenses | 29,277 | 29,468 |
Other income | 0 | 49 |
Interest income | 95 | 95 |
Interest expense | (8,033) | (7,247) |
Related party interest expense | (967) | (1,166) |
Income (loss) before equity in income from unconsolidated joint ventures | (12,563) | 12,184 |
Equity in income from unconsolidated joint ventures | 549 | 107 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (12,014) | 12,291 |
Net loss (income) attributable to noncontrolling interests: | ||
Noncontrolling interest in consolidated joint ventures | 50 | 104 |
Preferred distributions - consolidated joint venture | 0 | (186) |
Redemption of preferred equity - consolidated joint venture | 0 | (1,153) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (11,964) | $ 11,056 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Rangers Sub I, LLC | Rangers Sub I, LLCAdditional Paid-in Capital | Rangers Sub I, LLCRetained Earnings | Rangers Sub I, LLCNoncontrolling Interest, Operating Partnerships | Rangers Sub I, LLCConsolidated Joint Ventures | Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture | FelCor Lodging LP | FelCor Lodging LPAdditional Paid-in Capital | FelCor Lodging LPRetained Earnings | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture |
Balance at Dec. 31, 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 (loss) and comprehensive income (loss) | 12,291,000 | 10,945,000 | 111,000 | (104,000) | 1,339,000 | 12,291,000 | 0 | 11,056,000 | (104,000) | 1,339,000 | |
Contributions | 73,846,000 | 73,108,000 | 738,000 | 73,846,000 | 73,846,000 | ||||||
Distributions | (48,308,000) | (47,826,000) | (482,000) | (48,308,000) | (48,308,000) | ||||||
Preferred distributions - consolidated joint venture | (186,000) | (186,000) | (186,000) | (186,000) | |||||||
Redemption of preferred equity - consolidated joint venture | (45,583,000) | (45,583,000) | (45,583,000) | (45,583,000) | |||||||
Contributions from consolidated joint venture partners | 2,281,000 | 2,281,000 | 2,281,000 | 2,281,000 | |||||||
Balance at Mar. 31, 2019 | 1,469,929,000 | 1,359,436,000 | 87,640,000 | 14,617,000 | 8,236,000 | $ 0 | 1,469,929,000 | 1,373,168,000 | 88,525,000 | 8,236,000 | $ 0 |
Balance at Dec. 31, 2019 | 1,240,819,000 | 1,119,913,000 | 99,996,000 | 12,322,000 | 8,588,000 | 1,240,819,000 | 1,131,226,000 | 101,005,000 | 8,588,000 | ||
Increase (Decrease) in Owners' Equity | |||||||||||
Net income (loss) and comprehensive income (loss) | (12,014,000) | (11,844,000) | (120,000) | (50,000) | (12,014,000) | (11,964,000) | (50,000) | ||||
Contributions | 24,641,000 | 24,394,000 | 247,000 | 24,641,000 | 24,641,000 | ||||||
Distributions | (69,968,000) | (69,268,000) | (700,000) | (69,968,000) | (69,968,000) | ||||||
Contributions from consolidated joint venture partners | 0 | 0 | |||||||||
Balance at Mar. 31, 2020 | $ 1,183,478,000 | $ 1,075,039,000 | $ 88,152,000 | $ 11,749,000 | $ 8,538,000 | $ 1,183,478,000 | $ 1,085,899,000 | $ 89,041,000 | $ 8,538,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Adjustments to reconcile net (loss) income to cash flow provided by operating activities: | ||
Equity in income from unconsolidated joint ventures | $ (549) | $ (107) |
Cash flows from financing activities | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (1,382) | (7,157) |
Rangers Sub I, LLC | ||
Cash flows from operating activities | ||
Net (loss) income | (12,014) | 12,291 |
Adjustments to reconcile net (loss) income to cash flow provided by operating activities: | ||
Depreciation and amortization | 18,528 | 18,294 |
Amortization of deferred financing costs | 49 | 0 |
Other amortization | (687) | (650) |
Equity in income from unconsolidated joint ventures | (549) | (107) |
Distributions of income from unconsolidated joint ventures | 0 | 550 |
Changes in assets and liabilities: | ||
Related party receivable | 42,473 | (9,280) |
Prepaid expense and other assets | (104) | (1,034) |
Related party prepaid interest | 0 | 180 |
Accounts payable and other liabilities | 1,830 | (2,376) |
Accrued interest | 7,698 | 7,125 |
Related party accrued interest | (42) | 220 |
Net cash flow provided by operating activities | 57,182 | 25,213 |
Cash flows from investing activities | ||
Improvements and additions to hotel properties | (12,621) | (13,039) |
Contributions to unconsolidated joint ventures | (100) | (603) |
Net cash flow used in investing activities | (12,721) | (13,642) |
Cash flows from financing activities | ||
Repayments of borrowings | (516) | (650) |
Contributions from members | 24,641 | 73,846 |
Distributions to members | (69,968) | (48,308) |
Payments of deferred financing costs | 0 | (2) |
Preferred distributions - consolidated joint venture | 0 | (312) |
Redemption of preferred capital - consolidated joint venture | 0 | (45,583) |
Contributions from consolidated joint venture partners | 0 | 2,281 |
Net cash flow used in financing activities | (45,843) | (18,728) |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 23,719 | 24,562 |
Cash, cash equivalents, and restricted cash reserves, end of period | 22,337 | 17,405 |
FelCor Lodging LP | ||
Cash flows from operating activities | ||
Net (loss) income | (12,014) | 12,291 |
Adjustments to reconcile net (loss) income to cash flow provided by operating activities: | ||
Depreciation and amortization | 18,528 | 18,294 |
Amortization of deferred financing costs | 49 | 0 |
Other amortization | (687) | (650) |
Equity in income from unconsolidated joint ventures | (549) | (107) |
Distributions of income from unconsolidated joint ventures | 0 | 550 |
Changes in assets and liabilities: | ||
Related party receivable | 42,473 | (9,280) |
Prepaid expense and other assets | (104) | (1,034) |
Related party prepaid interest | 0 | 180 |
Accounts payable and other liabilities | 1,830 | (2,376) |
Accrued interest | 7,698 | 7,125 |
Related party accrued interest | (42) | 220 |
Net cash flow provided by operating activities | 57,182 | 25,213 |
Cash flows from investing activities | ||
Improvements and additions to hotel properties | (12,621) | (13,039) |
Contributions to unconsolidated joint ventures | (100) | (603) |
Net cash flow used in investing activities | (12,721) | (13,642) |
Cash flows from financing activities | ||
Repayments of borrowings | (516) | (650) |
Contributions from members | 24,641 | 73,846 |
Distributions to members | (69,968) | (48,308) |
Payments of deferred financing costs | 0 | (2) |
Preferred distributions - consolidated joint venture | 0 | (312) |
Redemption of preferred capital - consolidated joint venture | 0 | (45,583) |
Contributions from consolidated joint venture partners | 0 | 2,281 |
Net cash flow used in financing activities | (45,843) | (18,728) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (1,382) | (7,157) |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 23,719 | 24,562 |
Cash, cash equivalents, and restricted cash reserves, end of period | $ 22,337 | $ 17,405 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | General Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, upper-upscale hotels located in major markets and resort locations. As of March 31, 2020 , 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. Liquidity and Management's Plans The Company's hotel property-owning subsidiaries (the “Lessors”) lease the hotel properties to property-operating lessees owned by TRS subsidiaries of RLJ (the “Lessees”). The Company receives related party lease revenue from these lease agreements, including percentage rent. The percentage rent amounts are calculated based on a percentage of room revenues, food and beverage revenues and other revenues at the hotel properties. In response to the near elimination of travel and hotel demand resulting from the spread of the novel strain of coronavirus (COVID-19) and the related government mandates, RLJ has temporarily suspended operations at approximately 50% of the Company's hotel properties. As a result, the ongoing effects of the COVID-19 pandemic on the hotel properties' operations have had, and will continue to have, a material adverse impact on the Company's financial results and liquidity, and such adverse impact may continue well beyond the containment of such outbreak. Since the extent to which the COVID-19 pandemic impacts our operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty. In May 2020, RLJ LP contributed $50.0 million to the Company to ensure that the Company can service its debt and maintain its operations. In addition, given the elimination of lodging demand, the Company has taken various actions to help mitigate the effects of the COVID-19 pandemic on its operating results and to preserve liquidity: • Capital Investment Reduction: The Company has reduced its 2020 capital expenditure program by deferring a vast majority of capital investments, other than completing projects that are substantially underway and nearing completion; and • Return on Investment ("ROI") Project Suspensions: The Company suspended a vast majority of the 2020 ROI projects. Prior to the COVID-19 pandemic, the Lessees had not previously experienced a suspension of hotel operations. As described in Note 12 , as of May 8, 2020, RLJ had temporarily suspended operations at 13 of the Company's hotel properties due to the ongoing COVID-19 pandemic. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2019 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2019 . Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ from those estimates. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard 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 Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 501,097 $ 500,618 Buildings and improvements 1,468,180 1,461,525 Furniture, fixtures and equipment 138,381 135,400 2,107,658 2,097,543 Accumulated depreciation (169,105 ) (150,717 ) Investment in hotel properties, net $ 1,938,553 $ 1,946,826 For the three months ended March 31, 2020 and 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.4 million and $18.2 million , respectively. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of March 31, 2020 and December 31, 2019 , the Company owned 50% interests in joint ventures that owned two hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of March 31, 2020 and December 31, 2019 , the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2020 December 31, 2019 Equity basis of the joint venture investments $ (3,307 ) $ (4,236 ) Cost of the joint venture investments in excess of the joint venture book value 19,127 19,407 Investment in unconsolidated joint ventures $ 15,820 $ 15,171 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2020 2019 Unconsolidated joint ventures net income attributable to the Company $ 829 $ 387 Depreciation of cost in excess of book value (280 ) (280 ) Equity in income from unconsolidated joint ventures $ 549 $ 107 |
Sale of Hotel Properties
Sale of Hotel Properties | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the three months ended March 31, 2020 and 2019, the Company did not sell any hotel properties. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2020 December 31, 2019 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 499,303 $ 500,484 Mortgage loan (4) 3 4.95% October 2022 88,769 89,299 Mortgage loan (5) 1 4.94% October 2022 28,635 28,785 Mortgage loan (1)(6) 3 2.59% April 2024 (7) 96,000 96,000 7 712,707 714,568 Deferred financing costs, net (792 ) (841 ) Debt, net $ 711,915 $ 713,727 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $24.4 million and $25.6 million at March 31, 2020 and December 31, 2019 , 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 $1.2 million and $1.4 million at March 31, 2020 and December 31, 2019 , 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 $0.4 million at March 31, 2020 and December 31, 2019 , 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) The mortgage loan provides two one year extension options. The 6.000% Senior Notes due 2025 (the "Senior Notes") are subject to a maximum unsecured leverage maintenance covenant, which is based on asset value that is calculated at historical cost. In addition, the Senior Notes are subject to various incurrence covenants that limit the ability of the Company to incur additional debt if these covenants are violated. As of March 31, 2020 , the Company was in compliance with all maintenance and incurrence covenants associated with the Senior Notes. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. While operations at certain hotel properties securing the mortgage loans have been temporarily suspended, the business operations remain that of a hotel, not another form of business, and the hotel properties continue to be maintained. At March 31, 2020 , a hotel property failed to meet the DSCR threshold and was in a cash trap event, and another hotel property had failed to meet the DSCR threshold and will be in a cash trap event. The Company was in compliance with all other maintenance covenants associated with the other mortgage loans at March 31, 2020 . During the three months ended March 31, 2020 and 2019, the Company recognized $8.0 million and $7.2 million of interest expense, respectively. |
Related Party Debt (Notes)
Related Party Debt (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Debt [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Debt In November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan. During the three months ended March 31, 2020 and 2019, the Company recognized $1.0 million and $1.2 million of interest expense, respectively, related to its related party loan with RLJ LP. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
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 $449.9 million and $497.8 million at March 31, 2020 and December 31, 2019 , respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 2 inputs in the fair value hierarchy. The mortgage loans had an estimated fair value of approximately $207.5 million and $216.5 million at March 31, 2020 and December 31, 2019 , 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 $657.4 million and $714.3 million at March 31, 2020 and December 31, 2019 , respectively. The total carrying value of the Company's debt was $711.9 million and $713.7 million at March 31, 2020 and December 31, 2019 , respectively. • Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $87.9 million and $86.9 million at March 31, 2020 and December 31, 2019 , respectively. The Company estimated the fair value of the mortgage loan by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total carrying value of the Company's related party debt was $85.0 million at both March 31, 2020 and December 31, 2019 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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 will expire in 2021 ( one hotel), 2022 ( 24 hotels) and thereafter ( one hotel). The lease revenue recognized during the three months ended March 31, 2020 and 2019 consisted of the following: For the three months ended March 31, 2020 2019 Lease revenue relating to lease payments $ 17,839 $ 14,653 Lease revenue relating to variable lease payments 7,780 35,268 Total related party lease revenue $ 25,619 $ 49,921 The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2020 2020 $ 52,425 2021 54,478 2022 51,750 2023 — 2024 — Thereafter — Total $ 158,653 Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of March 31, 2020 and December 31, 2019 , approximately $5.3 million and $4.1 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. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Equity | Equity Rangers Ownership Interests/FelCor LP Partnership Interests As of March 31, 2020 , RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker, 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. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the three months ended March 31, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 16,995 $ 13,294 Restricted cash reserves 5,342 4,111 Cash, cash equivalents, and restricted cash reserves $ 22,337 $ 17,405 Interest paid $ 1,631 $ 1,468 Interest paid to a related party $ 1,008 $ 766 Income taxes refunded $ (39 ) $ — Operating cash flow lease payments for operating leases $ 1,949 $ 1,866 Supplemental non-cash transactions Accrued capital expenditures $ 2,751 $ 2,050 |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
FelCor LP's Consolidating Financial Information | FelCor LP's Consolidating Financial Information Certain of FelCor LP's 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor Hotel Asset Company, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively the “Subsidiary Guarantors”), together with Rangers, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior notes debt. The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of the Operating Partnership, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,672,682 $ — $ — $ (1,672,682 ) $ — Investment in hotel properties, net — 572,103 1,366,450 — 1,938,553 Investment in unconsolidated joint ventures 15,820 — — — 15,820 Cash and cash equivalents 520 — 16,475 — 16,995 Restricted cash reserves 447 — 4,895 — 5,342 Related party receivable — 797 5,911 — 6,708 Lease right-of-use assets 4,332 65,611 9,607 — 79,550 Prepaid expense and other assets 1,543 1,400 4,565 — 7,508 Total assets $ 1,695,344 $ 639,911 $ 1,407,903 $ (1,672,682 ) $ 2,070,476 Debt, net $ 499,303 $ 24,728 $ 220,593 $ (32,709 ) $ 711,915 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 6,952 14,109 10,907 — 31,968 Lease liabilities 4,561 25,253 17,991 — 47,805 Accrued interest 9,588 59 514 — 10,161 Related party accrued interest — — 149 — 149 Total liabilities 520,404 64,149 335,154 (32,709 ) 886,998 Partnership interests 1,174,940 575,762 1,064,211 (1,639,973 ) 1,174,940 Total partners ’ capital, excluding noncontrolling interest 1,174,940 575,762 1,064,211 (1,639,973 ) 1,174,940 Noncontrolling interest in consolidated joint ventures — — 8,538 — 8,538 Total partners ' capital 1,174,940 575,762 1,072,749 (1,639,973 ) 1,183,478 Total liabilities and partners ' capital $ 1,695,344 $ 639,911 $ 1,407,903 $ (1,672,682 ) $ 2,070,476 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 Statement of Operations and Comprehensive Loss For the Three Months Ended March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 10,193 $ 15,426 $ — $ 25,619 Total revenues — 10,193 15,426 — 25,619 Expenses Depreciation and amortization 140 7,031 11,357 — 18,528 Property tax, insurance and other (7 ) 4,608 5,770 — 10,371 General and administrative 290 61 16 — 367 Transaction costs 10 1 — — 11 Total operating expenses 433 11,701 17,143 — 29,277 Interest income 234 — 60 (199 ) 95 Interest expense (5,944 ) (213 ) (2,075 ) 199 (8,033 ) Related party interest expense — — (967 ) — (967 ) Loss before equity in income from unconsolidated joint ventures (6,143 ) (1,721 ) (4,699 ) — (12,563 ) Equity in loss from consolidated entities (6,370 ) — — 6,370 — Equity in income from unconsolidated joint ventures 549 — — — 549 Net loss and comprehensive loss (11,964 ) (1,721 ) (4,699 ) 6,370 (12,014 ) Noncontrolling interest in consolidated joint ventures — — 50 — 50 Net loss and comprehensive loss attributable to FelCor LP $ (11,964 ) $ (1,721 ) $ (4,649 ) $ 6,370 $ (11,964 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,272 $ 31,649 $ — $ 49,921 Total revenues — 18,272 31,649 — 49,921 Expenses Depreciation and amortization 114 6,765 11,415 — 18,294 Property tax, insurance and other 26 4,906 5,576 — 10,508 General and administrative 385 20 9 — 414 Transaction costs 95 8 149 — 252 Total operating expenses 620 11,699 17,149 — 29,468 Other income 39 10 — — 49 Interest income 238 — 51 (194 ) 95 Interest expense (5,944 ) — (1,497 ) 194 (7,247 ) Related party interest expense — — (1,166 ) — (1,166 ) Income before equity in income from unconsolidated joint ventures (6,287 ) 6,583 11,888 — 12,184 Equity in income from consolidated entities 17,236 — — (17,236 ) — Equity in income from unconsolidated joint ventures 107 — — — 107 Net income and comprehensive income 11,056 6,583 11,888 (17,236 ) 12,291 Noncontrolling interest in consolidated joint ventures — — 104 — 104 Preferred distributions - consolidated joint venture — — (186 ) — (186 ) Redemption of preferred capital - consolidated joint venture — — (1,153 ) — (1,153 ) Net income and comprehensive income attributable to FelCor LP $ 11,056 $ 6,583 $ 10,653 $ (17,236 ) $ 11,056 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ 883 $ 21,822 $ 34,477 $ — $ 57,182 Investing activities: Improvements and additions to hotel properties — (9,161 ) (3,460 ) — (12,621 ) Contributions to unconsolidated joint ventures (100 ) — — — (100 ) Intercompany financing 43,079 — — (43,079 ) — Cash flows from investing activities 42,979 (9,161 ) (3,460 ) (43,079 ) (12,721 ) Financing activities: Repayments of borrowings — — (516 ) — (516 ) Contributions from partners 24,641 — — — 24,641 Distributions to partners (69,968 ) — — — (69,968 ) Intercompany financing — (12,661 ) (30,418 ) 43,079 — Cash flows from financing activities (45,327 ) (12,661 ) (30,934 ) 43,079 (45,843 ) Net change in cash, cash equivalents, and restricted cash reserves (1,465 ) — 83 — (1,382 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 2,432 — 21,287 — 23,719 Cash, cash equivalents, and restricted cash reserves, end of period $ 967 $ — $ 21,370 $ — $ 22,337 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (1,236 ) $ 10,947 $ 15,502 $ — $ 25,213 Investing activities: Improvements and additions to hotel properties — (3,714 ) (9,325 ) — (13,039 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing (33,305 ) — — 33,305 — Cash flows from investing activities (33,908 ) (3,714 ) (9,325 ) 33,305 (13,642 ) Financing activities: Repayments of borrowings — — (650 ) — (650 ) Contributions from partners 73,846 — — — 73,846 Distributions to partners (48,308 ) — — — (48,308 ) Payments of deferred financing costs — (1 ) (1 ) — (2 ) Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Contributions from consolidated joint venture partners — — 2,281 — 2,281 Intercompany financing — (7,232 ) 40,537 (33,305 ) — Cash flows from financing activities 25,538 (7,233 ) (3,728 ) (33,305 ) (18,728 ) Net change in cash, cash equivalents, and restricted cash reserves (9,606 ) — 2,449 — (7,157 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 11,219 — 13,343 — 24,562 Cash, cash equivalents, and restricted cash reserves, end of period $ 1,613 $ — $ 15,792 $ — $ 17,405 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive income, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 , included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income and comprehensive income, shareholders’ equity or cash flows. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates are becoming more challenging, and actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard 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 Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): March 31, 2020 December 31, 2019 Land and improvements $ 501,097 $ 500,618 Buildings and improvements 1,468,180 1,461,525 Furniture, fixtures and equipment 138,381 135,400 2,107,658 2,097,543 Accumulated depreciation (169,105 ) (150,717 ) Investment in hotel properties, net $ 1,938,553 $ 1,946,826 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investment in Unconsolidated Entities [Abstract] | |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): March 31, 2020 December 31, 2019 Equity basis of the joint venture investments $ (3,307 ) $ (4,236 ) Cost of the joint venture investments in excess of the joint venture book value 19,127 19,407 Investment in unconsolidated joint ventures $ 15,820 $ 15,171 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): For the three months ended March 31, 2020 2019 Unconsolidated joint ventures net income attributable to the Company $ 829 $ 387 Depreciation of cost in excess of book value (280 ) (280 ) Equity in income from unconsolidated joint ventures $ 549 $ 107 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property disposed during period |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date March 31, 2020 December 31, 2019 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 499,303 $ 500,484 Mortgage loan (4) 3 4.95% October 2022 88,769 89,299 Mortgage loan (5) 1 4.94% October 2022 28,635 28,785 Mortgage loan (1)(6) 3 2.59% April 2024 (7) 96,000 96,000 7 712,707 714,568 Deferred financing costs, net (792 ) (841 ) Debt, net $ 711,915 $ 713,727 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $24.4 million and $25.6 million at March 31, 2020 and December 31, 2019 , 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 $1.2 million and $1.4 million at March 31, 2020 and December 31, 2019 , 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 $0.4 million at March 31, 2020 and December 31, 2019 , 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) The mortgage loan provides two one year extension options. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | The lease revenue recognized during the three months ended March 31, 2020 and 2019 consisted of the following: For the three months ended March 31, 2020 2019 Lease revenue relating to lease payments $ 17,839 $ 14,653 Lease revenue relating to variable lease payments 7,780 35,268 Total related party lease revenue $ 25,619 $ 49,921 |
Schedule of Future Minimum Rental Payments for Operating Leases | The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): March 31, 2020 2020 $ 52,425 2021 54,478 2022 51,750 2023 — 2024 — Thereafter — Total $ 158,653 |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Information to Statements of Cash Flows | The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the three months ended March 31, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 16,995 $ 13,294 Restricted cash reserves 5,342 4,111 Cash, cash equivalents, and restricted cash reserves $ 22,337 $ 17,405 Interest paid $ 1,631 $ 1,468 Interest paid to a related party $ 1,008 $ 766 Income taxes refunded $ (39 ) $ — Operating cash flow lease payments for operating leases $ 1,949 $ 1,866 Supplemental non-cash transactions Accrued capital expenditures $ 2,751 $ 2,050 |
FelCor LP's Consolidating Fin_2
FelCor LP's Consolidating Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 1,672,682 $ — $ — $ (1,672,682 ) $ — Investment in hotel properties, net — 572,103 1,366,450 — 1,938,553 Investment in unconsolidated joint ventures 15,820 — — — 15,820 Cash and cash equivalents 520 — 16,475 — 16,995 Restricted cash reserves 447 — 4,895 — 5,342 Related party receivable — 797 5,911 — 6,708 Lease right-of-use assets 4,332 65,611 9,607 — 79,550 Prepaid expense and other assets 1,543 1,400 4,565 — 7,508 Total assets $ 1,695,344 $ 639,911 $ 1,407,903 $ (1,672,682 ) $ 2,070,476 Debt, net $ 499,303 $ 24,728 $ 220,593 $ (32,709 ) $ 711,915 Related party debt — — 85,000 — 85,000 Accounts payable and other liabilities 6,952 14,109 10,907 — 31,968 Lease liabilities 4,561 25,253 17,991 — 47,805 Accrued interest 9,588 59 514 — 10,161 Related party accrued interest — — 149 — 149 Total liabilities 520,404 64,149 335,154 (32,709 ) 886,998 Partnership interests 1,174,940 575,762 1,064,211 (1,639,973 ) 1,174,940 Total partners ’ capital, excluding noncontrolling interest 1,174,940 575,762 1,064,211 (1,639,973 ) 1,174,940 Noncontrolling interest in consolidated joint ventures — — 8,538 — 8,538 Total partners ' capital 1,174,940 575,762 1,072,749 (1,639,973 ) 1,183,478 Total liabilities and partners ' capital $ 1,695,344 $ 639,911 $ 1,407,903 $ (1,672,682 ) $ 2,070,476 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 |
Condensed Consolidating Statement of Operations and Comprehensive Loss | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Three Months Ended March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 10,193 $ 15,426 $ — $ 25,619 Total revenues — 10,193 15,426 — 25,619 Expenses Depreciation and amortization 140 7,031 11,357 — 18,528 Property tax, insurance and other (7 ) 4,608 5,770 — 10,371 General and administrative 290 61 16 — 367 Transaction costs 10 1 — — 11 Total operating expenses 433 11,701 17,143 — 29,277 Interest income 234 — 60 (199 ) 95 Interest expense (5,944 ) (213 ) (2,075 ) 199 (8,033 ) Related party interest expense — — (967 ) — (967 ) Loss before equity in income from unconsolidated joint ventures (6,143 ) (1,721 ) (4,699 ) — (12,563 ) Equity in loss from consolidated entities (6,370 ) — — 6,370 — Equity in income from unconsolidated joint ventures 549 — — — 549 Net loss and comprehensive loss (11,964 ) (1,721 ) (4,699 ) 6,370 (12,014 ) Noncontrolling interest in consolidated joint ventures — — 50 — 50 Net loss and comprehensive loss attributable to FelCor LP $ (11,964 ) $ (1,721 ) $ (4,649 ) $ 6,370 $ (11,964 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenues Related party lease revenue $ — $ 18,272 $ 31,649 $ — $ 49,921 Total revenues — 18,272 31,649 — 49,921 Expenses Depreciation and amortization 114 6,765 11,415 — 18,294 Property tax, insurance and other 26 4,906 5,576 — 10,508 General and administrative 385 20 9 — 414 Transaction costs 95 8 149 — 252 Total operating expenses 620 11,699 17,149 — 29,468 Other income 39 10 — — 49 Interest income 238 — 51 (194 ) 95 Interest expense (5,944 ) — (1,497 ) 194 (7,247 ) Related party interest expense — — (1,166 ) — (1,166 ) Income before equity in income from unconsolidated joint ventures (6,287 ) 6,583 11,888 — 12,184 Equity in income from consolidated entities 17,236 — — (17,236 ) — Equity in income from unconsolidated joint ventures 107 — — — 107 Net income and comprehensive income 11,056 6,583 11,888 (17,236 ) 12,291 Noncontrolling interest in consolidated joint ventures — — 104 — 104 Preferred distributions - consolidated joint venture — — (186 ) — (186 ) Redemption of preferred capital - consolidated joint venture — — (1,153 ) — (1,153 ) Net income and comprehensive income attributable to FelCor LP $ 11,056 $ 6,583 $ 10,653 $ (17,236 ) $ 11,056 |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2020 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ 883 $ 21,822 $ 34,477 $ — $ 57,182 Investing activities: Improvements and additions to hotel properties — (9,161 ) (3,460 ) — (12,621 ) Contributions to unconsolidated joint ventures (100 ) — — — (100 ) Intercompany financing 43,079 — — (43,079 ) — Cash flows from investing activities 42,979 (9,161 ) (3,460 ) (43,079 ) (12,721 ) Financing activities: Repayments of borrowings — — (516 ) — (516 ) Contributions from partners 24,641 — — — 24,641 Distributions to partners (69,968 ) — — — (69,968 ) Intercompany financing — (12,661 ) (30,418 ) 43,079 — Cash flows from financing activities (45,327 ) (12,661 ) (30,934 ) 43,079 (45,843 ) Net change in cash, cash equivalents, and restricted cash reserves (1,465 ) — 83 — (1,382 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 2,432 — 21,287 — 23,719 Cash, cash equivalents, and restricted cash reserves, end of period $ 967 $ — $ 21,370 $ — $ 22,337 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2019 (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (1,236 ) $ 10,947 $ 15,502 $ — $ 25,213 Investing activities: Improvements and additions to hotel properties — (3,714 ) (9,325 ) — (13,039 ) Contributions to unconsolidated joint ventures (603 ) — — — (603 ) Intercompany financing (33,305 ) — — 33,305 — Cash flows from investing activities (33,908 ) (3,714 ) (9,325 ) 33,305 (13,642 ) Financing activities: Repayments of borrowings — — (650 ) — (650 ) Contributions from partners 73,846 — — — 73,846 Distributions to partners (48,308 ) — — — (48,308 ) Payments of deferred financing costs — (1 ) (1 ) — (2 ) Preferred distributions - consolidated joint venture — — (312 ) — (312 ) Redemption of preferred capital - consolidated joint venture — — (45,583 ) — (45,583 ) Contributions from consolidated joint venture partners — — 2,281 — 2,281 Intercompany financing — (7,232 ) 40,537 (33,305 ) — Cash flows from financing activities 25,538 (7,233 ) (3,728 ) (33,305 ) (18,728 ) Net change in cash, cash equivalents, and restricted cash reserves (9,606 ) — 2,449 — (7,157 ) Cash, cash equivalents, and restricted cash reserves, beginning of year 11,219 — 13,343 — 24,562 Cash, cash equivalents, and restricted cash reserves, end of period $ 1,613 $ — $ 15,792 $ — $ 17,405 |
Organization Real Estate Proper
Organization Real Estate Properties (Details) | 3 Months Ended | ||
Mar. 31, 2020propertyroomstate | Apr. 30, 2020hotel | Dec. 31, 2019hotel | |
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 28 | ||
Equity method investment, ownership percentage | 50.00% | ||
Number of states in which hotels owned by the entity are located | state | 13 | ||
Number of hotel rooms owned | room | 8,100 | ||
Real Estate Properties, Percentage of Operations Suspended | 50.00% | ||
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 | |
Equity method investment, ownership percentage | 50.00% | 50.00% | |
95% owned | Partially Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Hotel property ownership interest (as a percent) | 95.00% | ||
50% owned | Partially Owned Properties [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 2 | ||
Hotel property ownership interest (as a percent) | 50.00% | ||
Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | hotel | 13 |
Organization Limited Liability
Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Rangers General Partner, LLC [Member] | |||
Real Estate Properties [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% | ||
Rangers Sub I, LLC | |||
Real Estate Properties [Line Items] | |||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | ||
Rangers Sub I, LLC | |||
Real Estate Properties [Line Items] | |||
Contributions | $ 24,641 | $ 73,846 | |
Rangers Sub I, LLC | Subsequent Event [Member] | |||
Real Estate Properties [Line Items] | |||
Contributions | $ 50,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Mar. 31, 2020joint_venture |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Real estate interests, number of joint ventures | 2 |
Equity method investment, ownership percentage | 50.00% |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |||
Real Estate Depreciation Expense, Excluding Discontinued Operations Expense | $ 18,400 | $ 18,200 | |
Land and improvements | 501,097 | $ 500,618 | |
Buildings and improvements | 1,468,180 | 1,461,525 | |
Furniture, fixtures and equipment | 138,381 | 135,400 | |
Total | 2,107,658 | 2,097,543 | |
Accumulated depreciation | (169,105) | (150,717) | |
Investment in hotel properties, net | $ 1,938,553 | $ 1,946,826 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Narrative (Details) | Mar. 31, 2020property | Dec. 31, 2019hotel |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Number of Real Estate Properties | 28 | |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Number of Real Estate Properties | 2 | 2 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Combined Statement of Operations Information of Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 549 | $ 107 |
FelCor Lodging LP | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 549 | $ 107 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 15,820 | $ 15,171 |
Equity Method Investments [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | (3,307) | (4,236) |
Cost of the joint venture investments in excess of the joint venture book value [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity Method Investments | $ 19,127 | $ 19,407 |
Investment in Unconsolidated _6
Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ 549 | $ 107 |
Unconsolidated joint ventures net income attributable to the Company | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | 829 | 387 |
Cost in Excess of Book Value of Hotel Investments | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity in income from unconsolidated joint ventures | $ (280) | $ (280) |
Debt (Details)
Debt (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2019increment | Mar. 31, 2020USD ($)asset | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Debt | ||||
Interest Expense | $ 8,000,000 | $ 7,200,000 | ||
Number of Assets Encumbered | asset | 7 | |||
Long-term debt, gross | $ 712,707,000 | $ 714,568,000 | ||
Deferred financing costs, net | (792,000) | (841,000) | ||
Debt, net | $ 711,915,000 | 713,727,000 | ||
Senior Unsecured Notes [Member] | ||||
Debt | ||||
Debt Instrument, Redemption Price, Percentage | 103.00% | |||
Unsecured Debt | 6.00% Percent, Due June 2025 | ||||
Debt | ||||
Number of Assets Encumbered | asset | 0 | |||
Interest rate | 6.00% | |||
Long-term debt, gross | $ 499,303,000 | 500,484,000 | ||
Secured Debt | LIBOR Plus One Point Six Zero Percent [Member] | ||||
Debt | ||||
Debt Instrument, Number of Additional Maturity Terms | increment | 2 | |||
Debt Instrument, Additional Maturity Term | 1 year | |||
Secured Debt | 4.95 Percent, Due October 2022 | ||||
Debt | ||||
Debt Instrument, Fair Value Adjustment, Net | 1,200,000 | 1,400,000 | ||
Secured Debt | 4.94 Percent, Due October 2022 | ||||
Debt | ||||
Debt Instrument, Fair Value Adjustment, Net | $ 400,000 | 400,000 | ||
Mortgage loans | 4.95 Percent, Due October 2022 | ||||
Debt | ||||
Number of Assets Encumbered | asset | 3 | |||
Interest rate | 4.95% | |||
Long-term debt, gross | $ 88,769,000 | 89,299,000 | ||
Mortgage loans | 4.94 Percent, Due October 2022 | ||||
Debt | ||||
Number of Assets Encumbered | asset | 1 | |||
Interest rate | 4.94% | |||
Long-term debt, gross | $ 28,635,000 | 28,785,000 | ||
Mortgage loans | 2.59 Percent Due April 2024 | ||||
Debt | ||||
Number of Assets Encumbered | asset | 3 | |||
Interest rate | 2.59% | |||
Long-term debt, gross | $ 96,000,000 | 96,000,000 | ||
Senior Unsecured Notes [Member] | Unsecured Debt | ||||
Debt | ||||
Debt Instrument, Fair Value Adjustment, Net | $ 24,415,076 | $ 25,600,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt | ||
Total interest expense | $ 8 | $ 7.2 |
Related Party Debt (Details)
Related Party Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
LIBOR Plus 3.00 Percent, Due November 2023 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | $ 85,000 | |||
LIBOR | LIBOR Plus 3.00 Percent, Due November 2023 [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Description of Variable Rate Basis | LIBOR | |||
Basis Spread | 3.00% | |||
FelCor Lodging LP | ||||
Related Party Transaction [Line Items] | ||||
Related party debt | $ 85,000 | $ 85,000 | ||
Interest Expense, Related Party | $ 967 | $ 1,166 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, carrying value | $ 711,915 | $ 713,727 |
Related Party Debt | 85,000 | 85,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 657,400 | 714,300 |
Related Party Debt, Fair Value | 87,900 | 86,900 |
Senior notes | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 449,900 | 497,800 |
Mortgage loans | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 207,500 | $ 216,500 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 5.3 | $ 4.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Lease Payments From the Company Under Noncancelable Operating Leases (Lessee) (Details) $ in Thousands | Mar. 31, 2020USD ($)property | Dec. 31, 2019USD ($) |
Real Estate Properties [Line Items] | ||
Number of Real Estate Properties | property | 28 | |
Rangers Sub I, LLC | ||
Real Estate Properties [Line Items] | ||
Lease liabilities | $ | $ 47,805 | $ 48,200 |
Commitments and Contingencies F
Commitments and Contingencies Future Lease Payments To the Company Under Noncancelable Operating Leases (Lessor) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)hotel | Mar. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Income Statement, Minimum Lease Revenue | $ 17,839 | $ 14,653 |
Operating Leases, Income Statement, Percentage Revenue | 7,780 | 35,268 |
Related party lease revenue | $ 25,619 | $ 49,921 |
Number of TRS Leases Expiring in 2019 | hotel | 1 | |
Number of TRS Leases Expiring in 2022 | hotel | 24 | |
Number of TRS Leases expiring Thereafter | hotel | 1 | |
2020 | $ 52,425 | |
2021 | 54,478 | |
2022 | 51,750 | |
2023 | 0 | |
2024 | 0 | |
Thereafter | 0 | |
Total | $ 158,653 |
Commitments and Contingencies_3
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | ||
Mar. 31, 2016USD ($) | Mar. 31, 2020property | Mar. 24, 2016hotel | |
Loss Contingencies [Line Items] | |||
Number of Real Estate Properties | property | 28 | ||
InterContinental Hotels Group PLC | |||
Loss Contingencies [Line Items] | |||
Number of Real Estate Properties | hotel | 3 | ||
Withdrawal liability | $ | $ 8.3 |
Equity (Details)
Equity (Details) | 3 Months Ended |
Mar. 31, 2020 | |
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 | 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% |
Equity Noncontrolling Interest
Equity Noncontrolling Interest (Details) | Mar. 31, 2020 |
The Knickerbocker New York [Member] | |
Noncontrolling Interest [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flows [Line Items] | ||||
Restricted cash reserves | $ 5,300 | $ 4,100 | ||
Rangers Sub I, LLC | ||||
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | 16,995 | $ 13,294 | 19,572 | |
Restricted cash reserves | 5,342 | 4,111 | 4,147 | |
Cash, cash equivalents, and restricted cash reserves | 22,337 | 17,405 | $ 23,719 | $ 24,562 |
Interest paid | 1,631 | 1,468 | ||
Interest Paid, Related Party | 1,008 | 766 | ||
Income taxes refunded | (39) | 0 | ||
Operating Lease, Payments | 1,949 | 1,866 | ||
Accrued capital expenditures | $ 2,751 | $ 2,050 |
FelCor LP's Consolidating Fin_3
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Investment in hotel properties, net | $ 1,938,553 | $ 1,946,826 | ||
Restricted cash reserves | 5,300 | 4,100 | ||
Debt, net | $ 711,915 | 713,727 | ||
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 | 1,938,553 | 1,946,826 | ||
Investment in unconsolidated joint ventures | 15,820 | 15,171 | ||
Cash and cash equivalents | 16,995 | 19,572 | ||
Restricted cash reserves | 5,342 | 4,147 | ||
Related party receivable | 6,708 | 49,181 | ||
Lease right-of-use assets | 79,550 | 80,635 | ||
Prepaid expense and other assets | 7,508 | 7,543 | ||
Total assets | 2,070,476 | 2,123,075 | ||
Debt, net | 711,915 | 713,727 | ||
Related party debt | 85,000 | 85,000 | ||
Accounts payable and other liabilities | 31,968 | 32,676 | ||
Lease liabilities | 47,805 | 48,200 | ||
Accrued interest | 10,161 | 2,463 | ||
Accrued Interest, Related Party | 149 | 190 | ||
Total liabilities | 886,998 | 882,256 | ||
Partnership interests | 1,174,940 | 1,232,231 | ||
Total partners’ capital, excluding noncontrolling interest | 1,174,940 | 1,232,231 | ||
Noncontrolling interest in consolidated joint ventures | 8,538 | 8,588 | ||
Total equity | 1,183,478 | 1,240,819 | $ 1,469,929 | $ 1,475,588 |
Total liabilities and equity | 2,070,476 | 2,123,075 | ||
FelCor Lodging LP | Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity investment in consolidated entities | (1,672,682) | (1,722,133) | ||
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 receivable | 0 | 0 | ||
Lease right-of-use assets | 0 | 0 | ||
Prepaid expense and other assets | 0 | 0 | ||
Total assets | (1,672,682) | (1,722,133) | ||
Debt, net | (32,709) | (32,709) | ||
Related party debt | 0 | 0 | ||
Accounts payable and other liabilities | 0 | 0 | ||
Lease liabilities | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Accrued Interest, Related Party | 0 | 0 | ||
Total liabilities | (32,709) | (32,709) | ||
Partnership interests | (1,639,973) | (1,689,424) | ||
Total partners’ capital, excluding noncontrolling interest | (1,639,973) | (1,689,424) | ||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | ||
Total equity | (1,639,973) | (1,689,424) | ||
Total liabilities and equity | (1,672,682) | (1,722,133) | ||
FelCor Lodging LP | Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity investment in consolidated entities | 1,672,682 | 1,722,133 | ||
Investment in hotel properties, net | 0 | 0 | ||
Investment in unconsolidated joint ventures | 15,820 | 15,171 | ||
Cash and cash equivalents | 520 | 1,985 | ||
Restricted cash reserves | 447 | 447 | ||
Related party receivable | 0 | 1,360 | ||
Lease right-of-use assets | 4,332 | 4,444 | ||
Prepaid expense and other assets | 1,543 | 1,748 | ||
Total assets | 1,695,344 | 1,747,288 | ||
Debt, net | 499,303 | 500,484 | ||
Related party debt | 0 | 0 | ||
Accounts payable and other liabilities | 6,952 | 7,449 | ||
Lease liabilities | 4,561 | 4,661 | ||
Accrued interest | 9,588 | 2,463 | ||
Accrued Interest, Related Party | 0 | 0 | ||
Total liabilities | 520,404 | 515,057 | ||
Partnership interests | 1,174,940 | 1,232,231 | ||
Total partners’ capital, excluding noncontrolling interest | 1,174,940 | 1,232,231 | ||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | ||
Total equity | 1,174,940 | 1,232,231 | ||
Total liabilities and equity | 1,695,344 | 1,747,288 | ||
FelCor Lodging LP | Subsidiary Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity investment in consolidated entities | 0 | 0 | ||
Investment in hotel properties, net | 572,103 | 571,769 | ||
Investment in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash reserves | 0 | 0 | ||
Related party receivable | 797 | 15,217 | ||
Lease right-of-use assets | 65,611 | 66,571 | ||
Prepaid expense and other assets | 1,400 | 1,888 | ||
Total assets | 639,911 | 655,445 | ||
Debt, net | 24,728 | 24,711 | ||
Related party debt | 0 | 0 | ||
Accounts payable and other liabilities | 14,109 | 15,017 | ||
Lease liabilities | 25,253 | 25,571 | ||
Accrued interest | 59 | 0 | ||
Accrued Interest, Related Party | 0 | 0 | ||
Total liabilities | 64,149 | 65,299 | ||
Partnership interests | 575,762 | 590,146 | ||
Total partners’ capital, excluding noncontrolling interest | 575,762 | 590,146 | ||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | ||
Total equity | 575,762 | 590,146 | ||
Total liabilities and equity | 639,911 | 655,445 | ||
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Equity investment in consolidated entities | 0 | 0 | ||
Investment in hotel properties, net | 1,366,450 | 1,375,057 | ||
Investment in unconsolidated joint ventures | 0 | 0 | ||
Cash and cash equivalents | 16,475 | 17,587 | ||
Restricted cash reserves | 4,895 | 3,700 | ||
Related party receivable | 5,911 | 32,604 | ||
Lease right-of-use assets | 9,607 | 9,620 | ||
Prepaid expense and other assets | 4,565 | 3,907 | ||
Total assets | 1,407,903 | 1,442,475 | ||
Debt, net | 220,593 | 221,241 | ||
Related party debt | 85,000 | 85,000 | ||
Accounts payable and other liabilities | 10,907 | 10,210 | ||
Lease liabilities | 17,991 | 17,968 | ||
Accrued interest | 514 | 0 | ||
Accrued Interest, Related Party | 149 | 190 | ||
Total liabilities | 335,154 | 334,609 | ||
Partnership interests | 1,064,211 | 1,099,278 | ||
Total partners’ capital, excluding noncontrolling interest | 1,064,211 | 1,099,278 | ||
Noncontrolling interest in consolidated joint ventures | 8,538 | 8,588 | ||
Total equity | 1,072,749 | 1,107,866 | ||
Total liabilities and equity | $ 1,407,903 | $ 1,442,475 |
FelCor LP's Consolidating Fin_4
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | ||
Related party lease revenue | $ 25,619 | $ 49,921 |
Expense | ||
Interest expense | (8,000) | (7,200) |
Equity in income from unconsolidated joint ventures | 549 | 107 |
FelCor Lodging LP | ||
Revenue | ||
Related party lease revenue | 25,619 | 49,921 |
Total revenues | 25,619 | 49,921 |
Expense | ||
Depreciation and amortization | 18,528 | 18,294 |
Property tax, insurance and other | 10,371 | 10,508 |
General and administrative | 367 | 414 |
Transaction costs | 11 | 252 |
Total operating expenses | 29,277 | 29,468 |
Other income | 0 | 49 |
Interest income | 95 | 95 |
Interest expense | (8,033) | (7,247) |
Interest Expense, Related Party | (967) | (1,166) |
Income (loss) before equity in income from unconsolidated joint ventures | (12,563) | 12,184 |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 549 | 107 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (12,014) | 12,291 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 50 | 104 |
Preferred distributions - consolidated joint venture | (186) | |
Redemption of preferred capital - consolidated joint venture | 0 | (1,153) |
Net Income (Loss) Attributable to Parent | (11,964) | 11,056 |
FelCor Lodging LP | Eliminations | ||
Revenue | ||
Related party lease revenue | 0 | 0 |
Total revenues | 0 | 0 |
Expense | ||
Depreciation and amortization | 0 | 0 |
Property tax, insurance and other | 0 | 0 |
General and administrative | 0 | 0 |
Transaction costs | 0 | 0 |
Total operating expenses | 0 | 0 |
Other income | 0 | |
Interest income | (199) | (194) |
Interest expense | 199 | 194 |
Interest Expense, Related Party | 0 | 0 |
Income (loss) before equity in income from unconsolidated joint ventures | 0 | 0 |
Equity in Income (Loss) from consolidated entities | 6,370 | (17,236) |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 6,370 | (17,236) |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | 6,370 | (17,236) |
FelCor Lodging LP | Parent Company | ||
Revenue | ||
Related party lease revenue | 0 | 0 |
Total revenues | 0 | 0 |
Expense | ||
Depreciation and amortization | 140 | 114 |
Property tax, insurance and other | (7) | 26 |
General and administrative | 290 | 385 |
Transaction costs | 10 | 95 |
Total operating expenses | 433 | 620 |
Other income | 39 | |
Interest income | 234 | 238 |
Interest expense | (5,944) | (5,944) |
Interest Expense, Related Party | 0 | 0 |
Income (loss) before equity in income from unconsolidated joint ventures | (6,143) | (6,287) |
Equity in Income (Loss) from consolidated entities | (6,370) | 17,236 |
Equity in income from unconsolidated joint ventures | 549 | 107 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (11,964) | 11,056 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | (11,964) | 11,056 |
FelCor Lodging LP | Subsidiary Guarantors | ||
Revenue | ||
Related party lease revenue | 10,193 | 18,272 |
Total revenues | 10,193 | 18,272 |
Expense | ||
Depreciation and amortization | 7,031 | 6,765 |
Property tax, insurance and other | 4,608 | 4,906 |
General and administrative | 61 | 20 |
Transaction costs | 1 | 8 |
Total operating expenses | 11,701 | 11,699 |
Other income | 10 | |
Interest income | 0 | 0 |
Interest expense | (213) | 0 |
Interest Expense, Related Party | 0 | 0 |
Income (loss) before equity in income from unconsolidated joint ventures | (1,721) | 6,583 |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,721) | 6,583 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 0 | 0 |
Preferred distributions - consolidated joint venture | 0 | |
Redemption of preferred capital - consolidated joint venture | 0 | |
Net Income (Loss) Attributable to Parent | (1,721) | 6,583 |
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||
Revenue | ||
Related party lease revenue | 15,426 | 31,649 |
Total revenues | 15,426 | 31,649 |
Expense | ||
Depreciation and amortization | 11,357 | 11,415 |
Property tax, insurance and other | 5,770 | 5,576 |
General and administrative | 16 | 9 |
Transaction costs | 0 | 149 |
Total operating expenses | 17,143 | 17,149 |
Other income | 0 | |
Interest income | 60 | 51 |
Interest expense | (2,075) | (1,497) |
Interest Expense, Related Party | (967) | (1,166) |
Income (loss) before equity in income from unconsolidated joint ventures | (4,699) | 11,888 |
Equity in Income (Loss) from consolidated entities | 0 | 0 |
Equity in income from unconsolidated joint ventures | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,699) | 11,888 |
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Nonredeemable | 50 | 104 |
Preferred distributions - consolidated joint venture | (186) | |
Redemption of preferred capital - consolidated joint venture | (1,153) | |
Net Income (Loss) Attributable to Parent | $ (4,649) | $ 10,653 |
FelCor LP's Consolidating Fin_5
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing activities: | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | $ (1,382) | $ (7,157) | ||
FelCor Lodging LP | ||||
Operating activities: | ||||
Cash flows from operating activities | 57,182 | 25,213 | ||
Investing activities: | ||||
Improvements and additions to hotel properties | (12,621) | (13,039) | ||
Contributions to unconsolidated joint ventures | (100) | (603) | ||
Intercompany financing | 0 | 0 | ||
Net cash flow used in investing activities | (12,721) | (13,642) | ||
Financing activities: | ||||
Repayments of Secured Debt | (516) | (650) | ||
Contributions from members | 24,641 | 73,846 | ||
Contributions from noncontrolling interests | 2,281 | |||
Distributions to partners | (69,968) | (48,308) | ||
Payment of deferred financing fees | 0 | (2) | ||
Preferred distributions - consolidated joint venture | 0 | (312) | ||
Redemption of preferred capital - consolidated joint venture | 0 | (45,583) | ||
Intercompany financing | 0 | 0 | ||
Net cash flow used in financing activities | (45,843) | (18,728) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (1,382) | (7,157) | ||
Cash, cash equivalents, and restricted cash reserves | 22,337 | 17,405 | $ 23,719 | $ 24,562 |
FelCor Lodging LP | Eliminations | ||||
Operating activities: | ||||
Cash flows from operating activities | 0 | 0 | ||
Investing activities: | ||||
Improvements and additions to hotel properties | 0 | 0 | ||
Contributions to unconsolidated joint ventures | 0 | 0 | ||
Intercompany financing | (43,079) | 33,305 | ||
Net cash flow used in investing activities | (43,079) | 33,305 | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | 0 | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | 0 | |||
Preferred distributions - consolidated joint venture | 0 | |||
Redemption of preferred capital - consolidated joint venture | 0 | |||
Intercompany financing | 43,079 | (33,305) | ||
Net cash flow used in financing activities | 43,079 | (33,305) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, cash equivalents, and restricted cash reserves | 0 | 0 | 0 | 0 |
FelCor Lodging LP | Parent Company | ||||
Operating activities: | ||||
Cash flows from operating activities | 883 | (1,236) | ||
Investing activities: | ||||
Improvements and additions to hotel properties | 0 | 0 | ||
Contributions to unconsolidated joint ventures | (100) | (603) | ||
Intercompany financing | 43,079 | (33,305) | ||
Net cash flow used in investing activities | 42,979 | (33,908) | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | 0 | ||
Contributions from members | 24,641 | 73,846 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | (69,968) | (48,308) | ||
Payment of deferred financing fees | 0 | |||
Preferred distributions - consolidated joint venture | 0 | |||
Redemption of preferred capital - consolidated joint venture | 0 | |||
Intercompany financing | 0 | 0 | ||
Net cash flow used in financing activities | (45,327) | 25,538 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (1,465) | (9,606) | ||
Cash, cash equivalents, and restricted cash reserves | 967 | 1,613 | 2,432 | 11,219 |
FelCor Lodging LP | Subsidiary Guarantors | ||||
Operating activities: | ||||
Cash flows from operating activities | 21,822 | 10,947 | ||
Investing activities: | ||||
Improvements and additions to hotel properties | (9,161) | (3,714) | ||
Contributions to unconsolidated joint ventures | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow used in investing activities | (9,161) | (3,714) | ||
Financing activities: | ||||
Repayments of Secured Debt | 0 | 0 | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | (1) | |||
Preferred distributions - consolidated joint venture | 0 | |||
Redemption of preferred capital - consolidated joint venture | 0 | |||
Intercompany financing | (12,661) | (7,232) | ||
Net cash flow used in financing activities | (12,661) | (7,233) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | ||
Cash, cash equivalents, and restricted cash reserves | 0 | 0 | 0 | 0 |
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||||
Operating activities: | ||||
Cash flows from operating activities | 34,477 | 15,502 | ||
Investing activities: | ||||
Improvements and additions to hotel properties | (3,460) | (9,325) | ||
Contributions to unconsolidated joint ventures | 0 | 0 | ||
Intercompany financing | 0 | 0 | ||
Net cash flow used in investing activities | (3,460) | (9,325) | ||
Financing activities: | ||||
Repayments of Secured Debt | (516) | (650) | ||
Contributions from members | 0 | 0 | ||
Contributions from noncontrolling interests | 2,281 | |||
Distributions to partners | 0 | 0 | ||
Payment of deferred financing fees | (1) | |||
Preferred distributions - consolidated joint venture | (312) | |||
Redemption of preferred capital - consolidated joint venture | (45,583) | |||
Intercompany financing | (30,418) | 40,537 | ||
Net cash flow used in financing activities | (30,934) | (3,728) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 83 | 2,449 | ||
Cash, cash equivalents, and restricted cash reserves | $ 21,370 | $ 15,792 | $ 21,287 | $ 13,343 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
May 31, 2020USD ($) | Mar. 31, 2020USD ($)property | Mar. 31, 2019USD ($) | Apr. 30, 2020hotel | |
Subsequent Event [Line Items] | ||||
Number of Real Estate Properties | property | 28 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of Real Estate Properties | hotel | 13 | |||
Rangers Sub I, LLC | ||||
Subsequent Event [Line Items] | ||||
Contributions | $ 24,641 | $ 73,846 | ||
Rangers Sub I, LLC | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Contributions | $ 50,000 |