MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar | |||||||||||||||||||||
Hospitality | Non-Guarantor | MeriStar | AGH Upreit, | MeriStar Sub 5N, | |||||||||||||||||
OP, L.P. | Subsidiaries | Sub 7C, LLC | LLC | LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 15,499 | 1,548,868 | — | — | 4,105 | ||||||||||||||||
Accumulated depreciation | (7,564 | ) | (223,232 | ) | — | — | (507 | ) | |||||||||||||
7,935 | 1,325,636 | — | — | 3,598 | |||||||||||||||||
Cash and cash equivalents | 5,840 | — | — | — | — | ||||||||||||||||
Accounts receivable, net | 9,862 | 1,240 | — | — | — | ||||||||||||||||
Prepaid expenses and other | 8,254 | 87 | — | — | — | ||||||||||||||||
Income tax receivable | 344 | — | — | — | — | ||||||||||||||||
Note receivable | 162,778 | — | — | — | — | ||||||||||||||||
Due from subsidiaries | (532,991 | ) | 153,280 | — | 7 | 3,440 | |||||||||||||||
Investments in affiliates | 2,679,345 | 8,200 | 32 | 3,056 | — | ||||||||||||||||
Restricted cash | 11,237 | 5,090 | — | — | — | ||||||||||||||||
Intangible assets, net | 17,940 | 209 | — | — | — | ||||||||||||||||
2,370,544 | 1,493,742 | 32 | 3,063 | 7,038 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 13,976 | 11,943 | — | — | 49 | ||||||||||||||||
Accrued interest | 37,294 | 3,680 | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | 5,055 | — | — | — | — | ||||||||||||||||
Dividends and Distributions payable | 446 | — | — | — | — | ||||||||||||||||
Deferred income taxes | 6,823 | — | — | — | — | ||||||||||||||||
Interest rate swaps | 6,802 | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | 357,408 | — | — | — | — | ||||||||||||||||
Long-term debt | 959,780 | 353,901 | — | — | — | ||||||||||||||||
Total liabilities | 1,387,584 | 369,524 | — | — | 49 | ||||||||||||||||
Minority interests | 2,629 | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | 45,996 | — | — | — | — | ||||||||||||||||
Partners’ capital | 934,335 | 1,124,218 | 32 | 3,063 | 6,989 | ||||||||||||||||
2,370,544 | 1,493,742 | 32 | 3,063 | 7,038 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar | MeriStar Sub | MeriStar Sub | |||||||||||||||||
8A, LLC | 8F, L.P. | 8G, LLC | 6H, L.P. | 8B, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | — | 11,453 | — | 13,629 | 81,788 | ||||||||||||||||
Accumulated depreciation | — | (1,820 | ) | — | (1,768 | ) | (9,279 | ) | |||||||||||||
— | 9,633 | — | 11,861 | 72,509 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | (17 | ) | (28 | ) | — | — | — | ||||||||||||||
Prepaid expenses and other | — | 2 | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 4,878 | 4,980 | 9 | 5,546 | 25,165 | ||||||||||||||||
Investments in affiliates | — | — | 72 | — | — | ||||||||||||||||
Restricted cash | — | 115 | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | — | — | 37 | ||||||||||||||||
4,861 | 14,702 | 81 | 17,407 | 97,711 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (36 | ) | 168 | — | 234 | 2,640 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | (96 | ) | — | — | — | — | |||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | — | ||||||||||||||||
Total liabilities | (132 | ) | 168 | — | 234 | 2,640 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 4,993 | 14,534 | 81 | 17,173 | 95,071 | ||||||||||||||||
4,861 | 14,702 | 81 | 17,407 | 97,711 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
1C, L.P. | 8E, LLC | 7F, LLC | 5L, LLC | 3C, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 25,226 | 15,262 | 12,019 | 11,477 | 17,345 | ||||||||||||||||
Accumulated depreciation | (4,631 | ) | (2,292 | ) | (2,337 | ) | (469 | ) | (2,823 | ) | |||||||||||
20,595 | 12,970 | 9,682 | 11,008 | 14,522 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | 8 | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | (3,092 | ) | 5,245 | 4,264 | 3,669 | 3,812 | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | 3 | — | — | 51 | ||||||||||||||||
17,511 | 18,218 | 13,946 | 14,677 | 18,385 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 125 | (57 | ) | 192 | 76 | 330 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | — | ||||||||||||||||
Total liabilities | 125 | (57 | ) | 192 | 76 | 330 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 17,386 | 18,275 | 13,754 | 14,601 | 18,055 | ||||||||||||||||
17,511 | 18,218 | 13,946 | 14,677 | 18,385 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||
5R, LLC | 8A, LLC | 6D, LLC | 6E, LLC | ||||||||||||||
Assets | |||||||||||||||||
Investment in hotel properties | — | — | 17,429 | 44,308 | |||||||||||||
Accumulated depreciation | — | — | (2,213 | ) | (7,914 | ) | |||||||||||
— | — | 15,216 | 36,394 | ||||||||||||||
Cash and cash equivalents | — | — | — | — | |||||||||||||
Accounts receivable, net | — | — | 125 | — | |||||||||||||
Prepaid expenses and other | — | — | — | — | |||||||||||||
Income tax receivable | — | — | — | — | |||||||||||||
Note receivable | — | — | — | — | |||||||||||||
Due from subsidiaries | (43 | ) | — | 6,355 | 17,164 | ||||||||||||
Investments in affiliates | 43 | — | — | — | |||||||||||||
Restricted cash | — | — | — | — | |||||||||||||
Intangible assets, net | — | — | — | — | |||||||||||||
— | — | 21,696 | 53,558 | ||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | — | — | (29 | ) | (130 | ) | |||||||||||
Accrued interest | — | — | — | — | |||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | |||||||||||||
Dividends and distributions payable | — | — | — | — | |||||||||||||
Deferred income taxes | — | — | — | — | |||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | |||||||||||||
Long-term debt | — | — | — | — | |||||||||||||
Total liabilities | — | — | (29 | ) | (130 | ) | |||||||||||
Minority interests | — | — | — | — | |||||||||||||
Redeemable OP units at redemption value | — | — | — | — | |||||||||||||
Partners’ capital | — | — | 21,725 | 53,688 | |||||||||||||
— | — | 21,696 | 53,558 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
4E, L.P. | 1B, LLC | 5F, L.P. | 6G, LLC | 8C, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 24,686 | 18,374 | 31,397 | 22,344 | 36,788 | ||||||||||||||||
Accumulated depreciation | (3,757 | ) | (3,389 | ) | (4,155 | ) | (3,955 | ) | (4,953 | ) | |||||||||||
20,929 | 14,985 | 27,242 | 18,389 | 31,835 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 2,455 | 12,598 | 10,395 | 4,754 | 4,125 | ||||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | 4 | — | 5 | — | 1 | ||||||||||||||||
23,388 | 27,583 | 37,642 | 23,143 | 35,961 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 308 | 72 | 342 | 48 | (222 | ) | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | 48 | — | — | — | ||||||||||||||||
Total liabilities | 308 | 120 | 342 | 48 | (222 | ) | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 23,080 | 27,463 | 37,300 | 23,095 | 36,183 | ||||||||||||||||
23,388 | 27,583 | 37,642 | 23,143 | 35,961 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
4C, L.P. | 4H, L.P. | 7E, LLC | 3D, LLC | 1A, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | — | 12,445 | 17,904 | 22,505 | 11,290 | ||||||||||||||||
Accumulated depreciation | — | (2,117 | ) | (2,551 | ) | (6,065 | ) | (2,368 | ) | ||||||||||||
— | 10,328 | 15,353 | 16,440 | 8,922 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | 1 | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | 3 | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 11,504 | (847 | ) | 5,567 | 7,197 | 5,953 | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | 4 | — | — | ||||||||||||||||
11,505 | 9,484 | 20,924 | 23,637 | 14,875 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 130 | 126 | 44 | 169 | 129 | ||||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | (32 | ) | — | — | — | — | |||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | — | ||||||||||||||||
Total liabilities | 98 | 126 | 44 | 169 | 129 | ||||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 11,407 | 9,358 | 20,880 | 23,468 | 14,746 | ||||||||||||||||
11,505 | 9,484 | 20,924 | 23,637 | 14,875 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub 7A | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5E, LLC | Joint Venture | 6K, LLC | 2B, LLC | 3A, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 52,864 | 13,110 | 22,840 | 9,578 | 7,007 | ||||||||||||||||
Accumulated depreciation | (7,668 | ) | (1,657 | ) | (4,114 | ) | (1,875 | ) | (1,484 | ) | |||||||||||
45,196 | 11,453 | 18,726 | 7,703 | 5,523 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | (12 | ) | — | |||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 13,307 | 4,131 | 16,118 | (707 | ) | 1,383 | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | 3 | — | — | 1 | — | ||||||||||||||||
58,506 | 15,584 | 34,844 | 6,985 | 6,906 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 458 | 163 | 158 | 29 | 131 | ||||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | 4,871 | — | ||||||||||||||||
Total liabilities | 458 | 163 | 158 | 4,900 | 131 | ||||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 58,048 | 15,421 | 34,686 | 2,084 | 6,775 | ||||||||||||||||
58,506 | 15,584 | 34,844 | 6,985 | 6,906 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MDV Limited | |||||||||||||||||
4A, LLC | 4D, LLC | 2A, LLC | 6L, LLC | Partnership | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 8,883 | 8,937 | 8,262 | 29,630 | 3,829 | ||||||||||||||||
Accumulated depreciation | (1,112 | ) | (1,408 | ) | (1,380 | ) | (3,132 | ) | (512 | ) | |||||||||||
7,771 | 7,529 | 6,882 | 26,498 | 3,317 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 3,851 | 131 | (829 | ) | 4,591 | 2,085 | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | 22 | 22 | — | 9 | ||||||||||||||||
11,622 | 7,682 | 6,075 | 31,089 | 5,411 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 280 | 177 | 19 | (1 | ) | 77 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | 7,946 | — | — | ||||||||||||||||
Total liabilities | 280 | 177 | 7,965 | (1 | ) | 77 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 11,342 | 7,505 | (1,890 | ) | 31,090 | 5,334 | |||||||||||||||
11,622 | 7,682 | 6,075 | 31,089 | 5,411 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5C, LLC | 6J, LLC | 1D, L.P. | 7B, L.P. | 7D, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 14,043 | 19,397 | 68,462 | 25,434 | 52,169 | ||||||||||||||||
Accumulated depreciation | (2,662 | ) | (3,046 | ) | (9,195 | ) | (2,971 | ) | (7,728 | ) | |||||||||||
11,381 | 16,351 | 59,267 | 22,463 | 44,441 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | 81 | — | — | 872 | ||||||||||||||||
Prepaid expenses and other | 31 | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 272 | 5,417 | 15,847 | (3,809 | ) | 21,548 | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | 48 | 22 | — | 330 | ||||||||||||||||
11,684 | 21,897 | 75,136 | 18,654 | 67,191 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 869 | (165 | ) | 147 | 1,210 | 5,159 | |||||||||||||||
Accrued interest | — | — | 103 | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | (200 | ) | |||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | — | ||||||||||||||||
Total liabilities | 869 | (165 | ) | 250 | 1,210 | 4,959 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 10,815 | 22,062 | 74,886 | 17,444 | 62,232 | ||||||||||||||||
11,684 | 21,897 | 75,136 | 18,654 | 67,191 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
7G, LLC | 6B, LLC | 4I, L.P. | 5D, LLC | 5H, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 16,575 | 10,625 | 12,664 | 41,911 | 53,327 | ||||||||||||||||
Accumulated depreciation | (3,926 | ) | (1,628 | ) | (4,019 | ) | (6,282 | ) | (7,492 | ) | |||||||||||
12,649 | 8,997 | 8,645 | 35,630 | 45,835 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 14 | 2,177 | 916 | (6,928 | ) | 8,633 | |||||||||||||||
Investments in affiliates | — | — | — | 51,368 | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | 7 | 5 | — | 19 | — | ||||||||||||||||
12,670 | 11,179 | 9,561 | 80,088 | 54,468 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (25 | ) | (150 | ) | 332 | 365 | 401 | ||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | 24,000 | — | ||||||||||||||||
Total liabilities | (25 | ) | (150 | ) | 332 | 24,365 | 401 | ||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 12,695 | 11,329 | 9,229 | 55,723 | 54,067 | ||||||||||||||||
12,670 | 11,179 | 9,561 | 80,088 | 54,468 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | AGH PSSI, | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
7H, LLC | Inc. | 2D, LLC | 4F, L.P. | 5K, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 10,168 | 17,818 | 15,394 | 31,842 | 28,004 | ||||||||||||||||
Accumulated depreciation | (4,404 | ) | (2,049 | ) | (2,309 | ) | (4,438 | ) | (3,619 | ) | |||||||||||
5,764 | 15,769 | 13,085 | 27,404 | 24,385 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 5,752 | 10,961 | 429 | 3,975 | (960 | ) | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | 1 | 18 | — | ||||||||||||||||
11,516 | 26,730 | 13,515 | 31,397 | 23,425 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 497 | 340 | (3 | ) | 303 | 4,445 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | 13 | — | 9,207 | — | — | ||||||||||||||||
Total liabilities | 511 | 340 | 9,204 | 303 | 4,445 | ||||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 11,006 | 26,390 | 4,311 | 31,094 | 18,980 | ||||||||||||||||
11,516 | 26,730 | 13,515 | 31,397 | 23,425 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5M, LLC | 1E, L.P. | 5O, LLC | 6M Company | 4B, L.P. | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 22,016 | 10,451 | 8,726 | 32,927 | 17,069 | ||||||||||||||||
Accumulated depreciation | (1,768 | ) | (1,573 | ) | (861 | ) | (4,480 | ) | (5,015 | ) | |||||||||||
20,248 | 8,878 | 7,865 | 28,447 | 12,054 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 6,566 | 7,081 | 2,439 | 15,004 | (4,592 | ) | |||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | — | 27 | — | ||||||||||||||||
26,814 | 15,959 | 10,304 | 43,478 | 7,462 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 157 | 34 | 54 | (192 | ) | 353 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | — | ||||||||||||||||
Total liabilities | 157 | 34 | 54 | (192 | ) | 353 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 26,657 | 15,925 | 10,250 | 43,670 | 7,109 | ||||||||||||||||
26,814 | 15,959 | 10,304 | 43,478 | 7,462 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
6C, LLC | 2C, LLC | 4G, L.P. | 3B, LLC | 5G, L.P. | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 20,816 | 28,463 | 25,589 | 25,063 | 162,965 | ||||||||||||||||
Accumulated depreciation | (3,400 | ) | (5,109 | ) | (3,786 | ) | (3,662 | ) | (22,654 | ) | |||||||||||
17,416 | 23,354 | 21,803 | 21,401 | 140,311 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | 0 | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 9,476 | 4,877 | 7,001 | 2,153 | 35,144 | ||||||||||||||||
Investments in affiliates | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | 1 | 14 | 0 | 5 | ||||||||||||||||
26,892 | 28,232 | 28,818 | 23,553 | 175,459 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (194 | ) | 124 | 402 | 249 | 1,599 | |||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | 16,080 | — | — | — | ||||||||||||||||
Total liabilities | (194 | ) | 16,204 | 402 | 249 | 1,599 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 27,088 | 12,027 | 28,416 | 23,304 | 173,860 | ||||||||||||||||
26,893 | 28,232 | 28,818 | 23,553 | 175,459 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar | MeriStar | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5P, LLC | Sub 5J, LLC | Sub 5Q, LLC | 5A, LLC | 8D, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 39 | 106,690 | 16,450 | 34,911 | 30,604 | ||||||||||||||||
Accumulated depreciation | (17 | ) | (12,463 | ) | (1,576 | ) | (9,016 | ) | (4,764 | ) | |||||||||||
22 | 94,227 | 14,874 | 25,895 | 25,840 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | ||||||||||||||||
Income tax receivable | — | — | — | — | — | ||||||||||||||||
Note receivable | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 1,857 | 17,625 | 3,160 | 5,169 | 6,545 | ||||||||||||||||
Investments in affiliates | — | — | — | 4,627 | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | — | — | — | ||||||||||||||||
1,879 | 111,852 | 18,034 | 35,691 | 32,385 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 27 | 839 | (64 | ) | 428 | (112 | ) | ||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Dividends and distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | 23,609 | — | ||||||||||||||||
Total liabilities | 27 | 839 | (64 | ) | 24,037 | (112 | ) | ||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 1,852 | 111,013 | 18,098 | 11,654 | 32,497 | ||||||||||||||||
1,879 | 111,852 | 18,034 | 35,691 | 32,385 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Hotel | Total | |||||||||||||||
4J, LLC | Lessee, Inc. | Eliminations | Consolidated | ||||||||||||||
Assets | |||||||||||||||||
Investment in hotel properties | 38,101 | 1,745 | — | 3,181,539 | |||||||||||||
Accumulated depreciation | (5,537 | ) | (1,675 | ) | — | (477,625 | ) | ||||||||||
32,564 | 70 | — | 2,703,914 | ||||||||||||||
Cash and cash equivalents | — | 18,888 | — | 24,728 | |||||||||||||
Accounts receivable, net | (19 | ) | 40,686 | — | 52,791 | ||||||||||||
Prepaid expenses and other | — | 14,972 | — | 23,357 | |||||||||||||
Income tax receivable | — | (25 | ) | — | 319 | ||||||||||||
Note receivable | — | — | (106,709 | ) | 56,069 | ||||||||||||
Due from subsidiaries | 4,991 | 1,810 | — | — | |||||||||||||
Investments in affiliates | — | 1,629 | (2,706,658 | ) | 41,714 | ||||||||||||
Restricted cash | — | 1 | — | 16,443 | |||||||||||||
Intangible assets, net | 16 | 1 | — | 18,825 | |||||||||||||
37,552 | 78,032 | (2,813,367 | ) | 2,938,160 | |||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 258 | 68,193 | — | 117,998 | |||||||||||||
Accrued interest | — | 67 | — | 41,144 | |||||||||||||
Due to Interstate Hotels & Resorts | — | 5,099 | 9,954 | ||||||||||||||
Dividends and Distributions payable | — | 3 | — | 449 | |||||||||||||
Deferred income taxes | — | (337 | ) | — | 6,358 | ||||||||||||
Interest rate swaps | — | — | — | 6,802 | |||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | 357,408 | |||||||||||||
Long-term debt | — | 19,500 | (106,709 | ) | 1,312,246 | ||||||||||||
Total liabilities | 258 | 92,525 | (106,709 | ) | 1,852,359 | ||||||||||||
Minority interests | — | — | — | 2,629 | |||||||||||||
Redeemable OP units at redemption value | — | — | — | 45,996 | |||||||||||||
Partners’ capital | 37,294 | (14,493 | ) | (2,706,658 | ) | 1,037,176 | |||||||||||
37,552 | 78,032 | (2,813,367 | ) | 29,538,160 | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar | ||||||||||||||||||||||||||||
Hospitality | Non-Guarantor | MeriStar Sub | AGH Upreit, | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
OP, L.P. | Subsidiaries | 7C, LLC | LLC | 5N, LLC | 8A, LLC | |||||||||||||||||||||||
Participating lease revenue | — | 34,942 | — | — | 153 | — | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 2,073 | 1,570 | — | — | — | — | ||||||||||||||||||||||
Total revenue | 2,073 | 36,512 | — | — | 153 | — | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | 427 | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 2,247 | 83 | — | — | — | — | ||||||||||||||||||||||
Property operating costs | — | 2 | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | (2,378 | ) | 5,815 | — | — | 25 | — | |||||||||||||||||||||
Depreciation and amortization | 2,506 | 13,460 | — | — | 33 | — | ||||||||||||||||||||||
Expense for non-hedging derivatives | 1,132 | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 3,507 | 19,787 | — | — | 58 | — | ||||||||||||||||||||||
Net operating income | (1,434 | ) | 16,725 | — | — | 95 | — | |||||||||||||||||||||
Interest expense, net | 26,249 | 6,411 | — | — | (2 | ) | — | |||||||||||||||||||||
Equity in income from consolidated entities | 3,669 | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (31,352 | ) | 10,314 | — | — | 97 | — | |||||||||||||||||||||
Minority interests | (18 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (31,334 | ) | 10,314 | — | — | 97 | — | |||||||||||||||||||||
Income tax benefit | (595 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (30,739 | ) | 10,314 | — | — | 97 | — | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | 126 | — | — | — | (4,710 | ) | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | 96 | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | 126 | — | — | — | (4,614 | ) | |||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | (30,739 | ) | 10,440 | — | — | 97 | (4,614 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
8F, L.P. | 8G, LLC | 6H, L.P. | 8B, LLC | 1C, L.P. | 8E, LLC | |||||||||||||||||||||||
Participating lease revenue | 571 | — | 371 | 1,435 | 175 | 397 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | 5 | ||||||||||||||||||||||
Total revenue | 571 | — | 371 | 1,435 | 175 | 402 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | — | — | — | 1 | 3 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 169 | — | 27 | 348 | 179 | 48 | ||||||||||||||||||||||
Depreciation and amortization | 113 | — | 108 | 595 | 254 | 152 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 282 | — | 135 | 944 | 436 | 201 | ||||||||||||||||||||||
Net operating income | 289 | — | 236 | 491 | (261 | ) | 201 | |||||||||||||||||||||
Interest expense, net | (3 | ) | — | (1 | ) | (27 | ) | (14 | ) | (1 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 292 | — | 237 | 518 | (247 | ) | 202 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 292 | — | 237 | 518 | (247 | ) | 202 | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 292 | — | 237 | 518 | (247 | ) | 202 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 292 | — | 237 | 518 | (247 | ) | 202 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
7F, LLC | 5L, LLC | 3C, LLC | 5R, LLC | 6D, LLC | 6E, LLC | |||||||||||||||||||||||
Participating lease revenue | 283 | 172 | 340 | — | 480 | 1,354 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 4 | — | ||||||||||||||||||||||
Total revenue | 283 | 172 | 340 | — | 484 | 1,354 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | — | — | — | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 37 | 37 | 117 | — | 64 | 195 | ||||||||||||||||||||||
Depreciation and amortization | 115 | 34 | 176 | — | 127 | 422 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 153 | 72 | 294 | — | 191 | 617 | ||||||||||||||||||||||
Net operating income | 130 | 100 | 46 | — | 293 | 737 | ||||||||||||||||||||||
Interest expense, net | (3 | ) | (2 | ) | (6 | ) | — | (7 | ) | (17 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 133 | 102 | 52 | — | 300 | 754 | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 133 | 102 | 52 | — | 300 | 754 | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 133 | 102 | 52 | — | 300 | 754 | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 133 | 102 | 52 | — | 300 | 754 | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
4E, L.P. | 1B, LLC | 5F, L.P. | 6G, LLC | 8C, LLC | 4C, L.P | |||||||||||||||||||||||
Participating lease revenue | 327 | 664 | 615 | 591 | 487 | — | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 5 | 1 | — | — | — | — | ||||||||||||||||||||||
Total revenue | 332 | 665 | 615 | 591 | 487 | — | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | — | — | 1 | — | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 107 | 52 | 102 | 104 | 157 | — | ||||||||||||||||||||||
Depreciation and amortization | 230 | 146 | 264 | 209 | 346 | — | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 338 | 199 | 366 | 313 | 504 | — | ||||||||||||||||||||||
Net operating income | (6 | ) | 466 | 249 | 278 | (17 | ) | — | ||||||||||||||||||||
Interest expense, net | (8 | ) | (6 | ) | (13 | ) | (13 | ) | (11 | ) | — | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 2 | 472 | 262 | 291 | (6 | ) | — | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 2 | 472 | 262 | 291 | (6 | ) | — | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 2 | 472 | 262 | 291 | (6 | ) | — | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | (1,531 | ) | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | 32 | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | (1,499 | ) | |||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 2 | 472 | 262 | 291 | (6 | ) | (1,499 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
4H, L.P. | 7E, LLC | 3D, LLC | 1A, LLC | 5E, LLC | 7A Joint Venture | |||||||||||||||||||||||
Participating lease revenue | 101 | 313 | 518 | 481 | 1,353 | 354 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | 1 | — | — | — | — | ||||||||||||||||||||||
Total revenue | 101 | 314 | 518 | 481 | 1,353 | 354 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | 1 | — | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 52 | 41 | 76 | 123 | 97 | 60 | ||||||||||||||||||||||
Depreciation and amortization | 135 | 158 | 202 | 111 | 485 | 104 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 188 | 200 | 279 | 235 | 583 | 164 | ||||||||||||||||||||||
Net operating income | (87 | ) | 114 | 239 | 246 | 770 | 190 | |||||||||||||||||||||
Interest expense, net | (3 | ) | (5 | ) | (12 | ) | (5 | ) | (8 | ) | (10 | ) | ||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (84 | ) | 119 | 251 | 251 | 778 | 200 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (84 | ) | 119 | 251 | 251 | 778 | 200 | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (84 | ) | 119 | 251 | 251 | 778 | 200 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | (84 | ) | 119 | 251 | 251 | 778 | 200 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
6K, LLC | 2B, LLC | 3A, LLC | 4A, L.P. | 4D, LLC | 2A, LLC | |||||||||||||||||||||||
Participating lease revenue | 1,011 | 152 | 133 | 248 | 147 | 163 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | ||||||||||||||||||||||
Total revenue | 1,011 | 152 | 133 | 248 | 147 | 163 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | — | 1 | 1 | 1 | 1 | (1 | ) | |||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 106 | 48 | 31 | 65 | 45 | 49 | ||||||||||||||||||||||
Depreciation and amortization | 182 | 102 | 61 | — | 75 | 80 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 288 | 151 | 93 | 66 | 121 | 128 | ||||||||||||||||||||||
Net operating income | 723 | 1 | 40 | 182 | 26 | 35 | ||||||||||||||||||||||
Interest expense, net | (10 | ) | 95 | (15 | ) | (11 | ) | (13 | ) | 170 | ||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 733 | (94 | ) | 55 | 193 | 39 | (135 | ) | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 733 | (94 | ) | 55 | 193 | 39 | (135 | ) | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 733 | (94 | ) | 55 | 193 | 39 | (135 | ) | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 733 | (94 | ) | 55 | 193 | 39 | (135 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MDV Limited | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
6L, LLC | Partnership | 5C, LLC | 6J, LLC | 1D, L.P. | 7B, L.P. | |||||||||||||||||||||||
Participating lease revenue | 541 | 71 | 395 | 477 | 1,279 | 391 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 114 | — | ||||||||||||||||||||||
Total revenue | 541 | 71 | 395 | 477 | 1,393 | 391 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | 33 | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | — | — | 1 | — | — | — | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 52 | 29 | 145 | 67 | 361 | (34 | ) | |||||||||||||||||||||
Depreciation and amortization | 222 | 35 | 149 | 160 | 584 | 231 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 274 | 64 | 295 | 227 | 978 | 197 | ||||||||||||||||||||||
Net operating income | 267 | 7 | 100 | 250 | 415 | 194 | ||||||||||||||||||||||
Interest expense, net | (5 | ) | — | (11 | ) | (12 | ) | (3 | ) | (41 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 272 | 7 | 111 | 262 | 418 | 235 | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 272 | 7 | 111 | 262 | 418 | 235 | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 272 | 7 | 111 | 262 | 418 | 235 | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 272 | 7 | 111 | 262 | 418 | 235 | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
7D, LLC | 7G, LLC | 6B, LLC | 4I, L.P. | 5D, LLC | 5H, LLC | |||||||||||||||||||||||
Participating lease revenue | 1,387 | 146 | 293 | 19 | 454 | 603 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 374 | — | — | — | — | — | ||||||||||||||||||||||
Total revenue | 1,761 | 146 | 293 | 19 | 454 | 603 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | 187 | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 544 | 61 | 55 | 87 | 90 | 202 | ||||||||||||||||||||||
Depreciation and amortization | 412 | 188 | 114 | 98 | 361 | 493 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 1,143 | 250 | 170 | 185 | 452 | 696 | ||||||||||||||||||||||
Net operating income | 618 | (104 | ) | 123 | (166 | ) | 2 | (93 | ) | |||||||||||||||||||
Interest expense, net | (12 | ) | (7 | ) | (3 | ) | (12 | ) | 354 | (28 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 630 | (97 | ) | 126 | (154 | ) | (352 | ) | (65 | ) | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 630 | (97 | ) | 126 | (154 | ) | (352 | ) | (65 | ) | ||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 630 | (97 | ) | 126 | (154 | ) | (352 | ) | (65 | ) | ||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 630 | (97 | ) | 126 | (154 | ) | (352 | ) | (65 | ) | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | AGH PSSI, | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
7H, LLC | Inc. | 2D, LLC | 4F, L.P. | 5K, LLC | 5M, LLC | |||||||||||||||||||||||
Participating lease revenue | 315 | 429 | 458 | 467 | 525 | 303 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | 4 | — | — | ||||||||||||||||||||||
Total revenue | 315 | 429 | 458 | 471 | 525 | 303 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 99 | 127 | 70 | 100 | 95 | 70 | ||||||||||||||||||||||
Depreciation and amortization | 51 | — | 118 | 280 | 297 | 113 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 151 | 128 | 189 | 380 | 393 | 184 | ||||||||||||||||||||||
Net operating income | 164 | 301 | 269 | 91 | 132 | 119 | ||||||||||||||||||||||
Interest expense, net | (7 | ) | (15 | ) | 194 | (11 | ) | (30 | ) | (6 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 171 | 316 | 75 | 102 | 162 | 125 | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 171 | 316 | 75 | 102 | 162 | 125 | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 171 | 316 | 75 | 102 | 162 | 125 | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 171 | 316 | 75 | 102 | 162 | 125 | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
1E, L.P. | 5O, LLC | 6M Company | 4B, L.P. | 6C, LLC | 2C, LLC | |||||||||||||||||||||||
Participating lease revenue | 543 | 124 | 1,146 | 32 | 671 | 483 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 5 | 10 | ||||||||||||||||||||||
Total revenue | 543 | 124 | 1,146 | 32 | 676 | 493 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 42 | 24 | 74 | 102 | 56 | 254 | ||||||||||||||||||||||
Depreciation and amortization | 74 | 55 | 302 | 118 | 191 | 258 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 117 | 80 | 377 | 220 | 248 | 513 | ||||||||||||||||||||||
Net operating income | 426 | 44 | 769 | (188 | ) | 428 | (20 | ) | ||||||||||||||||||||
Interest expense, net | (5 | ) | (2 | ) | (8 | ) | (72 | ) | (13 | ) | 336 | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 431 | 46 | 777 | (116 | ) | 441 | (356 | ) | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 431 | 46 | 777 | (116 | ) | 441 | (356 | ) | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 431 | 46 | 777 | (116 | ) | 441 | (356 | ) | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 431 | 46 | 777 | (116 | ) | 441 | (356 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
4G, L.P. | 3B, LLC | 5G, L.P. | 5P, LLC | 5J, LLC | 5Q, LLC | |||||||||||||||||||||||
Participating lease revenue | 456 | 270 | 2,193 | 148 | 1,781 | 359 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 9 | 6 | 17 | — | — | — | ||||||||||||||||||||||
Total revenue | 465 | 276 | 2,210 | 148 | 1,781 | 359 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | — | — | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 161 | 83 | 460 | (6 | ) | 259 | 57 | |||||||||||||||||||||
Depreciation and amortization | 229 | 230 | 1,548 | 1 | 871 | 120 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | �� | — | — | — | — | — | |||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 391 | 314 | 2,008 | (5 | ) | 1,131 | 178 | |||||||||||||||||||||
Net operating income | 74 | (38 | ) | 202 | 153 | 650 | 181 | |||||||||||||||||||||
Interest expense, net | (7 | ) | (14 | ) | (41 | ) | — | (42 | ) | (25 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 81 | (24 | ) | 243 | 153 | 692 | 206 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 81 | (24 | ) | 243 | 153 | 692 | 206 | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 81 | (24 | ) | 243 | 153 | 692 | 206 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 81 | (24 | ) | 243 | 153 | 692 | 206 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Hotel | Total | ||||||||||||||||||||||||
5A, LLC | 8D, LLC | 4J, LLC | Lessee, Inc. | Eliminations | Consolidated | |||||||||||||||||||||||
Participating lease revenue | 1,418 | 579 | 718 | — | (67,805 | ) | — | |||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | 156,935 | — | 156,935 | ||||||||||||||||||||||
Food and beverage | — | — | — | 56,548 | — | 56,548 | ||||||||||||||||||||||
Other operating departments | — | — | — | 18,306 | — | 18,306 | ||||||||||||||||||||||
Office rental and other revenues | 29 | — | 41 | (251 | ) | — | 4,017 | |||||||||||||||||||||
Total revenue | 1,447 | 579 | 759 | 231,538 | (67,805 | ) | 235,806 | |||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | 40,895 | — | 40,895 | ||||||||||||||||||||||
Food and beverage | — | — | — | 44,187 | — | 44,187 | ||||||||||||||||||||||
Other operating departments | — | — | — | 10,967 | — | 10,967 | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | 120 | — | — | 767 | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 39,765 | — | 42,136 | ||||||||||||||||||||||
Property operating costs | — | — | — | 40,164 | — | 40,166 | ||||||||||||||||||||||
Property taxes, insurance and other | 172 | 109 | 153 | 74,098 | (67,805 | ) | 16,511 | |||||||||||||||||||||
Depreciation and amortization | 364 | 317 | 336 | 134 | — | 30,039 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | 1,132 | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 537 | 427 | 610 | 250,210 | (67,805 | ) | 226,800 | |||||||||||||||||||||
Net operating income | 910 | 152 | 149 | (18,672 | ) | — | 9,006 | |||||||||||||||||||||
Interest expense, net | 690 | (7 | ) | (24 | ) | 36 | — | 33,846 | ||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | (3,669 | ) | — | |||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 220 | 159 | 173 | (18,708 | ) | 3,669 | (24,840 | ) | ||||||||||||||||||||
Minority interests | — | — | — | — | — | (18 | ) | |||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 220 | 159 | 173 | (18,708 | ) | 3,669 | (24,822 | ) | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | (595 | ) | |||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 220 | 159 | 173 | (18,708 | ) | 3,669 | (24,227 | ) | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | (525 | ) | — | (6,640 | ) | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | 128 | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | (525 | ) | — | (6,512 | ) | ||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 220 | 159 | 173 | (19,233 | ) | 3,669 | (30,739 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||||||||
Hospitality | Non-Guarantor | Sub 7C, | AGH | Sub 5N, | Sub 8A, | MeriStar | ||||||||||||||||||||||||||
OP, L.P. | Subsidiaries | LLC | Upreit, LLC | LLC | LLC | Sub 8F, L.P. | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | — | 104,237 | — | — | 716 | — | 1,712 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 5,611 | 5,101 | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 5,611 | 109,338 | — | — | 716 | — | 1,712 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | 1,097 | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 7,397 | 28 | — | — | — | — | 1 | |||||||||||||||||||||||||
Property operating costs | (454 | ) | 1 | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | (4,310 | ) | 15,512 | — | — | 78 | (1 | ) | 545 | |||||||||||||||||||||||
Depreciation and amortization | 7,667 | 40,183 | — | — | 99 | — | 339 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | 4,211 | |||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | 1,529 | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | 4,735 | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 20,775 | 56,821 | — | — | 177 | (1 | ) | 885 | ||||||||||||||||||||||||
Net operating income | (15,164 | ) | 52,517 | — | — | 539 | 1 | 827 | ||||||||||||||||||||||||
Interest expense, net | 78,325 | 20,354 | — | — | (5 | ) | — | (7 | ) | |||||||||||||||||||||||
Equity in income from consolidated entities | (55,165 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (38,324 | ) | 32,163 | — | — | 544 | 1 | 834 | ||||||||||||||||||||||||
Minority interests | (10 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (38,314 | ) | 32,163 | — | — | 544 | 1 | 834 | ||||||||||||||||||||||||
Income tax benefit | (754 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (37,560 | ) | 32,163 | — | — | 544 | 1 | 834 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | 771 | — | — | — | (4,203 | ) | — | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | 96 | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | 771 | — | — | — | (4,107 | ) | — | ||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) | (37,560 | ) | 32,934 | — | — | 544 | (4,106 | ) | 834 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||||||
MeriStar | Sub 6H, | Sub 8B, | Sub 1C, | Sub 8E, | Sub 7F, | Sub 5L, | ||||||||||||||||||||||||||
8G, LLC | L.P. | LLC | L.P. | LLC | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | — | 1,162 | 5,309 | 989 | 1,205 | 878 | 783 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 21 | — | — | |||||||||||||||||||||||||
Total revenue | — | 1,162 | 5,309 | 989 | 1,226 | 878 | 783 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | — | 1 | 1 | 7 | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | — | 74 | 1,066 | 578 | 140 | 106 | 96 | |||||||||||||||||||||||||
Depreciation and amortization | — | 323 | 1,785 | 767 | 448 | 348 | 101 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | — | 398 | 2,852 | 1,352 | 589 | 455 | 198 | |||||||||||||||||||||||||
Net operating income | — | 764 | 2,457 | (363 | ) | 637 | 423 | 585 | ||||||||||||||||||||||||
Interest expense, net | — | (2 | ) | (67 | ) | (35 | ) | (6 | ) | (8 | ) | (6 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | — | 766 | 2,524 | (328 | ) | 643 | 431 | 591 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | — | 766 | 2,524 | (328 | ) | 643 | 431 | 591 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | — | 766 | 2,524 | (328 | ) | 643 | 431 | 591 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | — | 766 | 2,524 | (328 | ) | 643 | 431 | 591 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 3C, | Sub 5R, | Sub 5A, | Sub 8A, | Sub 6D, | Sub 6E, | Sub 4E, | ||||||||||||||||||||||||||
LLC | LLC | LLC | LLC | LLC | LLC | L.P. | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,329 | — | — | — | 1,633 | 4,280 | 1,026 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 14 | — | 12 | |||||||||||||||||||||||||
Total revenue | 1,329 | — | — | — | 1,647 | 4,280 | 1,038 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | — | — | — | — | — | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 342 | — | — | — | 155 | 610 | 303 | |||||||||||||||||||||||||
Depreciation and amortization | 529 | — | — | — | 393 | 1,272 | 689 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 872 | — | — | — | 548 | 1,882 | 993 | |||||||||||||||||||||||||
Net operating income | 457 | — | — | — | 1,099 | 2,398 | 45 | |||||||||||||||||||||||||
Interest expense, net | (15 | ) | — | — | — | (20 | ) | (45 | ) | (20 | ) | |||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 472 | — | — | — | 1,119 | 2,443 | 65 | |||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 472 | — | — | — | 1,119 | 2,443 | 65 | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 472 | — | — | — | 1,119 | 2,443 | 65 | |||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 472 | — | — | — | 1,119 | 2,443 | 65 | |||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 1B, | Sub 5F | Sub 6G, | Sub 8C, | Sub 4C, | Sub 4H, | Sub 7E, | ||||||||||||||||||||||||||
LLC | L.P, | LLC | LLC | L.P. | L.P. | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,849 | 2,146 | 1,966 | 1,460 | — | 450 | 1,030 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 570 | — | — | 2 | — | — | 1 | |||||||||||||||||||||||||
Total revenue | 2,419 | 2,146 | 1,966 | 1,462 | — | 450 | 1,031 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | — | — | — | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 131 | 271 | 256 | 457 | — | 146 | 121 | |||||||||||||||||||||||||
Depreciation and amortization | 462 | 792 | 627 | 1,037 | — | 405 | 473 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 594 | 1,064 | 883 | 1,494 | — | 552 | 595 | |||||||||||||||||||||||||
Net operating income | 1,825 | 1,082 | 1,083 | (32 | ) | — | (102 | ) | 436 | |||||||||||||||||||||||
Interest expense, net | (14 | ) | (30 | ) | (35 | ) | (32 | ) | — | (7 | ) | (15 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,839 | 1,112 | 1,118 | — | — | �� | (95 | ) | 451 | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,839 | 1,112 | 1,118 | — | — | (95 | ) | 451 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,839 | 1,112 | 1,118 | — | — | (95 | ) | 451 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | (1,439 | ) | — | — | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | 32 | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | (1,407 | ) | — | — | ||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 1,839 | 1,112 | 1,118 | — | (1,407 | ) | (95 | ) | 451 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | ||||||||||||||||||||||||||||||||
Sub | ||||||||||||||||||||||||||||||||
MeriStar | MeriStar | MeriStar | 7A | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 3D, | Sub 1A, | Sub 5E, | Joint | Sub 6K, | Sub 2B, | Sub 3A, | ||||||||||||||||||||||||||
LLC | LLC | LLC | Venture | LLC | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,745 | 1,353 | 4,258 | 979 | 3,055 | 423 | 398 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 1,745 | 1,353 | 4,258 | 979 | 3,055 | 423 | 398 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | — | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 157 | 287 | 294 | 172 | 346 | 118 | 85 | |||||||||||||||||||||||||
Depreciation and amortization | 653 | 343 | 1,454 | 312 | 554 | 314 | 194 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 811 | 631 | 1,749 | 485 | 900 | 433 | 280 | |||||||||||||||||||||||||
Net operating income | 934 | 722 | 2,509 | 494 | 2,155 | (10 | ) | 118 | ||||||||||||||||||||||||
Interest expense, net | (32 | ) | (14 | ) | (25 | ) | (26 | ) | (28 | ) | 289 | (33 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 966 | 736 | 2,534 | 520 | 2,183 | (299 | ) | 151 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 966 | 736 | 2,534 | 520 | 2,183 | (299 | ) | 151 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 966 | 736 | 2,534 | 520 | 2,183 | (299 | ) | 151 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 966 | 736 | 2,534 | 520 | 2,183 | (299 | ) | 151 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MDV | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 4A | Sub 4D, | Sub 2A, | Sub 6L, | Limited | Sub 5C, | Sub 6J, | ||||||||||||||||||||||||||
LLC | LLC | LLC | LLC | Partnership | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 745 | 380 | 458 | 1,383 | �� | 402 | 1,133 | 1,915 | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 745 | 380 | 458 | 1,383 | 402 | 1,133 | 1,915 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | — | 1 | — | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 187 | 130 | 126 | 150 | 94 | 354 | 160 | |||||||||||||||||||||||||
Depreciation and amortization | — | 233 | 240 | 667 | 102 | 447 | 482 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 188 | 364 | 367 | 818 | 196 | 802 | 642 | |||||||||||||||||||||||||
Net operating income | 557 | 16 | 91 | 565 | 206 | 331 | 1,273 | |||||||||||||||||||||||||
Interest expense, net | (28 | ) | (33 | ) | 510 | (10 | ) | (2 | ) | (28 | ) | (31 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 585 | 49 | (419 | ) | 575 | 208 | 359 | 1,304 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 585 | 49 | (419 | ) | 575 | 208 | 359 | 1,304 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 585 | 49 | (419 | ) | 575 | 208 | 359 | 1,304 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 585 | 49 | (419 | ) | 575 | 208 | 359 | 1,304 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 1D, | Sub 7B, | Sub 7D, | Sub 7G, | Sub 6B, | Sub 4I, | Sub 5D, | ||||||||||||||||||||||||||
L.P. | L.P. | LLC | LLC | LLC | L.P. | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 3,938 | 1,172 | 4,161 | 438 | 942 | 58 | 1,446 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 329 | — | 1,046 | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 4,267 | 1,172 | 5,207 | 438 | 942 | 58 | 1,446 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | 97 | — | 869 | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | — | 1 | — | 1 | 1 | — | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 907 | 409 | 1,610 | 181 | 171 | 240 | 253 | |||||||||||||||||||||||||
Depreciation and amortization | 1,702 | 694 | 1,244 | 566 | 341 | 341 | 1,086 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 2,706 | 1,104 | 3,723 | 748 | 513 | 581 | 1,340 | |||||||||||||||||||||||||
Net operating income | 1,561 | 68 | 1,484 | (310 | ) | 429 | (523 | ) | 106 | |||||||||||||||||||||||
Interest expense, net | (33 | ) | (49 | ) | (35 | ) | (20 | ) | (7 | ) | (32 | ) | 1,132 | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,594 | 117 | 1,519 | (290 | ) | 436 | (491 | ) | (1,026 | ) | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,594 | 117 | 1,519 | (290 | ) | 436 | (491 | ) | (1,026 | ) | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,594 | 117 | 1,519 | (290 | ) | 436 | (491 | ) | (1,026 | ) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 1,594 | 117 | 1,519 | (290 | ) | 436 | (491 | ) | (1,026 | ) | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||||||
Sub 5H, | Sub 7H, | AGH PSSI, | Sub 2D, | Sub 4F, | Sub 5K, | Sub 5M, | ||||||||||||||||||||||||||
LLC | LLC | Inc. | LLC | L.P. | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 2,573 | 944 | 1,832 | 1,055 | 1,401 | 1,904 | 1,393 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | 2 | — | 8 | — | — | |||||||||||||||||||||||||
Total revenue | 2,573 | 944 | 1,834 | 1,055 | 1,409 | 1,904 | 1,393 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | — | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 534 | 283 | 339 | 185 | 287 | 246 | 221 | |||||||||||||||||||||||||
Depreciation and amortization | 1,479 | 341 | — | 355 | 840 | 891 | 339 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 2,014 | 625 | 340 | 541 | 1,127 | 1,138 | 561 | |||||||||||||||||||||||||
Net operating income | 559 | 319 | 1,494 | 514 | 282 | 766 | 832 | |||||||||||||||||||||||||
Interest expense, net | (68 | ) | (18 | ) | (37 | ) | 586 | (29 | ) | (80 | ) | (16 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 627 | 337 | 1,531 | (72 | ) | 311 | 846 | 848 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 627 | 337 | 1,531 | (72 | ) | 311 | 846 | 848 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 627 | 337 | 1,531 | (72 | ) | 311 | 846 | 848 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 627 | 337 | 1,531 | (72 | ) | 311 | 846 | 848 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 1E, | Sub 5O, | Sub 6M | Sub 4B, | Sub 6C, | Sub 2C, | Sub 4G, | ||||||||||||||||||||||||||
L.P. | LLC | Company | L.P. | LLC | LLC | L.P. | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,319 | 606 | 3,363 | 138 | 2,217 | 1,245 | 1,803 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 12 | 37 | 18 | |||||||||||||||||||||||||
Total revenue | 1,319 | 606 | 3,363 | 138 | 2,229 | 1,282 | 1,821 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | — | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 114 | 94 | 218 | 274 | 155 | 430 | 409 | |||||||||||||||||||||||||
Depreciation and amortization | 223 | 164 | 905 | 414 | 585 | 777 | 687 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 338 | 259 | 1,124 | 688 | 741 | 1,208 | 1,097 | |||||||||||||||||||||||||
Net operating income | 981 | 347 | 2,239 | (550 | ) | 1,488 | 74 | 724 | ||||||||||||||||||||||||
Interest expense, net | (13 | ) | (6 | ) | (18 | ) | (194 | ) | (31 | ) | 1,012 | (20 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 994 | 353 | 2,257 | (356 | ) | 1,519 | (938 | ) | 744 | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 994 | 353 | 2,257 | (356 | ) | 1,519 | (938 | ) | 744 | |||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 994 | 353 | 2,257 | (356 | ) | 1,519 | (938 | ) | 744 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 994 | 353 | 2,257 | (356 | ) | 1,519 | (938 | ) | 744 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 3B, | Sub 5G | Sub 5P, | Sub 5J, | Sub 5Q, | Sub 5R, | Sub 8D, | ||||||||||||||||||||||||||
LLC | L.P. | LLC | LLC | LLC | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 843 | 8,446 | 450 | 7,157 | 1,555 | 4,418 | 1,737 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 19 | 47 | — | — | — | 90 | — | |||||||||||||||||||||||||
Total revenue | 862 | 8,493 | 450 | 7,157 | 1,555 | 4,508 | 1,737 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 2 | — | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 243 | 1,380 | 12 | 1,169 | 198 | 473 | 316 | |||||||||||||||||||||||||
Depreciation and amortization | 691 | 4,643 | 2 | 2,604 | 360 | 1,055 | 951 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on asset impairment | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 935 | 6,025 | 14 | 3,774 | 559 | 1,529 | 1,268 | |||||||||||||||||||||||||
Net operating income | (73 | ) | 2,468 | 436 | 3,383 | 996 | 2,979 | 469 | ||||||||||||||||||||||||
Interest expense, net | (31 | ) | (107 | ) | — | (99 | ) | (72 | ) | 2,074 | (16 | ) | ||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (42 | ) | 2,575 | 436 | 3,482 | 1,068 | 905 | 485 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (42 | ) | 2,575 | 436 | 3,482 | 1,068 | 905 | 485 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (42 | ) | 2,575 | 436 | 3,482 | 1,068 | 905 | 485 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | (42 | ) | 2,575 | 436 | 3,482 | 1,068 | 905 | 485 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2002
(in thousands)
MeriStar | ||||||||||||||||||||
MeriStar | Hotel | |||||||||||||||||||
Sub 4J, | Lessee, | Total | ||||||||||||||||||
LLC | Inc. | Eliminations | Consolidated | |||||||||||||||||
Revenue: | ||||||||||||||||||||
Participating lease revenue | 2,310 | — | (213,649 | ) | — | |||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | 506,054 | — | 506,054 | ||||||||||||||||
Food and beverage | — | 189,423 | — | 189,423 | ||||||||||||||||
Other operating departments | — | 57,715 | — | 57,715 | ||||||||||||||||
Office rental and other revenues | 175 | 1,167 | — | 14,282 | ||||||||||||||||
Total revenue | 2,483 | 754,359 | (213,649 | ) | 767,474 | |||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||
Rooms | — | 122,194 | — | 122,194 | ||||||||||||||||
Food and beverage | — | 138,234 | — | 138,234 | ||||||||||||||||
Other operating departments | 33,159 | — | 33,159 | |||||||||||||||||
Office rental, parking and other operating expenses | 309 | — | — | 2,372 | ||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||
Administrative and general | 5 | 121,615 | — | 129,098 | ||||||||||||||||
Property operating costs | — | 118,295 | — | 117,842 | ||||||||||||||||
Property taxes, insurance and other | 168 | 235,793 | (213,649 | ) | 52,999 | |||||||||||||||
Depreciation and amortization | 1,007 | 1,221 | — | 91,242 | ||||||||||||||||
Expense for non-hedging derivatives | 4,211 | |||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | ||||||||||||||||
Loss on asset impairment | — | — | — | — | ||||||||||||||||
Write down of deferred costs | — | — | — | 1,529 | ||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | 4,735 | ||||||||||||||||
FelCor merger costs | — | — | — | — | ||||||||||||||||
Costs to terminate leases with Prime Hospitality | — | — | — | — | ||||||||||||||||
Restructuring charge | — | — | — | |||||||||||||||||
Total operating expenses | 1,489 | 770,511 | (213,649 | ) | 697,615 | |||||||||||||||
Net operating income | 994 | (16,152 | ) | — | 69,859 | |||||||||||||||
Interest expense, net | (46 | ) | (3 | ) | — | 102,543 | ||||||||||||||
Equity in income from consolidated entities | — | — | 55,165 | — | ||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,040 | (16,149 | ) | (55,165 | ) | (32,684 | ) | |||||||||||||
Minority interests | — | — | — | (10 | ) | |||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,040 | (16,149 | ) | (55,165 | ) | (32,674 | ) | |||||||||||||
Income tax benefit | — | — | — | (754 | ) | |||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,040 | (16,149 | ) | (55,165 | ) | (31,920 | ) | |||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from operations of assets sold including loss on disposal of $6,403 in 2002 | — | (897 | ) | — | (5,768 | ) | ||||||||||||||
Income tax benefit | — | — | 128 | |||||||||||||||||
Income (loss) on discontinued operations | — | (897 | ) | — | (5,640 | ) | ||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | ||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | ||||||||||||||||
Net income (loss) | 1,040 | (17,046 | ) | (55,165 | ) | (37,560 | ) | |||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar | |||||||||||||||||||||||||||||||
Hospitality OP, | Non-Guarantor | MeriStar Sub | AGH Upreit, | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
L.P. | Subsidiaries | 7C, LLC | LLC | 5N, LLC | 8A, LLC | 8F, L.P. | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | (37,560 | ) | 32,934 | — | — | 544 | (4,106 | ) | 834 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | — | ||||||||||||||||||||||||||||||
Depreciation and amortization | 7,667 | 40,316 | — | — | 99 | 112 | 339 | ||||||||||||||||||||||||
Equity in earnings | (55,165 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | 4,735 | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | 13 | — | — | — | 4,812 | — | ||||||||||||||||||||||||
Write off of deferred financing costs | 1,529 | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | (10 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Amortization of unearned stock based compensation | 3,041 | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | (4,787 | ) | |||||||||||||||||||||||||||||
Deferred income taxes | (644 | ) | — | — | — | — | — | (96 | ) | ||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | (5,770 | ) | (57 | ) | — | — | (16 | ) | (15 | ) | 8 | ||||||||||||||||||||
Prepaid expenses and other | (4,272 | ) | (477 | ) | — | — | — | — | 19 | ||||||||||||||||||||||
Due from/to Interstate Hotels | 4,378 | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (4,316 | ) | (1,848 | ) | — | — | 35 | 6 | 8 | ||||||||||||||||||||||
Accrued interest | (3,619 | ) | (342 | ) | — | — | — | — | — | ||||||||||||||||||||||
Due from subsidiaries | 131,389 | (53,113 | ) | — | — | (631 | ) | (2,463 | ) | (994 | ) | ||||||||||||||||||||
Income taxes payable | (629 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | 35,969 | 17,426 | — | — | 31 | (1,654 | ) | 118 | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (837 | ) | (11,424 | ) | — | — | (31 | ) | (4,616 | ) | (118 | ) | |||||||||||||||||||
Proceeds from disposition of assets | — | 7,280 | — | — | — | 6,270 | — | ||||||||||||||||||||||||
Repayments of note receivable | (7,000 | ) | 678 | — | — | — | — | — | |||||||||||||||||||||||
Change in restricted cash | 2,513 | 2,348 | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (5,324 | ) | (1,118 | ) | — | — | (31 | ) | 1,654 | (118 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | (3,416 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | 269,638 | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | (297,310 | ) | (16,308 | ) | — | — | — | — | — | ||||||||||||||||||||||
Repurchase of units | (1,193 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Contributions from partners | 3,156 | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | (2,467 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | (31,592 | ) | (16,308 | ) | — | — | — | — | — | ||||||||||||||||||||||
Effect of exchange rate changes on cash | (9 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net change in cash | (958 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 6,798 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | 5,840 | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
8G, LLC | 6H, L.P. | 8B, LLC | 1C, L.P. | 8E, LLC | 7F, LLC | 5L, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | — | 766 | 2,524 | (328 | ) | 643 | 431 | 591 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | — | 323 | 1,785 | 767 | 448 | 348 | 101 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | |||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | (8 | ) | — | — | — | |||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | — | 50 | 228 | 80 | (65 | ) | 24 | 73 | |||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | — | (1,079 | ) | (3,721 | ) | (210 | ) | (921 | ) | (769 | ) | (580 | ) | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 60 | 816 | 301 | 105 | 34 | 185 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | — | (60 | ) | (816 | ) | (301 | ) | (105 | ) | (34 | ) | (185 | ) | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | (60 | ) | (816 | ) | (301 | ) | (105 | ) | (34 | ) | (185 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
3C, LLC | 5R, LLC | 8A, LLC | 6D, LLC | 6E, LLC | 4E, L.P. | ||||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 472 | — | — | 1,119 | 2,443 | 65 | |||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 529 | — | — | 393 | 1,272 | 689 | |||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | |||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | |||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | (10 | ) | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | 1 | — | — | — | |||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 160 | — | (46 | ) | (130 | ) | 165 | (148 | ) | ||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||||||||
Due from subsidiaries | (1,090 | ) | — | 46 | (1,209 | ) | (3,503 | ) | (466 | ) | |||||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 71 | — | 1 | 163 | 377 | 139 | |||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (71 | ) | — | (1 | ) | (163 | ) | (377 | ) | (139 | ) | ||||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | |||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | |||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | |||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (71 | ) | — | (1 | ) | (163 | ) | (377 | ) | (139 | ) | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | |||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | |||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | |||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | |||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | |||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | |||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | |||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | |||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||
1B, LLC | 5F L.P. | 6G, LLC | 8C, LLC | 4C, L.P. | 4H, L.P. | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||
Net Income (loss) | 1,839 | 1,112 | 1,118 | — | (1,407 | ) | (95 | ) | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 462 | 792 | 627 | 1,037 | 283 | 405 | |||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | |||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | |||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | 1,578 | — | |||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | |||||||||||||||||||||
Deferred income taxes | — | — | — | — | (32 | ) | — | ||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | (1 | ) | — | ||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | (3 | ) | ||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 83 | 248 | (103 | ) | (201 | ) | (317 | ) | (67 | ) | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||||
Due from subsidiaries | (2,120 | ) | (1,708 | ) | (1,348 | ) | (716 | ) | (11,656 | ) | (158 | ) | |||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) operating activities | 264 | 444 | 294 | 120 | (11,552 | ) | 82 | ||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||
Investment in hotel properties, net | (264 | ) | (444 | ) | (294 | ) | (120 | ) | (48 | ) | (82 | ) | |||||||||||||||
Proceeds from disposition of assets | — | — | — | — | 11,600 | — | |||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | |||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) investing activities | (264 | ) | (444 | ) | (294 | ) | (120 | ) | 11,552 | (82 | ) | ||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | |||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | |||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | |||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | |||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub 7A | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
7E, LLC | 3D, LLC | 1A, LLC | 5E, LLC | Joint Venture | 6K, LLC | 2B, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 451 | 966 | 736 | 2,534 | 520 | 2,183 | (299 | ) | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 473 | 653 | 343 | 1,454 | 312 | 554 | 314 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (73 | ) | 169 | (19 | ) | 157 | (67 | ) | 80 | — | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (769 | ) | (1,588 | ) | (1,001 | ) | (4,098 | ) | (546 | ) | (2,619 | ) | 139 | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 82 | 200 | 59 | 47 | 219 | 198 | 154 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (82 | ) | (200 | ) | (59 | ) | (47 | ) | (219 | ) | (198 | ) | (154 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (82 | ) | (200 | ) | (59 | ) | (47 | ) | (219 | ) | (198 | ) | (154 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MDV Limited | MeriStar Sub | |||||||||||||||||||||||||
3A, LLC | 4A, LLC | 4D, LLC | 2A, LLC | 6L, LLC | Partnership | 5C, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 151 | 585 | 49 | (419 | ) | 575 | 208 | 359 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 194 | — | 233 | 240 | 667 | 102 | 447 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | 4 | (14 | ) | |||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 33 | (33 | ) | 115 | (12 | ) | (69 | ) | (10 | ) | 41 | ||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | 355 | (288 | ) | (124 | ) | 244 | (986 | ) | (291 | ) | (616 | ) | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 733 | 264 | 273 | 53 | 187 | 13 | 217 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (733 | ) | (264 | ) | (273 | ) | (53 | ) | (187 | ) | (13 | ) | (217 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (733 | ) | (264 | ) | (273 | ) | (53 | ) | (187 | ) | (13 | ) | (217 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
6J, LLC | 1D, L.P. | 7B, L.P. | 7D, LLC | 7G, LLC | 6B, LLC | 4I, L.P. | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 1,304 | 1,594 | 117 | 1,519 | (290 | ) | 436 | (491 | ) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 482 | 1,702 | 694 | 1,244 | 566 | 341 | 341 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | (81 | ) | — | — | 40 | — | — | — | |||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (108 | ) | (406 | ) | 199 | �� | 471 | (186 | ) | (90 | ) | (28 | ) | ||||||||||||||||||
Accrued interest | — | 46 | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,369 | ) | (2,402 | ) | (975 | ) | (3,136 | ) | 24 | (590 | ) | 364 | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 228 | 533 | 35 | 138 | 113 | 97 | 187 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (228 | ) | (533 | ) | (35 | ) | (138 | ) | (113 | ) | (97 | ) | (187 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (228 | ) | (533 | ) | (35 | ) | (138 | ) | (113 | ) | (97 | ) | (187 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | AGH PSS I, | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
5D, LLC | 5H, LLC | 7H, LLC | Inc. | 2D, LLC | 4F, L.P. | 5K, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | (1,026 | ) | 627 | 337 | 1,531 | (72 | ) | 311 | 846 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 1,086 | 1,479 | 341 | — | 355 | 840 | 891 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 124 | 516 | 83 | 311 | (46 | ) | (85 | ) | (1,199 | ) | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | 110 | (1,770 | ) | (571 | ) | (1,341 | ) | (150 | ) | (691 | ) | 162 | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 294 | 852 | 190 | 501 | 87 | 375 | 700 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (294 | ) | (852 | ) | (190 | ) | (501 | ) | (87 | ) | (375 | ) | (700 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (294 | ) | (852 | ) | (190 | ) | (501 | ) | (87 | ) | (375 | ) | (700 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
5M, LLC | 1E, L.P. | 5O, LLC | 6M Company | 4B, L.P. | 6C, LLC | 2C, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 848 | 994 | 353 | 2,257 | (356 | ) | 1,519 | (938 | ) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 339 | 223 | 164 | 905 | 414 | 585 | 777 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | 13 | — | — | — | ||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 136 | 12 | 36 | (93 | ) | 19 | (66 | ) | (131 | ) | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,224 | ) | (1,157 | ) | (501 | ) | (2,879 | ) | 1,215 | (1,715 | ) | 455 | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 99 | 72 | 52 | 203 | 1,292 | 323 | 163 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (99 | ) | (72 | ) | (52 | ) | (203 | ) | (1,292 | ) | (323 | ) | (163 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (99 | ) | (72 | ) | (52 | ) | (203 | ) | (1,292 | ) | (323 | ) | (163 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
4G, L.P. | 3B, LLC | 5G, L.P. | 5P, LLC | 5J, LLC | 5Q, LLC | 5A, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net Income (loss) | 744 | (42 | ) | 2,575 | 436 | 3,482 | 1,068 | 905 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 687 | 691 | 4,643 | 2 | 2,604 | 360 | 1,055 | ||||||||||||||||||||||||
Equity in earnings | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | — | 319 | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | 483 | — | — | ||||||||||||||||||||||||
Due from/to Interstate Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (172 | ) | 134 | 921 | 8 | 521 | 137 | 497 | |||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,163 | ) | (297 | ) | (6,957 | ) | (726 | ) | (4,781 | ) | (1,079 | ) | (2,209 | ) | |||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 96 | 486 | 1,182 | 39 | 2,309 | 486 | 248 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (96 | ) | (486 | ) | (1,182 | ) | (39 | ) | (2,309 | ) | (486 | ) | (248 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repayments of note receivable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (96 | ) | (486 | ) | (1,182 | ) | (39 | ) | (2,309 | ) | (486 | ) | (248 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
10
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the Nine months ended September 30, 2002
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Hotel | Total | ||||||||||||||||||||
8D, LLC | 4J, LLC | Lessee, Inc. | Eliminations | Consolidated | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net Income (loss) | 485 | 1,040 | (17,046 | ) | (55,165 | ) | (37,560 | ) | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 951 | 1,007 | 1,221 | — | 91,770 | ||||||||||||||||||
Equity in earnings | — | — | — | 55,165 | — | ||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | 4,735 | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | 6,403 | ||||||||||||||||||
Write off of deferred financing costs | — | — | — | — | 1,529 | ||||||||||||||||||
Minority interests | — | — | — | — | (10 | ) | |||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | 3,041 | ||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | (4,787 | ) | |||||||||||||||||
Deferred income taxes | — | — | — | — | (772 | ) | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | — | 40 | (70 | ) | — | (5,613 | ) | ||||||||||||||||
Prepaid expenses and other | 1 | — | (798 | ) | — | (5,051 | ) | ||||||||||||||||
Due from/to Interstate Hotels | — | — | 1,384 | — | 5,762 | ||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (41 | ) | 15 | (2,164 | ) | — | (6,444 | ) | |||||||||||||||
Accrued interest | — | — | 50 | — | (3,865 | ) | |||||||||||||||||
Due from subsidiaries | (1,240 | ) | (1,924 | ) | 7,727 | — | — | ||||||||||||||||
Income taxes payable | — | — | — | — | (629 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities | 156 | 178 | (9,696 | ) | — | 48,509 | |||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Investment in hotel properties, net | (156 | ) | (178 | ) | (881 | ) | — | (35,824 | ) | ||||||||||||||
Proceeds from disposition of assets | — | — | — | — | 25,150 | ||||||||||||||||||
Repayments of note receivable | — | — | (678 | ) | — | (7,000 | ) | ||||||||||||||||
Change in restricted cash | — | — | — | — | 4,861 | ||||||||||||||||||
Net cash provided by (used in) investing activities | (156 | ) | (178 | ) | (1,559 | ) | — | (12,813 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Deferred financing costs | — | — | — | — | (3,416 | ) | |||||||||||||||||
Proceeds from issuances mortgages and notes payable | — | — | 13,500 | — | 283,138 | ||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | (313,618 | ) | ||||||||||||||||||
Repurchase of units | — | — | — | — | (1,193 | ) | |||||||||||||||||
Contributions from partners | — | — | — | — | 3,156 | ||||||||||||||||||
Distributions paid to partners | — | — | — | — | (2,467 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | — | — | 13,500 | — | (34,400 | ) | |||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | (9 | ) | |||||||||||||||||
Net change in cash | — | — | 2,245 | — | 1,287 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | 16,643 | — | 23,441 | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | 18,888 | — | 24,728 | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar | Non- | ||||||||||||||||||||||||
Hospitality | Guarantor | MeriStar Sub | AGH Upreit, | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||
OP, L.P. | Subsidiaries | 7C, LLC | LLC | 5N, LLC | 8A, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 14,662 | 1,547,038 | — | — | 4,074 | 7,306 | |||||||||||||||||||
Accumulated depreciation | (5,085 | ) | (184,188 | ) | — | — | (408 | ) | (936 | ) | |||||||||||||||
9,577 | 1,362,850 | — | — | 3,666 | 6,370 | ||||||||||||||||||||
Cash and cash equivalents | 6,798 | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | 4,092 | 1,183 | — | — | (16 | ) | (32 | ) | |||||||||||||||||
Prepaid expenses and other | 3,982 | 612 | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | 127,550 | (389 | ) | — | — | — | — | ||||||||||||||||||
Due from MeriStar Hotels & Resorts | 12,392 | — | — | — | — | ||||||||||||||||||||
Due from subsidiaries | (304,270 | ) | (7,275 | ) | — | 66 | 2,809 | 4,720 | |||||||||||||||||
Investments in affiliates | 2,714,272 | 8,242 | 32 | 3,056 | — | ||||||||||||||||||||
Restricted cash | 13,751 | 7,438 | — | — | — | — | |||||||||||||||||||
Intangible assets, net | 19,791 | 757 | — | — | — | — | |||||||||||||||||||
2,607,935 | 1,373,418 | 32 | 3,122 | 6,459 | 11,058 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 17,678 | 14,060 | — | — | 14 | (42 | ) | ||||||||||||||||||
Accrued interest | 40,913 | 4,022 | — | — | — | — | |||||||||||||||||||
Income taxes payable | 285 | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | 1,090 | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | 7,467 | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | 12,100 | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | 357,117 | — | — | — | — | — | |||||||||||||||||||
Long-term debt | 1,056,444 | 286,512 | — | — | — | — | |||||||||||||||||||
Total liabilities | 1,493,094 | 304,594 | — | — | 14 | (42 | ) | ||||||||||||||||||
Minority interests | 2,639 | — | — | — | — | ||||||||||||||||||||
Redeemable OP units at redemption value | 67,012 | — | — | — | — | ||||||||||||||||||||
Partners’ capital | 1,045,190 | 1,068,824 | 32 | 3,122 | 6,445 | 11,100 | |||||||||||||||||||
2,607,935 | 1,373,418 | 32 | 3,122 | 6,459 | 11,058 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||
8F, L.P. | 8G, LLC | 6H, L.P. | 8B, LLC | 1C, L.P. | 8E, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 11,335 | — | 13,569 | 80,972 | 24,925 | 15,157 | |||||||||||||||||||
Accumulated depreciation | (1,481 | ) | — | (1,445 | ) | (7,509 | ) | (3,865 | ) | (1,850 | ) | ||||||||||||||
9,854 | — | 12,124 | 73,463 | 21,060 | 13,307 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | (20 | ) | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other | 21 | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | 3,889 | 82 | 4,467 | 21,498 | (3,297 | ) | 4,323 | ||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | 115 | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | — | — | — | 52 | 2 | 9 | |||||||||||||||||||
13,859 | 82 | 16,591 | 95,013 | 17,765 | 17,639 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 160 | — | 184 | 2,412 | 45 | 8 | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Total liabilities | 160 | — | 184 | 2,412 | 45 | 8 | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 13,699 | 82 | 16,407 | 92,601 | 17,720 | 17,631 | |||||||||||||||||||
13,859 | 82 | 16,591 | 95,013 | 17,765 | 17,639 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | Old MeriStar | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
7F, LLC | 7F, LLC | 3C, LLC | 7F, LLC | Sub 8A, LLC | 6D, LLC | 6E, LLC | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment in hotel properties | 11,985 | 11,292 | 17,274 | — | (1 | ) | 17,266 | 43,931 | |||||||||||||||||||||
Accumulated depreciation | (1,989 | ) | (368 | ) | (2,302 | ) | — | — | (1,820 | ) | (6,642 | ) | |||||||||||||||||
9,996 | 10,924 | 14,972 | — | (1 | ) | 15,446 | 37,289 | ||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | 115 | — | ||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | 1 | — | — | ||||||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due from subsidiaries | 3,499 | 3,090 | 2,741 | (43 | ) | 7,918 | 5,147 | 13,660 | |||||||||||||||||||||
Investments in affiliates | — | — | — | 43 | — | — | — | ||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||
Intangible assets, net | — | — | 59 | — | — | — | — | ||||||||||||||||||||||
13,495 | 14,014 | 17,772 | — | 7,918 | 20,708 | 50,949 | |||||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 168 | 3 | 170 | — | 46 | 101 | (295 | ) | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | — | ||||||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | — | ||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total liabilities | 168 | 3 | 170 | — | 46 | 101 | (295 | ) | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital | 13,327 | 14,011 | 17,602 | — | 7,872 | 20,607 | 51,244 | ||||||||||||||||||||||
13,495 | 14,014 | 17,772 | — | 7,918 | 20,708 | 50,949 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar | ||||||||||||||||||||
4E, L.P. | 1B, LLC | 5F, L.P. | 6G, LLC | 8C, LLC | Sub 4C, L.P | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 24,547 | 18,110 | 30,953 | 22,050 | 36,668 | 16,345 | |||||||||||||||||||
Accumulated depreciation | (3,072 | ) | (2,927 | ) | (3,363 | ) | (3,329 | ) | (3,917 | ) | (3,356 | ) | |||||||||||||
21,475 | 15,183 | 27,590 | 18,721 | 32,751 | 12,989 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | 2,005 | 10,480 | 8,695 | 3,410 | 3,419 | 289 | |||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | 7 | — | — | — | 3 | — | |||||||||||||||||||
23,487 | 25,663 | 36,285 | 22,131 | 36,173 | 13,278 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 456 | (11 | ) | 94 | 151 | (21 | ) | 447 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | 48 | — | — | — | — | |||||||||||||||||||
Total liabilities | 456 | 37 | 94 | 151 | (21 | ) | 447 | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 23,031 | 25,626 | 36,191 | 21,980 | 36,194 | 12,831 | |||||||||||||||||||
23,487 | 25,663 | 36,285 | 22,131 | 36,173 | 13,278 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub 7A | ||||||||||||||||||||
4H, L.P. | 7E, LLC | 3D, LLC | 1A, LLC | 5E, LLC | Joint Venture | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 12,363 | 17,822 | 22,305 | 11,231 | 52,817 | 12,891 | |||||||||||||||||||
Accumulated depreciation | (1,712 | ) | (2,081 | ) | (5,411 | ) | (2,024 | ) | (6,221 | ) | (1,345 | ) | |||||||||||||
10,651 | 15,741 | 16,894 | 9,207 | 46,596 | 11,546 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | (1,000 | ) | 4,799 | 5,619 | 4,953 | 9,219 | 3,585 | ||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | — | 7 | — | — | 10 | — | |||||||||||||||||||
9,651 | 20,547 | 22,513 | 14,160 | 55,825 | 15,131 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 193 | 117 | — | 148 | 301 | 230 | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Total liabilities | 193 | 117 | — | 148 | 301 | 230 | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 9,458 | 20,430 | 22,513 | 14,012 | 55,524 | 14,901 | |||||||||||||||||||
9,651 | 20,547 | 22,513 | 14,160 | 55,825 | 15,131 | ||||||||||||||||||||
�� |
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||
6K, LLC | 2B, LLC | 3A, LLC | 4A, L.P. | 4D, LLC | 2A, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 22,642 | 9,424 | 6,274 | 8,619 | 8,664 | 8,209 | |||||||||||||||||||
Accumulated depreciation | (3,560 | ) | (1,558 | ) | (1,292 | ) | (1,112 | ) | (1,179 | ) | (1,141 | ) | |||||||||||||
19,082 | 7,866 | 4,982 | 7,507 | 7,485 | 7,068 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | (12 | ) | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | 13,504 | (486 | ) | 1,742 | 3,572 | 14 | (620 | ) | |||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | — | 1 | 2 | — | 26 | 25 | |||||||||||||||||||
32,586 | 7,369 | 6,726 | 11,079 | 7,525 | 6,473 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 78 | 147 | 98 | 313 | 62 | 31 | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | 4,851 | — | — | — | 7,912 | |||||||||||||||||||
Total liabilities | 78 | 4,998 | 98 | 313 | 62 | 7,943 | |||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 32,508 | 2,371 | 6,628 | 10,766 | 7,463 | (1,470 | ) | ||||||||||||||||||
32,586 | 7,369 | 6,726 | 11,079 | 7,525 | 6,473 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MDV Limited | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
6L, LLC | Partnership | 5C, LLC | 6J, LLC | 1D, L.P. | 7B, L.P. | 7D, LLC | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment in hotel properties | 29,443 | 3,816 | 13,826 | 19,169 | 67,929 | 25,399 | 52,031 | ||||||||||||||||||||||
Accumulated depreciation | (2,464 | ) | (410 | ) | (2,215 | ) | (2,573 | ) | (7,516 | ) | (2,277 | ) | (6,516 | ) | |||||||||||||||
26,979 | 3,406 | 11,611 | 16,596 | 60,413 | 23,122 | 45,515 | |||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | 912 | ||||||||||||||||||||||
Prepaid expenses and other | — | 4 | 17 | — | — | — | — | ||||||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | 200 | ||||||||||||||||||||||
Due from subsidiaries | 3,604 | 1,796 | (345 | ) | 4,047 | 13,481 | (4,749 | ) | 18,380 | ||||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||
Intangible assets, net | — | 9 | — | 58 | 55 | — | 393 | ||||||||||||||||||||||
30,583 | 5,215 | 11,283 | 20,701 | 73,949 | 18,373 | 65,400 | |||||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 68 | 87 | 828 | (57 | ) | 553 | 1,011 | 4,688 | |||||||||||||||||||||
Accrued interest | — | — | — | — | 57 | — | — | ||||||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | — | ||||||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | — | ||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | ||||||||||||||||||||||
Total liabilities | 68 | 87 | 828 | (57 | ) | 610 | 1,011 | 4,688 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital | 30,515 | 5,128 | 10,455 | 20,758 | 73,339 | 17,362 | 60,712 | ||||||||||||||||||||||
30,583 | 5,215 | 11,283 | 20,701 | 73,949 | 18,373 | 65,400 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||
7G, LLC | 6B, LLC | 4I, L.P. | 5D, LLC | 5H, LLC | 7H, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 16,462 | 10,528 | 12,477 | 41,617 | 52,475 | 9,978 | |||||||||||||||||||
Accumulated depreciation | (3,387 | ) | (1,292 | ) | (3,677 | ) | (5,199 | ) | (6,012 | ) | (4,063 | ) | |||||||||||||
13,075 | 9,236 | 8,800 | 36,418 | 46,463 | 5,915 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | 44 | 1,602 | 1,289 | (6,818 | ) | 6,867 | 5,202 | ||||||||||||||||||
Investments in affiliates | — | — | — | 51,398 | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | 34 | 9 | — | 21 | — | — | |||||||||||||||||||
13,153 | 10,847 | 10,089 | 81,019 | 53,330 | 11,117 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 161 | (60 | ) | 360 | 241 | (115 | ) | 414 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | 24,000 | — | 13 | |||||||||||||||||||
Total liabilities | 161 | (60 | ) | 360 | 24,241 | (115 | ) | 427 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 12,992 | 10,907 | 9,729 | 56,778 | 53,445 | 10,690 | |||||||||||||||||||
13,153 | 10,847 | 10,089 | 81,019 | 53,330 | 11,117 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
AGH PSS I, | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
Inc. | 2D, LLC | 4F, L.P. | 5K, LLC | 5M, LLC | 1E, L.P. | 5O, LLC | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment in hotel properties | 17,317 | 15,307 | 31,467 | 27,304 | 21,917 | 10,379 | 8,674 | ||||||||||||||||||||||
Accumulated depreciation | (2,049 | ) | (1,949 | ) | (3,617 | ) | (2,729 | ) | (1,429 | ) | (1,350 | ) | (697 | ) | |||||||||||||||
15,268 | 13,358 | 27,850 | 24,575 | 20,488 | 9,029 | 7,977 | |||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | ||||||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | ||||||||||||||||||||||
Prepaid expenses and other | — | — | — | — | — | — | — | ||||||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | — | ||||||||||||||||||||||
Due from subsidiaries | 9,631 | 215 | 3,292 | (781 | ) | 5,344 | 5,927 | 1,939 | |||||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | — | ||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||
Intangible assets, net | — | 2 | 37 | — | — | — | — | ||||||||||||||||||||||
24,899 | 13,575 | 31,179 | 23,794 | 25,832 | 14,956 | 9,916 | |||||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 29 | 43 | 388 | 5,644 | 21 | 22 | 18 | ||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | — | ||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | — | ||||||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | — | ||||||||||||||||||||||
Long-term debt | — | 9,167 | — | — | — | — | — | ||||||||||||||||||||||
Total liabilities | 29 | 9,210 | 388 | 5,644 | 21 | 22 | 18 | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | ||||||||||||||||||||||
Partners’ capital | 24,870 | 4,365 | 30,791 | 18,150 | 25,811 | 14,934 | 9,898 | ||||||||||||||||||||||
24,899 | 13,575 | 31,179 | 23,794 | 25,832 | 14,956 | 9,916 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||
6M Company | 4B, L.P. | 6C, LLC | 2C, LLC | 4G, L.P. | 3B, LLC | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Investment in hotel properties | 32,724 | 15,830 | 20,493 | 28,300 | 25,493 | 24,577 | |||||||||||||||||||
Accumulated depreciation | (3,594 | ) | (4,630 | ) | (2,815 | ) | (4,322 | ) | (3,112 | ) | (2,971 | ) | |||||||||||||
29,130 | 11,200 | 17,678 | 23,978 | 22,381 | 21,606 | ||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other | 13 | — | — | — | — | — | |||||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | — | |||||||||||||||||||
Due from subsidiaries | 12,127 | (3,367 | ) | 7,763 | 7,596 | 5,849 | 1,864 | ||||||||||||||||||
Investments in affiliates | — | — | — | — | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | |||||||||||||||||||
Intangible assets, net | 47 | 29 | — | 2 | 28 | — | |||||||||||||||||||
41,317 | 7,862 | 25,441 | 31,576 | 28,258 | 23,470 | ||||||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (99 | ) | 387 | (128 | ) | 255 | 574 | 115 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | — | |||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | — | |||||||||||||||||||
Long-term debt | — | — | — | 16,011 | — | — | |||||||||||||||||||
Total liabilities | (99 | ) | 387 | (128 | ) | 16,266 | 574 | 115 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital | 41,416 | 7,475 | 25,569 | 15,310 | 27,684 | 23,355 | |||||||||||||||||||
41,317 | 7,862 | 25,441 | 31,576 | 28,258 | 23,470 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5G, L.P. | 5P, LLC | 5J, LLC | 5Q, LLC | 5A, LLC | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 161,783 | — | 104,381 | 15,964 | 34,663 | ||||||||||||||||
Accumulated depreciation | (18,012 | ) | — | (9,859 | ) | (1,216 | ) | (7,908 | ) | ||||||||||||
143,771 | — | 94,522 | 14,748 | 26,755 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | 319 | — | — | — | ||||||||||||||||
Prepaid expenses and other | — | — | 483 | — | — | ||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | — | — | — | ||||||||||||||||
Due from subsidiaries | 28,207 | 1,117 | 12,862 | 2,083 | 2,995 | ||||||||||||||||
Investments in affiliates | — | — | — | — | 4,627 | ||||||||||||||||
Restricted cash | — | — | — | — | — | ||||||||||||||||
Intangible assets, net | — | — | — | — | (53 | ) | |||||||||||||||
171,978 | 1,436 | 107,867 | 16,831 | 34,324 | |||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 678 | 19 | 318 | (201 | ) | (69 | ) | ||||||||||||||
Accrued interest | — | — | — | — | — | ||||||||||||||||
Income taxes payable | — | — | — | — | — | ||||||||||||||||
Dividends and Distributions payable | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | ||||||||||||||||
Interest rate swaps | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | — | ||||||||||||||||
Long-term debt | — | — | — | — | 23,609 | ||||||||||||||||
Total liabilities | 678 | 19 | 318 | (201 | ) | 23,540 | |||||||||||||||
Minority interests | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | ||||||||||||||||
Partners’ capital | 171,300 | 1,417 | 107,549 | 17,032 | 10,784 | ||||||||||||||||
171,978 | 1,436 | 107,867 | 16,831 | 34,324 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Balance Sheet
December 31, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Hotel | Total | ||||||||||||||||||
8D, LLC | 4J, LLC | Lessee, Inc. | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||
Investment in hotel properties | 30,448 | 37,923 | 864 | — | 3,183,677 | ||||||||||||||||
Accumulated depreciation | (3,813 | ) | (4,561 | ) | (658 | ) | — | (397,380 | ) | ||||||||||||
26,635 | 33,362 | 206 | — | 2,786,297 | |||||||||||||||||
Cash and cash equivalents | — | — | 16,643 | — | 23,441 | ||||||||||||||||
Accounts receivable, net | — | 21 | 40,616 | — | 47,178 | ||||||||||||||||
Prepaid expenses and other | 1 | — | 13,172 | — | 18,306 | ||||||||||||||||
Note receivable from MeriStar Hotels & Resorts | — | — | 389 | (91,550 | ) | 36,000 | |||||||||||||||
Due from MeriStar Hotels & Resorts | — | — | (3,715 | ) | — | 8,877 | |||||||||||||||
Due from subsidiaries | 5,308 | 3,090 | 6,316 | — | — | ||||||||||||||||
Investments in affiliates | — | — | 1,629 | (2,741,585 | ) | 41,714 | |||||||||||||||
Restricted cash | — | — | — | — | 21,304 | ||||||||||||||||
Intangible assets, net | — | 47 | — | — | 21,469 | ||||||||||||||||
31,944 | 36,520 | 75,256 | (2,833,135 | ) | 3,004,586 | ||||||||||||||||
Liabilities, Minority Interests and Partners’ capital | |||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (71 | ) | 243 | 70,061 | — | 123,972 | |||||||||||||||
Accrued interest | — | — | 17 | — | 45,009 | ||||||||||||||||
Income taxes payable | — | — | 25 | — | 310 | ||||||||||||||||
Dividends and Distributions payable | — | — | — | — | 1,090 | ||||||||||||||||
Deferred income taxes | — | — | (337 | ) | — | 7,130 | |||||||||||||||
Interest rate swaps | — | — | — | — | 12,100 | ||||||||||||||||
Notes payable to MeriStar Hospitality | — | — | — | — | 357,117 | ||||||||||||||||
Long-term debt | — | — | 6,000 | (91,550 | ) | 1,343,017 | |||||||||||||||
Total liabilities | (71 | ) | 243 | 75,766 | (91,550 | ) | 1,889,745 | ||||||||||||||
Minority interests | — | — | — | — | 2,639 | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | 67,012 | ||||||||||||||||
Partners’ capital | 32,015 | 36,277 | (510 | ) | (2,741,585 | ) | 1,045,190 | ||||||||||||||
31,944 | 36,520 | 75,256 | (2,833,135 | ) | 3,004,586 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar | ||||||||||||||||||||||||||||
Hospitality OP, | Non-Guarantor | MeriStar Sub | AGH Upreit, | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
L.P. | Subsidiaries | 7C, LLC | LLC | 5N, LLC | 8A, LLC | |||||||||||||||||||||||
Participating lease revenue | — | 36,422 | — | — | 193 | — | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | (1,238 | ) | — | — | — | — | |||||||||||||||||||||
Office rental and other revenues | 1,600 | 2,310 | — | — | — | — | ||||||||||||||||||||||
Total revenue | 1,600 | 37,494 | — | — | 193 | — | ||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | 589 | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 3,154 | (2,002 | ) | — | — | — | — | |||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | (2,347 | ) | 6,488 | — | — | 25 | — | |||||||||||||||||||||
Depreciation and amortization | 981 | 13,282 | — | — | 32 | — | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | 2,028 | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | 1,080 | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 4,896 | 18,357 | — | — | 57 | — | ||||||||||||||||||||||
Net operating income | (3,296 | ) | 19,137 | — | — | 136 | — | |||||||||||||||||||||
Interest expense, net | 22,291 | 7,300 | — | — | (1 | ) | — | |||||||||||||||||||||
Equity in income from consolidated entities | (6,994 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (18,593 | ) | 11,837 | — | — | 137 | — | |||||||||||||||||||||
Minority interests | (22 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (18,571 | ) | 11,837 | — | — | 137 | — | |||||||||||||||||||||
Income tax benefit | (521 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (18,050 | ) | 11,837 | — | — | 137 | — | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | 432 | — | — | 223 | |||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | 432 | — | — | — | 223 | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | (18,050 | ) | 12,269 | — | — | 137 | 223 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
8F, L.P. | 8G, LLC | 6H, L.P. | 8B, LLC | 1C, L.P. | 8E, LLC | 7F, LLC | ||||||||||||||||||||||||||
Participating lease revenue | 708 | — | 357 | 1,722 | 180 | 475 | 312 | |||||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | 2 | — | |||||||||||||||||||||||||
Total revenue | 708 | — | 357 | 1,722 | 180 | 477 | 312 | |||||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | — | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 160 | — | 27 | 3,007 | 206 | 45 | 38 | |||||||||||||||||||||||||
Depreciation and amortization | 111 | — | 106 | 589 | 252 | 143 | 115 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 272 | — | 134 | 3,597 | 459 | 189 | 154 | |||||||||||||||||||||||||
Net operating income | 436 | — | 223 | (1,875 | ) | (279 | ) | 288 | 158 | |||||||||||||||||||||||
Interest expense, net | 16 | — | (1 | ) | 6 | (6 | ) | (3 | ) | (3 | ) | |||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 420 | — | 224 | (1,881 | ) | (273 | ) | 291 | 161 | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 420 | — | 224 | (1,881 | ) | (273 | ) | 291 | 161 | |||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 420 | — | 224 | (1,881 | ) | (273 | ) | 291 | 161 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 420 | — | 224 | (1,881 | ) | (273 | ) | 291 | 161 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
5L, LLC | 3C, LLC | 5R, LLC | 6D, LLC | 6E, LLC | 4E, L.P. | 1B, LLC | ||||||||||||||||||||||||||
Participating lease revenue | 159 | 352 | — | 504 | 1,177 | 290 | 719 | |||||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | 4 | — | 3 | — | |||||||||||||||||||||||||
Total revenue | 159 | 352 | — | 508 | 1,177 | 293 | 719 | |||||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | — | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 30 | 115 | — | 58 | 142 | 119 | 44 | |||||||||||||||||||||||||
Depreciation and amortization | 31 | 171 | — | 128 | 422 | 228 | 153 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 62 | 287 | — | 187 | 565 | 348 | 198 | |||||||||||||||||||||||||
Net operating income | 97 | 65 | — | 321 | 612 | (55 | ) | 521 | ||||||||||||||||||||||||
Interest expense, net | (2 | ) | (4 | ) | — | (3 | ) | (10 | ) | (5 | ) | (3 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 99 | 69 | 324 | 622 | (50 | ) | 524 | |||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 99 | 69 | 324 | 622 | (50 | ) | 524 | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 99 | 69 | 324 | 622 | (50 | ) | 524 | |||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net income (loss) | 99 | 69 | — | 324 | 622 | (50 | ) | 524 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
5F, L.P. | 6G, LLC | 8C, LLC | 4C, L.P. | 4H, L.P. | 7E, LLC | |||||||||||||||||||||||
Participating lease revenue | 630 | 569 | 519 | — | 131 | 437 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | ||||||||||||||||||||||
Total revenue | 630 | 569 | 519 | — | 131 | 437 | ||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | — | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 94 | 78 | 170 | — | 42 | 47 | ||||||||||||||||||||||
Depreciation and amortization | 262 | 204 | 332 | — | 133 | 150 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 357 | 283 | 503 | — | 176 | 198 | ||||||||||||||||||||||
Net operating income | 273 | 286 | 16 | — | (45 | ) | 239 | |||||||||||||||||||||
Interest expense, net | (5 | ) | (4 | ) | (5 | ) | — | (2 | ) | (4 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 278 | 290 | 21 | — | (43 | ) | 243 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 278 | 290 | 21 | — | (43 | ) | 243 | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 278 | 290 | 21 | — | (43 | ) | 243 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | (11 | ) | — | — | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | (11 | ) | — | — | |||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 278 | 290 | 21 | (11 | ) | (43 | ) | 243 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub 7A | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
3D, LLC | 1A, LLC | 5E, LLC | Joint Venture | 6K, LLC | 2B, LLC | 3A, LLC | ||||||||||||||||||||||||||
Participating lease revenue | 416 | 505 | 1,166 | 320 | 824 | 194 | 197 | |||||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 416 | 505 | 1,166 | 320 | 824 | 194 | 197 | |||||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | 1 | — | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 66 | 83 | 109 | 25 | 135 | 45 | 31 | |||||||||||||||||||||||||
Depreciation and amortization | 242 | 120 | 468 | 100 | 184 | 95 | 85 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 309 | 204 | 578 | 126 | 320 | 140 | 117 | |||||||||||||||||||||||||
Net operating income | 107 | 301 | 588 | 194 | 504 | 54 | 80 | |||||||||||||||||||||||||
Interest expense, net | (8 | ) | (3 | ) | (9 | ) | (4 | ) | (6 | ) | 94 | (2 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 115 | 304 | 597 | 198 | 510 | (40 | ) | 82 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 115 | 304 | 597 | 198 | 510 | (40 | ) | 82 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 115 | 304 | 597 | 198 | 510 | (40 | ) | 82 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 115 | 304 | 597 | 198 | 510 | (40 | ) | 82 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MDV Limited | MeriStar Sub | |||||||||||||||||||||||
4A, L.P. | 4D, LLC | 2A, LLC | 6L, LLC | Partnership | 5C, LLC | |||||||||||||||||||||||
Participating lease revenue | 263 | 168 | 195 | 469 | 91 | 378 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | 3 | — | — | — | — | ||||||||||||||||||||||
Total revenue | 263 | 171 | 195 | 469 | 91 | 378 | ||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | — | 1 | — | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 68 | 47 | 49 | 52 | 28 | 793 | ||||||||||||||||||||||
Depreciation and amortization | — | 78 | 79 | 220 | 31 | 145 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 69 | 126 | 128 | 273 | 59 | 939 | ||||||||||||||||||||||
Net operating income | 194 | 45 | 67 | 196 | 32 | (561 | ) | |||||||||||||||||||||
Interest expense, net | (7 | ) | (6 | ) | 171 | (4 | ) | (2 | ) | (10 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 201 | 51 | (104 | ) | 200 | 34 | (551 | ) | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 201 | 51 | (104 | ) | 200 | 34 | (551 | ) | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 201 | 51 | (104 | ) | 200 | 34 | (551 | ) | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 201 | 51 | (104 | ) | 200 | 34 | (551 | ) | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
6J, LLC | 1D, L.P. | 7B, L.P. | 7D, LLC | 7G, LLC | 6B, LLC | 4I, L.P. | ||||||||||||||||||||||||||
Participating lease revenue | 497 | 1,585 | 383 | 1,715 | 201 | 332 | 17 | |||||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | 103 | — | (159 | ) | — | — | 4 | ||||||||||||||||||||||||
Total revenue | 497 | 1,688 | 383 | 1,556 | 201 | 332 | 21 | |||||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | 33 | — | 33 | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 279 | 3 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 57 | 268 | 222 | 706 | 53 | 66 | 92 | |||||||||||||||||||||||||
Depreciation and amortization | 152 | 545 | 226 | 407 | 187 | 113 | 213 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 210 | 847 | 449 | 1,425 | 243 | 180 | 306 | |||||||||||||||||||||||||
Net operating income | 287 | 841 | (66 | ) | 131 | (42 | ) | 152 | (285 | ) | ||||||||||||||||||||||
Interest expense, net | (5 | ) | (7 | ) | 7 | 5 | (5 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 292 | 848 | (73 | ) | 126 | (37 | ) | 153 | (284 | ) | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 292 | 848 | (73 | ) | 126 | (37 | ) | 153 | (284 | ) | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 292 | 848 | (73 | ) | 126 | (37 | ) | 153 | (284 | ) | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 292 | 848 | (73 | ) | 126 | (37 | ) | 153 | (284 | ) | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | AGH PSS I, | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
5D, LLC | 5H, LLC | 7H, LLC | Inc. | 2D, LLC | 4F, L.P. | |||||||||||||||||||||||
Participating lease revenue | 462 | 720 | 309 | 628 | 476 | 521 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | 1 | — | — | ||||||||||||||||||||||
Total revenue | 462 | 720 | 309 | 629 | 476 | 521 | ||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 2 | — | 16 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 58 | 167 | 107 | 134 | 99 | 107 | ||||||||||||||||||||||
Depreciation and amortization | 355 | 486 | 173 | — | 115 | 271 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 414 | 654 | 281 | 136 | 214 | 394 | ||||||||||||||||||||||
Net operating income | 48 | 66 | 28 | 493 | 262 | 127 | ||||||||||||||||||||||
Interest expense, net | 472 | (7 | ) | (6 | ) | (2 | ) | 196 | (5 | ) | ||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (424 | ) | 73 | 34 | 495 | 66 | 132 | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (424 | ) | 73 | 34 | 495 | 66 | 132 | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (424 | ) | 73 | 34 | 495 | 66 | 132 | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | (1,075 | ) | — | — | |||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | (424 | ) | 73 | 34 | (580 | ) | 66 | 132 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||||||
5K, LLC | 5M, LLC | 1E, L.P. | 5O, LLC | 6M Company | 4B, L.P. | 6C, LLC | ||||||||||||||||||||||||||
Participating lease revenue | 525 | 367 | 530 | 147 | 1,160 | 36 | 673 | |||||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | 3 | |||||||||||||||||||||||||
Total revenue | 525 | 367 | 530 | 147 | 1,160 | 36 | 676 | |||||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 84 | 80 | 36 | 33 | 94 | 95 | 41 | |||||||||||||||||||||||||
Depreciation and amortization | 295 | 110 | 74 | 54 | 298 | 280 | 194 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 380 | 191 | 111 | 88 | 393 | 376 | 236 | |||||||||||||||||||||||||
Net operating income | 145 | 176 | 419 | 59 | 767 | (340 | ) | 440 | ||||||||||||||||||||||||
Interest expense, net | (7 | ) | (6 | ) | (4 | ) | (1 | ) | (3 | ) | (19 | ) | (3 | ) | ||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 152 | 182 | 423 | 60 | 770 | (321 | ) | 443 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 152 | 182 | 423 | 60 | 770 | (321 | ) | 443 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 152 | 182 | 423 | 60 | 770 | (321 | ) | 443 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 152 | 182 | 423 | 60 | 770 | (321 | ) | 443 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||
2C, LLC | 4G, L.P. | 3B, LLC | 5G, L.P. | 5P, LLC | 5J, LLC | |||||||||||||||||||||||
Participating lease revenue | 525 | 782 | 162 | 2,389 | 117 | 1,931 | ||||||||||||||||||||||
Hotel operations: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 27 | — | 2 | 13 | — | — | ||||||||||||||||||||||
Total revenue | 552 | 782 | 164 | 2,402 | 117 | 1,931 | ||||||||||||||||||||||
Hotel operating expenses by department: | — | — | — | — | — | — | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | — | 12 | 1 | 2 | — | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 138 | 139 | 84 | 485 | 6 | 443 | ||||||||||||||||||||||
Depreciation and amortization | 258 | 226 | 223 | 1,541 | — | 841 | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Write down of deferred costs | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 396 | 377 | 308 | 2,028 | 6 | 1,285 | ||||||||||||||||||||||
Net operating income | 156 | 405 | (144 | ) | 374 | 111 | 646 | |||||||||||||||||||||
Interest expense, net | 320 | (4 | ) | (2 | ) | (8 | ) | — | (25 | ) | ||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (164 | ) | 409 | (142 | ) | 382 | 111 | 671 | ||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (164 | ) | 409 | (142 | ) | 382 | 111 | 671 | ||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (164 | ) | 409 | (142 | ) | 382 | 111 | 671 | ||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | (164 | ) | 409 | (142 | ) | 382 | 111 | 671 | ||||||||||||||||||||
2
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||
5Q, LLC | 5A, LLC | 8D, LLC | 4J, LLC | |||||||||||||||||
Participating lease revenue | 464 | 1,226 | 790 | 633 | ||||||||||||||||
Hotel operations: | — | — | — | |||||||||||||||||
Rooms | — | — | — | — | ||||||||||||||||
Food and beverage | — | — | — | — | ||||||||||||||||
Other operating departments | — | — | — | — | ||||||||||||||||
Office rental and other revenues | — | 19 | — | 81 | ||||||||||||||||
Total revenue | 464 | 1,245 | 790 | 714 | ||||||||||||||||
Hotel operating expenses by department: | — | — | — | |||||||||||||||||
Rooms | — | — | — | — | ||||||||||||||||
Food and beverage | — | — | — | — | ||||||||||||||||
Other operating departments | — | — | — | — | ||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | 164 | ||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||
Administrative and general | — | 1 | 1 | 4 | ||||||||||||||||
Property operating costs | — | — | — | — | ||||||||||||||||
Property taxes, insurance and other | 71 | 151 | 89 | 114 | ||||||||||||||||
Depreciation and amortization | 102 | 414 | 312 | 325 | ||||||||||||||||
Expense for non-hedging derivatives | — | — | — | — | ||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | |||||||||||||||||
Swap termination fees | — | — | — | — | ||||||||||||||||
Write down of deferred costs | — | — | — | — | ||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | ||||||||||||||||
FelCor merger costs | — | — | — | — | ||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | ||||||||||||||||
Restructuring charge | — | — | — | — | ||||||||||||||||
Total operating expenses | 173 | 566 | 402 | 607 | ||||||||||||||||
Net operating income | 291 | 679 | 388 | 107 | ||||||||||||||||
Interest expense, net | (21 | ) | 698 | (4 | ) | (7 | ) | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | ||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 312 | (19 | ) | 392 | 114 | |||||||||||||||
Minority interests | — | — | — | — | ||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 312 | (19 | ) | 392 | 114 | |||||||||||||||
Income tax benefit | — | — | — | — | ||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 312 | (19 | ) | 392 | 114 | |||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | ||||||||||||||||
Income tax benefit | — | — | — | — | ||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | ||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | ||||||||||||||||
Extraordinary loss, net of tax | — | — | — | |||||||||||||||||
Net income (loss) | 312 | (19 | ) | 392 | 114 | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Three Months Ended September 30, 2001
(in thousands)
MeriStar Hotel | Total | |||||||||||||||
Lessee, Inc. | Eliminations | Consolidated | ||||||||||||||
Participating lease revenue | — | (69,504 | ) | 1,841 | ||||||||||||
Hotel operations: | — | — | — | |||||||||||||
Rooms | 163,568 | — | 163,568 | |||||||||||||
Food and beverage | 55,886 | — | 55,886 | |||||||||||||
Other operating departments | 19,959 | — | 18,721 | |||||||||||||
Office rental and other revenues | — | — | 4,016 | |||||||||||||
Total revenue | 239,413 | (69,504 | ) | 244,032 | ||||||||||||
Hotel operating expenses by department: | — | — | — | |||||||||||||
Rooms | 42,715 | — | 42,715 | |||||||||||||
Food and beverage | 44,122 | — | 44,122 | |||||||||||||
Other operating departments | 10,353 | — | 10,353 | |||||||||||||
Office rental, parking and other operating expenses | — | — | 819 | |||||||||||||
Undistributed operating expenses: | ||||||||||||||||
Administrative and general | 38,094 | — | 39,610 | |||||||||||||
Property operating costs | 40,716 | — | 40,716 | |||||||||||||
Property taxes, insurance and other | 75,877 | (69,504 | ) | 20,811 | ||||||||||||
Depreciation and amortization | 38 | — | 28,500 | |||||||||||||
Expense for non-hedging derivatives | — | — | — | |||||||||||||
Write down of investment in STS Hotel Net | — | — | — | |||||||||||||
Swap termination fees | — | — | — | |||||||||||||
Write down of deferred costs | — | — | — | |||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | |||||||||||||
FelCor merger costs | — | — | 2,028 | |||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | |||||||||||||
Restructuring charge | — | — | 1,080 | |||||||||||||
Total operating expenses | 251,915 | (69,504 | ) | 230,754 | ||||||||||||
Net operating income | (12,502 | ) | — | 13,278 | ||||||||||||
Interest expense, net | 53 | — | 31,354 | |||||||||||||
Equity in income from consolidated entities | — | (6,994 | ) | — | ||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (12,555 | ) | (6,994 | ) | (18,076 | ) | ||||||||||
Minority interests | — | — | (22 | ) | ||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | (12,555 | ) | (6,994 | ) | (18,054 | ) | ||||||||||
Income tax benefit | — | — | (521 | ) | ||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | (12,555 | ) | (6,994 | ) | (17,533 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||
Income (loss) from operations of assets sold | (86 | ) | — | 558 | ||||||||||||
Income tax benefit | — | — | — | |||||||||||||
Income (loss) on discontinued operations | (86 | ) | — | 558 | ||||||||||||
Loss on sale of assets, net of tax effect | — | — | (1,075 | ) | ||||||||||||
Extraordinary loss, net of tax | — | — | — | |||||||||||||
Net income (loss) | (12,641 | ) | (6,994 | ) | (18,050 | ) | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | Non- | MeriStar | AGH | MeriStar | MeriStar | |||||||||||||||||||||||
Hospitality | Guarantor | Sub 7C, | Upreit, | Sub 5N, | Sub 8A, | |||||||||||||||||||||||
OP, L.P. | Subsidiaries | LLC | LLC | LLC | LLC | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Participating lease revenue | — | 127,131 | — | — | 919 | — | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | |||||||||||||||||||||||
Food and beverage | — | — | — | — | — | |||||||||||||||||||||||
Other operating departments | — | (1,618 | ) | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | 4,800 | 5,659 | — | — | — | |||||||||||||||||||||||
Total revenue | 4,800 | 131,172 | — | — | 919 | — | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | 1,575 | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 5,504 | (435 | ) | — | — | — | — | |||||||||||||||||||||
Property operating costs | — | — | — | — | — | |||||||||||||||||||||||
Property taxes, insurance and other | 441 | 15,753 | — | — | 50 | — | ||||||||||||||||||||||
Depreciation and amortization | 4,412 | 38,745 | — | — | 96 | — | ||||||||||||||||||||||
Expense for non-hedging derivatives | — | |||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | 2,112 | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | 9,297 | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | 5,817 | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | 1,315 | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | 1,080 | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 29,978 | 55,638 | — | — | 146 | — | ||||||||||||||||||||||
Net operating income | (25,178 | ) | 75,534 | — | — | 773 | — | |||||||||||||||||||||
Interest expense, net | 66,612 | 20,711 | — | — | (5 | ) | — | |||||||||||||||||||||
Equity in income from consolidated entities | (116,073 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 24,283 | 54,823 | — | — | 778 | — | ||||||||||||||||||||||
Minority interests | (16 | ) | — | — | — | — | — | |||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 24,299 | 54,823 | — | — | 778 | — | ||||||||||||||||||||||
Income tax benefit | 721 | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 23,578 | 54,823 | — | — | 778 | — | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | 1,350 | — | — | — | 923 | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | 1,350 | — | — | — | 923 | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | ||||||||||||||||||||||
Extraordinary loss, net of tax | (1,226 | ) | — | — | — | — | — | |||||||||||||||||||||
Net income (loss) | 22,352 | 56,173 | — | — | 778 | 923 | ||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||||||||
MeriStar | MeriStar | MeriStar | Sub 8B, | Sub 1C, | Sub 8E, | Sub 7F, | Sub 5L, | |||||||||||||||||||||||||||||
Sub 8F, L.P. | 8G, LLC | Sub 6H, L.P. | LLC | L.P. | LLC | LLC | LLC | |||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||
Participating lease revenue | 2,311 | — | 1,057 | 6,817 | 1,195 | 1,544 | 845 | 1,052 | ||||||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | 13 | — | — | ||||||||||||||||||||||||||||
Total revenue | 2,311 | — | 1,057 | 6,817 | 1,195 | 1,557 | 845 | 1,052 | ||||||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||||||
Administrative and general | (7 | ) | — | (2 | ) | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Property taxes, insurance and other | 442 | — | (9 | ) | 1,157 | 585 | 112 | 127 | 24 | |||||||||||||||||||||||||||
Depreciation and amortization | 329 | — | 318 | 1,743 | 757 | 403 | 345 | 92 | ||||||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total operating expenses | 764 | — | 307 | 2,901 | 1,343 | 516 | 473 | 117 | ||||||||||||||||||||||||||||
Net operating income | 1,547 | — | 750 | 3,916 | (148 | ) | 1,041 | 372 | 935 | |||||||||||||||||||||||||||
Interest expense, net | 11 | — | (3 | ) | (52 | ) | (18 | ) | (31 | ) | (9 | ) | (8 | ) | ||||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,536 | — | 753 | 3,968 | (130 | ) | 1,072 | 381 | 943 | |||||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,536 | — | 753 | 3,968 | (130 | ) | 1,072 | 381 | 943 | |||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,536 | — | 753 | 3,968 | (130 | ) | 1,072 | 381 | 943 | |||||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Net income (loss) | 1,536 | — | 753 | 3,968 | (130 | ) | 1,072 | 381 | 943 | |||||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||
Sub 3C, | Sub 5R, | Sub 8A, | Sub 6D, | Sub 6E, | Sub 4E, | |||||||||||||||||||||||
LLC | LLC | LLC | LLC | LLC | L.P. | |||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Participating lease revenue | 1,474 | — | 377 | 1,733 | 4,556 | 1,298 | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental and other revenues | — | — | — | 10 | — | 9 | ||||||||||||||||||||||
Total revenue | 1,474 | — | 377 | 1,743 | 4,556 | 1,307 | ||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | ||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | ||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | ||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | ||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||
Administrative and general | 1 | — | — | 1 | 1 | 1 | ||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | ||||||||||||||||||||||
Property taxes, insurance and other | 362 | — | 54 | 227 | 479 | 346 | ||||||||||||||||||||||
Depreciation and amortization | 514 | — | 89 | 380 | 1,249 | 684 | ||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | ||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | ||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | ||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | ||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | ||||||||||||||||||||||
Total operating expenses | 877 | — | 143 | 608 | 1,729 | 1,031 | ||||||||||||||||||||||
Net operating income | 597 | — | 234 | 1,135 | 2,827 | 276 | ||||||||||||||||||||||
Interest expense, net | (18 | ) | — | (5 | ) | (16 | ) | (34 | ) | (17 | ) | |||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 615 | — | 239 | 1,151 | 2,861 | 293 | ||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 615 | — | 239 | 1,151 | 2,861 | 293 | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 615 | — | 239 | 1,151 | 2,861 | 293 | ||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | ||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | ||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | ||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | (1,062 | ) | — | — | — | |||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | ||||||||||||||||||||||
Net income (loss) | 615 | — | (823 | ) | 1,151 | 2,861 | 293 | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 1B, | Sub 5F, | Sub 6G, | Sub 8C, | Sub 4C, | Sub 4H, | Sub 7E, | ||||||||||||||||||||||||||
LLC | L.P. | LLC | LLC | L.P. | L.P. | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 2,338 | 2,316 | 2,275 | 1,880 | — | 381 | 1,315 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | 2 | — | — | — | |||||||||||||||||||||||||
Total revenue | 2,338 | 2,316 | 2,275 | 1,882 | — | 381 | 1,315 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | — | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 146 | 120 | 417 | 620 | — | 127 | 261 | |||||||||||||||||||||||||
Depreciation and amortization | 459 | 787 | 574 | 981 | — | 399 | 449 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 606 | 908 | 992 | 1,602 | — | 527 | 711 | |||||||||||||||||||||||||
Net operating income | 1,732 | 1,408 | 1,283 | 280 | — | (146 | ) | 604 | ||||||||||||||||||||||||
Interest expense, net | (29 | ) | (12 | ) | (64 | ) | (35 | ) | — | (9 | ) | (16 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,761 | 1,420 | 1,347 | 315 | — | (137 | ) | 620 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | ||||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,761 | 1,420 | 1,347 | 315 | — | (137 | ) | 620 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,761 | 1,420 | 1,347 | 315 | — | (137 | ) | 620 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | (61 | ) | — | — | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | (61 | ) | — | — | ||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 1,761 | 1,420 | 1,347 | 315 | (61 | ) | (137 | ) | 620 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar Sub 7A | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 3D, | Sub 1A, | Sub 5E, | Joint | Sub 6K, | Sub 2B, | Sub 3A, | ||||||||||||||||||||||||||
LLC | LLC | LLC | Venture | LLC | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,513 | 1,648 | 4,291 | 1,026 | 3,015 | 480 | 551 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 1,513 | 1,648 | 4,291 | 1,026 | 3,015 | 480 | 551 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 9 | (42 | ) | 1 | — | 1 | ||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 186 | 269 | 412 | 79 | 497 | 136 | 46 | |||||||||||||||||||||||||
Depreciation and amortization | 692 | 353 | 1,382 | 301 | 554 | 287 | 255 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 879 | 623 | 1,803 | 338 | 1,052 | 423 | 302 | |||||||||||||||||||||||||
Net operating income | 634 | 1,025 | 2,488 | 688 | 1,963 | 57 | 249 | |||||||||||||||||||||||||
Interest expense, net | (79 | ) | (16 | ) | (90 | ) | (9 | ) | (22 | ) | 275 | (12 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 713 | 1,041 | 2,578 | 697 | 1,985 | (218 | ) | 261 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 713 | 1,041 | 2,578 | 697 | 1,985 | (218 | ) | 261 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 713 | 1,041 | 2,578 | 697 | 1,985 | (218 | ) | 261 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 713 | 1,041 | 2,578 | 697 | 1,985 | (218 | ) | 261 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MDV | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 4A, | Sub 4D, | Sub 2A, | Sub 6L, | Limited | Sub 5C, | Sub 6J, | ||||||||||||||||||||||||||
LLC | LLC | LLC | LLC | Partnership | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 965 | 472 | 547 | 1,388 | 467 | 1,067 | 1,890 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | 3 | — | — | — | — | — | |||||||||||||||||||||||||
Total revenue | 965 | 475 | 547 | 1,388 | 467 | 1,067 | 1,890 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 5 | 1 | — | 1 | (7 | ) | 9 | 1 | ||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 235 | 111 | 144 | 163 | 103 | 81 | 122 | |||||||||||||||||||||||||
Depreciation and amortization | — | 220 | 238 | 659 | 91 | 434 | 450 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 240 | 332 | 382 | 823 | 187 | 524 | 573 | |||||||||||||||||||||||||
Net operating income | 725 | 143 | 165 | 565 | 280 | 543 | 1,317 | |||||||||||||||||||||||||
Interest expense, net | (25 | ) | (35 | ) | 517 | (19 | ) | (6 | ) | (29 | ) | (29 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 750 | 178 | (352 | ) | 584 | 286 | 572 | 1,346 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 750 | 178 | (352 | ) | 584 | 286 | 572 | 1,346 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 750 | 178 | (352 | ) | 584 | 286 | 572 | 1,346 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 750 | 178 | (352 | ) | 584 | 286 | 572 | 1,346 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||||||
Sub 1D, | Sub 7B, | Sub 7D, | Sub 7G, | Sub 6B, | MeriStar | Sub 5D, | ||||||||||||||||||||||||||
L.P. | L.P. | LLC | LLC | LLC | Sub 4I, L.P. | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 4,977 | 1,149 | 5,213 | 648 | 872 | 68 | 1,450 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 285 | — | 991 | — | — | 8 | 3 | |||||||||||||||||||||||||
Total revenue | 5,262 | 1,149 | 6,204 | 648 | 872 | 76 | 1,453 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | 89 | — | 368 | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 14 | (100 | ) | 182 | 3 | 1 | 4 | 6 | ||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 804 | 807 | 1,874 | 173 | 192 | 265 | 332 | |||||||||||||||||||||||||
Depreciation and amortization | 1,628 | 657 | 1,189 | 544 | 338 | 638 | 1,058 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 2,535 | 1,364 | 3,613 | 720 | 531 | 907 | 1,396 | |||||||||||||||||||||||||
Net operating income | 2,727 | (215 | ) | 2,591 | (72 | ) | 341 | (831 | ) | 57 | ||||||||||||||||||||||
Interest expense, net | (29 | ) | (56 | ) | (66 | ) | (50 | ) | (5 | ) | (11 | ) | 1,338 | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 2,756 | (159 | ) | 2,657 | (22 | ) | 346 | (820 | ) | (1,281 | ) | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 2,756 | (159 | ) | 2,657 | (22 | ) | 346 | (820 | ) | (1,281 | ) | |||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 2,756 | (159 | ) | 2,657 | (22 | ) | 346 | (820 | ) | (1,281 | ) | |||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
�� | Income (loss) on discontinued operations | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 2,756 | (159 | ) | 2,657 | (22 | ) | 346 | (820 | ) | (1,281 | ) | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | |||||||||||||||||||||||||||
Sub 5H, | Sub 7H, | AGH PSSI, | Sub 2D, | Sub 4F, | Sub 5K, | Sub 5M, | ||||||||||||||||||||||||||
LLC | LLC | Inc. | LLC | L.P. | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 3,881 | 926 | 2,624 | 1,147 | 1,803 | 2,128 | 1,895 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | 3 | — | 4 | — | — | |||||||||||||||||||||||||
Total revenue | 3,881 | 926 | 2,627 | 1,147 | 1,807 | 2,128 | 1,895 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 2 | — | 16 | 1 | 1 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 352 | 214 | 342 | 298 | 352 | 238 | 134 | |||||||||||||||||||||||||
Depreciation and amortization | 1,459 | 520 | — | 347 | 812 | 886 | 330 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 1,812 | 735 | 344 | 645 | 1,180 | 1,125 | 465 | |||||||||||||||||||||||||
Net operating income | 2,069 | 191 | 2,283 | 502 | 627 | 1,003 | 1,430 | |||||||||||||||||||||||||
Interest expense, net | (26 | ) | (22 | ) | (6 | ) | 589 | (23 | ) | (22 | ) | (20 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and | ||||||||||||||||||||||||||||||||
extraordinary loss | 2,095 | 213 | 2,289 | (87 | ) | 650 | 1,025 | 1,450 | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 2,095 | 213 | 2,289 | (87 | ) | 650 | 1,025 | 1,450 | ||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 2,095 | 213 | 2,289 | (87 | ) | 650 | 1,025 | 1,450 | ||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | (1,075 | ) | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 2,095 | 213 | 1,214 | (87 | ) | 650 | 1,025 | 1,450 | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 1E, | Sub 5O, | Sub 6M, | Sub 4B, | Sub 6C, | Sub 2C, | Sub 4G, | ||||||||||||||||||||||||||
L.P. | LLC | Company | L.P. | LLC | LLC | L.P. | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 1,389 | 734 | 3,760 | 165 | 2,394 | 1,468 | 2,457 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | — | — | — | — | 10 | 42 | 12 | |||||||||||||||||||||||||
Total revenue | 1,389 | 734 | 3,760 | 165 | 2,404 | 1,510 | 2,469 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 1 | 1 | 1 | 1 | — | 12 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 106 | 59 | 210 | 304 | 98 | 472 | 573 | |||||||||||||||||||||||||
Depreciation and amortization | 216 | 166 | 894 | 820 | 559 | 773 | 643 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 323 | 226 | 1,105 | 1,125 | 658 | 1,245 | 1,228 | |||||||||||||||||||||||||
Net operating income | 1,066 | 508 | 2,655 | (960 | ) | 1,746 | 265 | 1,241 | ||||||||||||||||||||||||
Interest expense, net | (23 | ) | (4 | ) | (12 | ) | (57 | ) | (44 | ) | 1,014 | (35 | ) | |||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,089 | 512 | 2,667 | (903 | ) | 1,790 | (749 | ) | 1,276 | |||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 1,089 | 512 | 2,667 | (903 | ) | 1,790 | (749 | ) | 1,276 | |||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 1,089 | 512 | 2,667 | (903 | ) | 1,790 | (749 | ) | 1,276 | |||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 1,089 | 512 | 2,667 | (903 | ) | 1,790 | (749 | ) | 1,276 | |||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | MeriStar | ||||||||||||||||||||||||||
Sub 3B, | Sub 5G, | Sub 5P, | Sub 5J, | Sub 5Q, | Sub 5A, | Sub 8D, | ||||||||||||||||||||||||||
LLC | L.P. | LLC | LLC | LLC | LLC | LLC | ||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||
Participating lease revenue | 952 | 9,962 | 488 | 9,231 | 2,147 | 4,263 | 2,710 | |||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental and other revenues | 10 | 45 | — | — | — | 66 | — | |||||||||||||||||||||||||
Total revenue | 962 | 10,007 | 488 | 9,231 | 2,147 | 4,329 | 2,710 | |||||||||||||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Food and beverage | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Other operating departments | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Office rental, parking and other operating expenses | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||||||||||||||
Administrative and general | 1 | 6 | — | 2 | — | 2 | 26 | |||||||||||||||||||||||||
Property operating costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Property taxes, insurance and other | 243 | 1,183 | 10 | 611 | — | 403 | 254 | |||||||||||||||||||||||||
Depreciation and amortization | 661 | 4,620 | — | 2,522 | 307 | 1,248 | 934 | |||||||||||||||||||||||||
Expense for non-hedging derivatives | ||||||||||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Swap termination fees | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | — | — | — | |||||||||||||||||||||||||
FelCor merger costs | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Restructuring charge | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Total operating expenses | 905 | 5,809 | 10 | 3,135 | 307 | 1,653 | 1,214 | |||||||||||||||||||||||||
Net operating income | 57 | 4,198 | 478 | 6,096 | 1,840 | 2,676 | 1,496 | |||||||||||||||||||||||||
Interest expense, net | (21 | ) | (29 | ) | — | (76 | ) | (80 | ) | 2,096 | (20 | ) | ||||||||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 78 | 4,227 | 478 | 6,172 | 1,920 | 580 | 1,516 | |||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 78 | 4,227 | 478 | 6,172 | 1,920 | 580 | 1,516 | |||||||||||||||||||||||||
Income tax benefit | ��� | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 78 | 4,227 | 478 | 6,172 | 1,920 | 580 | 1,516 | |||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||
Income (loss) from operations of assets sold | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income tax benefit | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Income (loss) on discontinued operations | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Extraordinary loss, net of tax | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Net income (loss) | 78 | 4,227 | 478 | 6,172 | 1,920 | 580 | 1,516 | |||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Condensed Consolidating Statement of Operations
Nine months ended September 30, 2001
(in thousands)
MeriStar | MeriStar | |||||||||||||||||||
Sub 4J, | Hotel | Total | ||||||||||||||||||
LLC | Lessee, Inc. | Eliminations | Consolidated | |||||||||||||||||
Revenue: | ||||||||||||||||||||
Participating lease revenue | 2,146 | — | (247,035 | ) | 8,146 | |||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | 562,497 | — | 562,497 | ||||||||||||||||
Food and beverage | — | 200,273 | — | 200,273 | ||||||||||||||||
Other operating departments | — | 66,129 | — | 64,511 | ||||||||||||||||
Office rental and other revenues | 208 | — | — | 12,183 | ||||||||||||||||
Total revenue | 2,354 | 828,899 | (247,035 | ) | 847,610 | |||||||||||||||
Hotel operating expenses by department: | ||||||||||||||||||||
Rooms | — | 134,225 | — | 134,225 | ||||||||||||||||
Food and beverage | — | 147,320 | — | 147,320 | ||||||||||||||||
Other operating departments | — | 33,845 | — | 33,845 | ||||||||||||||||
Office rental, parking and other operating expenses | 412 | — | — | 2,444 | ||||||||||||||||
Undistributed operating expenses: | ||||||||||||||||||||
Administrative and general | 5 | 121,527 | — | 126,774 | ||||||||||||||||
Property operating costs | — | 124,812 | — | 124,812 | ||||||||||||||||
Property taxes, insurance and other | 131 | 268,734 | (247,035 | ) | 57,158 | |||||||||||||||
Depreciation and amortization | 943 | 161 | — | 85,594 | ||||||||||||||||
Expense for non-hedging derivatives | — | |||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | 2,112 | ||||||||||||||||
Swap termination fees | — | — | — | 9,297 | ||||||||||||||||
Loss on fair value of non-hedging derivatives | — | — | — | — | ||||||||||||||||
FelCor merger costs | — | — | — | 5,817 | ||||||||||||||||
Costs to terminate leases with Prime Hospitality Corporation | — | — | — | 1,315 | ||||||||||||||||
Restructuring charge | — | — | — | 1,080 | ||||||||||||||||
Total operating expenses | 1,491 | 830,624 | (247,035 | ) | 731,793 | |||||||||||||||
Net operating income | 863 | (1,725 | ) | — | 115,817 | |||||||||||||||
Interest expense, net | (66 | ) | 53 | — | 91,661 | |||||||||||||||
Equity in income from consolidated entities | — | — | 116,073 | — | ||||||||||||||||
Income (loss) from continuing operations before minority interests, income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 929 | (1,778 | ) | (116,073 | ) | 24,156 | ||||||||||||||
Minority interests | — | — | — | (16 | ) | |||||||||||||||
Income (loss) from continuing operating before income tax benefit, discontinued operations, loss on sale of assets and extraordinary loss | 929 | (1,778 | ) | (116,073 | ) | 24,172 | ||||||||||||||
Income tax benefit | — | — | — | 721 | ||||||||||||||||
Income (loss) from continuing operations before discontinued operations and loss on sale of assets | 929 | (1,778 | ) | (116,073 | ) | 23,451 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||
Income (loss) from operations of assets sold | — | 52 | — | 2,264 | ||||||||||||||||
Income tax benefit | — | — | — | — | ||||||||||||||||
Income (loss) on discontinued operations | — | 52 | — | 2,264 | ||||||||||||||||
Loss on sale of assets, net of tax effect | — | — | — | (2,137 | ) | |||||||||||||||
Extraordinary loss, net of tax | — | — | — | (1,226 | ) | |||||||||||||||
Net income (loss) | 929 | (1,726 | ) | (116,073 | ) | 22,352 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar | |||||||||||||||||||||||||||||||
Hospitality OP, | Non-Guarantor | MeriStar Sub | AGH Upreit, | MeriStar Sub | MeriStar Sub | MeriStar | |||||||||||||||||||||||||
L.P. | Subsidiaries | 7C, LLC | LLC | 5N, LLC | 8A, LLC | Sub 8F, L.P. | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 22,352 | 56,173 | — | — | 778 | 923 | 1,536 | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | — | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,412 | 39,040 | — | — | 96 | 218 | 329 | ||||||||||||||||||||||||
Equity in earnings | (116,073 | ) | |||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | 2,112 | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | 1,243 | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | (16 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Amortization of unearned stock based compensation | 2,628 | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | (359 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | 442 | 192 | — | — | — | — | 150 | ||||||||||||||||||||||||
Prepaid expenses and other | (5,727 | ) | (212 | ) | — | — | — | — | (6 | ) | |||||||||||||||||||||
Due from/to MeriStar Hotels | 417 | 2,165 | — | — | 14 | — | — | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (6,346 | ) | (5,216 | ) | — | — | 34 | (10 | ) | 9 | |||||||||||||||||||||
Accrued interest | 3,488 | (469 | ) | — | — | — | — | (14 | ) | ||||||||||||||||||||||
Due from subsidiaries | 162,230 | (71,816 | ) | — | — | (873 | ) | (1,059 | ) | 1,626 | |||||||||||||||||||||
Income taxes payable | 233 | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 71,036 | 19,857 | — | — | 49 | 72 | 3,630 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (3,465 | ) | (14,229 | ) | — | — | (49 | ) | (72 | ) | (139 | ) | |||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | (36,000 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Change in restricted cash | (908 | ) | (2,321 | ) | — | — | — | — | 488 | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (40,393 | ) | (16,550 | ) | — | — | (49 | ) | (72 | ) | 349 | ||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | (11,072 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | 684,710 | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | (600,863 | ) | (3,307 | ) | — | — | — | — | (3,979 | ) | |||||||||||||||||||||
Repurchase of units | (4,028 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Contributions from partners | 2,157 | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | (75,950 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net cash used in financing activities | (5,046 | ) | (3,307 | ) | — | — | — | — | (3,979 | ) | |||||||||||||||||||||
Effect of exchange rate changes on cash | 245 | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | 25,862 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 242 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | 26,104 | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
8G, LLC | 6H, L.P. | 8B, LLC | 1C, L.P. | 8E, LLC | 7F, LLC | 5L, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | — | 753 | 3,968 | (130 | ) | 1,072 | 381 | 943 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | — | 318 | 1,743 | 757 | 403 | 345 | 92 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | (7 | ) | 184 | (4 | ) | 62 | (26 | ) | — | |||||||||||||||||||||
Prepaid expenses and other | — | — | (11 | ) | — | — | — | — | |||||||||||||||||||||||
Due from/to MeriStar Hotels | — | — | 120 | 1 | — | (2 | ) | �� | 32 | ||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | — | (20 | ) | 106 | 31 | (66 | ) | 64 | 14 | ||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | — | (1,025 | ) | (5,715 | ) | (302 | ) | (1,367 | ) | (664 | ) | (975 | ) | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | — | 19 | 395 | 353 | 104 | 98 | 106 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | — | (19 | ) | (395 | ) | (353 | ) | (104 | ) | (98 | ) | (106 | ) | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | (19 | ) | (395 | ) | (353 | ) | (104 | ) | (98 | ) | (106 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||
3C, LLC | 5R, LLC | 8A, LLC | 6D, LLC | 6E, LLC | 4E, L.P. | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||
Net income (loss) | 615 | — | (823 | ) | 1,151 | 2,861 | 293 | ||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 514 | — | 89 | 380 | 1,249 | 684 | |||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | 1,081 | — | — | — | |||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | |||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | |||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable, net | (32 | ) | — | (31 | ) | (297 | ) | 34 | (19 | ) | |||||||||||||||||
Prepaid expenses and other | (3 | ) | — | — | (5 | ) | — | — | |||||||||||||||||||
Due from/to MeriStar Hotels | — | — | — | 123 | 0 | (75 | ) | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 131 | — | 58 | 6 | (108 | ) | (70 | ) | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||||
Due from subsidiaries | (998 | ) | — | (8,823 | ) | (1,051 | ) | (3,318 | ) | (646 | ) | ||||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) operating activities | 227 | — | (8,449 | ) | 307 | 718 | 167 | ||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||
Investment in hotel properties, net | (227 | ) | — | 1,175 | (307 | ) | (718 | ) | (167 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | 7,274 | — | — | — | |||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | |||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) investing activities | (227 | ) | — | 8,449 | (307 | ) | (718 | ) | (167 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | |||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | |||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | |||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | |||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | |||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | ||||||||||||||||||||||
1B, LLC | 5F, L.P. | 6G, LLC | 8C, LLC | 4C, L.P. | 4H, L.P. | ||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||
Net income (loss) | 1,761 | 1,420 | 1,347 | 315 | (61 | ) | (137 | ) | |||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 459 | 787 | 574 | 981 | 532 | 399 | |||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | |||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | |||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | |||||||||||||||||||||
Minority interests | — | — | — | — | — | — | |||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | |||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | |||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | |||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Accounts receivable, net | 16 | (25 | ) | 36 | 8 | (47 | ) | — | |||||||||||||||||||
Prepaid expenses and other | (13 | ) | (11 | ) | (6 | ) | — | (6 | ) | (2 | ) | ||||||||||||||||
Due from/to MeriStar Hotels | (0 | ) | — | (5 | ) | — | — | — | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 57 | 80 | 98 | (82 | ) | 134 | (25 | ) | |||||||||||||||||||
Accrued interest | — | — | — | — | — | — | |||||||||||||||||||||
Due from subsidiaries | (2,194 | ) | (1,950 | ) | (1,823 | ) | (928 | ) | (184 | ) | (141 | ) | |||||||||||||||
Income taxes payable | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) operating activities | 86 | 301 | 221 | 294 | 368 | 94 | |||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||
Investment in hotel properties, net | (86 | ) | (301 | ) | (221 | ) | (294 | ) | (368 | ) | (94 | ) | |||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | |||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | |||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | |||||||||||||||||||||
Net cash provided by (used in) investing activities | (86 | ) | (301 | ) | (221 | ) | (294 | ) | (368 | ) | (94 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | |||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | |||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | |||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | |||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | |||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | |||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | |||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | |||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | |||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub 7A | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
7E, LLC | 3D, LLC | 1A, LLC | 5E, LLC | Joint Venture | 6K, LLC | 2B, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 620 | 713 | 1,041 | 2,578 | 697 | 1,985 | (218 | ) | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 449 | 692 | 353 | 1,382 | 301 | 554 | 287 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | 53 | (19 | ) | 40 | 18 | (13 | ) | (18 | ) | — | |||||||||||||||||||||
Prepaid expenses and other | 44 | — | — | (15 | ) | (4 | ) | (1 | ) | — | |||||||||||||||||||||
Due from/to MeriStar Hotels | — | — | — | (11 | ) | — | — | 389 | |||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 13 | 160 | (54 | ) | 554 | (193 | ) | 176 | — | ||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (956 | ) | (1,139 | ) | (1,186 | ) | (4,098 | ) | (514 | ) | (2,386 | ) | (756 | ) | |||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 224 | 406 | 195 | 408 | 274 | 310 | (298 | ) | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (224 | ) | (406 | ) | (195 | ) | (408 | ) | (274 | ) | (310 | ) | 298 | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (224 | ) | (406 | ) | (195 | ) | (408 | ) | (274 | ) | (310 | ) | 298 | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MDV Limited | MeriStar Sub | |||||||||||||||||||||||||
3A, LLC | 4A, LLC | 4D, LLC | 2A, LLC | 6L, LLC | Partnership | 5C, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 261 | 750 | 178 | (352 | ) | 584 | 286 | 572 | |||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 255 | — | 220 | 238 | 659 | 91 | 434 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | (35 | ) | (4 | ) | (7 | ) | — | 26 | 26 | (16 | ) | ||||||||||||||||||||
Prepaid expenses and other | — | — | — | (1 | ) | 1 | 1 | (18 | ) | ||||||||||||||||||||||
Due from/to MeriStar Hotels | (1 | ) | (2 | ) | (0 | ) | (154 | ) | — | — | — | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (67 | ) | (30 | ) | 115 | (20 | ) | 8 | 8 | (33 | ) | ||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (370 | ) | (444 | ) | (153 | ) | 56 | (1,171 | ) | (350 | ) | (559 | ) | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 43 | 270 | 353 | (233 | ) | 107 | 62 | 380 | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (43 | ) | (270 | ) | (353 | ) | 233 | (107 | ) | (62 | ) | (380 | ) | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in investing activities | (43 | ) | (270 | ) | (353 | ) | 233 | (107 | ) | (62 | ) | (380 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
6J, LLC | 1D, L.P. | 7B, L.P. | 7D, LLC | 7G, LLC | 6B, LLC | 4I, L.P. | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 1,346 | 2,756 | (159 | ) | 2,657 | (22 | ) | 346 | (820 | ) | |||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 450 | 1,628 | 657 | 1,189 | 544 | 338 | 638 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | 19 | 30 | (13 | ) | 844 | — | — | — | |||||||||||||||||||||||
Prepaid expenses and other | (6 | ) | (20 | ) | — | — | (4 | ) | (1 | ) | (7 | ) | |||||||||||||||||||
Due from/to MeriStar Hotels | (1 | ) | (32 | ) | (1 | ) | (204 | ) | — | — | — | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (90 | ) | 199 | 394 | 989 | (93 | ) | (4 | ) | (20 | ) | ||||||||||||||||||||
Accrued interest | — | 43 | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,402 | ) | (3,926 | ) | (641 | ) | (4,627 | ) | (122 | ) | (618 | ) | 254 | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 316 | 678 | 237 | 848 | 303 | 61 | 45 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (316 | ) | (678 | ) | (237 | ) | (848 | ) | (303 | ) | (61 | ) | (45 | ) | |||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in investing activities | (316 | ) | (678 | ) | (237 | ) | (848 | ) | (303 | ) | (61 | ) | (45 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | AGH PSS I, | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
5D, LLC | 5H, LLC | 7H, LLC | Inc. | 2D, LLC | 4F, L.P. | 5K, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | (1,281 | ) | 2,095 | 213 | 1,214 | (87 | ) | 650 | 1,025 | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 1,058 | 1,459 | 520 | — | 347 | 812 | 886 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | 1,095 | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | (24 | ) | — | (39 | ) | (908 | ) | — | (4 | ) | — | ||||||||||||||||||||
Prepaid expenses and other | (53 | ) | — | — | (10 | ) | — | — | — | ||||||||||||||||||||||
Due from/to MeriStar Hotels | 1,544 | 27 | — | — | 1,226 | — | 132 | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 505 | 208 | 41 | 292 | (44 | ) | (14 | ) | (2,273 | ) | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,568 | ) | (3,597 | ) | (558 | ) | (5,437 | ) | (2,072 | ) | (1,315 | ) | 794 | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 181 | 192 | 177 | (3,754 | ) | (630 | ) | 129 | 564 | ||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (181 | ) | (192 | ) | (177 | ) | 1,313 | 630 | (129 | ) | (564 | ) | |||||||||||||||||||
Proceeds from disposition of assets | — | — | — | 2,441 | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (181 | ) | (192 | ) | (177 | ) | 3,754 | 630 | (129 | ) | (564 | ) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
5M, LLC | 1E, L.P. | 5O, LLC | 6M Company | 4B, L.P. | 6C, LLC | 2C, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 1,450 | 1,089 | 512 | 2,667 | (903 | ) | 1,790 | (749 | ) | ||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 330 | 216 | 166 | 894 | 820 | 559 | 773 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | 35 | — | 72 | — | 56 | — | ||||||||||||||||||||||||
Prepaid expenses and other | — | — | — | (62 | ) | (6 | ) | 98 | — | ||||||||||||||||||||||
Due from/to MeriStar Hotels | 59 | (1 | ) | 3 | — | — | — | 3,278 | |||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 95 | 19 | 37 | (87 | ) | (26 | ) | (2 | ) | 3 | |||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,748 | ) | (1,203 | ) | (670 | ) | (3,315 | ) | 1,900 | (2,213 | ) | (4,283 | ) | ||||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 186 | 155 | 48 | 169 | 1,785 | 288 | (978 | ) | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (186 | ) | (155 | ) | (48 | ) | (169 | ) | (1,785 | ) | (288 | ) | 978 | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (186 | ) | (155 | ) | (48 | ) | (169 | ) | (1,785 | ) | (288 | ) | 978 | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | MeriStar Sub | |||||||||||||||||||||||||
4G, L.P. | 3B, LLC | 5G, L.P. | 5P, LLC | 5J, LLC | 5Q, LLC | 5A, LLC | |||||||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||||||||||
Net income (loss) | 1,276 | 78 | 4,227 | 478 | 6,172 | 1,920 | 580 | ||||||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||||||
Depreciation and amortization | 643 | 661 | 4,620 | — | 2,522 | 307 | 1,248 | ||||||||||||||||||||||||
Equity in earnings | |||||||||||||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||||||
Accounts receivable, net | 67 | 8 | 383 | (83 | ) | — | — | (87 | ) | ||||||||||||||||||||||
Prepaid expenses and other | — | (7 | ) | (14 | ) | — | — | — | (11 | ) | |||||||||||||||||||||
Due from/to MeriStar Hotels | (1 | ) | (1 | ) | (1 | ) | 42 | 2,004 | (86 | ) | (1 | ) | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 58 | 53 | 892 | 7 | 47 | (263 | ) | 430 | |||||||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from subsidiaries | (1,801 | ) | (660 | ) | (9,699 | ) | (444 | ) | (9,253 | ) | (1,500 | ) | (1,535 | ) | |||||||||||||||||
Income taxes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 242 | 132 | 408 | — | 1,492 | 378 | 624 | ||||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||||||||
Investment in hotel properties, net | (242 | ) | (132 | ) | (408 | ) | — | (1,492 | ) | (378 | ) | (624 | ) | ||||||||||||||||||
Proceeds from disposition of assets | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Hotel operating cash received in connection with lease conversions | |||||||||||||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Change in restricted cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (242 | ) | (132 | ) | (408 | ) | — | (1,492 | ) | (378 | ) | (624 | ) | ||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||||||||
Deferred financing costs | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Repurchase of units | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contributions from partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Distributions paid to partners | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Net change in cash | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | ||||||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P. Condensed Consolidated
Statement of Cash Flows For the nine months ended Sept 30, 2001
(in thousands)
MeriStar | |||||||||||||||||||||||
MeriStar Sub | MeriStar | Hotel Lessee, | Total | ||||||||||||||||||||
8D, LLC | 4J, LLC | Inc. | Eliminations | Consolidated | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income (loss) | 1,516 | 929 | (1,726 | ) | (116,073 | ) | 22,352 | ||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 934 | 943 | 161 | — | 86,639 | ||||||||||||||||||
Equity in earnings | 116,073 | — | |||||||||||||||||||||
Loss on sale of assets, net of tax | — | — | — | — | 2,176 | ||||||||||||||||||
Write down of investment in STS Hotel Net | — | — | — | — | 2,112 | ||||||||||||||||||
Extraordinary loss on early extinguishment of debt, before tax effect | — | — | — | — | 1,243 | ||||||||||||||||||
Minority interests | — | — | — | — | (16 | ) | |||||||||||||||||
Amortization of unearned stock based compensation | — | — | — | — | 2,628 | ||||||||||||||||||
Interest rate swaps marked to fair value | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | (359 | ) | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, net | 119 | 40 | 10,054 | — | 11,256 | ||||||||||||||||||
Prepaid expenses and other | 8 | — | (45 | ) | — | (6,135 | ) | ||||||||||||||||
Due from/to MeriStar Hotels | — | — | (1,845 | ) | — | 9,152 | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | (30 | ) | (105 | ) | (8,769 | ) | — | (18,035 | ) | ||||||||||||||
Accrued interest | — | — | 32 | — | 3,080 | ||||||||||||||||||
Due from subsidiaries | (2,493 | ) | (1,370 | ) | 21,143 | — | — | ||||||||||||||||
Income taxes payable | — | — | — | — | 233 | ||||||||||||||||||
Net cash provided by (used in) operating activities | 54 | 437 | 19,005 | — | 116,326 | ||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Investment in hotel properties, net | (54 | ) | (437 | ) | (720 | ) | — | (31,066 | ) | ||||||||||||||
Proceeds from disposition of assets | — | — | — | — | 9,715 | ||||||||||||||||||
Hotel operating cash received in connection with lease conversions | 3,257 | 3,257 | |||||||||||||||||||||
Note receivable to MeriStar Hotels | — | — | — | — | (36,000 | ) | |||||||||||||||||
Change in restricted cash | — | — | — | — | (2,741 | ) | |||||||||||||||||
Net cash provided by (used in) investing activities | (54 | ) | (437 | ) | 2,537 | — | (56,835 | ) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Deferred financing costs | — | — | — | — | (11,072 | ) | |||||||||||||||||
Proceeds from issuances of mortgages and notes payable | — | — | — | — | 684,710 | ||||||||||||||||||
Principal payments on mortgages and notes payable | — | — | — | — | (608,149 | ) | |||||||||||||||||
Repurchase of units | — | — | — | — | (4,028 | ) | |||||||||||||||||
Contributions from partners | — | — | — | — | 2,157 | ||||||||||||||||||
Distributions paid to partners | — | — | — | — | (75,950 | ) | |||||||||||||||||
Net cash used in financing activities | — | — | — | — | (12,332 | ) | |||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | — | 245 | ||||||||||||||||||
Net change in cash | — | — | 21,542 | — | 47,404 | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | 242 | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | 21,542 | — | 47,646 | ||||||||||||||||||