Exhibit 99.1
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 24,625 | 1,500,837 | — | — | — | — | — | 10,917 | 13,997 | 96,029 | ||||||||||||||||
Accumulated depreciation | (15,612 | ) | (305,684 | ) | — | — | — | — | — | (1,097 | ) | (3,508 | ) | (15,966 | ) | |||||||||||
9,013 | 1,195,153 | — | — | — | — | — | 9,820 | 10,489 | 80,063 | |||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | 2,430,439 | 7,992 | 40,712 | 8,291 | 32 | 72 | 2,989 | — | — | — | ||||||||||||||||
Due to/from subsidiaries | (1,188,328 | ) | 591,695 | 3,954 | 812 | — | 9 | 73 | 8,450 | 7,320 | 27,423 | |||||||||||||||
Note receivable from subsidiaries | 266,548 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | 19,525 | 1,849 | — | (30 | ) | — | — | — | 9 | 7 | — | |||||||||||||||
Insurance claim receivable | 34,458 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 16,614 | 146 | — | — | — | — | — | — | — | 63 | ||||||||||||||||
Restricted cash | 59,470 | 5,216 | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents | 65,606 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
1,713,345 | 1,802,051 | 44,666 | 9,073 | 32 | 81 | 3,062 | 18,279 | 17,816 | 107,549 | |||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||
Long-term debt | 819,536 | 510,669 | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 202,552 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 11,031 | 6,674 | — | — | — | — | — | 43 | 18 | (122 | ) | |||||||||||||||
Accrued interest | 37,325 | 2,174 | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | 10,575 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | 6,808 | — | — | — | — | — | — | — | 142 | — | ||||||||||||||||
Total liabilities | 1,087,827 | 519,517 | — | — | — | — | — | 43 | 160 | (122 | ) | |||||||||||||||
Minority interests | 2,416 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | 19,423 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital - Common OP units | 603,679 | 1,282,534 | 44,666 | 9,073 | 32 | 81 | 3,062 | 18,236 | 17,656 | 107,671 | ||||||||||||||||
1,713,345 | 1,802,051 | 44,666 | 9,073 | 32 | 81 | 3,062 | 18,279 | 17,816 | 107,549 | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 27,760 | 16,161 | 9,895 | 12,377 | 17,710 | — | — | 18,492 | 52,357 | — | |||||||||||||||||||
Accumulated depreciation | (7,932 | ) | (3,891 | ) | (640 | ) | (804 | ) | (4,690 | ) | — | — | (3,588 | ) | (12,235 | ) | (1 | ) | |||||||||||
19,828 | 12,270 | 9,255 | 11,573 | 13,020 | — | — | 14,904 | 40,122 | (1 | ) | |||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | 43 | — | — | — | — | |||||||||||||||||||
Due to/from subsidiaries | (4,431 | ) | 8,067 | 3,805 | 4,802 | 7,519 | (43 | ) | — | 10,295 | 56,744 | 7,074 | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | 37 | — | 6 | — | 23 | — | — | — | 777 | — | |||||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | 110 | — | — | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | 3,014 | — | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
15,434 | 20,337 | 13,066 | 16,375 | 20,562 | — | — | 25,309 | 100,657 | 7,073 | ||||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | 37,650 | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable and accrued expenses | 54 | 3 | 156 | 44 | 213 | — | — | (222 | ) | 98 | — | ||||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | 183 | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Total liabilities | 54 | 3 | 156 | 44 | 213 | — | — | (222 | ) | 37,931 | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital - Common OP units | 15,380 | 20,334 | 12,910 | 16,331 | 20,349 | — | — | 25,531 | 62,726 | 7,073 | |||||||||||||||||||
15,434 | 20,337 | 13,066 | 16,375 | 20,562 | — | — | 25,309 | 100,657 | 7,073 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | ||||||||||||||||
Assets | |||||||||||||||||||||||||
Property and equipment | 21,337 | 28,632 | 24,522 | — | — | 1 | 20,302 | 23,710 | — | — | |||||||||||||||
Accumulated depreciation | (4,832 | ) | (899 | ) | (6,075 | ) | — | — | — | (4,262 | ) | (8,063 | ) | — | — | ||||||||||
16,505 | 27,733 | 18,447 | — | — | 1 | 16,040 | 15,647 | — | — | ||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | 5,063 | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Due to/from subsidiaries | 15,679 | 3,700 | 10,271 | 11,439 | — | 3,413 | 6,469 | 9,546 | 8,944 | 9,900 | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | 1 | 9 | — | — | — | — | — | 2 | 49 | — | |||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 96 | — | �� | — | — | — | — | — | — | — | — | ||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
32,281 | 31,442 | 28,718 | 11,439 | — | 3,414 | 22,509 | 25,195 | 14,056 | 9,900 | ||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||
Long-term debt | 28 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable and accrued expenses | 50 | 125 | 63 | — | — | — | 123 | 73 | 12 | — | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Total liabilities | 78 | 125 | 63 | — | — | — | 123 | 73 | 12 | — | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Partners’ capital - Common OP units | 32,203 | 31,317 | 28,655 | 11,439 | — | 3,414 | 22,386 | 25,122 | 14,044 | 9,900 | |||||||||||||||
32,281 | 31,442 | 28,718 | 11,439 | — | 3,414 | 22,509 | 25,195 | 14,056 | 9,900 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | ||||||||||||||
Assets | |||||||||||||||||||||||
Property and equipment | — | — | — | — | — | — | 4,016 | — | 20,202 | 70,978 | |||||||||||||
Accumulated depreciation | — | — | — | — | — | — | (938 | ) | — | (4,563 | ) | (15,364 | ) | ||||||||||
— | — | — | — | — | — | 3,078 | — | 15,639 | 55,614 | ||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to/from subsidiaries | — | 4,976 | — | — | — | 20,297 | 2,976 | — | 11,175 | 23,149 | |||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | 9 | — | 13 | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | 178 | — | — | — | — | |||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||
— | 4,976 | — | — | — | 20,475 | 6,063 | — | 26,827 | 78,763 | ||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | 60 | — | 86 | 18 | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Total liabilities | — | — | — | — | — | — | 60 | — | 86 | 18 | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Partners’ capital - Common OP units | — | 4,976 | — | — | — | 20,475 | 6,003 | — | 26,741 | 78,745 | |||||||||||||
— | 4,976 | — | — | — | 20,475 | 6,063 | — | 26,827 | 78,763 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | ||||||||||||||
Assets | |||||||||||||||||||||||
Property and equipment | — | 56,182 | — | 12,203 | — | 42,549 | — | — | — | — | |||||||||||||
Accumulated depreciation | — | (11,927 | ) | — | (2,838 | ) | — | (10,211 | ) | — | — | — | — | ||||||||||
— | 44,255 | — | 9,365 | — | 32,338 | — | — | — | — | ||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | 51,368 | — | — | — | — | |||||||||||||
Due to/from subsidiaries | — | 27,569 | 2,370 | 3,297 | — | (6,058 | ) | — | — | — | — | ||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Prepaid expenses and other assets | — | 98 | — | — | — | 17 | — | — | — | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 1,607 | — | — | — | — | — | — | — | — | |||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||
— | 73,529 | 2,370 | 12,662 | — | 77,665 | — | — | — | — | ||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||
Long-term debt | — | — | — | — | — | 24,000 | — | — | — | — | |||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable and accrued expenses | — | 2,434 | — | 14 | — | 304 | — | — | — | — | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to Interstate Hotels & Resorts | — | (200 | ) | — | — | — | — | — | — | — | — | ||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Total liabilities | — | 2,234 | — | 14 | — | 24,304 | — | — | — | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Partners’ capital - Common OP units | — | 71,295 | 2,370 | 12,648 | — | 53,361 | — | — | — | — | |||||||||||||
— | 73,529 | 2,370 | 12,662 | — | 77,665 | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 35,916 | — | 21,656 | — | 9,333 | — | — | — | — | 172,607 | ||||||||||||||||
Accumulated depreciation | (7,425 | ) | — | (1,741 | ) | — | (913 | ) | — | — | (1 | ) | — | (38,824 | ) | |||||||||||
28,491 | — | 19,915 | — | 8,420 | — | — | (1 | ) | — | 133,783 | ||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 4,168 | 21,531 | 8,785 | — | 2,538 | — | (2,360 | ) | 16,930 | — | 47,470 | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | 28 | — | — | — | — | — | — | — | — | 290 | ||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
32,687 | 21,531 | 28,700 | — | 10,958 | — | (2,360 | ) | 16,929 | — | 181,543 | ||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 162 | — | 103 | — | 37 | — | — | — | — | 571 | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Total liabilities | 162 | — | 103 | — | 37 | — | — | — | — | 571 | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital - Common OP units | 32,525 | 21,531 | 28,597 | — | 10,921 | — | (2,360 | ) | 16,929 | — | 180,972 | |||||||||||||||
32,687 | 21,531 | 28,700 | — | 10,958 | — | (2,360 | ) | 16,929 | — | 181,543 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 4,883 | 39 | 90,379 | 15,917 | 37,875 | — | 43,819 | 94,148 | — | — | |||||||||||||||||
Accumulated depreciation | (486 | ) | (30 | ) | (16,640 | ) | (2,558 | ) | (12,292 | ) | — | (9,048 | ) | (6,061 | ) | — | — | ||||||||||
4,397 | 9 | 73,739 | 13,359 | 25,583 | — | 34,771 | 88,087 | — | — | ||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | 4,627 | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 3,795 | 3,800 | 40,141 | 7,044 | 9,180 | — | 5,462 | 62,393 | — | — | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | — | — | 135 | — | — | — | — | 379 | — | — | |||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 38 | — | — | — | — | (14 | ) | (908 | ) | — | — | |||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
8,192 | 3,847 | 114,015 | 20,403 | 39,390 | — | 40,219 | 149,951 | — | — | ||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | 23,609 | — | — | 55,150 | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | 40 | — | 456 | 46 | 467 | — | 165 | 865 | — | — | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | 267 | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 40 | — | 456 | 46 | 24,076 | — | 165 | 56,282 | — | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital - Common OP units | 8,152 | 3,847 | 113,559 | 20,357 | 15,314 | — | 40,054 | 93,669 | — | — | |||||||||||||||||
8,192 | 3,847 | 114,015 | 20,403 | 39,390 | — | 40,219 | 149,951 | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | — | — | — | — | — | — | 3,313 | — | 1,130,214 | — | 2,655,676 | ||||||||||||||||
Accumulated depreciation | — | — | — | — | — | — | (3,384 | ) | — | (223,727 | ) | — | (545,023 | ) | |||||||||||||
— | — | — | — | — | — | (71 | ) | — | 906,487 | — | 2,110,653 | ||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | 5,063 | — | 5,063 | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | 42,342 | (40,712 | ) | 109,764 | (2,477,129 | ) | 71,066 | ||||||||||||||
Due to/from subsidiaries | — | — | — | — | — | — | 58,725 | (3,954 | ) | 596,633 | — | — | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | (266,548 | ) | — | |||||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | 9,488 | — | 11,347 | — | 32,721 | ||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | 34,458 | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 40,714 | — | 41,884 | (16,394 | ) | 42,250 | |||||||||||||||
Restricted cash | — | — | — | — | — | — | 1,617 | — | 4,631 | — | 69,317 | ||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | 25,361 | — | 25,361 | — | 90,967 | ||||||||||||||||
— | — | — | — | — | — | 178,176 | (44,666 | ) | 1,701,170 | (2,760,071 | ) | 2,456,495 | |||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | 218,939 | — | 359,376 | (266,548 | ) | 1,423,033 | |||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | 202,552 | ||||||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | 48,105 | — | 54,664 | — | 72,369 | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | 16,394 | — | 16,844 | (16,394 | ) | 39,949 | |||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | 3,652 | — | 3,452 | — | 14,027 | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | 6,338 | — | 6,480 | — | 13,288 | ||||||||||||||||
Total liabilities | — | — | — | — | — | — | 293,428 | — | 440,816 | (282,942 | ) | 1,765,218 | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | 2,416 | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | 19,423 | ||||||||||||||||
Partners’ capital - Common OP units | — | — | — | — | — | — | (115,252 | ) | (44,666 | ) | 1,260,354 | (2,477,129 | ) | 669,438 | |||||||||||||
— | — | — | — | — | — | 178,176 | (44,666 | ) | 1,701,170 | (2,760,071 | ) | 2,456,495 | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | ||||||||||||||||
Assets | |||||||||||||||||||||||||
Property and equipment | 22,301 | 1,476,952 | — | — | — | — | — | 10,885 | 13,687 | 88,943 | |||||||||||||||
Accumulated depreciation | (14,642 | ) | (286,652 | ) | — | — | — | — | — | (783 | ) | (3,179 | ) | (14,741 | ) | ||||||||||
7,659 | 1,190,300 | — | — | — | — | — | 10,102 | 10,508 | 74,202 | ||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||
Investments in and advances to unconsolidated affiliates | 2,492,499 | 7,992 | 40,661 | 9,487 | 32 | 72 | 2,989 | — | — | — | |||||||||||||||
Due to/from subsidiaries | (1,106,110 | ) | 522,427 | 1,181 | 750 | — | 9 | 73 | 7,830 | 6,748 | 31,376 | ||||||||||||||
Note receivable from subsidiaries | 221,704 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | 31,287 | (3,841 | ) | — | — | — | — | — | (11 | ) | (81 | ) | (101 | ) | |||||||||||
Insurance claim receivable | 76,056 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 9,596 | 1,054 | — | — | — | — | — | — | — | — | |||||||||||||||
Restricted cash | 55,754 | 1,346 | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents | 41,224 | — | — | — | — | — | — | — | — | — | |||||||||||||||
1,829,669 | 1,719,278 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | ||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||
Long-term debt | 841,976 | 471,781 | — | — | — | — | — | — | — | — | |||||||||||||||
Notes payable to MeriStar Hospitality Corporation | 203,977 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable and accrued expenses | 14,777 | 5,128 | — | — | —�� | — | — | — | 6 | — | |||||||||||||||
Accrued interest | 38,683 | 2,214 | — | — | — | — | — | — | — | — | |||||||||||||||
Due to Interstate Hotels & Resorts | 11,347 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other liabilities | 5,382 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Total liabilities | 1,116,142 | 479,123 | — | — | — | — | — | — | 6 | — | |||||||||||||||
Minority interests | 2,418 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Redeemable OP units at redemption value | 19,187 | — | — | — | — | — | — | — | — | — | |||||||||||||||
Partners’ capital - Common OP units | 691,922 | 1,240,155 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,169 | 105,477 | |||||||||||||||
1,829,669 | 1,719,278 | 41,842 | 10,237 | 32 | 81 | 3,062 | 17,921 | 17,175 | 105,477 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Property and equipment | 27,485 | 16,028 | 10,034 | 11,800 | 17,581 | — | — | 18,367 | 49,971 | — | |||||||||||||||||||
Accumulated depreciation | (7,319 | ) | (3,618 | ) | (413 | ) | (723 | ) | (4,384 | ) | — | — | (3,377 | ) | (11,560 | ) | (1 | ) | |||||||||||
20,166 | 12,410 | 9,621 | 11,077 | 13,197 | — | — | 14,990 | 38,411 | (1 | ) | |||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | 43 | — | — | — | — | |||||||||||||||||||
Due to/from subsidiaries | (4,175 | ) | 7,517 | 3,135 | 5,022 | 6,581 | (43 | ) | — | 9,328 | 22,758 | 7,015 | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Prepaid expenses and other assets | (190 | ) | (26 | ) | (12 | ) | (77 | ) | 2 | — | — | (21 | ) | (93 | ) | — | |||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | 124 | — | 64 | |||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
15,801 | 19,901 | 12,744 | 16,022 | 19,780 | — | — | 24,421 | 61,076 | 7,078 | ||||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Accounts payable and accrued expenses | 59 | — | 153 | 1 | 211 | — | — | (21 | ) | (20 | ) | 5 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Total liabilities | 59 | — | 153 | 1 | 211 | — | — | (21 | ) | (20 | ) | 5 | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||
Partners’ capital - Common OP units | 15,742 | 19,901 | 12,591 | 16,021 | 19,569 | — | — | 24,442 | 61,096 | 7,073 | |||||||||||||||||||
15,801 | 19,901 | 12,744 | 16,022 | 19,780 | — | — | 24,421 | 61,076 | 7,078 | ||||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 20,404 | 18,560 | 24,167 | — | — | 1 | 20,118 | 22,986 | 5,500 | — | |||||||||||||||||
Accumulated depreciation | (4,557 | ) | (591 | ) | (5,738 | ) | — | — | — | (3,974 | ) | (7,740 | ) | (2 | ) | — | |||||||||||
15,847 | 17,969 | 18,429 | — | — | 1 | 16,144 | 15,246 | 5,498 | — | ||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 15,571 | 12,510 | 8,688 | 11,439 | — | 3,413 | 6,024 | 9,411 | 8,518 | 9,944 | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (83 | ) | (178 | ) | (35 | ) | — | — | — | (22 | ) | (43 | ) | (96 | ) | — | |||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | 96 | — | — | — | — | — | — | — | — | (44 | ) | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | 22,146 | 24,614 | 13,920 | 9,900 | ||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||
Long-term debt | 33 | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | (7 | ) | (4 | ) | 61 | — | — | — | 88 | — | 2 | — | |||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 26 | (4 | ) | 61 | — | — | — | 88 | — | 2 | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital - Common OP units | 31,405 | 30,305 | 27,021 | 11,439 | — | 3,414 | 22,058 | 24,614 | 13,918 | 9,900 | |||||||||||||||||
31,431 | 30,301 | 27,082 | 11,439 | — | 3,414 | 22,146 | 24,614 | 13,920 | 9,900 | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | ||||||||||||||
Assets | |||||||||||||||||||||||
Property and equipment | — | — | — | — | — | — | 3,955 | — | 19,976 | 69,500 | |||||||||||||
Accumulated depreciation | — | — | — | — | — | — | (840 | ) | — | (4,320 | ) | (14,321 | ) | ||||||||||
— | — | — | — | — | — | 3,115 | — | 15,656 | 55,179 | ||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to/from subsidiaries | — | 4,976 | 7,612 | — | — | 20,297 | 2,879 | — | 9,835 | 22,849 | |||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | (24 | ) | — | (6 | ) | (550 | ) | ||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | 178 | — | — | — | — | |||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||
— | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | 25,485 | 77,478 | ||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | 75 | — | 59 | — | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Total liabilities | — | — | — | — | — | — | 75 | — | 59 | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Partners’ capital - Common OP units | — | 4,976 | 7,612 | — | — | 20,475 | 5,895 | — | 25,426 | 77,478 | |||||||||||||
— | 4,976 | 7,612 | — | — | 20,475 | 5,970 | — | 25,485 | 77,478 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | |||||||||||||||
Assets | ||||||||||||||||||||||||
Property and equipment | — | 55,081 | — | 11,877 | — | 42,467 | — | — | — | — | ||||||||||||||
Accumulated depreciation | — | (11,258 | ) | — | (2,636 | ) | — | (9,533 | ) | — | — | — | — | |||||||||||
— | 43,823 | — | 9,241 | — | 32,934 | — | — | — | — | |||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | 51,368 | — | — | — | — | ||||||||||||||
Due to/from subsidiaries | (262 | ) | 26,640 | 2,370 | 2,976 | — | (6,151 | ) | — | — | — | — | ||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | — | 46 | — | (14 | ) | — | (77 | ) | — | — | — | — | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 1,169 | — | — | — | — | — | — | — | — | ||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | ||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | 24,000 | — | — | — | — | ||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable and accrued expenses | — | 2,381 | — | (125 | ) | — | 165 | — | — | — | — | |||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | (200 | ) | — | — | — | — | — | — | — | — | |||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Total liabilities | — | 2,181 | — | (125 | ) | — | 24,165 | — | — | — | — | |||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Partners’ capital - Common OP units | (262 | ) | 69,497 | 2,370 | 12,328 | — | 53,909 | — | — | — | — | |||||||||||||
(262 | ) | 71,678 | 2,370 | 12,203 | — | 78,074 | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | |||||||||||||||||
Assets | ||||||||||||||||||||||||||
Property and equipment | 35,341 | — | 18,969 | — | 7,263 | — | — | — | — | 168,827 | ||||||||||||||||
Accumulated depreciation | (6,923 | ) | — | (1,607 | ) | — | (844 | ) | — | — | (1 | ) | — | (35,721 | ) | |||||||||||
28,418 | — | 17,362 | — | 6,419 | — | — | (1 | ) | — | 133,106 | ||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to/from subsidiaries | 4,108 | 21,531 | 10,741 | — | 4,524 | 1,728 | (2,360 | ) | 16,930 | — | 45,208 | |||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Prepaid expenses and other assets | (10 | ) | — | (118 | ) | — | (39 | ) | — | — | — | — | (394 | ) | ||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
32,516 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | ||||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable and accrued expenses | 334 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Total liabilities | 334 | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Partners’ capital - Common OP units | 32,182 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | |||||||||||||||
32,516 | 21,531 | 27,985 | — | 10,904 | 1,728 | (2,360 | ) | 16,929 | — | 177,920 | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | ||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Property and equipment | 3,580 | 39 | 79,579 | 13,980 | 37,074 | — | 41,862 | 93,264 | — | — | |||||||||||||||||
Accumulated depreciation | (448 | ) | (28 | ) | (14,819 | ) | (2,312 | ) | (11,767 | ) | — | (8,398 | ) | (3,478 | ) | — | — | ||||||||||
3,132 | 11 | 64,760 | 11,668 | 25,307 | — | 33,464 | 89,786 | — | — | ||||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | 4,627 | — | — | — | — | — | |||||||||||||||||
Due to/from subsidiaries | 4,988 | 3,724 | 51,127 | 8,187 | 8,010 | 16,379 | 6,370 | 58,867 | — | — | |||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (45 | ) | (10 | ) | (769 | ) | (137 | ) | (78 | ) | — | (51 | ) | 466 | — | — | |||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | 38 | — | — | — | 359 | (14 | ) | (361 | ) | — | — | |||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
8,075 | 3,763 | 115,118 | 19,718 | 37,866 | 16,738 | 39,769 | 148,758 | — | — | ||||||||||||||||||
Liabilities and Partners’ Capital | |||||||||||||||||||||||||||
Long-term debt | — | — | — | — | 23,609 | — | — | 55,509 | — | — | |||||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable and accrued expenses | 4 | — | 126 | (18 | ) | 114 | — | 152 | 273 | — | — | ||||||||||||||||
Accrued interest | — | — | — | — | — | — | — | 268 | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Total liabilities | 4 | — | 126 | (18 | ) | 23,723 | — | 152 | 56,050 | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Partners’ capital - Common OP units | 8,071 | 3,763 | 114,992 | 19,736 | 14,143 | 16,738 | 39,617 | 92,708 | — | — | |||||||||||||||||
8,075 | 3,763 | 115,118 | 19,718 | 37,866 | 16,738 | 39,769 | 148,758 | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Balance Sheet
December 31, 2004
(Dollars in thousands)
MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Property and equipment | — | — | — | — | — | — | 3,316 | — | 1,082,467 | — | $ | 2,581,720 | ||||||||||||||||
Accumulated depreciation | — | — | — | — | — | — | (3,384 | ) | — | (205,338 | ) | — | (506,632 | ) | ||||||||||||||
— | — | — | — | — | — | (68 | ) | — | 877,129 | — | 2,075,088 | |||||||||||||||||
Assets held for sale | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Investments in and advances to unconsolidated affiliates | — | — | — | — | — | — | 42,290 | (40,661 | ) | 110,908 | (2,526,603 | ) | 84,796 | |||||||||||||||
Due to/from subsidiaries | — | — | — | — | — | — | 40,158 | (1,181 | ) | 583,683 | — | — | ||||||||||||||||
Note receivable from subsidiaries | — | — | — | — | — | — | — | — | — | (221,704 | ) | — | ||||||||||||||||
Prepaid expenses and other assets | — | — | — | — | — | — | 9,661 | — | 6,784 | — | 34,230 | |||||||||||||||||
Insurance claim receivable | — | — | — | — | — | — | — | — | — | — | 76,056 | |||||||||||||||||
Accounts receivable, net of allowance for doubtful accounts | — | — | — | — | — | — | 30,134 | — | 31,743 | (9,414 | ) | 32,979 | ||||||||||||||||
Restricted cash | — | — | — | — | — | — | 1,313 | — | 1,313 | — | 58,413 | |||||||||||||||||
Cash and cash equivalents | — | — | — | — | — | — | 19,309 | — | 19,309 | — | 60,533 | |||||||||||||||||
— | — | — | — | — | — | 142,797 | (41,842 | ) | 1,630,869 | (2,757,721 | ) | $ | 2,422,095 | |||||||||||||||
Liabilities and Partners’ Capital | ||||||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | 174,095 | — | 277,246 | (221,704 | ) | $ | 1,369,299 | |||||||||||||||
Notes payable to MeriStar Hospitality Corporation | — | — | — | — | — | — | — | — | — | — | 203,977 | |||||||||||||||||
Accounts payable and accrued expenses | — | — | — | — | — | — | 47,802 | — | 51,876 | — | 71,781 | |||||||||||||||||
Accrued interest | — | — | — | — | — | — | 9,414 | — | 9,682 | (9,414 | ) | 41,165 | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | 10,652 | — | 10,452 | — | 21,799 | |||||||||||||||||
Other liabilities | — | — | — | — | — | — | 6,171 | — | 6,171 | — | 11,553 | |||||||||||||||||
Total liabilities | — | — | — | — | — | — | 248,134 | — | 355,427 | (231,118 | ) | 1,719,574 | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | — | 2,418 | |||||||||||||||||
Redeemable OP units at redemption value | — | — | — | — | — | — | — | — | — | — | 19,187 | |||||||||||||||||
Partners’ capital - Common OP units | — | — | — | — | — | — | (105,337 | ) | (41,842 | ) | 1,275,442 | (2,526,603 | ) | 680,916 | ||||||||||||||
— | — | — | — | — | — | 142,797 | (41,842 | ) | 1,630,869 | (2,757,721 | ) | $ | 2,422,095 | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | 1 | 1,164 | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | — | 36,774 | — | — | — | — | — | 384 | 714 | 1,935 | ||||||||||||
Total revenue | 1 | 37,938 | — | — | — | — | — | 384 | 714 | 1,935 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | 381 | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | 2,788 | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 1,862 | 12,948 | — | — | — | — | — | 157 | 164 | 602 | ||||||||||||
Property taxes, insurance and other | 104 | 4,097 | — | — | — | — | — | 23 | 364 | 191 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 4,754 | 17,426 | — | — | — | — | — | 180 | 528 | 793 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,347 | — | 1,416 | 177 | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | (3,406 | ) | 20,512 | 1,416 | 177 | — | — | — | 204 | 186 | 1,142 | |||||||||||
Minority interest | 7 | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | (16,209 | ) | (8,197 | ) | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | (947 | ) | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | 22,462 | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 1,907 | 12,315 | 1,416 | 177 | — | — | — | 204 | 186 | 1,142 | ||||||||||||
Income tax (expense) benefit | (287 | ) | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | 1,620 | 12,315 | 1,416 | 177 | — | — | — | 204 | 186 | 1,142 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (206 | ) | (2,445 | ) | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | (206 | ) | (2,445 | ) | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | 1,414 | 9,870 | 1,416 | 177 | — | — | — | 204 | 186 | 1,142 | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other revenue | — | 6 | — | — | — | — | — | 10 | (3 | ) | — | |||||||||||
Participating lease revenue | 244 | 386 | 365 | 172 | 534 | — | — | 812 | 1,993 | — | ||||||||||||
Total revenue | 244 | 392 | 365 | 172 | 534 | — | — | 822 | 1,990 | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | 20 | — | — | — | — | — | — | — | 4 | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 260 | 138 | 94 | 41 | 155 | — | — | 105 | 322 | — | ||||||||||||
Property taxes, insurance and other | 178 | 37 | 28 | 41 | 90 | — | — | 79 | 141 | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 458 | 175 | 122 | 82 | 245 | — | — | 184 | 467 | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | (214 | ) | 217 | 243 | 90 | 289 | — | — | 638 | 1,523 | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (718 | ) | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | (214 | ) | 217 | 243 | 90 | 289 | — | — | 638 | 805 | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (214 | ) | 217 | 243 | 90 | 289 | — | — | 638 | 805 | — | |||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | (214 | ) | 217 | 243 | 90 | 289 | — | — | 638 | 805 | — | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | — | |||||||||||
Participating lease revenue | 649 | 616 | 1,194 | — | — | — | 358 | 481 | — | — | |||||||||||
Total revenue | 649 | 616 | 1,194 | — | — | — | 358 | 481 | — | — | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | 149 | 154 | 171 | — | — | — | 123 | 161 | — | — | |||||||||||
Property taxes, insurance and other | 53 | 117 | 100 | — | — | — | 49 | 32 | — | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | 202 | 271 | 271 | — | — | — | 172 | 193 | — | — | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | 447 | 345 | 923 | — | — | — | 186 | 288 | — | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | 447 | 345 | 923 | — | — | — | 186 | 288 | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | 447 | 345 | 923 | — | — | — | 186 | 288 | — | — | |||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | (104 | ) | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | (104 | ) | — | ||||||||||
Net (loss) income | 447 | 345 | 923 | — | — | — | 186 | 288 | (104 | ) | — | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | |||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | 2 | ||||||||||
Participating lease revenue | — | — | — | — | — | — | 135 | — | 948 | 1,550 | ||||||||||
Total revenue | — | — | — | — | — | — | 135 | — | 948 | 1,552 | ||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | �� | — | — | — | — | — | — | — | — | |||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | 29 | ||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | — | — | — | — | — | 49 | — | 111 | 459 | ||||||||||
Property taxes, insurance and other | — | — | — | — | — | — | 32 | — | 76 | 375 | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | — | — | — | — | 81 | — | 187 | 863 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | — | — | — | — | — | 54 | — | 761 | 689 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | — | 54 | — | 761 | 689 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | — | — | — | — | — | 54 | — | 761 | 689 | ||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | — | — | — | — | — | 54 | — | 761 | 689 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | — | |||||||||||
Participating lease revenue | — | 1,861 | — | 375 | — | 695 | — | — | — | — | |||||||||||
Total revenue | — | 1,861 | — | 375 | — | 695 | — | — | — | — | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | 203 | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | 353 | — | 89 | — | 336 | — | — | — | — | |||||||||||
Property taxes, insurance and other | — | 386 | — | 83 | — | 82 | — | — | — | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | 942 | — | 172 | — | 418 | — | — | — | — | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | — | 919 | — | 203 | — | 277 | — | — | — | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | (429 | ) | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | 919 | — | 203 | — | (152 | ) | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | 919 | — | 203 | — | (152 | ) | — | — | — | — | ||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Net (loss) income | — | 919 | — | 203 | — | (152 | ) | — | — | — | — | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | |||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | 4 | — | — | — | — | — | — | — | — | 3 | ||||||||||
Participating lease revenue | 510 | — | 386 | — | 105 | — | — | — | — | 2,989 | ||||||||||
Total revenue | 514 | — | 386 | — | 105 | — | — | — | — | 2,992 | ||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | 220 | — | 67 | — | 35 | — | — | — | — | 1,551 | ||||||||||
Property taxes, insurance and other | 83 | — | 26 | — | 18 | — | — | — | — | 491 | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | 303 | — | 93 | — | 53 | — | — | — | — | 2,042 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | 211 | — | 293 | — | 52 | — | — | — | — | 950 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | 211 | — | 293 | — | 52 | — | — | — | — | 950 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | 211 | — | 293 | — | 52 | — | — | — | — | 950 | ||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | 211 | — | 293 | — | 52 | — | — | — | — | 950 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | — | — | — | — | 24 | — | 1 | — | — | — | |||||||||||||
Participating lease revenue | 137 | 5 | — | 433 | 1,780 | — | 864 | 3,389 | — | — | |||||||||||||
Total revenue | 137 | 5 | — | 433 | 1,804 | — | 865 | 3,389 | — | — | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | 113 | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 19 | 1 | 910 | 123 | 255 | — | 332 | 1,297 | — | — | |||||||||||||
Property taxes, insurance and other | 19 | 3 | (69 | ) | — | 194 | — | 80 | 504 | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 38 | 4 | 841 | 123 | 449 | — | 525 | 1,801 | — | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | 99 | 1 | (841 | ) | 310 | 1,355 | — | 340 | 1,588 | — | — | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | — | — | (709 | ) | — | — | (801 | ) | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 99 | 1 | (841 | ) | 310 | 646 | — | 340 | 787 | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 99 | 1 | (841 | ) | 310 | 646 | — | 340 | 787 | — | — | ||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | 99 | 1 | (841 | ) | 310 | 646 | — | 340 | 787 | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||||
Revenue: | |||||||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | 142,908 | — | 142,908 | — | 142,908 | ||||||||||||||||
Food and beverage | — | — | — | — | — | — | 61,006 | — | 61,006 | — | 61,006 | ||||||||||||||||
Other hotel operations | — | — | — | — | — | — | 11,815 | — | 11,815 | — | 11,815 | ||||||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | 47 | — | 1,212 | ||||||||||||||||
Participating lease revenue | — | — | — | — | — | — | — | — | 26,999 | (63,773 | ) | — | |||||||||||||||
Total revenue | — | — | — | — | — | — | 215,729 | — | 242,775 | (63,773 | ) | 216,941 | |||||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | 33,785 | — | 33,785 | — | 33,785 | ||||||||||||||||
Food and beverage | — | — | — | — | — | — | 40,903 | — | 40,903 | — | 40,903 | ||||||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | 7,623 | — | 7,623 | — | 7,623 | ||||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | (138 | ) | — | 231 | — | 612 | |||||||||||||||
Other operating expenses: | |||||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | 31,771 | — | 31,771 | — | 31,771 | ||||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | 40 | — | 40 | — | 2,828 | ||||||||||||||||
Property operating costs | — | — | — | — | — | — | 31,294 | — | 31,294 | — | 31,294 | ||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | — | — | 9,003 | — | 23,813 | ||||||||||||||||
Property taxes, insurance and other | — | — | — | — | — | — | 67,764 | — | 71,670 | (63,773 | ) | 12,098 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Operating expenses | — | — | — | — | — | — | 213,042 | — | 226,320 | (63,773 | ) | 184,727 | |||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | 1,416 | (1,416 | ) | 1,593 | — | 2,940 | |||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | 2,009 | — | 2,009 | — | 2,009 | ||||||||||||||||
Operating income (loss) | — | — | — | — | — | — | 6,112 | (1,416 | ) | 20,057 | — | 37,163 | |||||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | 7 | ||||||||||||||||
Interest expense, net | — | — | — | — | — | — | (3,635 | ) | — | (6,292 | ) | — | (30,698 | ) | |||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | (947 | ) | |||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | (22,462 | ) | — | |||||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | — | 2,477 | (1,416 | ) | 13,765 | (22,462 | ) | 5,525 | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | (115 | ) | — | (115 | ) | — | (402 | ) | |||||||||||||
(Loss) income from continuing operations | — | — | — | — | — | — | 2,362 | (1,416 | ) | 13,650 | (22,462 | ) | 5,123 | ||||||||||||||
Discontinued operations: | |||||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | (954 | ) | — | (1,058 | ) | — | (3,709 | ) | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | (954 | ) | — | (1,058 | ) | — | (3,709 | ) | |||||||||||||
Net (loss) income | — | — | — | — | — | — | 1,408 | (1,416 | ) | 12,592 | (22,462 | ) | 1,414 | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor Subsidiaries | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental parking and other revenue | 22 | 663 | — | — | — | — | — | — | — | 7 | |||||||||||||
Participating lease revenue | — | 35,720 | — | — | — | 373 | 601 | 1,863 | 304 | 371 | |||||||||||||
Total revenue | 22 | 36,383 | — | — | — | 373 | 601 | 1,863 | 304 | 378 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 271 | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | 21 | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | 3,185 | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | (187 | ) | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 2,860 | 12,009 | — | — | — | 156 | 165 | 602 | 341 | 149 | |||||||||||||
Property taxes, insurance and other | (356 | ) | 6,609 | — | — | — | 26 | 182 | 250 | 169 | 22 | ||||||||||||
Loss on asset impairments | — | 310 | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 5,689 | 19,033 | — | — | — | 182 | 347 | 852 | 510 | 171 | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 1,600 | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | (4,067 | ) | 17,350 | — | — | — | 191 | 254 | 1,011 | (206 | ) | 207 | |||||||||||
Minority interest | 20 | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (18,895 | ) | (8,253 | ) | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | (1,980 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | 12,880 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | (12,042 | ) | 9,097 | — | — | — | 191 | 254 | 1,011 | (206 | ) | 207 | |||||||||||
Income tax (expense) benefit | (12 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (12,054 | ) | 9,097 | — | — | — | 191 | 254 | 1,011 | (206 | ) | 207 | |||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (29 | ) | 2,385 | — | — | — | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | 32 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | 3 | 2,385 | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | (12,051 | ) | 11,482 | — | — | — | 191 | 254 | 1,011 | (206 | ) | 207 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar SUB 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | — | — | — | 41 | — | — | (4 | ) | — | |||||||||||
Participating lease revenue | 305 | 253 | 432 | — | — | 582 | 1,594 | — | 519 | 737 | ||||||||||||
Total revenue | 305 | 253 | 432 | — | — | 623 | 1,594 | — | 515 | 737 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 73 | 39 | 178 | — | — | 136 | 415 | — | 121 | 195 | ||||||||||||
Property taxes, insurance and other | 32 | 36 | 93 | — | — | 74 | 135 | — | 8 | 89 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 105 | 75 | 271 | — | — | 210 | 550 | — | 129 | 284 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 200 | 178 | 161 | — | — | 413 | 1,044 | — | 386 | 453 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 200 | 178 | 161 | — | — | 413 | 1,044 | — | 386 | 453 | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 200 | 178 | 161 | — | — | 413 | 1,044 | — | 386 | 453 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | (886 | ) | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | (886 | ) | — | — | |||||||||||
Net (loss) income | 200 | 178 | 161 | — | — | 413 | 1,044 | (886 | ) | 386 | 453 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Participating lease revenue | 1,084 | — | — | — | 344 | 378 | — | — | — | — | ||||||||||||
Total revenue | 1,084 | — | — | — | 344 | 378 | — | — | — | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 153 | — | — | — | 161 | 190 | — | — | — | — | ||||||||||||
Property taxes, insurance and other | 92 | — | — | — | 48 | 61 | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 245 | — | — | — | 209 | 251 | — | — | — | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 839 | — | — | — | 135 | 127 | — | — | — | — | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 839 | — | — | — | 135 | 127 | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 839 | — | — | — | 135 | 127 | — | — | — | — | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | 142 | — | — | — | — | (150 | ) | (49 | ) | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | 142 | — | — | — | — | (150 | ) | (49 | ) | — | — | ||||||||||
Net (loss) income | 839 | 142 | — | — | 135 | 127 | (150 | ) | (49 | ) | — | — | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | 55 | — | 274 | |||||||||||
Participating lease revenue | — | — | — | — | 133 | — | 754 | 1,124 | — | 1,474 | |||||||||||
Total revenue | — | — | — | — | 133 | — | 754 | 1,179 | — | 1,748 | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | 35 | — | 216 | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | — | — | — | 47 | — | 140 | 567 | — | 431 | |||||||||||
Property taxes, insurance and other | — | — | — | — | 34 | — | 71 | 389 | — | 647 | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | — | — | — | 81 | — | 211 | 991 | — | 1,294 | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | — | — | — | — | 52 | — | 543 | 188 | — | 454 | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 52 | — | 543 | 188 | — | 454 | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | — | — | — | 52 | — | 543 | 188 | — | 454 | |||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 1 | — | — | — | — | — | — | — | (503 | ) | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | 1 | — | — | — | — | — | — | — | (503 | ) | — | ||||||||||
Net (loss) income | 1 | — | — | — | 52 | — | 543 | 188 | (503 | ) | 454 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | — | 6 | — | |||||||||||
Participating lease revenue | — | 356 | — | 642 | — | — | — | — | 492 | — | |||||||||||
Total revenue | — | 356 | — | 642 | — | — | — | — | 498 | — | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | 112 | — | 369 | — | — | — | — | 275 | — | |||||||||||
Property taxes, insurance and other | — | 54 | — | 49 | — | — | — | — | 98 | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | 166 | — | 418 | — | — | — | — | 373 | — | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | — | 190 | — | 224 | — | — | — | — | 125 | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | (340 | ) | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | 190 | — | (116 | ) | — | — | — | — | 125 | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | 190 | — | (116 | ) | — | — | — | — | 125 | — | ||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 56 | — | — | — | — | — | — | — | — | 165 | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | 56 | — | — | — | — | — | — | — | — | 165 | |||||||||||
Net (loss) income | 56 | 190 | — | (116 | ) | — | — | — | — | 125 | 165 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | 7 | — | — | ||||||||||||
Participating lease revenue | 422 | — | 210 | — | — | — | — | 2,444 | 211 | 321 | ||||||||||||
Total revenue | 422 | — | 210 | — | — | — | — | 2,451 | 211 | 321 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 120 | — | 57 | — | — | — | — | 1,578 | 35 | 1 | ||||||||||||
Property taxes, insurance and other | 64 | — | 25 | — | — | — | — | 393 | 24 | 1 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 184 | — | 82 | — | — | — | — | 1,971 | 59 | 2 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 238 | — | 128 | — | — | — | — | 480 | 152 | 319 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 238 | — | 128 | — | — | — | — | 480 | 152 | 319 | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 238 | — | 128 | — | — | — | — | 480 | 152 | 319 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (1 | ) | (667 | ) | 256 | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | (1 | ) | (667 | ) | 256 | — | — | — | — | ||||||||||
Net (loss) income | 238 | — | 128 | (1 | ) | (667 | ) | 256 | — | 480 | 152 | 319 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | 24 | — | 72 | — | — | — | — | — | ||||||||||||
Participating lease revenue | 2,611 | 516 | 1,484 | — | 699 | 1,406 | — | — | — | — | ||||||||||||
Total revenue | 2,611 | 516 | 1,508 | — | 771 | 1,406 | — | — | — | — | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | 148 | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | 4 | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 1,395 | 154 | 263 | — | 317 | 355 | — | — | — | — | ||||||||||||
Property taxes, insurance and other | 498 | 97 | 201 | — | 81 | 177 | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 1,893 | 251 | 464 | — | 546 | 536 | — | — | — | — | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 718 | 265 | 1,044 | — | 225 | 870 | — | — | — | — | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | (709 | ) | — | — | (9 | ) | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 718 | 265 | 335 | — | 225 | 861 | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 718 | 265 | 335 | — | 225 | 861 | — | — | — | — | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Net (loss) income | 718 | 265 | 335 | — | 225 | 861 | — | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Three months ended June 30, 2004
Unaudited
(Dollars in thousands)
CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | 137,230 | — | 137,230 | — | 137,230 | |||||||||||||
Food and beverage | — | — | — | — | 57,028 | — | 57,028 | — | 57,028 | |||||||||||||
Other hotel operations | — | — | — | — | 15,694 | — | 15,694 | — | 15,694 | |||||||||||||
Office rental parking and other revenue | — | — | — | — | 161 | — | 643 | — | 1,328 | |||||||||||||
Participating lease revenue | — | — | — | — | — | — | 25,039 | (60,759 | ) | — | ||||||||||||
Total revenue | — | — | — | — | 210,113 | — | 235,634 | (60,759 | ) | 211,280 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | 33,208 | — | 33,208 | — | 33,208 | |||||||||||||
Food and beverage | — | — | — | — | 39,877 | — | 39,877 | — | 39,877 | |||||||||||||
Other operating departments | — | — | — | — | 9,943 | — | 9,943 | — | 9,943 | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | 399 | — | 670 | |||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | 30,127 | — | 30,131 | — | 30,152 | |||||||||||||
General and administrative, corporate | — | — | — | — | 288 | — | 288 | — | 3,473 | |||||||||||||
Property operating costs | — | — | — | — | 30,235 | — | 30,235 | — | 30,048 | |||||||||||||
Depreciation and amortization | — | — | — | — | 45 | — | 9,335 | — | 24,204 | |||||||||||||
Property taxes, insurance and other | — | — | — | — | 65,518 | — | 69,738 | (60,759 | ) | 15,232 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | 310 | ||||||||||||||
Operating expenses | — | — | — | — | 209,241 | — | 223,154 | (60,759 | ) | 187,117 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | 1,600 | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | — | — | — | — | 872 | — | 12,480 | — | 25,763 | |||||||||||||
Minority interest | — | — | — | — | — | — | — | — | 20 | |||||||||||||
Interest expense, net | — | — | — | — | (1,884 | ) | — | (2,942 | ) | — | (30,090 | ) | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | (1,980 | ) | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | (12,880 | ) | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | (1,012 | ) | — | 9,538 | (12,880 | ) | (6,287 | ) | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | (12 | ) | ||||||||||||
(Loss) income from continuing operations | — | — | — | — | (1,012 | ) | — | 9,538 | (12,880 | ) | (6,299 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | (6,504 | ) | — | (8,140 | ) | — | (5,784 | ) | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | 32 | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | (6,504 | ) | — | (8,140 | ) | — | (5,752 | ) | ||||||||||
Net (loss) income | — | — | — | — | (7,516 | ) | — | 1,398 | (12,880 | ) | (12,051 | ) | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other revenue | 9 | 2,718 | — | — | — | — | — | — | — | — | |||||||||||||
Participating lease revenue | — | 71,385 | — | — | — | — | — | 677 | 1,338 | 3,869 | |||||||||||||
Total revenue | 9 | 74,103 | — | — | — | — | — | 677 | 1,338 | 3,869 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 721 | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | 6,288 | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 3,873 | 25,810 | — | ��� | — | — | — | 314 | 329 | 1,225 | |||||||||||||
Property taxes, insurance and other | — | 9,789 | — | — | — | — | — | 48 | 522 | 450 | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 10,161 | 36,320 | — | — | — | — | — | 362 | 851 | 1,675 | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 2,915 | — | 2,824 | (1,164 | ) | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | (7,237 | ) | 37,783 | 2,824 | (1,164 | ) | — | — | — | 315 | 487 | 2,194 | |||||||||||
Minority interest | 2 | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (33,884 | ) | (15,866 | ) | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | (1,007 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | 30,284 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | (11,842 | ) | 21,917 | 2,824 | (1,164 | ) | — | — | — | 315 | 487 | 2,194 | |||||||||||
Income tax (expense) benefit | (287 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | (12,129 | ) | 21,917 | 2,824 | (1,164 | ) | — | — | — | 315 | 487 | 2,194 | |||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (206 | ) | (2,352 | ) | — | — | — | — | — | — | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | (206 | ) | (2,352 | ) | — | — | — | — | — | — | — | — | |||||||||||
Net (loss) income | (12,335 | ) | 19,565 | 2,824 | (1,164 | ) | — | — | — | 315 | 487 | 2,194 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | ||||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | — | 17 | — | — | 1 | — | — | 27 | — | |||||||||||
Participating lease revenue | 658 | 771 | 607 | 465 | 1,282 | — | — | 1,430 | 3,554 | |||||||||||
Total revenue | 658 | 788 | 607 | 465 | 1,283 | — | — | 1,457 | 3,554 | |||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | 23 | — | — | — | — | — | — | — | 4 | |||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | 613 | 274 | 228 | 81 | 311 | — | — | 211 | 702 | |||||||||||
Property taxes, insurance and other | 385 | 81 | 60 | 75 | 192 | — | — | 158 | 279 | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | 1,021 | 355 | 288 | 156 | 503 | — | — | 369 | 985 | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | (363 | ) | 433 | 319 | 309 | 780 | — | — | 1,088 | 2,569 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (938 | ) | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | (363 | ) | 433 | 319 | 309 | 780 | — | — | 1,088 | 1,631 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | (363 | ) | 433 | 319 | 309 | 780 | — | — | 1,088 | 1,631 | ||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | |||||||||||
Net (loss) income | (363 | ) | 433 | 319 | 309 | 780 | — | — | 1,088 | 1,631 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | |||||||||||
Revenue: | |||||||||||||||||||
Hotel operations: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | ||||||||||
Participating lease revenue | — | 1,169 | 1,526 | 2,173 | — | — | — | 716 | 925 | ||||||||||
Total revenue | — | 1,169 | 1,526 | 2,173 | — | — | — | 716 | 925 | ||||||||||
Hotel operating expenses: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | (3 | ) | — | — | — | — | — | — | 5 | |||||||||
Other operating expenses: | |||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | 275 | 308 | 338 | — | — | — | 288 | 323 | ||||||||||
Property taxes, insurance and other | — | 97 | 206 | 201 | — | — | — | 101 | 89 | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | 369 | 514 | 539 | — | — | — | 389 | 417 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | 800 | 1,012 | 1,634 | — | — | — | 327 | 508 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | (2 | ) | — | — | — | — | — | — | — | |||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | 798 | 1,012 | 1,634 | — | — | — | 327 | 508 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | 798 | 1,012 | 1,634 | — | — | — | 327 | 508 | ||||||||||
Discontinued operations: | |||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | 798 | 1,012 | 1,634 | — | — | — | 327 | 508 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, L.P. | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | ||||||||||
Revenue: | ||||||||||||||||||
Hotel operations: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||
Office rental, parking and other revenue | — | — | — | — | — | — | — | — | — | |||||||||
Participating lease revenue | — | — | — | — | — | — | — | — | 269 | |||||||||
Total revenue | — | — | — | — | — | — | — | — | 269 | |||||||||
Hotel operating expenses: | ||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | |||||||||
Other operating expenses: | ||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||
Depreciation and amortization | — | — | — | — | — | — | — | — | 98 | |||||||||
Property taxes, insurance and other | — | — | — | — | — | — | — | — | 63 | |||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||
Operating expenses | — | — | — | — | — | — | — | — | 161 | |||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | |||||||||
Operating income (loss) | — | — | — | — | — | — | — | — | 108 | |||||||||
Minority interest | — | — | — | — | — | — | — | — | — | |||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | |||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | — | — | — | — | 108 | |||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income from continuing operations | — | — | — | — | — | — | — | — | 108 | |||||||||
Discontinued operations: | ||||||||||||||||||
(Loss) income from discontinued operations before income tax | 126 | — | — | — | — | — | — | — | — | |||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||
(Loss) income from discontinued operations | 126 | — | — | — | — | — | — | —�� | — | |||||||||
Net (loss) income | 126 | — | — | — | — | — | — | — | 108 | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | |||||||||||
Revenue: | |||||||||||||||||||
Hotel operations: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | 6 | — | — | — | — | — | — | ||||||||||
Participating lease revenue | — | 1,716 | 3,131 | — | 4,037 | — | 642 | — | 1,137 | ||||||||||
Total revenue | — | 1,716 | 3,137 | — | 4,037 | — | 642 | — | 1,137 | ||||||||||
Hotel operating expenses: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | 89 | — | 556 | — | — | — | 2 | ||||||||||
Other operating expenses: | |||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | 250 | 1,043 | — | 711 | — | 202 | — | 679 | ||||||||||
Property taxes, insurance and other | — | 152 | 738 | — | 971 | — | 120 | — | 168 | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | 402 | 1,870 | — | 2,238 | — | 322 | — | 849 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | 1,314 | 1,267 | — | 1,799 | — | 320 | — | 288 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | (837 | ) | |||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | 1,314 | 1,267 | — | 1,799 | — | 320 | — | (549 | ) | |||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | 1,314 | 1,267 | — | 1,799 | — | 320 | — | (549 | ) | |||||||||
Discontinued operations: | |||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | 1,314 | 1,267 | — | 1,799 | — | 320 | — | (549 | ) | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | |||||||||||
Revenue: | |||||||||||||||||||
Hotel operations: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | — | — | 7 | — | — | — | — | ||||||||||
Participating lease revenue | — | — | — | — | 1,021 | — | 772 | — | 105 | ||||||||||
Total revenue | — | — | — | — | 1,028 | — | 772 | — | 105 | ||||||||||
Hotel operating expenses: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | (1 | ) | — | — | — | — | |||||||||
Other operating expenses: | |||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | — | — | — | 503 | — | 134 | — | 70 | ||||||||||
Property taxes, insurance and other | — | — | — | — | 184 | — | 26 | — | 18 | ||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | — | — | 686 | — | 160 | — | 88 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | — | — | — | 342 | — | 612 | — | 17 | ||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 342 | — | 612 | — | 17 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | — | — | — | 342 | — | 612 | — | 17 | ||||||||||
Discontinued operations: | |||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | — | — | — | 342 | — | 612 | — | 17 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | |||||||||||
Revenue: | |||||||||||||||||||
Hotel operations: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other revenue | — | — | — | — | 12 | — | — | 227 | — | ||||||||||
Participating lease revenue | — | — | — | — | 6,978 | 137 | 90 | — | 867 | ||||||||||
Total revenue | — | — | — | — | 6,990 | 137 | 90 | 227 | 867 | ||||||||||
Hotel operating expenses: | |||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | ||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | ||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | ||||||||||
Office rental, parking and other expenses | — | — | — | — | 8 | — | — | 1 | — | ||||||||||
Other operating expenses: | |||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | ||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | ||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | ||||||||||
Depreciation and amortization | — | — | — | — | 3,102 | 38 | 2 | 1,821 | 246 | ||||||||||
Property taxes, insurance and other | — | — | — | — | 827 | 19 | 4 | (162 | ) | — | |||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||
Operating expenses | — | — | — | — | 3,937 | 57 | 6 | 1,660 | 246 | ||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | ||||||||||
Operating income (loss) | — | — | — | — | 3,053 | 80 | 84 | (1,433 | ) | 621 | |||||||||
Minority interest | — | — | — | — | — | — | — | — | — | ||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 3,053 | 80 | 84 | (1,433 | ) | 621 | |||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from continuing operations | — | — | — | — | 3,053 | 80 | 84 | (1,433 | ) | 621 | |||||||||
Discontinued operations: | |||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | ||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | ||||||||||
Net (loss) income | — | — | — | — | 3,053 | 80 | 84 | (1,433 | ) | 621 | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | ||||||||||||
Revenue: | ||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other revenue | 42 | — | 3 | — | — | — | — | — | — | |||||||||||
Participating lease revenue | 3,476 | — | 1,494 | 6,267 | — | — | — | — | — | |||||||||||
Total revenue | 3,518 | — | 1,497 | 6,267 | — | — | — | — | — | |||||||||||
Hotel operating expenses: | ||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operating expenses | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | 1 | — | 235 | — | — | — | — | — | — | |||||||||||
Other operating expenses: | ||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | 525 | — | 650 | 2,620 | — | — | — | — | — | |||||||||||
Property taxes, insurance and other | 405 | — | 176 | 1,082 | — | — | — | — | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | 931 | — | 1,061 | 3,702 | — | — | — | — | — | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | 2,587 | — | 436 | 2,565 | — | — | — | — | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | (1,417 | ) | — | — | (1,604 | ) | — | — | — | — | — | |||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | 1,170 | — | 436 | 961 | — | — | — | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | 1,170 | — | 436 | 961 | — | — | — | — | — | |||||||||||
Discontinued operations: | ||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | — | — | |||||||||||
Net (loss) income | 1,170 | — | 436 | 961 | — | — | — | — | — | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | 266,669 | — | 266,669 | — | 266,669 | |||||||||||||
Food and beverage | — | — | — | 112,187 | — | 112,187 | — | 112,187 | |||||||||||||
Other hotel operations | — | — | — | 23,039 | — | 23,039 | — | 23,039 | |||||||||||||
Office rental, parking and other revenue | — | — | — | — | — | 342 | — | 3,069 | |||||||||||||
Participating lease revenue | — | — | — | — | — | 53,299 | (124,684 | ) | — | ||||||||||||
Total revenue | — | — | — | 401,895 | — | 455,536 | (124,684 | ) | 404,964 | ||||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | 64,409 | — | 64,409 | — | 64,409 | |||||||||||||
Food and beverage | — | — | — | 77,752 | — | 77,752 | — | 77,752 | |||||||||||||
Other hotel operating expenses | — | — | — | 14,626 | — | 14,626 | — | 14,626 | |||||||||||||
Office rental, parking and other expenses | — | — | — | (205 | ) | — | 715 | — | 1,436 | ||||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | 63,095 | — | 63,095 | — | 63,095 | |||||||||||||
General and administrative, corporate | — | — | — | 73 | — | 73 | — | 6,361 | |||||||||||||
Property operating costs | — | — | — | 60,452 | — | 60,452 | — | 60,452 | |||||||||||||
Depreciation and amortization | — | — | — | — | — | 18,514 | — | 48,197 | |||||||||||||
Property taxes, insurance and other | — | — | — | 130,042 | — | 137,777 | (124,684 | ) | 22,882 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | — | — | — | 410,244 | — | 437,413 | (124,684 | ) | 359,210 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | 2,824 | (2,824 | ) | 1,660 | — | 4,575 | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | 4,290 | — | 4,290 | — | 4,290 | |||||||||||||
Operating income (loss) | — | — | — | (1,235 | ) | (2,824 | ) | 24,073 | — | 54,619 | |||||||||||
Minority interest | — | — | — | — | — | — | — | 2 | |||||||||||||
Interest expense, net | — | — | — | (6,863 | ) | — | (11,661 | ) | — | (61,411 | ) | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | (1,007 | ) | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | (30,284 | ) | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | (8,098 | ) | (2,824 | ) | 12,412 | (30,284 | ) | (7,797 | ) | |||||||||
Income tax (expense) benefit | — | — | — | (125 | ) | — | (125 | ) | — | (412 | ) | ||||||||||
(Loss) income from continuing operations | — | — | — | (8,223 | ) | (2,824 | ) | 12,287 | (30,284 | ) | (8,209 | ) | |||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (1,694 | ) | — | (1,568 | ) | — | (4,126 | ) | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | (1,694 | ) | — | (1,568 | ) | — | (4,126 | ) | ||||||||||
Net (loss) income | — | — | — | (9,917 | ) | (2,824 | ) | 10,719 | (30,284 | ) | (12,335 | ) | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non- Guarantor Subsidiaries | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | MeriStar Sub 8E, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental parking and other revenue | 26 | 1,296 | — | — | — | — | — | — | — | 16 | |||||||||||||
Participating lease revenue | — | 72,017 | — | — | — | 675 | 1,202 | 3,727 | 726 | 742 | |||||||||||||
Total revenue | 26 | 73,313 | — | — | — | 675 | 1,202 | 3,727 | 726 | 758 | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | 561 | — | — | — | — | — | — | — | — | |||||||||||||
Other operating expenses: | — | ||||||||||||||||||||||
General and administrative, hotel | — | 21 | — | — | — | — | — | — | — | — | |||||||||||||
General and administrative, corporate | 7,016 | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | (511 | ) | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 6,237 | 24,243 | — | — | — | 313 | 329 | 1,197 | 697 | 298 | |||||||||||||
Property taxes, insurance and other | (356 | ) | 15,445 | — | — | — | 50 | 305 | 556 | 379 | 84 | ||||||||||||
Loss on asset impairments | — | 310 | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 12,897 | 40,069 | — | — | — | 363 | 634 | 1,753 | 1,076 | 382 | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | 3,200 | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | (9,671 | ) | 33,244 | — | — | — | 312 | 568 | 1,974 | (350 | ) | 376 | |||||||||||
Minority interest | 24 | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | (42,325 | ) | (16,668 | ) | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | (7,903 | ) | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | 6,014 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | (53,861 | ) | 16,576 | — | — | — | 312 | 568 | 1,974 | (350 | ) | 376 | |||||||||||
Income tax (expense) benefit | 373 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | (53,488 | ) | 16,576 | — | — | — | 312 | 568 | 1,974 | (350 | ) | 376 | |||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 448 | 2,495 | — | — | — | — | — | — | — | — | |||||||||||||
Income tax (expense) benefit | 102 | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | 550 | 2,495 | — | — | — | — | — | — | — | — | |||||||||||||
Net (loss) income | (52,938 | ) | 19,071 | — | — | — | 312 | 568 | 1,974 | (350 | ) | 376 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | 1 | — | — | 90 | — | — | (4 | ) | — | |||||||||||
Participating lease revenue | 550 | 630 | 1,015 | — | — | 1,014 | 3,007 | — | 1,123 | 1,429 | ||||||||||||
Total revenue | 550 | 630 | 1,016 | — | — | 1,104 | 3,007 | — | 1,119 | 1,429 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 170 | 77 | 356 | — | — | 273 | 825 | — | 249 | 391 | ||||||||||||
Property taxes, insurance and other | 61 | 76 | 202 | — | — | 152 | 288 | — | 55 | 187 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 231 | 153 | 558 | — | — | 425 | 1,113 | — | 304 | 578 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 319 | 477 | 458 | — | — | 679 | 1,894 | — | 815 | 851 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 319 | 477 | 458 | — | — | 679 | 1,894 | — | 815 | 851 | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 319 | 477 | 458 | — | — | 679 | 1,894 | — | 815 | 851 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | — | — | — | — | (721 | ) | — | — | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | — | — | — | — | (721 | ) | — | — | |||||||||||
Net (loss) income | 319 | 477 | 458 | — | — | 679 | 1,894 | (721 | ) | 815 | 851 | |||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | |||||||||||||||
Revenue: | ||||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental parking and other revenue | — | — | — | — | 1 | — | — | — | — | — | ||||||||||||||
Participating lease revenue | 1,913 | — | — | — | 689 | 754 | — | — | — | — | ||||||||||||||
Total revenue | 1,913 | — | — | — | 690 | 754 | — | — | — | — | ||||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Depreciation and amortization | 362 | — | — | — | 313 | 382 | — | — | — | — | ||||||||||||||
Property taxes, insurance and other | 197 | — | — | — | 100 | 126 | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating expenses | 559 | — | — | — | 413 | 508 | — | — | — | — | ||||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Operating income (loss) | 1,354 | — | — | — | 277 | 246 | — | — | — | — | ||||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income before income taxes and discontinued operations | 1,354 | — | — | — | 277 | 246 | — | — | — | — | ||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from continuing operations | 1,354 | — | — | — | 277 | 246 | — | — | — | — | ||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | (61 | ) | — | (403 | ) | — | — | (167 | ) | (713 | ) | — | 89 | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||||
(Loss) income from discontinued operations | — | (61 | ) | — | (403 | ) | — | — | (167 | ) | (713 | ) | — | 89 | ||||||||||
Net (loss) income | 1,354 | (61 | ) | — | (403 | ) | 277 | 246 | (167 | ) | (713 | ) | — | 89 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 4A, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited Partnership | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | 140 | — | 710 | |||||||||||
Participating lease revenue | — | — | — | — | 263 | — | 1,250 | 2,513 | — | 2,935 | |||||||||||
Total revenue | —�� | — | — | — | 263 | — | 1,250 | 2,653 | — | 3,645 | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | 63 | — | 415 | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | — | — | — | 70 | — | 281 | 1,136 | — | 862 | |||||||||||
Property taxes, insurance and other | — | — | — | — | 63 | — | 146 | 807 | — | 1,305 | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | — | — | — | 133 | — | 427 | 2,006 | — | 2,582 | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | — | — | — | — | 130 | — | 823 | 647 | — | 1,063 | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | 130 | — | 823 | 647 | — | 1,063 | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | — | — | — | 130 | — | 823 | 647 | — | 1,063 | |||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 97 | — | — | 1,852 | — | — | — | — | (787 | ) | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | 97 | — | — | 1,852 | — | — | — | — | (787 | ) | — | ||||||||||
Net (loss) income | 97 | — | — | 1,852 | 130 | — | 823 | 647 | (787 | ) | 1,063 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, Inc. | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | ||||||||||||
Revenue: | |||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | ��� | — | — | |||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | — | 10 | — | |||||||||||
Participating lease revenue | — | 593 | — | 1,101 | — | — | — | — | 984 | — | |||||||||||
Total revenue | — | 593 | — | 1,101 | — | — | — | — | 994 | — | |||||||||||
Hotel operating expenses: | |||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | |||||||||||
Other operating expenses: | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | |||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||
Depreciation and amortization | — | 224 | — | 738 | — | — | — | — | 552 | — | |||||||||||
Property taxes, insurance and other | — | 112 | — | 102 | — | — | — | — | 187 | — | |||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating expenses | — | 336 | — | 840 | — | — | — | — | 739 | — | |||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||
Operating income (loss) | — | 257 | — | 261 | — | — | — | — | 255 | — | |||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||
Interest expense, net | — | — | — | (647 | ) | — | — | — | — | — | — | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income before income taxes and discontinued operations | — | 257 | — | (386 | ) | — | — | — | — | 255 | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from continuing operations | — | 257 | — | (386 | ) | — | — | — | — | 255 | — | ||||||||||
Discontinued operations: | |||||||||||||||||||||
(Loss) income from discontinued operations before income tax | 103 | — | — | — | — | — | — | — | — | 429 | |||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||
(Loss) income from discontinued operations | 103 | — | — | — | — | — | — | — | — | 429 | |||||||||||
Net (loss) income | 103 | 257 | — | (386 | ) | — | — | — | — | 255 | 429 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | |||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental parking and other revenue | — | — | — | — | — | — | — | 14 | — | — | ||||||||||||
Participating lease revenue | 991 | — | 471 | — | — | — | — | 5,506 | 519 | 488 | ||||||||||||
Total revenue | 991 | — | 471 | — | — | — | — | 5,520 | 519 | 488 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Other operating expenses: | ||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | — | — | — | — | — | ||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Depreciation and amortization | 238 | — | 114 | — | — | — | — | 3,150 | 69 | 2 | ||||||||||||
Property taxes, insurance and other | 135 | — | 52 | — | — | — | — | 819 | 52 | 3 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating expenses | 373 | — | 166 | — | — | — | — | 3,969 | 121 | 5 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Operating income (loss) | 618 | — | 305 | — | — | — | — | 1,551 | 398 | 483 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Interest expense, net | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | 618 | — | 305 | — | — | — | — | 1,551 | 398 | 483 | ||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from continuing operations | 618 | — | 305 | — | — | — | — | 1,551 | 398 | 483 | ||||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (217 | ) | (1,645 | ) | 341 | — | — | — | — | ||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | ||||||||||||
(Loss) income from discontinued operations | — | — | — | (217 | ) | (1,645 | ) | 341 | — | — | — | — | ||||||||||
Net (loss) income | 618 | — | 305 | (217 | ) | (1,645 | ) | 341 | — | 1,551 | 398 | 483 | ||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | ||||||||||||||
Revenue: | |||||||||||||||||||||||
Hotel operations: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other hotel operations | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental parking and other revenue | — | — | 60 | — | 104 | — | — | — | — | — | |||||||||||||
Participating lease revenue | 5,286 | 1,087 | 3,115 | — | 1,353 | 1,406 | — | — | — | — | |||||||||||||
Total revenue | 5,286 | 1,087 | 3,175 | — | 1,457 | 1,406 | — | — | — | — | |||||||||||||
Hotel operating expenses: | |||||||||||||||||||||||
Rooms | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Food and beverage | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Other operating departments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | 216 | — | — | — | — | — | |||||||||||||
Other operating expenses: | |||||||||||||||||||||||
General and administrative, hotel | — | — | — | — | — | 4 | — | — | — | — | |||||||||||||
General and administrative, corporate | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Property operating costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Depreciation and amortization | 2,810 | 294 | 532 | — | 632 | 355 | — | — | — | — | |||||||||||||
Property taxes, insurance and other | 873 | 154 | 390 | — | 172 | 177 | — | — | — | — | |||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating expenses | 3,683 | 448 | 922 | — | 1,020 | 536 | — | — | — | — | |||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | 1,603 | 639 | 2,253 | — | 437 | 870 | — | — | — | — | |||||||||||||
Minority interest | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Interest expense, net | — | — | (1,417 | ) | — | — | (9 | ) | — | — | — | — | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | — | |||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income before income taxes and discontinued operations | 1,603 | 639 | 836 | — | 437 | 861 | — | — | — | — | |||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from continuing operations | 1,603 | 639 | 836 | — | 437 | 861 | — | — | — | — | |||||||||||||
Discontinued operations: | |||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | — | — | — | (857 | ) | — | — | ||||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | — | — | |||||||||||||
(Loss) income from discontinued operations | — | — | — | (857 | ) | — | — | — | — | — | — | ||||||||||||
Net (loss) income | 1,603 | 639 | 836 | (857 | ) | 437 | 861 | — | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Operations
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||||
Revenue: | ||||||||||||||||||||||
Hotel operations: | ||||||||||||||||||||||
Rooms | — | — | — | — | 265,197 | — | 265,197 | — | 265,197 | |||||||||||||
Food and beverage | — | — | — | — | 105,572 | — | 105,572 | — | 105,572 | |||||||||||||
Other hotel operations | — | — | — | — | 30,945 | — | 30,945 | — | 30,945 | |||||||||||||
Office rental parking and other revenue | — | — | — | — | 161 | — | 1,303 | — | 2,625 | |||||||||||||
Participating lease revenue | — | — | — | — | — | — | 49,057 | (121,074 | ) | — | ||||||||||||
Total revenue | — | — | — | — | 401,875 | — | 452,074 | (121,074 | ) | 404,339 | ||||||||||||
Hotel operating expenses: | ||||||||||||||||||||||
Rooms | — | — | — | — | 64,153 | — | 64,153 | — | 64,153 | |||||||||||||
Food and beverage | — | — | — | — | 76,141 | — | 76,141 | — | 76,141 | |||||||||||||
Other operating departments | — | — | — | — | 19,323 | — | 19,323 | — | 19,323 | |||||||||||||
Office rental, parking and other expenses | — | — | — | — | — | — | 694 | — | 1,255 | |||||||||||||
Other operating expenses: | — | |||||||||||||||||||||
General and administrative, hotel | — | — | — | — | 61,921 | — | 61,925 | — | 61,946 | |||||||||||||
General and administrative, corporate | — | — | — | — | 90 | — | 90 | — | 7,106 | |||||||||||||
Property operating costs | — | — | — | — | 59,811 | — | 59,811 | — | 59,300 | |||||||||||||
Depreciation and amortization | — | — | — | — | 84 | — | 18,375 | — | 48,855 | |||||||||||||
Property taxes, insurance and other | — | — | — | — | 128,963 | — | 137,330 | (121,074 | ) | 31,345 | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 310 | |||||||||||||
Operating expenses | — | — | — | — | 410,486 | — | 437,842 | (121,074 | ) | 369,734 | ||||||||||||
Equity in income/loss of and interest earned from unconsolidated affiliates | — | — | — | — | — | — | — | — | 3,200 | |||||||||||||
Hurricane business interruption insurance gain | — | — | — | — | — | — | — | — | — | |||||||||||||
Operating income (loss) | — | — | — | — | (8,611 | ) | — | 14,232 | — | 37,805 | ||||||||||||
Minority interest | — | — | — | — | — | — | — | — | 24 | |||||||||||||
Interest expense, net | — | — | — | — | (3,526 | ) | — | (5,599 | ) | — | (64,592 | ) | ||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | (7,903 | ) | ||||||||||||
Equity in income from consolidated entities | — | — | — | — | — | — | — | (6,014 | ) | — | ||||||||||||
(Loss) income before income taxes and discontinued operations | — | — | — | — | (12,137 | ) | — | (8,633 | ) | (6,014 | ) | (34,666 | ) | |||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | 373 | |||||||||||||
(Loss) income from continuing operations | — | — | — | — | (12,137 | ) | — | 8,633 | (6,014 | ) | (34,293 | ) | ||||||||||
Discontinued operations: | ||||||||||||||||||||||
(Loss) income from discontinued operations before income tax | (19,030 | ) | (21,690 | ) | — | (18,747 | ) | |||||||||||||||
Income tax (expense) benefit | — | — | — | — | — | — | — | — | 102 | |||||||||||||
(Loss) income from discontinued operations | — | — | — | — | (19,030 | ) | — | (21,690 | ) | — | (18,645 | ) | ||||||||||
Net (loss) income | — | — | — | — | (31,167 | ) | — | (13,057 | ) | (6,014 | ) | (52,938 | ) | |||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar L.P. | Non-Guarantor Subsidiaries | MeriStar Lexington Mortgage, LLC | MeriStar Lexington Partners, LLC | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH LLC | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | ||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net (loss) income | (12,335 | ) | 19,565 | 2,824 | (1,164 | ) | — | — | — | 315 | 487 | |||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 3,873 | 26,388 | 40 | — | — | — | — | 314 | 329 | |||||||||||||||
Loss on asset impairments | — | 2,504 | — | — | — | — | — | — | — | |||||||||||||||
Loss on sale of assets, before tax effect | — | 1,037 | — | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | 1,007 | — | — | — | — | — | — | — | — | |||||||||||||||
Minority interests | (2 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in earnings of consolidated entities | (30,284 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | 1,164 | — | — | — | — | — | |||||||||||||||
Amortization of unearned stock-based compensation | 542 | — | — | — | — | — | — | — | — | |||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | |||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | 35,098 | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net | (7,018 | ) | 908 | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | 10,974 | (5,690 | ) | — | 30 | — | — | — | (20 | ) | (88 | ) | ||||||||||||
Receivables from unconsolidated affiliates | 12,585 | — | — | 78 | — | — | — | — | — | |||||||||||||||
Due to Interstate Hotels & Resorts | (1,398 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (4,470 | ) | 1,506 | — | — | — | — | — | 43 | 154 | ||||||||||||||
Due from/to subsidiaries | 262,934 | (51,604 | ) | (1,760 | ) | (108 | ) | — | — | — | (620 | ) | (572 | ) | ||||||||||
Net cash provided by (used in) operating activities | 271,506 | (5,386 | ) | 1,104 | — | — | — | — | 32 | 310 | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | |||||||||||||||
Capital expenditures for property and equipment | (2,591 | ) | (53,723 | ) | — | — | — | — | — | (32 | ) | (310 | ) | |||||||||||
Proceeds from sales of assets | — | 20,500 | — | — | — | — | — | — | — | |||||||||||||||
Insurance proceeds related to capital expenditures | 6,500 | — | — | — | — | — | — | — | — | |||||||||||||||
Increase in restricted cash | (3,716 | ) | (546 | ) | — | — | — | — | — | — | — | |||||||||||||
Costs associated with disposition program and other, net | — | (459 | ) | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | 193 | (34,228 | ) | — | — | — | — | — | (32 | ) | (310 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||||||
Prepayments on long-term debt | (23,846 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on long-term debt | (4,009 | ) | — | (1,104 | ) | — | — | — | — | — | — | |||||||||||||
Proceeds from mortgage loans, net of financing costs | (50 | ) | 39,614 | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loans to/from subsidiaries | (218,939 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from OP units issuance, net of issuance costs | 309 | — | — | — | — | — | — | — | — | |||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | |||||||||||||||
Repurchase of OP units under employee stock plans | (782 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | (247,317 | ) | 39,614 | (1,104 | ) | — | — | — | — | — | — | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | 24,382 | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, beginning of period | 41,224 | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, end of period | 65,606 | — | — | — | — | — | — | — | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 8B, LLC | MeriStar Sub 1C, | MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | |||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net (loss) income | 2,194 | (363 | ) | 433 | 319 | 309 | 780 | — | — | 1,088 | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 1,225 | 613 | 274 | 228 | 81 | 311 | — | — | 211 | ||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | (63 | ) | — | — | — | — | — | — | — | 14 | |||||||||||||||
Prepaid expenses and other assets | (101 | ) | (227 | ) | (26 | ) | (18 | ) | (77 | ) | (21 | ) | — | — | (21 | ) | |||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (122 | ) | (5 | ) | 3 | 3 | 43 | 2 | — | — | (201 | ) | |||||||||||||
Due from/to subsidiaries | 3,953 | 257 | (551 | ) | (671 | ) | 221 | (943 | ) | — | — | (966 | ) | ||||||||||||
Net cash provided by (used in) operating activities | 7,086 | 275 | 133 | (139 | ) | 577 | 129 | — | — | 125 | |||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | �� | — | — | — | |||||||||||||||
Capital expenditures for property and equipment | (7,086 | ) | (275 | ) | (133 | ) | 139 | (577 | ) | (129 | ) | — | — | (125 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (7,086 | ) | (275 | ) | (133 | ) | 139 | (577 | ) | (129 | ) | — | — | (125 | ) | ||||||||||
Financing activities: | |||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | ||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net (loss) income | 1,631 | — | 798 | 1,012 | 1,634 | — | — | — | 327 | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 702 | — | 275 | 308 | 338 | — | — | — | 288 | |||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | |||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net | — | 64 | — | — | — | — | — | — | — | |||||||||||||||
Prepaid expenses and other assets | (870 | ) | — | (84 | ) | (187 | ) | (35 | ) | — | — | — | (22 | ) | ||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 301 | (5 | ) | 57 | 129 | 2 | — | — | — | 35 | ||||||||||||||
Due from/to subsidiaries | (33,210 | ) | (59 | ) | (108 | ) | 8,810 | (1,584 | ) | — | — | — | (444 | ) | ||||||||||
Net cash provided by (used in) operating activities | (31,446 | ) | — | 938 | 10,072 | 355 | — | — | — | 184 | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | |||||||||||||||
Capital expenditures for property and equipment | (2,386 | ) | — | (933 | ) | (10,072 | ) | (355 | ) | — | — | — | (184 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | |||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | |||||||||||||||
Increase in restricted cash | (14 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by investing activities | (2,400 | ) | — | (933 | ) | (10,072 | ) | (355 | ) | — | — | — | (184 | ) | ||||||||||
Financing activities: | ||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | |||||||||||||||
Scheduled payments on long-term debt | — | — | (5 | ) | — | — | — | — | — | — | ||||||||||||||
Proceeds from mortgage loans, net of financing costs | 33,846 | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | |||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | |||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | 33,846 | — | (5 | ) | — | — | — | — | — | — | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | |||||||||||||
Operating activities: | |||||||||||||||||||||
Net (loss) income | 508 | 126 | — | — | — | — | — | — | — | ||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation and amortization | 323 | 126 | — | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | 332 | — | — | — | — | — | — | — | ||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts receivable, net | — | — | (44 | ) | — | — | — | — | — | — | |||||||||||
Prepaid expenses and other assets | (45 | ) | (145 | ) | — | — | — | — | — | — | — | ||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 73 | 10 | — | — | — | — | — | — | — | ||||||||||||
Due from/to subsidiaries | (135 | ) | (554 | ) | 44 | — | — | — | — | — | — | ||||||||||
Net cash provided by (used in) operating activities | 724 | (105 | ) | — | — | — | — | — | — | — | |||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||
Capital expenditures for property and equipment | (724 | ) | 105 | — | — | — | — | — | — | — | |||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||
Net cash (used in) provided by investing activities | (724 | ) | 105 | — | — | — | — | — | — | — | |||||||||||
Financing activities: | |||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MDV Limited | MeriStar Sub 5C, LLC | MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | |||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net (loss) income | 108 | — | 1,314 | 1,267 | — | 1,799 | — | 320 | — | ||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 98 | — | 250 | 1,043 | — | 711 | — | 202 | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net | — | — | — | — | — | (438 | ) | — | — | — | |||||||||||||
Prepaid expenses and other assets | (33 | ) | — | (19 | ) | (550 | ) | — | (52 | ) | — | (14 | ) | — | |||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (15 | ) | — | 27 | 18 | — | 53 | — | 139 | — | |||||||||||||
Due from/to subsidiaries | (97 | ) | — | (1,346 | ) | (300 | ) | — | (972 | ) | — | (321 | ) | — | |||||||||
Net cash provided by (used in) operating activities | 61 | — | 226 | 1,478 | — | 1,101 | — | 326 | — | ||||||||||||||
Investing activities: | |||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | (61 | ) | — | (226 | ) | (1,478 | ) | — | (1,101 | ) | — | (326 | ) | — | |||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (61 | ) | — | (226 | ) | (1,478 | ) | — | (1,101 | ) | — | (326 | ) | — | |||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | MeriStar Sub 7H, LLC | AGH PSS I, | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | |||||||||||||
Operating activities: | |||||||||||||||||||||
Net (loss) income | (549 | ) | — | — | — | — | 342 | — | 612 | — | |||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation and amortization | 679 | — | — | — | — | 503 | — | 134 | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | — | — | ||||||||||||
Prepaid expenses and other assets | (94 | ) | — | — | — | — | (38 | ) | — | (118 | ) | — | |||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 139 | — | — | — | — | (172 | ) | — | 103 | — | |||||||||||
Due from/to subsidiaries | (93 | ) | — | — | — | — | (60 | ) | — | 1,956 | — | ||||||||||
Net cash provided by (used in) operating activities | 82 | — | — | — | — | 575 | — | 2,687 | — | ||||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||
Capital expenditures for property and equipment | 55 | — | — | — | — | (575 | ) | — | (2,687 | ) | — | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||
Costs associated with disposition program and other, net | (137 | ) | — | — | — | — | — | — | — | — | |||||||||||
Net cash (used in) provided by investing activities | (82 | ) | — | — | — | — | (575 | ) | — | (2,687 | ) | — | |||||||||
Financing activities: | |||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | |||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net (loss) income | 17 | — | — | — | — | 3,053 | 80 | 84 | (1,433 | ) | |||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 70 | — | — | — | — | 3,102 | 38 | 2 | 1,821 | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | (39 | ) | — | — | — | — | (684 | ) | (45 | ) | (10 | ) | (904 | ) | |||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 37 | — | — | — | — | 571 | 36 | — | 330 | ||||||||||||||
Due from/to subsidiaries | 1,985 | — | — | — | — | (2,262 | ) | 1,194 | (76 | ) | 10,986 | ||||||||||||
Net cash provided by (used in) operating activities | 2,070 | — | — | — | — | 3,780 | 1,303 | — | 10,800 | ||||||||||||||
Investing activities: | |||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | (2,070 | ) | — | — | — | — | (3,780 | ) | (1,303 | ) | — | (10,800 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (2,070 | ) | — | — | — | — | (3,780 | ) | (1,303 | ) | — | (10,800 | ) | ||||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | Meristar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | |||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net (loss) income | 621 | 1,170 | — | 436 | 961 | — | — | — | — | ||||||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 246 | 525 | — | 650 | 2,620 | — | — | — | — | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts receivable, net | — | — | 359 | — | 547 | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | (137 | ) | (78 | ) | — | (51 | ) | 87 | — | — | — | — | |||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 64 | 353 | — | 13 | 591 | — | — | — | — | ||||||||||||||
Due from/to subsidiaries | 1,143 | (1,169 | ) | (359 | ) | 909 | (3,563 | ) | — | — | — | — | |||||||||||
Net cash provided by (used in) operating activities | 1,937 | 801 | — | 1,957 | 1,243 | — | — | — | — | ||||||||||||||
Investing activities: | |||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | (1,937 | ) | (801 | ) | — | (1,957 | ) | (884 | ) | — | — | — | — | ||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||
Increase in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (1,937 | ) | (801 | ) | — | (1,957 | ) | (884 | ) | — | — | — | — | ||||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | (359 | ) | — | — | — | — | |||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to miniority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | (359 | ) | — | — | — | — | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flows
Six months ended June 30, 2005
Unaudited
(Dollars in thousands)
CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | |||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net (loss) income | — | — | — | — | (9,917 | ) | (2,824 | ) | 10,719 | (30,284 | ) | (12,335 | ) | ||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | — | — | 18,680 | — | 48,941 | ||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | 332 | — | 2,836 | ||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | 1,037 | ||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | 1,007 | ||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | (2 | ) | |||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | 30,284 | — | ||||||||||||||
Equity in loss of unconsolidated affiliates | — | — | — | — | — | — | 1,164 | — | 1,164 | ||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | 542 | ||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | 35,098 | ||||||||||||||
Accounts receivable, net | — | — | — | — | (10,580 | ) | — | (10,141 | ) | 6,980 | (9,271 | ) | |||||||||||
Prepaid expenses and other assets | — | — | — | — | 173 | — | (4,563 | ) | — | 721 | |||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | 78 | — | 12,663 | ||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | (7,000 | ) | — | (7,000 | ) | — | (8,398 | ) | |||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | — | 7,450 | — | 10,259 | (6,980 | ) | 315 | |||||||||||||
Due from/to subsidiaries | — | — | — | — | (192,709 | ) | 2,824 | (211,330 | ) | — | — | ||||||||||||
Net cash provided by (used in) operating activities | — | — | — | — | (212,583 | ) | — | (191,802 | ) | — | 74,318 | ||||||||||||
Investing activities: | |||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | — | — | — | — | — | — | (53,008 | ) | — | (109,322 | ) | ||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | 20,500 | ||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | 6,500 | ||||||||||||||
Increase in restricted cash | — | — | — | — | (304 | ) | — | (318 | ) | — | (4,580 | ) | |||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | (137 | ) | — | (596 | ) | ||||||||||||
Net cash (used in) provided by investing activities | — | — | — | — | (304 | ) | — | (53,463 | ) | — | (87,498 | ) | |||||||||||
Financing activities: | |||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | (23,846 | ) | |||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | (1,468 | ) | — | (5,477 | ) | ||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | 33,846 | — | 73,410 | ||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | — | — | — | — | 218,939 | — | 218,939 | — | — | ||||||||||||||
Distributions to miniority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | 309 | ||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | (782 | ) | |||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | 218,939 | — | 251,317 | — | 43,614 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | 6,052 | — | 6,052 | — | 30,434 | ||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | 19,309 | — | 19,309 | — | 60,533 | ||||||||||||||
Cash and cash equivalents, end of period | 25,361 | 25,361 | — | 90,967 | |||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Hospitality OP, L.P. | Non-Guarantor Subsidiaries | MeriStar Sub 7C, LLC | MeriStar Sub 8G, LLC | AGH Upreit, | MeriStar Sub 6H, L.P. | MeriStar Sub 8F, L.P. | MeriStar Sub 8B, LLC | MeriStar Sub 1C, LLC | ||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net (loss) income | (52,938 | ) | 19,071 | — | — | — | 312 | 568 | 1,974 | (350 | ) | |||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 6,237 | 25,793 | — | — | — | 313 | 329 | 1,197 | 697 | |||||||||||||||
Loss on asset impairments | — | 3,763 | — | — | — | — | — | — | — | |||||||||||||||
Loss on sale of assets, before tax effect | 226 | (833 | ) | — | — | — | — | — | — | — | ||||||||||||||
Loss on early extinguishments of debt | 7,903 | — | — | — | — | — | — | — | — | |||||||||||||||
Minority interests | (24 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in earnings of consolidated entities | (6,014 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | |||||||||||||||
Amortization of unearned stock-based compensation | 1,090 | — | — | — | — | — | — | — | — | |||||||||||||||
Deferred income taxes | (652 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts receivable, net | (3,230 | ) | 149 | — | — | — | — | — | — | — | ||||||||||||||
Prepaid expenses and other assets | (1,221 | ) | 2,738 | — | — | — | 6 | 22 | 34 | 59 | ||||||||||||||
Receivables from unconsolidated affiliates | (4,916 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Due to Interstate Hotels & Resorts | 6,808 | — | — | — | — | — | — | — | — | |||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (12,214 | ) | 707 | — | — | — | (118 | ) | (29 | ) | (107 | ) | (16 | ) | ||||||||||
Due to/from subsidiaries | 46,887 | (26,984 | ) | — | — | — | (512 | ) | (857 | ) | 1,684 | (134 | ) | |||||||||||
Net cash (used in) provided by operating activities | (12,058 | ) | 24,404 | — | — | — | 1 | 33 | 4,782 | 256 | ||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | (92,140 | ) | — | — | — | — | — | — | — | ||||||||||||||
Capital expenditures for property and equipment | (1,215 | ) | (23,254 | ) | — | — | — | (1 | ) | (33 | ) | (4,782 | ) | (256 | ) | |||||||||
Proceeds from sales of assets | — | 42,075 | — | — | — | — | — | — | — | |||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | |||||||||||||||
(Increase) decrease in restricted cash | (27,774 | ) | 309 | — | — | — | — | — | — | — | ||||||||||||||
Costs associated with disposition program and other, net | 84 | (1,654 | ) | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by investing activities | (28,905 | ) | (74,664 | ) | — | — | — | (1 | ) | (33 | ) | (4,782 | ) | (256 | ) | |||||||||
Financing activities: | ||||||||||||||||||||||||
Prepayments on long-term debt | (85,319 | ) | (807 | ) | — | — | — | — | — | — | — | |||||||||||||
Scheduled payments on long-term debt | — | (3,691 | ) | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | |||||||||||||||
Proceeds from debt issuance, net of issuance costs | (347 | ) | 54,758 | — | — | — | — | — | — | — | ||||||||||||||
Loans to/from subsidiaries | (29,460 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Distributions to minority investors | (141 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Proceeds from OP units issuance, net of issuance costs | 72,340 | — | — | — | — | — | — | — | — | |||||||||||||||
Purchase of subsidiary partnership interests | (8,690 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Repurchase of OP units under employee stock plans | (160 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Other | (165 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Net cash (used in) provided by financing activities | (51,942 | ) | 50,260 | — | — | — | — | — | — | — | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (227 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | (93,132 | ) | — | — | — | — | — | — | — | — | ||||||||||||||
Cash and cash equivalents, beginning of period | 218,645 | — | — | — | — | — | — | — | — | |||||||||||||||
Cash and cash equivalents, end of period | 125,513 | — | — | — | — | — | — | — | — | |||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 8E, LLC | MeriStar Sub 7F, LLC | MeriStar Sub 5L, LLC | MeriStar Sub 3C, LLC | MeriStar Sub 5R, LLC | MeriStar Sub 8A, LLC | MeriStar Sub 6D, LLC | MeriStar Sub 6E, LLC | MeriStar Sub 4E, L.P. | |||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net (loss) income | 376 | 319 | 477 | 458 | — | — | 679 | 1,894 | (721 | ) | |||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||
Depreciation and amortization | 298 | 170 | 77 | 356 | — | — | 273 | 825 | 149 | ||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 981 | ||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | 5 | — | — | ||||||||||||||||
Prepaid expenses and other assets | 9 | 6 | 29 | 9 | — | — | 7 | 31 | 20 | ||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 9 | (51 | ) | 63 | 72 | — | — | 98 | 268 | (147 | ) | ||||||||||||||
Due to/from subsidiaries | (576 | ) | (400 | ) | (435 | ) | (884 | ) | — | — | (590 | ) | (598 | ) | (244 | ) | |||||||||
Net cash (used in) provided by operating activities | 116 | 44 | 211 | 11 | — | — | 472 | 2,420 | 38 | ||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Capital expenditures for property and equipment | (116 | ) | (44 | ) | (211 | ) | (11 | ) | — | — | (472 | ) | (2,420 | ) | (38 | ) | |||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (116 | ) | (44 | ) | (211 | ) | (11 | ) | — | — | (472 | ) | (2,420 | ) | (38 | ) | |||||||||
Financing activities: | |||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 1B, LLC | MeriStar Sub 5F, L.P. | MeriStar Sub 6G, LLC | MeriStar Sub 8C, LLC | MeriStar Sub 4C, L.P. | MeriStar Sub 4H, L.P. | MeriStar Sub 7E, LLC | MeriStar Sub 3D, LLC | MeriStar Sub 1A, LLC | ||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||
Net (loss) income | 815 | 851 | 1,354 | (61 | ) | — | (403 | ) | 277 | 246 | (167 | ) | ||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 249 | 391 | 362 | — | — | 43 | 313 | 382 | 197 | |||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | 544 | |||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | 110 | — | 365 | — | — | — | |||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts receivable, net | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | 28 | 62 | 12 | 117 | — | (8 | ) | 7 | 15 | 30 | ||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (44 | ) | 23 | 142 | 839 | — | (236 | ) | 34 | 54 | 44 | |||||||||||||||
Due to/from subsidiaries | (329 | ) | 690 | (1,565 | ) | (6,603 | ) | — | (4,133 | ) | 938 | (553 | ) | (637 | ) | |||||||||||
Net cash (used in) provided by operating activities | 719 | 2,017 | 305 | (5,598 | ) | — | (4,372 | ) | 1,569 | 144 | 11 | |||||||||||||||
Investing activities: | ||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Capital expenditures for property and equipment | (719 | ) | (2,017 | ) | (305 | ) | 711 | — | (87 | ) | (1,569 | ) | (144 | ) | (11 | ) | ||||||||||
Proceeds from sales of assets | — | — | — | 5,000 | — | 4,650 | — | — | — | |||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | |||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | (113 | ) | — | (191 | ) | — | — | — | |||||||||||||||
Net cash (used in) provided by investing activities | (719 | ) | (2,017 | ) | (305 | ) | 5,598 | — | 4,372 | (1,569 | ) | (144 | ) | (11 | ) | |||||||||||
Financing activities: | ||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | |||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | |||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7A Joint Venture | MeriStar Sub 2B, LLC | MeriStar Sub 3A, LLC | MeriStar Sub 4A, LP | MeriStar Sub 4D, LLC | MeriStar Sub 2A, LLC | MeriStar Sub 6L, LLC | MDV Limited | MeriStar Sub 5C, LLC | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | (713 | ) | — | 89 | 97 | — | — | 1,852 | 130 | — | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 121 | — | 51 | — | — | — | — | 70 | — | ||||||||||||||||||
Loss on asset impairments | 1,005 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | (20 | ) | 45 | — | — | (1,827 | ) | — | — | ||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | 2,345 | — | — | — | 2,002 | (178 | ) | — | 2 | |||||||||||||||||
Prepaid expenses and other assets | 10 | — | 1 | (9 | ) | 3 | — | 14 | 9 | (4 | ) | ||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 27 | — | (104 | ) | (400 | ) | — | — | (109 | ) | 6 | — | |||||||||||||||
Due to/from subsidiaries | (428 | ) | (2,345 | ) | (2,993 | ) | (2,860 | ) | (3 | ) | (2,002 | ) | (13,739 | ) | (165 | ) | 2 | ||||||||||
Net cash (used in) provided by operating activities | 22 | — | (2,976 | ) | (3,127 | ) | — | — | (13,987 | ) | 50 | — | |||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Capital expenditures for property and equipment | (22 | ) | — | (83 | ) | (194 | ) | — | — | (319 | ) | (50 | ) | — | |||||||||||||
Proceeds from sales of assets | — | — | 3,300 | 3,575 | — | — | 14,775 | — | — | ||||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | (241 | ) | (254 | ) | — | — | (469 | ) | — | — | |||||||||||||||
Net cash (used in) provided by investing activities | (22 | ) | — | 2,976 | 3,127 | — | — | 13,987 | (50 | ) | — | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 6J, LLC | MeriStar Sub 1D, LLC | MeriStar Sub 7B, L.P. | MeriStar Sub 7D, LLC | MeriStar Sub 7G, LLC | MeriStar Sub 6B, LLC | MeriStar Sub 4I, L.P. | MeriStar Sub 5D, LLC | MeriStar Sub 5H, LLC | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | 823 | 647 | (787 | ) | 1,063 | 103 | 257 | — | (386 | ) | — | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | 281 | 1,136 | 99 | 862 | 49 | 224 | — | 738 | — | ||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | 1,035 | — | (39 | ) | — | — | — | — | |||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | — | — | — | 650 | — | — | — | — | — | ||||||||||||||||||
Prepaid expenses and other assets | 8 | 183 | 1 | 31 | — | 4 | — | 31 | 1 | ||||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | 288 | 189 | (1,602 | ) | 442 | 6 | 105 | 61 | 359 | 2 | |||||||||||||||||
Due to/from subsidiaries | (1,208 | ) | (1,785 | ) | (3,147 | ) | (2,044 | ) | (1,659 | ) | 73 | (61 | ) | (585 | ) | (3 | ) | ||||||||||
Net cash (used in) provided by operating activities | 192 | 370 | (4,401 | ) | 1,004 | (1,540 | ) | 663 | — | 157 | — | ||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Capital expenditures for property and equipment | (192 | ) | (370 | ) | 306 | (1,004 | ) | (399 | ) | (663 | ) | — | (157 | ) | — | ||||||||||||
Proceeds from sales of assets | — | — | 4,500 | — | 2,300 | — | — | — | — | ||||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | �� | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | (405 | ) | — | (361 | ) | — | — | — | — | ||||||||||||||||
Net cash (used in) provided by investing activities | (192 | ) | (370 | ) | 4,401 | (1,004 | ) | 1,540 | (663 | ) | — | (157 | ) | — | |||||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 7H, LLC | AGH PSS I, | MeriStar Sub 2D, LLC | MeriStar Sub 4F, L.P. | MeriStar Sub 5K, LLC | MeriStar Sub 5M, LLC | MeriStar Sub 1E, LLC | MeriStar Sub 5O, LLC | MeriStar Sub 4B, L.P. | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | — | — | — | 255 | 429 | 618 | — | 305 | (217 | ) | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | — | — | — | 552 | 648 | 238 | — | 114 | — | ||||||||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | — | — | — | — | — | — | — | — | 215 | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | 43 | — | 1,166 | — | — | — | 198 | — | — | ||||||||||||||||||
Prepaid expenses and other assets | — | 1 | — | 13 | 64 | 37 | (1 | ) | 13 | (4 | ) | ||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | — | (202 | ) | (1,481 | ) | 98 | (14 | ) | 46 | (464 | ) | ||||||||||||||
Due to/from subsidiaries | (43 | ) | (1 | ) | (1,166 | ) | 237 | 589 | (944 | ) | (183 | ) | (449 | ) | (6,348 | ) | |||||||||||
Net cash (used in) provided by operating activities | — | — | — | 855 | 249 | 47 | — | 29 | (6,818 | ) | |||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Capital expenditures for property and equipment | — | — | — | (855 | ) | (249 | ) | (47 | ) | — | (29 | ) | (200 | ) | |||||||||||||
Proceeds from sales of assets | — | — | — | — | — | — | — | — | 7,500 | ||||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | — | — | — | — | — | — | — | — | (482 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | — | — | — | (855 | ) | (249 | ) | (47 | ) | — | (29 | ) | 6,818 | ||||||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by financing activities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 2C, LLC | MeriStar Sub 4G, L.P. | MeriStar Sub 3B, LLC | MeriStar Sub 5G, L.P. | MeriStar Sub 5N, LLC | MeriStar Sub 5P, LLC | MeriStar Sub 5J, LLC | MeriStar Sub 5Q, LLC | MeriStar Sub 5A, LLC | |||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||||
Net (loss) income | (1,645 | ) | 341 | — | 1,551 | 398 | 483 | 1,603 | 639 | 836 | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||||||||
Depreciation and amortization | — | 223 | — | 3,150 | 69 | 2 | 2,810 | 294 | 532 | ||||||||||||||||||
Loss on asset impairments | 903 | 245 | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on sale of assets, before tax effect | 1,612 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts receivable, net | (7 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Prepaid expenses and other assets | (234 | ) | 81 | — | 228 | 15 | 3 | 292 | 46 | 26 | |||||||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (217 | ) | (317 | ) | 22 | (478 | ) | 48 | — | 310 | 229 | 559 | |||||||||||||||
Due to/from subsidiaries | 11,658 | (569 | ) | (22 | ) | (398 | ) | (483 | ) | (488 | ) | (3,014 | ) | (1,040 | ) | (1,315 | ) | ||||||||||
Net cash (used in) provided by operating activities | 12,070 | 4 | — | 4,053 | 47 | — | 2,001 | 168 | 638 | ||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Capital expenditures for property and equipment | (81 | ) | (4 | ) | — | (4,053 | ) | (47 | ) | — | (2,001 | ) | (168 | ) | (638 | ) | |||||||||||
Proceeds from sales of assets | 8,398 | — | — | — | — | — | — | — | — | ||||||||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Costs associated with disposition program and other, net | (656 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Net cash (used in) provided by investing activities | 7,661 | (4 | ) | — | (4,053 | ) | (47 | ) | — | (2,001 | ) | (168 | ) | (638 | ) | ||||||||||||
Financing activities: | |||||||||||||||||||||||||||
Prepayments on long-term debt | (19,731 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net cash (used in) provided by financing activities | (19,731 | ) | — | — | — | — | — | — | — | — | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 8D, LLC | MeriStar Sub 4J, LLC | MeriStar Pentagon City, LLC | MeriStar Sub 6K, LLC | MeriStar Sub 5E, LLC | MeriStar Sub 6I, LLC | MeriStar Sub 5I, LLC | CapStar Cherry Hill Company, LLC | Meristar Acquisition Company, LLC | |||||||||||||
Operating activities: | |||||||||||||||||||||
Net (loss) income | (857 | ) | 437 | 861 | — | — | — | — | — | — | |||||||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||
Depreciation and amortization | — | 632 | 355 | — | — | — | — | — | — | ||||||||||||
Loss on asset impairments | — | — | — | — | — | — | — | — | — | ||||||||||||
Loss on sale of assets, before tax effect | 899 | — | — | — | — | — | — | — | — | ||||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Minority interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | — | — | — | — | ||||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | — | — | ||||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | — | — | — | ||||||||||||
Deferred income taxes | — | — | — | — | — | — | — | — | — | ||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts receivable, net | (359 | ) | 1 | — | — | — | — | — | — | — | |||||||||||
Prepaid expenses and other assets | 14 | 17 | — | — | — | — | — | — | — | ||||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | — | — | — | ||||||||||||
Due to Interstate Hotels & Resorts | — | — | — | — | — | — | — | — | — | ||||||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | (76 | ) | 74 | 325 | — | — | — | — | — | — | |||||||||||
Due to/from subsidiaries | (7,723 | ) | (440 | ) | 35,990 | — | — | — | — | — | — | ||||||||||
Net cash (used in) provided by operating activities | (8,102 | ) | 721 | 37,531 | — | — | — | — | — | — | |||||||||||
Investing activities: | |||||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | (92,672 | ) | — | — | — | — | — | — | |||||||||||
Capital expenditures for property and equipment | (359 | ) | (721 | ) | (135 | ) | — | — | — | — | — | — | |||||||||
Proceeds from sales of assets | 8,800 | — | — | — | — | — | — | — | — | ||||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | — | — | ||||||||||||
(Increase) decrease in restricted cash | — | — | — | — | — | — | — | — | — | ||||||||||||
Costs associated with disposition program and other, net | (339 | ) | — | — | — | — | — | — | — | — | |||||||||||
Net cash (used in) provided by investing activities | 8,102 | (721 | ) | (92,807 | ) | — | — | — | — | — | — | ||||||||||
Financing activities: | |||||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | 55,276 | — | — | — | — | — | — | ||||||||||||
Loans to/from subsidiaries | — | — | — | — | — | — | — | — | — | ||||||||||||
Distributions to minority investors | — | — | — | — | — | — | — | — | — | ||||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | — | — | — | ||||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | — | — | — | ||||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | — | — | — | ||||||||||||
Other | — | — | — | — | — | — | — | — | — | ||||||||||||
Net cash (used in) provided by financing activities | — | — | 55,276 | — | — | — | — | — | — | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, beginning of period | — | — | — | — | — | — | — | — | — | ||||||||||||
Cash and cash equivalents, end of period | — | — | — | — | — | — | — | — | — | ||||||||||||
MeriStar Hospitality Operating Partnership, L.P.
Consolidating Statement of Cash Flow
Six months ended June 30, 2004
Unaudited
(Dollars in thousands)
MeriStar Sub 6A, LLC | MeriStar Sub 6F, LLC | MeriStar Hotel Lessee, Inc. | Guarantor Eliminations | Guarantor Subsidiaries Total | Eliminations | Total Consolidated | ||||||||||||
Operating activities: | ||||||||||||||||||
Net (loss) income | — | — | (31,167 | ) | — | (13,057 | ) | (6,014 | ) | (52,938 | ) | |||||||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||||||||||||||
Depreciation and amortization | — | — | 84 | — | 19,955 | — | 51,985 | |||||||||||
Loss on asset impairments | — | — | — | — | 3,678 | — | 7,441 | |||||||||||
Loss on sale of assets, before tax effect | — | — | 9,742 | — | 12,137 | — | 11,530 | |||||||||||
Loss on early extinguishments of debt | — | — | — | — | — | — | 7,903 | |||||||||||
Minority interests | — | — | — | — | — | — | (24 | ) | ||||||||||
Equity in earnings of consolidated entities | — | — | — | — | — | 6,014 | — | |||||||||||
Equity in loss of unconsolidated affiliate | — | — | — | — | — | — | — | |||||||||||
Amortization of unearned stock-based compensation | — | — | — | — | — | — | 1,090 | |||||||||||
Deferred income taxes | — | — | — | — | — | — | (652 | ) | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||
Insurance claim receivable, less capital expenditure proceeds | — | — | — | — | — | — | — | |||||||||||
Accounts receivable, net | — | — | (6,442 | ) | — | (574 | ) | 4,344 | 689 | |||||||||
Prepaid expenses and other assets | — | — | 1,958 | — | 3,347 | — | 4,864 | |||||||||||
Receivables from unconsolidated affiliates | — | — | — | — | — | — | (4,916 | ) | ||||||||||
Due to Interstate Hotels & Resorts | — | — | (10,049 | ) | — | (10,049 | ) | — | (3,241 | ) | ||||||||
Accounts payable, accrued expenses, accrued interest and other liabilities | — | — | 11,181 | — | 9,811 | (4,344 | ) | (6,040 | ) | |||||||||
Due to/from subsidiaries | — | — | 6,939 | — | (19,903 | ) | — | — | ||||||||||
Net cash (used in) provided by operating activities | — | — | (17,754 | ) | — | 5,345 | — | 17,691 | ||||||||||
Investing activities: | ||||||||||||||||||
Acquisition of hotels, net of cash acquired | — | — | 2,022 | — | (90,650 | ) | — | (182,790 | ) | |||||||||
Capital expenditures for property and equipment | — | — | (170 | ) | — | (25,429 | ) | — | (49,898 | ) | ||||||||
Proceeds from sales of assets | — | — | — | — | 62,798 | — | 104,873 | |||||||||||
Insurance proceeds related to capital expenditures | — | — | — | — | — | — | — | |||||||||||
(Increase) decrease in restricted cash | — | — | (2,490 | ) | — | (2,490 | ) | — | (29,955 | ) | ||||||||
Costs associated with disposition program and other, net | — | — | — | — | (3,511 | ) | — | (5,081 | ) | |||||||||
Net cash (used in) provided by investing activities | — | — | (638 | ) | — | (59,282 | ) | — | (162,851 | ) | ||||||||
Financing activities: | ||||||||||||||||||
Prepayments on long-term debt | — | — | — | — | (19,731 | ) | — | (105,857 | ) | |||||||||
Scheduled payments on long-term debt | — | — | — | — | — | — | (3,691 | ) | ||||||||||
Proceeds from mortgage loans, net of financing costs | — | — | — | — | — | — | — | |||||||||||
Proceeds from debt issuance, net of issuance costs | — | — | — | — | 55,276 | — | 109,687 | |||||||||||
Loans to/from subsidiaries | — | — | 29,460 | — | 29,460 | — | — | |||||||||||
Distributions to minority investors | — | — | — | — | — | — | (141 | ) | ||||||||||
Proceeds from OP units issuance, net of issuance costs | — | — | — | — | — | — | 72,340 | |||||||||||
Purchase of subsidiary partnership interests | — | — | — | — | — | — | (8,690 | ) | ||||||||||
Repurchase of OP units under employee stock plans | — | — | — | — | — | — | (160 | ) | ||||||||||
Other | — | — | — | — | — | — | (165 | ) | ||||||||||
Net cash (used in) provided by financing activities | — | — | 29,460 | — | 65,005 | — | 63,323 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | (227 | ) | ||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | 11,068 | — | 11,068 | — | (82,064 | ) | ||||||||||
Cash and cash equivalents, beginning of period | — | — | 12,231 | — | 12,231 | — | 230,876 | |||||||||||
Cash and cash equivalents, end of period | — | — | 23,299 | — | 23,299 | — | 148,812 | |||||||||||