Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017USD ($)shares | |
Document Information [Line Items] | |
Entity Registrant Name | Rangers Sub I, LLC |
Entity Central Index Key | 1,715,629 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 10-K |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q4 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | shares | 0 |
Entity Current Reporting Status | Yes |
Entity Public Float | $ | $ 0 |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | Yes |
FelCor Lodging LP | |
Document Information [Line Items] | |
Entity Registrant Name | FelCor Lodging Limited Partnership |
Entity Central Index Key | 1,048,789 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Investment in hotel properties, net | $ 2,497,880 | |
Restricted cash reserves | 3,300 | |
Liabilities and Equity | ||
Debt, net | 1,299,105 | $ 1,300,000 |
Predecessor | ||
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Restricted cash reserves | 19,500 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Rangers Sub I, LLC | ||
Assets | ||
Investment in hotel properties, net | 2,497,880 | |
Investment in unconsolidated joint ventures | 16,912 | |
Cash and cash equivalents | 14,728 | |
Restricted cash reserves | 3,303 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 0 | |
Related party rent receivable | 80,090 | |
Intangible assets, net | 118,170 | |
Prepaid expense and other assets | 12,691 | |
Total assets | 2,743,774 | |
Liabilities and Equity | ||
Debt, net | 1,299,105 | |
Accounts payable and other liabilities | 54,191 | |
Advance deposits and deferred revenue | 0 | |
Related party lease termination fee payable | 7,707 | |
Accrued interest | 12,286 | |
Distributions payable | 126 | |
Total liabilities | 1,373,415 | |
Commitments and Contingencies (Note 10) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 0 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 0 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 0 | |
Membership units, $0.01 par value, XXX and zero units authorized, issued, and outstanding at September 30, 2017 and December 31, 2016, respectively | 1,302,739 | |
Additional paid-in capital | 0 | |
Retained earnings (Accumulated deficit) | 4,090 | |
Total member's/shareholders’ equity | 1,306,829 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,900 | |
Noncontrolling interest in FelCor LP | 13,200 | |
Total noncontrolling interest | 19,100 | |
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 44,430 | |
Total equity | 1,370,359 | |
Total liabilities and equity | 2,743,774 | |
Rangers Sub I, LLC | Predecessor | ||
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Investment in unconsolidated joint ventures | 8,312 | |
Cash and cash equivalents | 47,317 | |
Restricted cash reserves | 19,491 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 26,651 | |
Related party rent receivable | 0 | |
Intangible assets, net | 0 | |
Prepaid expense and other assets | 38,498 | |
Total assets | 1,707,092 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Accounts payable and other liabilities | 78,282 | |
Advance deposits and deferred revenue | 25,405 | |
Related party lease termination fee payable | 0 | |
Accrued interest | 12,750 | |
Distributions payable | 14,858 | |
Total liabilities | 1,469,621 | |
Commitments and Contingencies (Note 10) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 4,888 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 309,337 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 1,380 | |
Membership units, $0.01 par value, XXX and zero units authorized, issued, and outstanding at September 30, 2017 and December 31, 2016, respectively | 0 | |
Additional paid-in capital | 2,576,988 | |
Retained earnings (Accumulated deficit) | (2,706,408) | |
Total member's/shareholders’ equity | 181,297 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,503 | |
Noncontrolling interest in FelCor LP | 0 | |
Total noncontrolling interest | 7,503 | |
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 43,783 | |
Total equity | 232,583 | |
Total liabilities and equity | 1,707,092 | |
FelCor Lodging LP | ||
Assets | ||
Investment in hotel properties, net | 2,497,880 | |
Investment in unconsolidated joint ventures | 16,912 | |
Cash and cash equivalents | 14,728 | |
Restricted cash reserves | 3,303 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 0 | |
Related party rent receivable | 80,090 | |
Intangible assets, net | 118,170 | |
Prepaid expense and other assets | 12,691 | |
Total assets | 2,743,774 | |
Liabilities and Equity | ||
Debt, net | 1,299,105 | |
Accounts payable and other liabilities | 54,191 | |
Advance deposits and deferred revenue | 0 | |
Related party lease termination fee payable | 7,707 | |
Accrued interest | 12,286 | |
Distributions payable | 126 | |
Total liabilities | 1,373,415 | |
Commitments and Contingencies (Note 10) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 0 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 0 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | 0 | |
Partners' Capital | 1,315,898 | |
Retained earnings (Accumulated deficit) | 4,131 | |
Total member's/shareholders’ equity | 1,320,029 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 5,900 | |
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 44,430 | |
Total equity | 1,370,359 | |
Total liabilities and equity | $ 2,743,774 | |
FelCor Lodging LP | Predecessor | ||
Assets | ||
Investment in hotel properties, net | 1,566,823 | |
Investment in unconsolidated joint ventures | 8,312 | |
Cash and cash equivalents | 47,317 | |
Restricted cash reserves | 19,491 | |
Hotel and other receivables, net of allowance of $0 and $177, respectively | 26,651 | |
Related party rent receivable | 0 | |
Intangible assets, net | 0 | |
Prepaid expense and other assets | 38,498 | |
Total assets | 1,707,092 | |
Liabilities and Equity | ||
Debt, net | 1,338,326 | |
Accounts payable and other liabilities | 78,282 | |
Advance deposits and deferred revenue | 25,405 | |
Related party lease termination fee payable | 0 | |
Accrued interest | 12,750 | |
Distributions payable | 14,858 | |
Total liabilities | 1,469,621 | |
Commitments and Contingencies (Note 10) | ||
Redeemable noncontrolling interests in FelCor LP, 610,183 units issued and outstanding at December 31, 2016 | 4,888 | |
Member's/Shareholders' equity: | ||
Series A Cumulative Convertible Preferred Shares, 12,879,475 shares issued and outstanding at December 31, 2016 | 309,337 | |
Common shares, $0.01 par value, 200,000,000 shares authorized and 137,990,097 shares issued and outstanding at December 31, 2016 | (128,040) | |
Partners' Capital | 0 | |
Retained earnings (Accumulated deficit) | 0 | |
Total member's/shareholders’ equity | 181,297 | |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,503 | |
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 43,783 | |
Total equity | 232,583 | |
Total liabilities and equity | $ 1,707,092 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Rangers Sub I, LLC | ||
Hotel and other receivables, allowance | $ 0 | |
Redeemable noncontrolling interests, units issued (in shares) | 0 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | |
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, shares authorized (in shares) | 0 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 1 | |
Membership units, units outstanding (in shares) | 1 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |
Common shares of beneficial interest, shares authorized (in shares) | 0 | |
Common shares of beneficial interest, shares issued (in shares) | 0 | |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 45,430 | |
Rangers Sub I, LLC | Predecessor | ||
Hotel and other receivables, allowance | $ 177 | |
Redeemable noncontrolling interests, units issued (in shares) | 610,183 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 610,183 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | |
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |
Common shares of beneficial interest, shares authorized (in shares) | 200,000,000 | |
Common shares of beneficial interest, shares issued (in shares) | 137,990,097 | |
Common shares of beneficial interest, shares outstanding (in shares) | 137,990,097 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 44,667 | |
FelCor Lodging LP | ||
Hotel and other receivables, allowance | $ 0 | |
Redeemable noncontrolling interests, units issued (in shares) | 0 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 0 | |
Preferred shares, par value (in dollars per share) | $ 0 | |
Preferred shares, shares authorized (in shares) | 0 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 1 | |
Membership units, units outstanding (in shares) | 1 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | |
Common shares of beneficial interest, shares authorized (in shares) | 0 | |
Common shares of beneficial interest, shares issued (in shares) | 0 | |
Common shares of beneficial interest, shares outstanding (in shares) | 0 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 45,430 | |
FelCor Lodging LP | Predecessor | ||
Hotel and other receivables, allowance | $ 177 | |
Redeemable noncontrolling interests, units issued (in shares) | 610,183 | |
Redeemable noncontrolling interest, units outstanding (in shares) | 610,183 | |
Preferred shares, par value (in dollars per share) | $ 0.01 | |
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Membership units, par value (in dollars per share) | $ 0 | |
Membership units, units issued (in shares) | 0 | |
Membership units, units outstanding (in shares) | 0 | |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |
Common shares of beneficial interest, shares authorized (in shares) | 200,000,000 | |
Common shares of beneficial interest, shares issued (in shares) | 137,990,097 | |
Common shares of beneficial interest, shares outstanding (in shares) | 137,990,097 | |
Preferred equity in a consolidated joint venture, liquidation value | $ 44,667 | |
Series A Preferred Stock | ||
Preferred shares, shares authorized (in shares) | 20,000,000 | |
Series A Preferred Stock | Rangers Sub I, LLC | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 | |
Series A Preferred Stock | Rangers Sub I, LLC | Predecessor | ||
Preferred shares, shares issued (in shares) | 12,879,475 | |
Preferred shares, shares outstanding (in shares) | 12,879,475 | |
Series A Preferred Stock | FelCor Lodging LP | ||
Preferred shares, shares issued (in shares) | 0 | |
Preferred shares, shares outstanding (in shares) | 0 | |
Series A Preferred Stock | FelCor Lodging LP | Predecessor | ||
Preferred shares, shares issued (in shares) | 12,879,475 | |
Preferred shares, shares outstanding (in shares) | 12,879,475 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating expense | ||||
Total property operating expense | $ 53,930,000 | $ 94,632,000 | $ 132,545,000 | |
Impairment loss | $ 0 | 35.1 | 26.5 | 20.9 |
Transaction costs | 4,200,000 | |||
Operating income (loss) | (39,771,000) | (24,451,000) | (15,486,000) | |
Interest expense | (19,270,340) | |||
Loss on debt extinguishment | 0 | 0 | (309,000) | |
Equity in income from unconsolidated joint ventures | 661,000 | |||
Income tax expense | 0 | 500,000 | 900,000 | 1,200,000 |
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | (5,166,000) | |
Predecessor | ||||
Operating expense | ||||
Impairment loss | 35,100,000 | 26,500,000 | 20,900,000 | |
Transaction costs | 68,200,000 | |||
Interest expense | (51,700,000) | (78,200,000) | (79,100,000) | |
Equity in income from unconsolidated joint ventures | 1,074,000 | 1,533,000 | 7,833,000 | |
Rangers Sub I, LLC | ||||
Operating revenue | ||||
Room revenue | 0 | |||
Food and beverage revenue | 0 | |||
Related party lease revenue | 81,259,000 | |||
Other revenue | 0 | |||
Total revenue | 81,259,000 | |||
Operating expense | ||||
Room expense | 0 | |||
Food and beverage expense | 0 | |||
Management and franchise fee expense | 0 | |||
Other operating expense | 0 | |||
Total property operating expense | 0 | |||
Depreciation, Depletion and Amortization | 28,966,000 | |||
Depreciation and amortization | 28,965,000 | |||
Impairment loss | 0 | |||
Property tax, insurance and other | 17,062,000 | |||
General and administrative | 1,019,000 | |||
Transaction costs | 4,193,000 | |||
Total operating expense | 51,239,000 | |||
Operating income (loss) | 30,020,000 | |||
Other income | 0 | |||
Interest income | 10,000 | |||
Interest expense | (19,270,000) | |||
Loss on debt extinguishment | 0 | |||
Income (loss) before income tax expense | 10,760,000 | |||
Equity in income from unconsolidated joint ventures | 661,000 | |||
Income (loss) before income tax expense | 11,421,000 | |||
Income tax expense | 0 | |||
Income (loss) from continuing operations | 11,421,000 | |||
Income (loss) from discontinued operations | 0 | |||
Income (loss) before gain (loss) on sale of hotel properties | 11,421,000 | |||
(Loss) gain on sale of hotel properties | (6,637,000) | |||
Net income (loss) and comprehensive income (loss) | 4,784,000 | |||
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | 157,000 | |||
Noncontrolling interest in FelCor LP | (41,000) | |||
Preferred distributions - consolidated joint venture | (496,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,090,000 | |||
Preferred dividends | 0 | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,090,000 | |||
Rangers Sub I, LLC | Predecessor | ||||
Operating revenue | ||||
Room revenue | 425,682,000 | 661,640,000 | 673,276,000 | |
Food and beverage revenue | 90,572,000 | 155,227,000 | 158,531,000 | |
Related party lease revenue | 0 | 0 | 0 | |
Other revenue | 35,261,000 | 50,087,000 | 54,447,000 | |
Total revenue | 551,515,000 | 866,954,000 | 886,254,000 | |
Operating expense | ||||
Room expense | 112,813,000 | 171,883,000 | 172,252,000 | |
Food and beverage expense | 71,828,000 | 119,047,000 | 123,384,000 | |
Management and franchise fee expense | 19,901,000 | 32,935,000 | 35,572,000 | |
Other operating expense | 147,827,000 | 227,300,000 | 241,051,000 | |
Total property operating expense | 352,369,000 | 551,165,000 | 572,259,000 | |
Depreciation, Depletion and Amortization | 73,065,000 | 114,054,000 | 114,452,000 | |
Depreciation and amortization | 73,065,000 | 114,054,000 | 114,452,000 | |
Impairment loss | 35,109,000 | 26,459,000 | 20,861,000 | |
Property tax, insurance and other | 44,278,000 | 70,057,000 | 71,686,000 | |
General and administrative | 16,006,000 | 27,037,000 | 27,283,000 | |
Transaction costs | 68,248,000 | 0 | 0 | |
Total operating expense | 589,075,000 | 788,772,000 | 806,541,000 | |
Operating income (loss) | (37,560,000) | 78,182,000 | 79,713,000 | |
Other income | 100,000 | 342,000 | 166,000 | |
Interest income | 126,000 | 62,000 | 24,000 | |
Interest expense | (51,690,000) | (78,244,000) | (79,142,000) | |
Loss on debt extinguishment | (3,278,000) | 0 | (30,909,000) | |
Income (loss) before income tax expense | (92,302,000) | 342,000 | (30,148,000) | |
Equity in income from unconsolidated joint ventures | 1,074,000 | 1,533,000 | 7,833,000 | |
Income (loss) before income tax expense | (91,228,000) | 1,875,000 | (22,315,000) | |
Income tax expense | (499,000) | (873,000) | (1,245,000) | |
Income (loss) from continuing operations | (91,727,000) | 1,002,000 | (23,560,000) | |
Income (loss) from discontinued operations | (3,415,000) | (3,131,000) | 669,000 | |
Income (loss) before gain (loss) on sale of hotel properties | (95,142,000) | (2,129,000) | (22,891,000) | |
(Loss) gain on sale of hotel properties | (1,764,000) | 6,322,000 | 19,426,000 | |
Net income (loss) and comprehensive income (loss) | (96,906,000) | 4,193,000 | (3,465,000) | |
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (545,000) | 673,000 | 4,157,000 | |
Noncontrolling interest in FelCor LP | 495,000 | (93,000) | 194,000 | |
Preferred distributions - consolidated joint venture | (979,000) | 1,461,000 | (1,437,000) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (96,845,000) | 3,498,000 | (8,865,000) | |
Preferred dividends | (16,744,000) | (25,115,000) | (36,234,000) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (113,589,000) | $ (21,617,000) | $ (45,099,000) | |
Basic and diluted per common share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | $ (0.13) | $ (0.33) | |
Net income per share attributable to common shareholders (in dollars per share) | $ (0.83) | $ (0.16) | $ (0.33) | |
Weighted-average number of common shares (in shares) | 137,331,743 | 138,128,165 | 137,730,438 | |
Diluted per common share data: | ||||
Weighted-average number of common shares (in shares) | 137,331,743 | 138,128,165 | 137,730,438 | |
Dividends declared per common share (in dollars per share) | $ 0.0016 | $ 0.0024 | $ 0.0018 | |
Amounts attributable to the Company's common shareholders: | ||||
Income from operations | $ (93,445,000) | $ 6,616,000 | $ (9,539,000) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (110,262,000) | (18,628,000) | (45,829,000) | |
FelCor Lodging LP | ||||
Operating revenue | ||||
Room revenue | 0 | |||
Food and beverage revenue | 0 | |||
Related party lease revenue | 81,259,000 | |||
Other revenue | 0 | |||
Total revenue | 81,259,000 | |||
Operating expense | ||||
Room expense | 0 | |||
Food and beverage expense | 0 | |||
Management and franchise fee expense | 0 | |||
Other operating expense | 0 | |||
Total property operating expense | 0 | |||
Depreciation, Depletion and Amortization | 28,966,000 | |||
Depreciation and amortization | 28,965,000 | |||
Impairment loss | 0 | |||
Property tax, insurance and other | 17,062,000 | |||
General and administrative | 1,019,000 | |||
Transaction costs | 4,193,000 | |||
Total operating expense | 51,239,000 | |||
Operating income (loss) | 30,020,000 | |||
Other income | 0 | |||
Interest income | 10,000 | |||
Interest expense | (19,270,000) | |||
Loss on debt extinguishment | 0 | |||
Income (loss) before income tax expense | 10,760,000 | |||
Equity in income from unconsolidated joint ventures | 661,000 | |||
Income (loss) before income tax expense | 11,421,000 | |||
Income tax expense | 0 | |||
Income (loss) from continuing operations | 11,421,000 | |||
Income (loss) from discontinued operations | 0 | |||
Income (loss) before gain (loss) on sale of hotel properties | 11,421,000 | |||
(Loss) gain on sale of hotel properties | (6,637,000) | |||
Net income (loss) and comprehensive income (loss) | 4,784,000 | |||
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | (157,000) | |||
Preferred distributions - consolidated joint venture | (496,000) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | |||
Preferred dividends | 0 | |||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,131,000 | |||
FelCor Lodging LP | Predecessor | ||||
Operating revenue | ||||
Room revenue | 425,682,000 | 661,640,000 | 673,276,000 | |
Food and beverage revenue | 90,572,000 | 155,227,000 | 158,531,000 | |
Related party lease revenue | 0 | 0 | 0 | |
Other revenue | 35,261,000 | 50,087,000 | 54,447,000 | |
Total revenue | 551,515,000 | 866,954,000 | 886,254,000 | |
Operating expense | ||||
Room expense | 112,813,000 | 171,883,000 | 172,252,000 | |
Food and beverage expense | 71,828,000 | 119,047,000 | 123,384,000 | |
Management and franchise fee expense | 19,901,000 | 32,935,000 | 35,572,000 | |
Other operating expense | 147,827,000 | 227,300,000 | 241,051,000 | |
Total property operating expense | 352,369,000 | 551,165,000 | 572,259,000 | |
Depreciation, Depletion and Amortization | 73,065,000 | 114,054,000 | 114,452,000 | |
Depreciation and amortization | $ 28,965,000 | 73,065,000 | 114,054,000 | 114,452,000 |
Impairment loss | 35,109,000 | 26,459,000 | 20,861,000 | |
Property tax, insurance and other | 44,278,000 | 70,057,000 | 71,686,000 | |
General and administrative | 16,006,000 | 27,037,000 | 27,283,000 | |
Transaction costs | 68,248,000 | 0 | 0 | |
Total operating expense | 589,075,000 | 788,772,000 | 806,541,000 | |
Operating income (loss) | (37,560,000) | 78,182,000 | 79,713,000 | |
Other income | 100,000 | 342,000 | 166,000 | |
Interest income | 126,000 | 62,000 | 24,000 | |
Interest expense | (51,690,000) | (78,244,000) | (79,142,000) | |
Loss on debt extinguishment | (3,278,000) | 0 | (30,909,000) | |
Income (loss) before income tax expense | (92,302,000) | 342,000 | (30,148,000) | |
Equity in income from unconsolidated joint ventures | 1,074,000 | 1,533,000 | 7,833,000 | |
Income (loss) before income tax expense | (91,228,000) | 1,875,000 | (22,315,000) | |
Income tax expense | (499,000) | (873,000) | (1,245,000) | |
Income (loss) from continuing operations | (91,727,000) | 1,002,000 | (23,560,000) | |
Income (loss) from discontinued operations | (3,415,000) | (3,131,000) | 669,000 | |
Income (loss) before gain (loss) on sale of hotel properties | (95,142,000) | (2,129,000) | (22,891,000) | |
(Loss) gain on sale of hotel properties | (1,764,000) | 6,322,000 | 19,426,000 | |
Net income (loss) and comprehensive income (loss) | (96,906,000) | 4,193,000 | (3,465,000) | |
Net (income) loss attributable to noncontrolling interests: | ||||
Noncontrolling interest in consolidated joint ventures | 545,000 | 673,000 | (4,157,000) | |
Preferred distributions - consolidated joint venture | (979,000) | (1,461,000) | (1,437,000) | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (97,340,000) | 3,405,000 | (9,059,000) | |
Preferred dividends | (16,744,000) | (25,115,000) | (36,234,000) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (114,084,000) | $ (21,710,000) | $ (45,293,000) | |
Basic and diluted per common share data: | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.80) | $ (0.13) | $ (0.33) | |
Net income per share attributable to common shareholders (in dollars per share) | $ (0.83) | $ (0.16) | $ (0.33) | |
Weighted-average number of common shares (in shares) | 137,941,926 | 138,739,214 | 138,341,900 | |
Diluted per common share data: | ||||
Weighted-average number of common shares (in shares) | 137,941,926 | 138,739,214 | 138,341,900 | |
Dividends declared per common share (in dollars per share) | $ 0.0016 | $ 0.0024 | $ 0.0018 | |
Amounts attributable to the Company's common shareholders: | ||||
Income from operations | $ (93,925,000) | $ 6,536,000 | $ (9,736,000) | |
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (110,742,000) | $ (18,708,000) | $ (46,026,000) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) | Rangers Sub I, LLC | Rangers Sub I, LLCPreferred Stock | Rangers Sub I, LLCCommon Stock | Rangers Sub I, LLCAdditional Paid-in Capital | Rangers Sub I, LLCAccumulated Deficit | Rangers Sub I, LLCFelCor LP | Rangers Sub I, LLCConsolidated Joint Ventures | Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture | FelCor Lodging LP | FelCor Lodging LPPreferred Stock | FelCor Lodging LPCommon Stock | FelCor Lodging LPAdditional Paid-in Capital | FelCor Lodging LPAccumulated Deficit | FelCor Lodging LPConsolidated Joint Ventures | FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture | Series C Preferred Stock [Member]Rangers Sub I, LLC | Series C Preferred Stock [Member]Rangers Sub I, LLCAccumulated Deficit |
Beginning Balance (in shares) (Predecessor) at Dec. 31, 2014 | 12,947,455 | 124,605,074 | |||||||||||||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | $ (3,465,000) | $ (3,465,000) | $ (9,059,000) | $ 4,157,000 | $ 1,437,000 | ||||||||||||
Contribution from the noncontrolling interests | Predecessor | 2,809,000 | $ 2,809,000 | 2,809,000 | 2,809,000 | |||||||||||||
Distribution to noncontrolling interests | Predecessor | (17,595,000) | (17,595,000) | (17,595,000) | (17,595,000) | |||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (1,437,000) | $ (1,437,000) | (1,437,000) | (1,437,000) | |||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (3,271,000) | $ (8,865,000) | 4,157,000 | 1,437,000 | |||||||||||||
Stock Issued During Period, Shares, New Issues | Predecessor | 18,400,000 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | Predecessor | 198,648,000 | $ 184,000 | $ 198,464,000 | ||||||||||||||
Repurchase of common shares (in shares) | Predecessor | (1,971,188) | (2,000,000) | |||||||||||||||
Repurchase of common shares | Predecessor | (14,362,000) | $ (20,000) | 0 | (14,342,000) | (14,362,000) | $ (14,362,000) | |||||||||||
Partners' Capital Account, Sale of Units | Predecessor | 198,648,000 | 198,648,000 | |||||||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 1,050,840 | ||||||||||||||||
Issuance of stock awards | Predecessor | 738,000 | $ 11,000 | 727,000 | ||||||||||||||
Amortization of share-based compensation | Predecessor | 7,271,000 | 7,271,000 | 0 | 5,955,000 | 5,955,000 | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (276,905) | ||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (2,054,000) | $ (3,000) | 0 | (2,051,000) | 0 | ||||||||||||
Redemption of Preferred Stock, Shares | Predecessor | (67,980) | ||||||||||||||||
Redemption of Preferred Stock, Value | Predecessor | (169,986,000) | $ (169,412,000) | 5,522,000 | (6,096,000) | (169,986,000) | $ (169,412,000) | (574,000) | ||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | 1,865,000 | 1,865,000 | 2,152,000 | 2,152,000 | |||||||||||||
Distributions on Series A preferred shares | Predecessor | (25,115,000) | (25,115,000) | $ (5,023,000) | $ (5,023,000) | |||||||||||||
Distributions on common shares and units | Predecessor | (25,954,000) | (25,954,000) | (56,185,000) | (56,185,000) | |||||||||||||
Issuance of preferred equity in a consolidated joint venture | Predecessor | 1,744,000 | 1,744,000 | 1,744,000 | 1,744,000 | |||||||||||||
Ending Balance (in shares) (Predecessor) at Dec. 31, 2015 | 12,879,475 | 141,807,821 | |||||||||||||||
Balance (Predecessor) at Dec. 31, 2015 | 311,145,000 | $ 309,337,000 | $ 1,418,000 | 2,567,515,000 | (2,618,117,000) | 7,806,000 | 43,186,000 | 311,145,000 | 309,337,000 | (49,184,000) | 7,806,000 | 43,186,000 | |||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | 4,193,000 | 4,193,000 | $ 3,405,000 | (673,000) | 1,461,000 | ||||||||||||
Contribution from the noncontrolling interests | Predecessor | 636,000 | 636,000 | 0 | 636,000 | 636,000 | ||||||||||||
Distribution to noncontrolling interests | Predecessor | (266,000) | (266,000) | 0 | (266,000) | (266,000) | ||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (1,461,000) | (1,461,000) | (1,461,000) | (1,461,000) | |||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | 4,286,000 | 3,498,000 | (673,000) | 1,461,000 | |||||||||||||
Repurchase of common shares (in shares) | Predecessor | (4,609,855) | (4,600,000) | |||||||||||||||
Repurchase of common shares | Predecessor | (30,462,000) | $ (45,000) | 0 | (30,417,000) | (30,462,000) | $ (30,462,000) | |||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 1,157,212 | ||||||||||||||||
Issuance of stock awards | Predecessor | 922,000 | $ 11,000 | 911,000 | ||||||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 0 | 185,000 | (185,000) | ||||||||||||||
Amortization of share-based compensation | Predecessor | 9,041,000 | 9,041,000 | 0 | 7,213,000 | 7,213,000 | ||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (366,360) | ||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (2,750,000) | $ (4,000) | 0 | (2,746,000) | 0 | ||||||||||||
Redemption of Preferred Stock, Value | Predecessor | 0 | 0 | |||||||||||||||
Conversion of operating partnership units into common shares (in shares) | Predecessor | 1,279 | ||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | Predecessor | 9,000 | $ 0 | 9,000 | 0 | 0 | ||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | (673,000) | (673,000) | (424,000) | (424,000) | |||||||||||||
Distributions on Series A preferred shares | Predecessor | (25,115,000) | (25,115,000) | |||||||||||||||
Distributions on common shares and units | Predecessor | (33,326,000) | (33,326,000) | (58,588,000) | (58,588,000) | |||||||||||||
Issuance of preferred equity in a consolidated joint venture | Predecessor | 597,000 | 597,000 | 597,000 | 597,000 | |||||||||||||
Ending Balance (in shares) (Predecessor) at Dec. 31, 2016 | 12,879,475 | 137,990,097 | |||||||||||||||
Balance (Predecessor) at Dec. 31, 2016 | 232,583,000 | $ 309,337,000 | $ 1,380,000 | 2,576,988,000 | (2,706,408,000) | 7,503,000 | 43,783,000 | 232,583,000 | 309,337,000 | (128,040,000) | 7,503,000 | 43,783,000 | |||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (96,906,000) | (96,906,000) | (97,340,000) | (545,000) | 979,000 | ||||||||||||
Contribution from the noncontrolling interests | Predecessor | 333,000 | 333,000 | 333,000 | 333,000 | |||||||||||||
Distribution to noncontrolling interests | Predecessor | (150,000) | (150,000) | 0 | (150,000) | (150,000) | ||||||||||||
Preferred distributions - consolidated joint venture | Predecessor | (979,000) | (979,000) | (979,000) | (979,000) | |||||||||||||
Net income (loss) and comprehensive income (loss) | Predecessor | (96,411,000) | (96,845,000) | (545,000) | 979,000 | |||||||||||||
Cumulative effect of change in accounting for share-based compensation forfeitures | Predecessor | 1,998,497 | ||||||||||||||||
Issuance of stock awards | Predecessor | 859,000 | $ 20,000 | 839,000 | ||||||||||||||
Amortization of share-based compensation | Predecessor | 11,946,000 | 11,946,000 | 6,371,000 | 6,371,000 | |||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | Predecessor | (893,309) | ||||||||||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | Predecessor | (6,434,000) | $ (9,000) | 0 | (6,425,000) | |||||||||||||
Redemption of Preferred Stock, Value | Predecessor | 0 | 0 | |||||||||||||||
Allocation to the redeemable noncontrolling interests in FelCor LP | Predecessor | (196,000) | (196,000) | 433,000 | 433,000 | |||||||||||||
Distributions on Series A preferred shares | Predecessor | (16,744,000) | (16,744,000) | |||||||||||||||
Distributions on common shares and units | Predecessor | (22,468,000) | 22,468,000 | (39,346,000) | (39,346,000) | |||||||||||||
Issuance of preferred equity in a consolidated joint venture | Predecessor | 647,000 | 647,000 | 647,000 | 647,000 | |||||||||||||
Ending Balance (in shares) (Predecessor) at Aug. 31, 2017 | 12,879,475 | 139,095,285 | |||||||||||||||
Balance (Predecessor) at Aug. 31, 2017 | 102,986,000 | $ 309,337,000 | $ 1,391,000 | 2,589,577,000 | (2,848,890,000) | 7,141,000 | 44,430,000 | 102,986,000 | $ 309,337,000 | $ (257,922,000) | 7,141,000 | 44,430,000 | |||||
Increase (Decrease) in Owners' Equity | |||||||||||||||||
Distribution of FelCor TRS | (103,134,000) | (102,350,000) | $ (1,034,000) | 250,000 | (103,134,000) | $ (103,384,000) | 250,000 | ||||||||||
Net income (loss) and comprehensive income (loss) | 4,784,000 | 4,090,000 | 41,000 | 157,000 | 496,000 | 4,784,000 | $ 4,131,000 | 157,000 | 496,000 | ||||||||
Contribution from the noncontrolling interests | 130,076,000 | 128,775,000 | 1,301,000 | 130,076,000 | 130,076,000 | ||||||||||||
Distribution to noncontrolling interests | (187,616,000) | (185,740,000) | (1,876,000) | 0 | (187,616,000) | (187,616,000) | 0 | ||||||||||
Preferred distributions - consolidated joint venture | (496,000) | (496,000) | (496,000) | (496,000) | |||||||||||||
Balance at Dec. 31, 2017 | $ 1,370,359,000 | $ 1,302,739,000 | $ 4,090,000 | $ 13,200,000 | $ 5,900,000 | $ 44,430,000 | $ 1,370,359,000 | $ 1,315,898,000 | $ 4,131,000 | $ 5,900,000 | $ 44,430,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Equity in income from unconsolidated entities | $ (661) | |||
Loss on debt extinguishment | $ 0 | $ 0 | $ 309 | |
Predecessor | ||||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Amortization of deferred financing costs | 2,800 | 4,000 | 5,400 | |
Equity in income from unconsolidated entities | (1,074) | (1,533) | (7,833) | |
Equity based severance | 8,400 | 2,900 | 1,400 | |
Rangers Sub I, LLC | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | 64,434 | ||
Cash flows from operating activities | ||||
Net income (loss) | 4,784 | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Loss (gain) on sale of hotel properties and other assets, net | 6,637 | |||
Depreciation and amortization | 28,966 | |||
Amortization of deferred financing costs | 23 | |||
Amortization of fair value adjustments | (2,660) | |||
Equity in income from unconsolidated entities | (661) | |||
Distributions of income from unconsolidated joint ventures | 1,500 | |||
Amortization of share-based compensation | 0 | |||
Equity based severance | 0 | |||
Loss on debt extinguishment | 0 | |||
Impairment | 0 | |||
Changes in assets and liabilities: | ||||
Increase (Decrease) in Related Party Rent Receivable | 80,090 | |||
Hotel and other receivables, net | 0 | |||
Prepaid expense and other assets | (449) | |||
Accounts payable and other liabilities | (19,876) | |||
Advance deposits and deferred revenue | 0 | |||
Accrued interest | (10,326) | |||
Net cash flow (used in) provided by operating activities | (72,152) | |||
Cash flows from investing activities | ||||
Acquisition of land | 0 | |||
Proceeds from the sale of hotel properties, net | 165,893 | |||
Improvements and additions to hotel properties | (23,637) | |||
Additions to property and equipment | 0 | |||
Insurance proceeds | 0 | |||
Distributions from unconsolidated entities | 0 | |||
Payments for Advance to Affiliate | 0 | |||
Net cash flow provided by investing activities | 142,256 | |||
Cash flows from financing activities | ||||
Proceeds from borrowings | 0 | |||
Repayments of borrowings | (2,164) | |||
Repurchase of common units | 0 | |||
Repurchase of common shares to satisfy employee withholdings | 0 | |||
Contributions from members | 130,076 | |||
Distributions to members | (187,616) | |||
Distribution of cash in FelCor TRS | (51,867) | |||
Distributions on preferred shares | (4,186) | |||
Redemption of preferred units | 0 | |||
Distributions on common shares | 0 | |||
Distributions on Operating Partnership units | 0 | |||
Payments of deferred financing costs | (254) | |||
Distributions to noncontrolling interests | 0 | |||
Contributions from noncontrolling interests | 0 | |||
Preferred distributions - consolidated joint venture | (496) | |||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | |||
Proceeds from Issuance of Common Stock | 0 | |||
Net cash flow used in financing activities | (116,507) | |||
Effect of exchange rate changes on cash | 0 | |||
Net change in cash, cash equivalents, and restricted cash reserves | (46,403) | |||
Rangers Sub I, LLC | Predecessor | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 64,434 | 66,808 | 77,488 | |
Cash flows from operating activities | ||||
Net income (loss) | (96,906) | 4,193 | (3,465) | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Loss (gain) on sale of hotel properties and other assets, net | 5,079 | (3,534) | (20,250) | |
Depreciation and amortization | 73,065 | 114,054 | 114,452 | |
Amortization of deferred financing costs | 2,803 | 3,973 | 5,425 | |
Amortization of fair value adjustments | 0 | 0 | 0 | |
Equity in income from unconsolidated entities | (1,074) | (1,533) | (7,833) | |
Distributions of income from unconsolidated joint ventures | 333 | 1,209 | 6,051 | |
Amortization of share-based compensation | 3,833 | 6,638 | 7,121 | |
Equity based severance | 8,372 | 2,891 | 1,352 | |
Loss on debt extinguishment | 3,278 | 0 | 30,909 | |
Impairment | 35,109 | 26,459 | 20,861 | |
Changes in assets and liabilities: | ||||
Increase (Decrease) in Related Party Rent Receivable | 0 | 0 | 0 | |
Hotel and other receivables, net | (6,155) | (3,761) | 611 | |
Prepaid expense and other assets | 2,954 | (10,063) | 1,639 | |
Accounts payable and other liabilities | 54,361 | (4,353) | (11,607) | |
Advance deposits and deferred revenue | 4,426 | (1,025) | 2,009 | |
Accrued interest | 9,862 | (228) | (612) | |
Net cash flow (used in) provided by operating activities | 99,340 | 134,920 | 146,663 | |
Cash flows from investing activities | ||||
Acquisition of land | 0 | (8,226) | 0 | |
Proceeds from the sale of hotel properties, net | 73,416 | 100,970 | 187,949 | |
Improvements and additions to hotel properties | (63,802) | (74,264) | (48,436) | |
Additions to property and equipment | 0 | 0 | (33,525) | |
Insurance proceeds | 0 | 341 | 477 | |
Distributions from unconsolidated entities | 840 | 1,586 | 7,317 | |
Payments for Advance to Affiliate | 0 | 0 | (15) | |
Net cash flow provided by investing activities | 10,454 | 20,407 | 113,767 | |
Cash flows from financing activities | ||||
Proceeds from borrowings | 66,000 | 85,000 | 1,025,438 | |
Repayments of borrowings | (121,691) | (158,662) | (1,203,809) | |
Repurchase of common units | 0 | (30,462) | (14,362) | |
Repurchase of common shares to satisfy employee withholdings | (6,434) | (2,750) | (2,054) | |
Contributions from members | 0 | 0 | 0 | |
Distributions to members | 0 | 0 | 0 | |
Distribution of cash in FelCor TRS | 0 | 0 | 0 | |
Distributions on preferred shares | (18,836) | (25,115) | (32,404) | |
Redemption of preferred units | 0 | 0 | (169,986) | |
Distributions on common shares | (30,926) | (33,606) | (22,385) | |
Distributions on Operating Partnership units | (134) | (147) | (93) | |
Payments of deferred financing costs | 0 | (12) | (14,952) | |
Distributions to noncontrolling interests | (150) | (16) | (17,595) | |
Contributions from noncontrolling interests | 333 | 636 | 2,809 | |
Preferred distributions - consolidated joint venture | (977) | (1,461) | (1,431) | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | 597 | 1,744 | |
Proceeds from Issuance of Common Stock | 0 | 0 | 198,648 | |
Net cash flow used in financing activities | (112,168) | (165,998) | (250,432) | |
Effect of exchange rate changes on cash | 0 | (9) | (153) | |
Net change in cash, cash equivalents, and restricted cash reserves | (2,374) | (10,680) | 9,845 | |
FelCor Lodging LP | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | 64,434 | ||
Cash flows from operating activities | ||||
Net income (loss) | 4,784 | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Loss (gain) on sale of hotel properties and other assets, net | 6,637 | |||
Depreciation and amortization | 28,966 | |||
Amortization of deferred financing costs | 23 | |||
Amortization of fair value adjustments | (2,660) | |||
Equity in income from unconsolidated entities | (661) | |||
Distributions of income from unconsolidated joint ventures | 1,500 | |||
Amortization of share-based compensation | 0 | |||
Equity based severance | 0 | |||
Loss on debt extinguishment | 0 | |||
Impairment | 0 | |||
Changes in assets and liabilities: | ||||
Increase (Decrease) in Related Party Rent Receivable | 80,090 | |||
Hotel and other receivables, net | 0 | |||
Prepaid expense and other assets | (449) | |||
Accounts payable and other liabilities | (19,876) | |||
Advance deposits and deferred revenue | 0 | |||
Accrued interest | (10,326) | |||
Net cash flow (used in) provided by operating activities | (72,152) | |||
Cash flows from investing activities | ||||
Acquisition of land | 0 | |||
Proceeds from the sale of hotel properties, net | 165,893 | |||
Improvements and additions to hotel properties | (23,637) | |||
Additions to property and equipment | 0 | |||
Insurance proceeds | 0 | |||
Distributions from unconsolidated entities | 0 | |||
Payments for Advance to Affiliate | 0 | |||
Net cash flow provided by investing activities | 142,256 | |||
Cash flows from financing activities | ||||
Proceeds from borrowings | 0 | |||
Repayments of borrowings | (2,164) | |||
Repurchase of common units | 0 | |||
Repurchase of common shares to satisfy employee withholdings | 0 | |||
Contributions from members | 130,076 | |||
Distributions to members | (187,616) | |||
Distribution of cash in FelCor TRS | (51,867) | |||
Distributions on preferred shares | (4,186) | |||
Redemption of preferred units | 0 | |||
Distributions on common shares | 0 | |||
Distributions on Operating Partnership units | 0 | |||
Payments of deferred financing costs | (254) | |||
Distributions to noncontrolling interests | 0 | |||
Contributions from noncontrolling interests | 0 | |||
Preferred distributions - consolidated joint venture | (496) | |||
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 0 | |||
Proceeds from Issuance of Common Stock | 0 | |||
Net cash flow used in financing activities | (116,507) | |||
Effect of exchange rate changes on cash | 0 | |||
Net change in cash, cash equivalents, and restricted cash reserves | (46,403) | |||
FelCor Lodging LP | Predecessor | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 64,434 | 66,808 | 77,488 | |
Cash flows from operating activities | ||||
Net income (loss) | (96,906) | 4,193 | (3,465) | |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||
Loss (gain) on sale of hotel properties and other assets, net | 5,079 | (3,534) | (20,250) | |
Depreciation and amortization | 73,065 | 114,054 | 114,452 | |
Amortization of deferred financing costs | 2,803 | 3,973 | 5,425 | |
Amortization of fair value adjustments | $ 0 | 0 | 0 | |
Equity in income from unconsolidated entities | (1,074) | (1,533) | (7,833) | |
Distributions of income from unconsolidated joint ventures | 333 | 1,209 | 6,051 | |
Amortization of share-based compensation | 3,833 | 6,638 | 7,121 | |
Equity based severance | 8,372 | 2,891 | 1,352 | |
Loss on debt extinguishment | 3,278 | 0 | 30,909 | |
Impairment | 35,109 | 26,459 | 20,861 | |
Changes in assets and liabilities: | ||||
Increase (Decrease) in Related Party Rent Receivable | 0 | 0 | 0 | |
Hotel and other receivables, net | (6,155) | (3,761) | 611 | |
Prepaid expense and other assets | 2,954 | (10,063) | 1,639 | |
Accounts payable and other liabilities | 54,361 | (4,353) | (11,607) | |
Advance deposits and deferred revenue | 4,426 | (1,025) | 2,009 | |
Accrued interest | 9,862 | (228) | (612) | |
Net cash flow (used in) provided by operating activities | 99,340 | 134,920 | 146,663 | |
Cash flows from investing activities | ||||
Acquisition of land | 0 | (8,226) | 0 | |
Proceeds from the sale of hotel properties, net | 73,416 | 100,970 | 187,949 | |
Improvements and additions to hotel properties | (63,802) | (74,264) | (48,436) | |
Additions to property and equipment | 0 | 0 | (33,525) | |
Insurance proceeds | 0 | 341 | 477 | |
Distributions from unconsolidated entities | 840 | 1,586 | 7,317 | |
Payments for Advance to Affiliate | 0 | 0 | (15) | |
Net cash flow provided by investing activities | 10,454 | 20,407 | 113,767 | |
Cash flows from financing activities | ||||
Proceeds from borrowings | 66,000 | 85,000 | 1,025,438 | |
Repayments of borrowings | (121,691) | (158,662) | (1,203,809) | |
Repurchase of common units | 0 | (30,462) | (14,362) | |
Repurchase of common shares to satisfy employee withholdings | (6,434) | (2,750) | (2,054) | |
Contributions from members | 0 | 0 | 0 | |
Distributions to members | 0 | 0 | 0 | |
Distribution of cash in FelCor TRS | 0 | 0 | 0 | |
Distributions on preferred shares | (18,836) | (25,115) | (32,404) | |
Redemption of preferred units | 0 | 0 | (169,986) | |
Distributions on common shares | (30,926) | (33,606) | (22,385) | |
Distributions on Operating Partnership units | (134) | (147) | (93) | |
Payments of deferred financing costs | 0 | (12) | (14,952) | |
Distributions to noncontrolling interests | (150) | (16) | (17,595) | |
Contributions from noncontrolling interests | 333 | 636 | 2,809 | |
Preferred distributions - consolidated joint venture | (977) | (1,461) | (1,431) | |
Net proceeds from the issuance of preferred equity in a consolidated joint venture | 647 | 597 | 1,744 | |
Proceeds from Issuance of Common Stock | 0 | 0 | 198,648 | |
Net cash flow used in financing activities | (112,168) | (165,998) | (250,432) | |
Effect of exchange rate changes on cash | 0 | (9) | (153) | |
Net change in cash, cash equivalents, and restricted cash reserves | $ (2,374) | $ (10,680) | $ 9,845 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). FelCor Lodging Trust Incorporated ("FelCor") merged into and with Rangers on August 31, 2017, as further described in Note 2. In the Rangers consolidated financial statements, FelCor is presented as the Predecessor and Rangers is presented as the Successor. Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, upper-upscale hotels located in major markets and resort locations. As of December 31, 2017 , the Company owned 36 hotel properties with approximately 10,800 rooms, located in 14 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 33 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 34 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 35 of its 36 hotel properties to subsidiaries of RLJ LP. |
Merger with RLJ Lodging Trust
Merger with RLJ Lodging Trust | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Merger with RLJ Lodging Trust | Merger with RLJ On August 31, 2017 (the "Acquisition Date"), RLJ Lodging Trust ("RLJ"), RLJ LP, Rangers, and Rangers Sub II, LP, a wholly-owned subsidiary of RLJ LP ("Partnership Merger Sub"), consummated the transactions contemplated by the definitive Agreement and Plan of Merger (the "Merger Agreement"), dated as of April 23, 2017, with FelCor and FelCor LP pursuant to which Partnership Merger Sub merged with and into FelCor LP, with FelCor LP surviving as a wholly-owned subsidiary of RLJ LP (the "Partnership Merger"), and, immediately thereafter, FelCor merged with and into Rangers, with Rangers surviving as a wholly-owned subsidiary of RLJ LP (the "REIT Merger" and, together with the Partnership Merger, the "Mergers"). RLJ accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations . In accordance with the guidance, RLJ elected to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired and the liabilities assumed in the Mergers. Accordingly, the consolidated financial statements of the Company for the periods before and after the Acquisition Date reflect different bases of accounting, and the financial positions and the results of operations for those periods are not comparable. As a result, the consolidated financial statements and the notes to those financial statements are separated into two distinct periods; the periods prior to the Acquisition Date are identified as "Predecessor," and the period after the Acquisition Date is identified as "Successor". The new basis of accounting for the assets and liabilities that existed on the Acquisition Date will be used in the preparation of the Company's future financial statements and footnotes. At the closing of the Mergers, FelCor LP had controlling financial interests in various hotel property-owning subsidiaries (the "Lessors"), and FelCor TRS Holdings, LLC (the "FelCor TRS") and its property-operating subsidiaries (the "Lessees"). The hotel properties were leased through intercompany lease agreements between the Lessors and the Lessees, resulting in the Lessees' lease payments being eliminated in consolidation. Immediately after the consummation of the Mergers and the push down of the allocation of the purchase price consideration, FelCor LP distributed its equity interests in FelCor TRS to RLJ LP. The Company accounted for the distribution as a transaction amongst entities under common control. As a result of the distribution of the equity interests in FelCor TRS, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP: August 31, 2017 New Basis Before FelCor TRS Distribution (1) FelCor TRS Distribution (1) New Basis After FelCor TRS Distribution (1) Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 (1) During the fourth quarter of 2017, RLJ refined its valuation models to reflect changes in inputs and assumptions related to cash flow projections, discount rates, and tax attributes. Therefore, RLJ recorded certain measurement period adjustments to decrease investment in hotel properties by $12.5 million , to decrease intangible assets by $12.0 million , to increase deferred income tax assets by approximately $26.2 million , to increase prepaid expenses and other assets by $1.2 million , and to increase accounts payable and other liabilities by $2.6 million . RLJ used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired: • Investment in hotel properties — RLJ estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties. • Investment in unconsolidated joint ventures — RLJ estimated the fair value of its real estate interests in the unconsolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above. In addition, RLJ estimated the fair value of an unconsolidated joint venture's mortgage loan by using the same valuation methodology for the debt noted below. RLJ recognized the net assets acquired based on its respective ownership interest in the joint venture according to the joint venture agreement. • Deferred income tax assets — RLJ estimated the future realizable value of the deferred income tax assets by estimating the amount of the net operating loss that will be utilized in future periods by the acquired taxable REIT subsidiaries. RLJ then applied its applicable effective tax rate against the net operating losses to determine the appropriate deferred income tax assets to recognize. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. • Intangible assets — RLJ estimated the fair value of its below market ground lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The below market ground lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The Company estimated the fair value of the advanced bookings intangible assets by using the income approach to determine the projected cash flows that a hotel property will receive as a result of future hotel room and guest events that have already been reserved and pre-booked at the hotel property as of the Acquisition Date. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 118,050 54 Advanced bookings 13,862 1 Other intangible assets 7,761 6 Total intangible assets $ 139,673 46 • Above market ground lease liabilities — RLJ estimated the fair value of its above market ground lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancelable term of the lease. This valuation methodology is based on Level 3 inputs in the fair value hierarchy. The Company recognized approximately $15.5 million of above market ground lease liabilities in the Mergers, which are included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The above market ground lease liabilities are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. • Debt — RLJ estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 3 inputs in the fair value hierarchy. RLJ estimated the fair value of the mortgage loans using a discounted cash flow model and incorporated various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The Company recognized approximately $71.7 million in above market debt fair value adjustments on the Senior Notes and the mortgage loans assumed in the Mergers, which is included in debt, net in the accompanying consolidated balance sheet. The above market debt fair value adjustments are amortized over the remaining terms of the respective debt instruments as adjustments to interest expense in the consolidated statements of operations and comprehensive income. • Noncontrolling interest in consolidated joint ventures — RLJ estimated the fair value of the consolidated joint ventures by using the same valuation methodologies for the investment in hotel properties noted above. RLJ then recognized the fair value of the noncontrolling interest in the consolidated joint ventures based on the joint venture partner's ownership interest in the consolidated joint venture. This valuation methodology is based on Level 3 inputs and assumptions in the fair value hierarchy. • Preferred equity in a consolidated joint venture — RLJ estimated the fair value of the preferred equity in a consolidated joint venture by comparing the contractual terms of the preferred equity agreement to market-based terms of a similar preferred equity agreement, which is based on Level 3 inputs in the fair value hierarchy. • Restricted cash reserves, hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, advance deposits and deferred revenue, accrued interest, and distributions payable — The carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. The Company recognized approximately $4.2 million of integration costs during the Successor period of September 1, 2017 through December 31, 2017. The Company recognized approximately $68.2 million of transaction costs during the Predecessor period of January 1, 2017 through August 31, 2017. The transaction costs primarily related to financial advisory, legal, accounting, severance, other professional service fees, and other transaction-related costs in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs, including compensation for transition employees. The merger-related transaction and integration costs noted above were expensed to transaction costs in the consolidated statements of operations and comprehensive income (loss). During the year ended December 31, 2017, there were no acquisitions of hotel properties. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications As a result of the merger with RLJ, certain prior period amounts in the Predecessor consolidated financial statements have been reclassified to conform to the financial statement presentation of the Company's parent company, RLJ. At December 31, 2016, the following reclassifications were made to the consolidated balance sheet: • Approximately $15.4 million was reclassified from accounts receivable to prepaid expense and other assets. • Approximately $4.5 million was reclassified from deferred expenses to prepaid expense and other assets. • Approximately $25.4 million was reclassified from accrued expenses and other liabilities to advance deposits and deferred revenue. • Approximately $12.8 million was reclassified from accrued expenses and other liabilities to accrued interest. For the years ended December 31, 2016 and 2015, respectively, the following reclassifications were made to the consolidated statements of operations and comprehensive income (loss): • Approximately $661.6 million and $673.3 million , respectively, was reclassified from hotel operating revenue to room revenue. • Approximately $155.2 million and $158.5 million , respectively, was reclassified from hotel operating revenue to food and beverage revenue. • Approximately $46.0 million and $46.6 million , respectively, was reclassified from hotel operating revenue to other revenue. • Approximately $171.9 million and $172.3 million , respectively, was reclassified from hotel departmental expenses to room expense. • Approximately $119.0 million and $123.4 million , respectively, was reclassified from hotel departmental expenses to food and beverage expense. • Approximately $15.1 million and $17.5 million , respectively, was reclassified from hotel departmental expenses to other operating expense. • Approximately $12.7 million and $12.5 million , respectively, was reclassified from other expenses to property tax, insurance and other. • Approximately $62,000 and $24,000 , respectively, was reclassified from interest expense, net to interest income. The Company also conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassifications mentioned above had no impact to net income (loss) and comprehensive income (loss), member's/shareholders’ equity (partners' capital), or cash flows. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company's hotel properties are leased through intercompany lease agreements between the Lessors and the Lessees. As a result of the distribution of the equity interests in FelCor TRS to RLJ LP, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. Base lease revenue is reported as income by the Lessor on a straight-line basis over the lease term. Percentage lease revenue is reported as income by the Lessor over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease agreements. The Lessees are in compliance with their rental obligations under their respective lease agreements. For the Predecessor period, the Company’s revenue consisted of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues were recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts were recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues were recorded on an accrual basis as they were earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it was recorded as a bad debt expense. The allowance for doubtful accounts was calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival was recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. For the Predecessor period, FelCor's investments in hotel properties were carried at cost and depreciated using the straight-line method over the estimated useful lives of 15 to 30 years for improvements, 40 years for buildings and three to 10 years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. The Company discontinues the capitalization of interest once the real estate development project is substantially complete. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. For acquisitions that are considered business combinations, the Company recognizes the cumulative impact of a measurement period adjustment, if any, in the reporting period in which the adjustment is identified. Depending on the circumstances of the measurement period adjustment, the Company will disclose the prior period impact of the adjustment separately on the face of the consolidated statement of operations or in the notes to the consolidated financial statements. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, third-party appraisals, or if appropriate, the net sales proceeds from pending offers. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company tracks the inception-to-date contributions, distributions, and earnings for each of our unconsolidated joint ventures. Any cash distributions received up to the aggregate historical earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distributions in excess of the aggregate historical earnings of the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimated the fair value of the intangible assets by using market data and independent appraisals and making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement or the useful life of the respective intangible asset to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals. Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes (as defined in Note 8) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability. The Predecessor company presented the deferred financing costs for its line of credit on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the Successor period of September 1, 2017 through December 31, 2017, the amortization expense recorded as a component of interest expense in the consolidated statements of operations and comprehensive income was de minimis. For the Predecessor period of January 1, 2017 through August 31, 2017, and the Predecessor years ended December 31, 2016 and 2015, approximately $2.8 million , $4.0 million and $5.4 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income. Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews, market studies, financial advisory, and other professional service fees. In addition, if the Company does complete a hotel property acquisition or a business combination, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. These costs are expensed as incurred in transaction costs in the consolidated statements of operations and comprehensive income. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2017, Rangers owned 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers GP's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP in the equity section of the consolidated balance sheets of Rangers. The portion of the income and losses associated with Rangers GP's partnership interest are included in the noncontrolling interest in FelCor LP in the consolidated statements of operations and comprehensive income. As of December 31, 2017, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income. For the Predecessor period, the redeemable noncontrolling interests in FelCor LP represent the FelCor LP units that were not owned by FelCor. FelCor allocated the income and loss to the redeemable noncontrolling interests in FelCor LP based on the weighted-average percentage ownership throughout the year. FelCor characterized the redeemable noncontrolling interests in FelCor LP in the mezzanine section (between liabilities and equity) on the consolidated balance sheets as a result of the redemption feature of the units. The units were redeemable at the option of the holder for a like number of shares of FelCor's common stock or, at FelCor's option, the cash equivalent thereof. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. Preferred Equity in a Consolidated Joint Venture The Knickerbocker joint venture raised capital through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. Based on the redemption features of the preferred equity, the Company presents the preferred equity raised by the Knickerbocker joint venture as preferred equity in a consolidated joint venture within the equity section of the consolidated balance sheets. Income Taxes The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements. Significant differences may exist between the results of operations reported in these consolidated financial statements and those determined for income tax purposes primarily due to the use of different asset valuation methods for tax purposes. The partnership files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the partnership is subject to examination by federal, state, and local jurisdictions, where applicable. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. For the Predecessor period, FelCor elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. To qualify as a REIT, FelCor was required to meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. As a REIT, FelCor generally was not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If FelCor failed to qualify for taxation as a REIT in any taxable year, it would be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if FelCor qualified for taxation as a REIT, it could have been subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. FelCor recorded income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. FelCor performed an annual review for any uncertain tax positions and, as required, recorded the expected future tax consequences of uncertain tax positions in the consolidated financial statements. Earnings Per Common Share/Unit RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. For the Predecessor period, basic earnings (loss) per common share/unit was calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings (loss) per common share/unit was calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of unvested share/unit-based awards, calculated using the treasury stock method. Any anti-dilutive shares (units) were excluded from the diluted earnings (loss) per common share/unit calculation. Share-based Compensation As a result of the Mergers, the Company does not have an equity incentive plan. For the Predecessor period, FelCor issued share-based awards as compensation to executive officers and employees. The share-based awards vest over a period of time as determined at the date of grant. FelCor accounted for the share-based compensation using the fair value based method of accounting. FelCor classified the share-based payment awards granted in exchange for employee services as either equity awards or liability awards. The equity classified awards were measured based on the fair value on the date of grant. The liability classified awards were remeasured to fair value each reporting period. The share-based awards that were settled in cash (i.e. phantom stock) were classified as liability awards. FelCor recognized compensation expense for the share-based awards on a straight-line basis over the requisite service period during which an employee was required to provide services in exchange for the award. No share-based compensation expense was recognized for the awards when the employees did not render the requisite services. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements but it will result in additional disclosures in the notes to the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this standard on January 1, 2019. The Company has not yet completed its analysis on this standard. For leases in which the Company is the lessor, specifically for a lease of the hotel property, the Company believes the application of the standard will be similar to the current accounting for operating leases, in which the Company will continue to recognize the underlying leased asset as a hotel property on the consolidated balance sheet. For leases in which the Company is the lessee, the Company believes the application of the standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations and comprehensive income. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This guidance requires that the statement of cash flows reconcile the change during the period in the total of cash, cash equivalents, and restricted cash reserves. As a result, the restricted cash reserves will be included with cash and cash equivalents when reconciling the beginning-of-period and the end-of-period total amounts presented in the statement of cash flows. The Company adopted the guidance on October 1, 2017, and applied its provisions retrospectively. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company adopted this guidance on January 1, 2018. The Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets . The guidance clarifies that ASC 610-20 applies to the derecognition of nonfinancial assets, including real estate, and in substance nonfinancial assets, which are defined as assets or a group of assets for which substantially all of the fair value consists of nonfinancial assets and the group or subsidiary is not a business. As a result of the guidance, sales and partial sales of |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): Successor Predecessor December 31, 2017 December 31, 2016 Land and improvements $ 597,451 $ 271,662 Buildings and improvements 1,801,302 1,801,355 Furniture, fixtures and equipment 126,590 426,692 2,525,343 2,499,709 Accumulated depreciation (27,463 ) (932,886 ) Investment in hotel properties, net $ 2,497,880 $ 1,566,823 For the Successor period of September 1, 2017 through December 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $28.7 million . For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized depreciation expense related to its investment in hotel properties of approximately $73.1 million . For the Predecessor years ended December 31, 2016 and 2015, the Company recognized depreciation expense related to its investment in hotel properties of approximately $114.1 million and $114.5 million . Impairment The Company determined that there was no impairment of any assets for the Successor period of September 1, 2017 through December 31, 2017. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded a total impairment loss of $35.1 million related to two hotel properties. In March 2017, the Company recorded a $24.8 million impairment loss on one hotel property based on third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). In June 2017, two hotel properties, including the hotel property that was previously impaired in March 2017, were classified as held for sale on the consolidated balance sheet. The basis for these hotel properties had previously been written down to the respective fair values of the hotel properties based on third-party offers to purchase the hotel properties and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). The Company recorded an additional impairment loss of $10.3 million on these two hotel properties in order to reflect the contractual sale prices, less the estimated costs to sell. During the Predecessor year ended December 31, 2016, the Company recorded a total impairment loss of $26.5 million , respectively, related to two hotel properties. In June 2016, the Company recorded a $6.3 million impairment loss for a hotel property that was subsequently sold in the third quarter of 2016. The impairment loss was based on an accepted third-party offer to purchase the hotel property (a Level 2 input in the fair value hierarchy), which was a price that was less than the previously estimated fair value for the hotel property. The Company had previously recorded an impairment loss of $20.9 million for this hotel property in the third quarter of 2015 (noted below). In September 2016, the Company recorded a $20.1 million impairment loss on a hotel property. The impairment loss was based on third-party offers to purchase the hotel property and observable market data on a price per room basis from transactions involving hotel properties in similar locations (a Level 2 input in the fair value hierarchy). During the Predecessor year ended December 31, 2015, the Company recorded an impairment loss of $20.9 million related to one hotel property. During the third quarter of 2015, the Company determined that the hotel property no longer met the Company's investment criteria. Accordingly, the Company evaluated the recoverability of the hotel property's carrying value given the expectation to sell the hotel before the end of its previously estimated useful life. Based on an analysis of the estimated undiscounted net cash flows, the Company concluded that the carrying value of the hotel was not recoverable. The Company estimated the fair value of the hotel using a discounted cash flow analysis. In the analysis, the Company estimated the future net cash flows from the hotel property by using a stabilized growth rate of 3% , a discounted cash flow term of five years, a terminal capitalization rate of 8% , and a discount rate of 11% (Level 3 inputs in the fair value hierarchy). This hotel property was subsequently sold in the third quarter of 2016 (noted above). |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Unconsolidated Entities [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Joint Ventures As of December 31, 2017 and 2016 , the Company owned 50% interests in joint ventures that owned two hotel properties. For the Predecessor period, FelCor also owned 50% interests in joint ventures that owned real estate and a condominium management business that was associated with two of its resort hotel properties. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of December 31, 2017 and 2016 , the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): Successor Predecessor December 31, 2017 December 31, 2016 Equity basis of the joint venture investments $ (4,733 ) $ 1,370 Cost of the joint venture investments in excess of the joint venture book value 21,645 6,942 Investment in unconsolidated joint ventures $ 16,912 $ 8,312 The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor September 1 through December 31, January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2017 2016 2015 Unconsolidated joint ventures net income attributable to the Company $ 1,034 $ 1,332 $ 1,920 $ 11,400 Depreciation of cost in excess of book value (373 ) (258 ) (387 ) (427 ) Cost in excess of book value of a sold hotel property — — — (3,140 ) Equity in income from unconsolidated joint ventures $ 661 $ 1,074 $ 1,533 $ 7,833 During the Predecessor year ended December 31, 2015 , the Company sold its 50% interest in a joint venture that owned the Embassy Suites Charlotte hotel property for a sale price of approximately $32.0 million . In conjunction with this transaction, the Company recorded a $7.1 million gain on sale, which is included in equity in income from unconsolidated joint ventures in the accompanying consolidated statement of operations and comprehensive income. |
Intangible Assets (Notes)
Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | Intangible Assets The Company's intangible assets consisted of the following (in thousands): Successor December 31, 2017 Weighted Average Amortization Period (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Below market ground leases 53 $ 118,050 $ (1,176 ) $ 116,873 Other intangible assets P7Y00M00D 1,361 (65 ) 1,297 Intangible assets, net P53Y00M00D $ 119,411 $ (1,241 ) $ 118,170 For the Successor period of September 1, 2017 through December 31, 2017, the Company recognized amortization expense related to its intangible assets of approximately $1.2 million . As of December 31, 2017, the estimated amortization expense for the intangible assets over the next five years is as follows (in thousands): 2018 2019 2020 2021 2022 Estimated amortization expense $ 3,724 $ 3,724 $ 3,724 $ 3,724 $ 3,724 |
Sale of Hotel Properties
Sale of Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties During the Successor period of September 1, 2017 through December 31, 2017, the Company sold one hotel property for a sale price of approximately $170.0 million . In conjunction with this transaction, the Company recorded a $6.6 million loss on sale which is included in loss on sale of hotel properties in the accompanying consolidated statement of operations and comprehensive income. The loss on sale was due to a $7.7 million lease termination payment as a result of early terminating the TRS Lease with the lessee of the hotel property. The following table discloses the hotel property that was sold during the Successor period of September 1, 2017 through December 31, 2017: Hotel Property Name Location Sale Date Rooms The Fairmont Copley Plaza Boston, MA December 14, 2017 383 Total 383 On February 21, 2018, the Company sold the Embassy Suites Boston Marlborough for $23.7 million . During the Predecessor period of January 1, 2017 through August 31, 2017, the Company sold two hotel properties in two separate transactions for a total sale price of approximately $92.0 million . In conjunction with these transactions, the Company recorded a $1.6 million loss on sale, which is included in the accompanying consolidated statement of operations. The following table discloses the hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 During the Predecessor year ended December 31, 2016 , the Company sold two hotel properties in two separate transactions for a total sale price of approximately $107.5 million . In conjunction with these transactions, the Company recorded a $7.5 million net gain on sale, which is included in the accompanying consolidated statement of operations. The following table discloses the hotel properties that were sold during the Predecessor year ended December 31, 2016 : Hotel Property Name Location Sale Date Rooms Renaissance Esmeralda Indian Wells Resort & Spa Indian Wells, CA August 2, 2016 560 Holiday Inn Nashville Airport Nashville, TN September 1, 2016 383 Total 943 During the Predecessor year ended December 31, 2015 , the Company sold seven hotel properties in seven separate transactions for a total sale price of approximately $176.0 million . In conjunction with these transactions, the Company recorded a $19.9 million net gain on sale, which is included in the accompanying consolidated statement of operations. The following table discloses the hotel properties that were sold during the Predecessor year ended December 31, 2015 : Hotel Property Name Location Sale Date Rooms Embassy Suites Raleigh Raleigh, NC February 10, 2015 225 Westin - Dallas Park Central Dallas, TX February 12, 2015 536 Embassy Suites San Antonio Airport San Antonio, TX March 17, 2015 261 Embassy Suites San Antonio Northwest San Antonio, TX June 30, 2015 216 Embassy Suites Austin Austin, TX June 30, 2015 260 Holiday Inn Select Orlando International Airport Orlando, FL July 21, 2015 288 Embassy Suites Chicago - Lombard Lombard, IL September 18, 2015 262 Total 2,048 During the Predecessor year ended December 31, 2015 , one of the Company's unconsolidated joint ventures sold a hotel for a sale price of $32.0 million (our pro rata share was $16.0 million ). In conjunction with this transaction, the Company recorded a $7.1 million gain that we included in our equity in income from unconsolidated entities. The following table includes the condensed financial information primarily related to the two hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017, the two hotel properties that were sold during the Predecessor year ended December 31, 2016, and the eight hotel properties that were sold during the Predecessor year ended December 31, 2015 included in continuing operations (in thousands): Predecessor January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Total revenue $ 14,159 $ 70,181 $ 117,059 Operating expense (1) (53,930 ) (94,632 ) (132,545 ) Operating loss (39,771 ) (24,451 ) (15,486 ) Interest income (expense) — 1 (1,031 ) Loss on debt extinguishment — — (309 ) Equity in income from unconsolidated joint ventures — — 7,111 Loss from continuing operations (39,771 ) (24,450 ) (9,715 ) (Loss) gain on sale of hotel properties (1,764 ) 6,322 19,426 Net income (loss) (41,535 ) (18,128 ) 9,711 Net income attributable to noncontrolling interests in consolidated joint ventures — — (5,166 ) Net loss (income) attributable to redeemable noncontrolling interests in FelCor LP 179 78 (19 ) Net (loss) income attributable to FelCor $ (41,356 ) $ (18,050 ) $ 4,526 (1) The operating expenses include impairment losses of $35.1 million for the period of January 1, 2017 through August 31, 2017, and $26.5 million and $20.9 million for the years ended December 31, 2016 and 2015, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Successor Predecessor Number of Assets Encumbered Interest Rate at December 31, 2017 Maturity Date December 31, 2017 December 31, 2016 Senior secured notes (1)(2)(3) 9 5.63% March 2023 $ 552,669 $ 525,000 Senior unsecured notes (1)(2)(4) — 6.00% June 2025 510,047 475,000 PNC Bank/Wells Fargo (5) 4 4.95% October 2022 120,893 120,109 Prudential (6) 1 4.94% October 2022 30,323 30,184 Scotiabank (1) (7) 1 LIBOR + 3.00% November 2018 85,404 85,000 Line of credit (8) 7 LIBOR + 2.75% June 2019 — 119,000 22 1,299,336 1,354,293 Deferred financing costs, net (231 ) (15,967 ) Debt, net $ 1,299,105 $ 1,338,326 (1) Requires payments of interest only through maturity. (2) Includes $28.7 million and $35.1 million at December 31, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) On February 27, 2018, RLJ announced that it will early redeem the senior secured notes in full on March 9, 2018 (the "Redemption Date"). In accordance with the terms and conditions set forth in the indenture governing the senior secured notes, the aggregate amount payable upon redemption will be approximately $539.4 million , which includes the redemption price of 102.813% for the outstanding principal amount plus accrued and unpaid interest thereon through, but not including the Redemption Date. (4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (5) Includes $3.0 million at December 31, 2017 related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.7 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (8) At December 31, 2016 , there was $281.0 million of borrowing capacity on the line of credit. The line of credit was paid down and terminated in connection with the Mergers. The senior unsecured notes and the senior secured notes (collectively, the "Senior Notes") contain certain financial covenants relating to the Company's total leverage ratio, secured leverage ratio and interest coverage ratio. If an event of default exists, the Company is not permitted to (i) incur additional indebtedness, except to refinance maturing debt with replacement debt, as defined under our indentures; (ii) pay dividends in excess of the minimum distributions required to qualify as a REIT; (iii) repurchase capital stock; or (iv) merge. As of December 31, 2017 and 2016 , the Company was in compliance with all financial covenants. Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at December 31, 2017 and 2016 . Interest Expense During the Successor period of September 1, 2017 through December 31, 2017, the Company recognized $19.3 million of interest expense. During the Predecessor period of January 1, 2017 through August 31, 2017, the Company recognized $51.7 million of interest expense, which is net of capitalized interest of $1.1 million . During the Predecessor years ended December 31, 2016 and 2015, the Company recognized $78.2 million of interest expense, which is net of capitalized interest of $1.0 million , and $79.1 million of interest expense, which is net of capitalized interest of $6.0 million , respectively. Future Minimum Principal Payments As of December 31, 2017, the future minimum principal payments on the debt were as follows (in thousands): 2018 $ 87,726 2019 3,106 2020 3,245 2021 3,432 2022 134,919 Thereafter 999,010 Total (1) $ 1,231,438 _______________________________________________________________________________ (1) Excludes a total of $67.9 million related to fair value adjustments on debt. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Senior Notes had an estimated fair value of approximately $1.0 billion and $1.0 billion at December 31, 2017 and 2016, respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, market interest rates, and spreads for the Senior Notes, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company's mortgage loans and line of credit (as applicable to the reporting period) had an estimated fair value of approximately $236.2 million and $364.6 million at December 31, 2017 and 2016, respectively. The Company estimated the fair value of the mortgage loans and the line of credit by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $1.3 billion and $1.4 billion at December 31, 2017 and 2016, respectively. The total carrying value of the Company's debt was $1.3 billion and $1.3 billion at December 31, 2017 and 2016, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Ground Leases As of December 31, 2017, nine of our hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The total ground rent expense was $5.6 million for the Successor period of September 1, 2017 through December 31, 2017. The total ground rent expense was $9.9 million , $14.2 million and $15.5 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The DoubleTree Suites by Hilton Orlando Lake Buena Vista is subject to a ground lease with an initial term expiring in 2032. After the initial term, the Company may extend the ground lease for an additional term of 25 years to 2057. The ground rent expense was $0.2 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $0.6 million , $0.8 million and $0.8 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Embassy Suites San Francisco Airport Waterfront is subject to a ground lease with a term expiring in 2059. The ground rent expense was $0.7 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $1.0 million , $1.5 million and $1.4 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The DoubleTree by Hilton Burlington Vermont is subject to an agreement to lease parking spaces with a term expiring in 2051. The ground rent expense was de minimis for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was de minimis for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Vinoy Renaissance St. Petersburg Resort & Golf Club is subject to three ground leases on the hotel property. The hotel is subject to a ground lease with a term expiring in 2090. The golf course is subject to a ground lease with a term expiring in 2090. The marina is subject to a ground lease with a term expiring in 2088. The ground rent expense was $1.0 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $1.2 million , $1.8 million and $1.8 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Wyndham Boston Beacon Hill is subject to a ground lease with a term expiring in 2028. The ground rent expense was $0.3 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $0.4 million , $0.6 million and $0.6 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Wyndham New Orleans French Quarter is subject to a ground lease with a term expiring in 2065. The ground rent expense was $0.1 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $0.4 million , $0.5 million and $0.4 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Wyndham Pittsburgh University Center is subject to a ground lease with an initial term expiring in 2038. After the initial term, the Company may extend the ground lease for up to five additional nine-year renewal terms to 2083. The ground rent expense was $0.1 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $0.3 million , $0.5 million and $2.1 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Wyndham San Diego Bayside is subject to a ground lease with a term expiring in 2029. In addition, the Wyndham San Diego Bayside is subject to an agreement to lease parking spaces with a term expiring in 2018. The ground rent expense was $1.5 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $2.1 million , $2.6 million and $2.6 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. The Holiday Inn San Francisco Fisherman's Wharf is subject to two ground leases with terms that expire in 2018. One of the ground leases can be extended to 2028, and the Company has the option to purchase the underlying land at fair market value at a future date. The ground rent expense was $1.6 million for the Successor period of September 1, 2017 through December 31, 2017. The ground rent expense was $3.8 million , $5.7 million and $5.3 million for the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, respectively. As of December 31, 2017, the future minimum ground lease payments were as follows (in thousands): 2018 2019 2020 2021 2022 Thereafter Total Future minimum ground lease payments $ 8,269 $ 6,271 $ 6,283 $ 6,295 $ 6,307 $ 215,549 $ 248,974 Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2017 and 2016, approximately $3.3 million and $19.5 million , respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Minimum Lease Payments In the future, the Company will receive rental income from the Lessees under its lease agreements. The lease agreements contain a specific base rent amount or a percentage rent amount, which is calculated based on a percentage of room revenues, food and beverage revenues, and other revenues at the hotel properties. The lease agreements will expire in 2018 ( one hotel), 2019 ( 26 hotels), 2022 ( seven hotels), and thereafter ( one hotel). As of December 31, 2017, the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2018 $ 86,593 2019 75,901 2020 (1) — 2021 (1) — 2022 (1) — Thereafter (1) — Total $ 162,494 (1) In 2020, the lease terms for the in-place lease agreements will be reset to market-based rental terms. At that time, the future minimum lease payments to the Company under the noncancelable operating leases will be determined. Litigation Other than the legal proceedings mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Shareholder Litigation The Company and several affiliated entities were named as defendants in four putative shareholder class action lawsuits filed in connection with the Mergers. The first case, Assad v. FelCor Lodging Trust, Inc. et al. , Case No. 1:17-cv-01744 (D. Md.) (the “Assad Lawsuit”), named as defendants FelCor, its former directors, FelCor LP, and RLJ and certain affiliated entities. The Assad Lawsuit was filed on June 26, 2017 in the United States District Court for the District of Maryland (the "Maryland Court"). The second case, Bagheri v. FelCor Lodging Trust, Inc., et al. , Case No. 3:17-cv-01892 (the “Bagheri Lawsuit”), named as defendants FelCor, its former directors, FelCor LP, and RLJ and certain affiliated entities. The Bagheri Lawsuit was filed on July 17, 2017 in the United States District Court for the Northern District of Texas but was subsequently transferred to the Maryland Court. The third case, Johnson v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01786 (D. Md.) (the "Johnson Lawsuit"), named as defendants FelCor and its former directors. The Johnson Lawsuit was filed on June 28, 2017 in the Maryland Court. The fourth case, Sachs Investment Group v. FelCor Lodging Trust Inc., et al., Case No. 1:17-cv-01933 (D. Md.) (the "Sachs Lawsuit"), named as defendants FelCor and its former directors. The Sachs Lawsuit was filed on July 11, 2017 in the Maryland Court. Each of the lawsuits alleges violations of the Securities and Exchange Act of 1934 (the “Exchange Act”) arising in connection with the filing of RLJ's Registration Statement on Form S-4 (the "Registration Statement") that was filed in connection with the Company's merger with RLJ. The plaintiffs in the lawsuits sought, among other things, damages, rescission of the Mergers, changes to the Registration Statement, an award of attorney's fees, and declaratory relief stating that the defendants violated the Exchange Act. On July 21, 2017, the plaintiff in the Johnson Lawsuit filed a motion for preliminary injunction seeking to enjoin the Mergers. On August 8, 2017, however, the plaintiff withdrew that motion and represented that certain supplemental disclosures made by the Company had addressed the basis for its preliminary injunction request. On August 10, 2017, an order was entered consolidating the three original Maryland cases under the caption In Re FelCor Lodging Securities Litig ., Case No. 1:17-cv-1786 (the "Consolidated Action"). The Assad Lawsuit was designated as the lead case for the Consolidated Action. On September 28, 2017, the Bagheri Lawsuit was also consolidated into the Consolidated Action. On August 11, 2017, the Maryland Court entered an order regarding the selection of a Lead Plaintiff for the Consolidated Action. No stockholder moved for appointment and no Lead Plaintiff was appointed by the Court. On October 26, 2017, the plaintiff and defendants in the Bagheri Lawsuit filed a stipulation of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day, and ordered the clerk to close the case. On November 2, 2017, the plaintiffs in the Assad, Johnson, and Sachs lawsuits filed a notice of voluntary dismissal without prejudice. The Maryland Court entered an order dismissing the lawsuit that same day. As a result of the resolution of the above shareholder lawsuits, there is currently no outstanding shareholder litigation relating to the merger with RLJ. Pension Trust Litigation Prior to the Mergers, on March 24, 2016, an affiliate of InterContinental Hotels Group PLC, or IHG, which was previously the management company for three of the Company’s hotels ( two of which were sold in 2006, and one of which was converted by the Company into a Wyndham brand and operation in 2013), notified the Company that the National Retirement Fund in which the employees at those hotels had participated had assessed a withdrawal liability of $8.3 million , with required quarterly payments including interest, in connection with the termination of IHG’s operation of those hotels. The Company’s management agreements with IHG stated that it may be obligated to indemnify and hold IHG harmless for some or all of any amount ultimately contributed to the pension trust fund with respect to those hotels. Based on the current assessment of the claim, the resolution of this matter may not occur until 2022. As of December 31, 2017, the Company had accrued approximately $5.4 million for the future quarterly payments to the pension trust fund, which is included in accounts payable and other liabilities in the accompanying consolidated balance sheets. The Company plans to vigorously defend the underlying claims and, if appropriate, IHG’s demand for indemnification. Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative periods, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, have a base management fee generally between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, the Company recognized management fee expense of approximately $19.1 million , $23.2 million and $24.0 million , respectively. The Wyndham management agreements guarantee minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10 -year term to 2023, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded $3.8 million for the pro-rata portion of the projected aggregate full-year guaranties. For the Predecessor years ended December 31, 2016 and 2015, the Company recorded $5.3 million and $1.4 million , respectively, for the aggregate full-year guaranties. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' franchise agreements. During the Predecessor comparative periods, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs of 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, the Company recognized franchise fee expense of approximately $0.8 million , $9.8 million and $11.5 million , respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity Successor Period Rangers Ownership Interests/FelCor LP Partnership Interests As of December 31, 2017, RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers GP's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Consolidated Joint Venture Preferred Equity The Company's joint venture that redeveloped The Knickerbocker raised $45.0 million ( $44.4 million net of issuance costs) through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. The purchasers receive a 3.25% current annual return (which increases to 8% if the Company does not redeem the equity interest before the fifth anniversary of the respective equity issuance), plus a 0.25% non-compounding annual return payable at redemption. Through December 31, 2017, the joint venture received $45.0 million in gross proceeds, including $0.7 million , $0.6 million and $1.8 million in gross proceeds received during the Predecessor period of January 1, 2017 through August 31, 2017 and during the Predecessor years ended December 31, 2016 and 2015, respectively. The preferred equity raised by the joint venture is included in preferred equity in a consolidated joint venture on the consolidated balance sheets. Predecessor Period Common Stock In 2015, FelCor's Board of Directors authorized a share repurchase program to acquire up to $100.0 million of FelCor's shares of common stock, par value $0.01 per share (the "Common Stock"), through October 31, 2017. During the Predecessor period of January 1, 2017 through August 31, 2017, FelCor did not repurchase and retire any of its shares of Common Stock. During the Predecessor year ended December 31, 2016, FelCor repurchased and retired 4.6 million shares of its Common Stock for approximately $30.5 million (including commissions). During the Predecessor year ended December 31, 2015, FelCor repurchased and retired 2.0 million shares of its Common Stock for approximately $14.4 million (including commissions). FelCor repurchased a total of 6.6 million shares of Common Stock for $44.8 million (including commissions) under the share repurchase program. In April 2015, FelCor issued 18.4 million shares of Common Stock at $11.25 per share in a public offering. FelCor contributed the net proceeds of $198.6 million to FelCor LP in exchange for 18.4 million common units of limited partnership interests. Upon completion of the REIT Merger, each issued and outstanding share of Common Stock was converted into the right to receive 0.362 common shares of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Common Stock. Preferred Stock/Units FelCor's Board of Directors authorized the issuance of up to 20 million shares of preferred stock in one or more series. FelCor's $1.95 Series A cumulative convertible preferred stock, par value $0.01 per share (the "Series A Preferred Stock"), (units) had an annual cumulative dividend (distribution) that was payable in arrears equal to the greater of $1.95 per share (unit) or the cash distributions declared or paid for the corresponding period on the number of shares of Common Stock (units) into which the Series A Preferred Stock (units) is then convertible. Each share of Series A Preferred Stock (unit) was convertible at the holder's option to 0.7752 shares of Common Stock (units), subject to certain adjustments. Upon completion of the REIT Merger, each issued and outstanding share of Series A Preferred Stock was converted into the right to receive one $1.95 Series A Cumulative Convertible Preferred Share, par value $0.01 per share, of RLJ. Accordingly, for the Successor period, FelCor no longer has any issued, outstanding, or authorized shares of Series A Preferred Stock. In May 2015, FelCor redeemed all of the outstanding shares of its 8% Series C Cumulative Redeemable Preferred Stock. The total redemption price was $170.4 million , including dividends of $491,000 . As a result of extinguishing the original issuance costs and the discount on the Series C Cumulative Redeemable Preferred Stock, FelCor reduced the income available to common shareholders (unitholders) by $6.1 million in the accompanying consolidated statements of operations for the Predecessor year ended December 31, 2015. |
Earnings (Loss) per Common Shar
Earnings (Loss) per Common Share/Unit | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Common Share/Unit | Loss per Common Share/Unit Successor Period For the Successor period, RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. Predecessor Period Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. The income (loss) from continuing operations attributable to Rangers/FelCor LP share/unit calculations below includes the net gain (loss) on the sale of hotel properties attributable to Rangers/FelCor LP. The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to Rangers $ (96,845 ) $ 3,498 $ (8,865 ) Discontinued operations attributable to Rangers 3,400 3,118 (674 ) Income (loss) from continuing operations attributable to Rangers (93,445 ) 6,616 (9,539 ) Less: Preferred dividends (16,744 ) (25,115 ) (30,138 ) Less: Redemption of preferred stock — — (6,096 ) Less: Dividends paid on unvested restricted stock (73 ) (129 ) (56 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (110,262 ) (18,628 ) (45,829 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,118 ) 674 Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (113,662 ) $ (21,746 ) $ (45,155 ) Denominator: Weighted-average number of common shares - basic 137,331,743 138,128,165 137,730,438 Unvested restricted stock units — — — Weighted-average number of common shares - diluted 137,331,743 138,128,165 137,730,438 Basic and diluted loss per share: Loss from continuing operations $ (0.80 ) $ (0.13 ) $ (0.33 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ — Net loss $ (0.83 ) $ (0.16 ) $ (0.33 ) FelCor LP Loss Per Common Unit Predecessor January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (97,340 ) $ 3,405 $ (9,059 ) Discontinued operations attributable to FelCor LP 3,415 3,131 (677 ) Income (loss) from continuing operations attributable to FelCor LP (93,925 ) 6,536 (9,736 ) Less: Preferred distributions (16,744 ) (25,115 ) (30,138 ) Less: Redemption of preferred units — — (6,096 ) Less: Distributions paid on FelCor unvested restricted stock (73 ) (129 ) (56 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (110,742 ) (18,708 ) (46,026 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,131 ) 677 Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (114,157 ) $ (21,839 ) $ (45,349 ) Denominator: Weighted-average number of common units - basic 137,941,926 138,739,214 138,341,900 Unvested restricted stock units — — — Weighted-average number of common units - diluted 137,941,926 138,739,214 138,341,900 Basic and diluted loss per unit: Loss from continuing operations $ (0.80 ) $ (0.13 ) $ (0.33 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ — Net loss $ (0.83 ) $ (0.16 ) $ (0.33 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Successor Period The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements with respect to the Company. The Company retains an ownership of one taxable REIT subsidiary related to one hotel property (the "TRS Sub") which is treated as a C-corporation for income tax purposes. The TRS Sub pays federal, state and local income taxes on its net taxable income, and its after-tax net income will be available for distribution to the Company but it is not required to be distributed. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the "Tax Reform Act"). The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing limitations on net operating loss carryovers, and allowing dividend income from a REIT to be eligible for a 20% qualified business income deduction. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company uses the asset and liability method of accounting for income taxes of the TRS Sub. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse. The provisional estimate of $0.2 million incorporates assumptions made based upon the best available interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance. The provision for income taxes of the TRS Sub differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): September 1 through December 31, 2017 Expected TRS Sub federal tax expense at statutory rate $ 1,627 Tax impact of REIT election (560 ) Expected TRS Sub tax expense 1,067 Change in valuation allowance (879 ) Impact of rate change (188 ) TRS Sub income tax (expense) benefit $ — A reconciliation of the TRS Sub's effective tax rate and the U.S. federal statutory income tax rate is as follows: September 1 through December 31, 2017 Statutory U.S. federal income tax rate 34.0 % Impact of REIT election (11.7 )% Change in valuation allowance (18.4 )% Impact of rate change (3.9 )% Effective tax rate of TRS Sub — % The TRS Sub's deferred income taxes represent the tax effect of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2017 Deferred tax liabilities: Partnership basis $ (1,209 ) Deferred tax liabilities $ (1,209 ) Deferred tax assets: Property and equipment $ 9,841 Net operating loss carryforwards 5,805 Federal historic tax credits 631 Valuation allowance (15,068 ) Deferred tax assets $ 1,209 The Company records a valuation allowance to reduce the TRS Sub's deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2017, the Company had a valuation allowance of approximately $15.1 million related to net operating loss ("NOL") carryforwards, historic tax credits, and other deferred tax assets of the TRS Sub. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. The Company recognized a 100% valuation allowance related to the TRS Sub's net deferred tax asset because the Company believed it is more likely than not that the deferred tax assets of the TRS Sub will not be fully realized. The realization of the deferred tax assets associated with the TRS Sub's NOLs and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering the TRS Sub's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income. The TRS Sub's NOLs and historic tax credits begin to expire in 2035. Additionally, the annual utilization of these NOLs and historic tax credits is limited pursuant to Sections 382 and 383 of the Internal Revenue Code. The Company files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. As of December 31, 2017, the tax years that remain subject to examination under the statute of limitations are from 2014 forward. The Company had no accruals for tax uncertainties as of December 31, 2017. Predecessor Period For the Predecessor period, FelCor LP was a partnership for federal income tax purposes and was not subject to federal income tax. However, under its partnership agreement, FelCor LP was required to reimburse FelCor for any tax payments FelCor was required to make relative to its taxable income or loss. Accordingly, the tax information herein represents the disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally was not subject to federal income taxation at the corporate level on taxable income that was distributed to its stockholders. FelCor was, however, subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotel properties were subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposed restrictions on the ownership and transfer of shares of its common stock. It was FelCor LP's intention to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. FelCor accounted for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles FelCor's TRSs’ GAAP net (loss) income to federal taxable income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP consolidated net (loss) income attributable to FelCor LP $ (97,340 ) $ 3,405 $ (9,059 ) Loss (income) allocated to FelCor LP unitholders 495 93 194 GAAP consolidated net income (loss) attributable to FelCor (96,845 ) 3,498 (8,865 ) GAAP net loss (income) from REIT operations 105,888 21,332 21,838 GAAP net income of taxable subsidiaries 9,043 24,830 12,973 Gain/loss differences from dispositions — — (872 ) Depreciation and amortization (1) 1,571 (12,437 ) (1,877 ) Employee benefits not deductible for tax 1,531 (2,965 ) (588 ) Management fee recognition — — (107 ) Other book/tax differences 5,480 386 3,827 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 9,814 13,356 Utilization of net operating loss (17,625 ) (9,814 ) (13,356 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (1) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. FelCor's state income taxes of $0.5 million , $0.9 million and $1.2 million are included in income tax expense in the consolidated statements of operations and comprehensive income for the period of January 1, 2017 through August 31, 2017, and for the years ended December 31, 2016 and 2015, respectively. FelCor's TRSs had a consolidated deferred tax asset, which had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2016 Accumulated net operating losses of TRSs $ 94,219 Tax property basis compared to book 4,844 Accrued employee benefits not deductible for tax 4,966 Historic tax credits (1) 19,357 Other 26 Deferred tax asset 123,412 Valuation allowance (123,412 ) Deferred tax asset, net $ — (1) Because of the completion of construction at The Knickerbocker hotel property in 2015, one of FelCor's TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and they do not expire. Upon the filing of the 2015 state tax return in 2016, the state credit became refundable to FelCor. Accordingly, the historic tax credits for 2016 reflect the federal credits only. FelCor recognized a 100% valuation allowance related to its TRSs’ net deferred tax asset because FelCor believed it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with FelCor's net operating losses and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering FelCor's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2016, FelCor's TRSs had net operating loss carryforwards for federal income tax purposes of $254.8 million, which are available to offset future taxable income, if any, and do not begin to expire until 2024. The following table reconciles the REIT's GAAP net loss to taxable (loss) income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP net loss from REIT operations $ (105,888 ) $ (21,332 ) $ (21,838 ) Book/tax differences, net: Dividend income from TRS 17,794 25,650 24,809 Depreciation and amortization (1) 12,908 19,582 3,937 Noncontrolling interests (495 ) (93 ) (400 ) Gain/loss differences from dispositions (46,054 ) (16,572 ) 18,335 Impairment loss not deductible for tax 35,109 26,459 20,861 Conversion costs (2,155 ) (3,233 ) (3,233 ) Compensation 20,402 — — Other 10,035 (446 ) 1,505 Taxable (loss) income (2) $ (58,344 ) $ 30,015 $ 43,976 (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017 and 2016, FelCor's distributions were in excess of 100% of taxable income. At December 31, 2016, FelCor had net operating loss carryforwards for federal income tax purposes of $534.2 million, which it expected to use to offset future distribution requirements. For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Amount (3) % Amount (4) % Amount (5) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 $ — — $ 1.23 63.08 Cash liquidating distributions (1) 0.4875 1.62 — — — — Non-cash liquidating distributions (2) 28.49 95.12 — — — — Dividend income — — 1.03 52.82 0.72 36.92 Non-dividend distribution — — 0.92 47.18 — — $ 29.9525 100.00 $ 1.95 100.00 $ 1.95 100.00 Preferred Stock – Series C Capital gains $ — — $ — — $ 0.63 63.00 Dividend income — — — — 0.37 37.00 Non-dividend distribution — — — — — — $ — — $ — — $ 1.00 100.00 Common Stock Capital gains $ 0.12 1.59 $ — — $ — — Cash liquidating distributions (1) 0.10 1.33 — — — — Non-cash liquidating distributions (2) 7.31 97.08 — — — — Dividend income — — — — — — Non-dividend distribution — — 0.24 100.00 0.16 100.00 $ 7.53 100.00 $ 0.24 100.00 $ 0.16 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. (4) The fourth quarter 2015 preferred and common stock distributions were paid on January 29, 2016, so they were treated as 2016 distributions for tax purposes. (5) The fourth quarter 2014 preferred and common stock distributions were paid on January 29, 2015, so they were treated as 2015 distributions for tax purposes. |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests/Units in FelCor LP Redeemable Noncontrolling Interests/Units in FelCor LP | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests/Units in FelCor LP | Redeemable Noncontrolling Interests/Units in FelCor LP In the Predecessor period, FelCor recorded the redeemable noncontrolling interests in FelCor LP, and FelCor LP recorded the redeemable units, in the mezzanine section (between liabilities and equity/partners' capital) of the consolidated balance sheets because of the redemption feature of the units. The redeemable noncontrolling interests/redeemable units held by the limited partners were redeemable for shares of Common Stock, or at the option of FelCor, for cash. Additionally, FelCor's consolidated statements of operations and comprehensive income (loss) separately present earnings attributable to the redeemable noncontrolling interests. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of the carrying value based on the accumulation of historical costs or the redemption value. FelCor based the historical cost on the proportionate relationship between the carrying value of the equity associated with FelCor's common stockholders relative to that of FelCor LP's unitholders. FelCor based the redemption value on the closing price of the Common Stock at the end of the reporting period. FelCor allocated the net income (loss) to FelCor LP's noncontrolling limited partners based on their weighted average ownership percentage during the period. At August 31, 2017 and December 31, 2016, FelCor carried 610,183 outstanding limited partnership units at $4.5 million and $4.9 million , respectively. FelCor based the value of the outstanding limited partnership units on the closing price of the Common Stock at August 31, 2017 ( $7.30 per share) and December 31, 2016 ( $8.01 per share). The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, For the year ended December 31, 2017 2016 Balance at beginning of the period $ 4,888 $ 4,464 Conversion of units — (9 ) Redemption value allocation 196 673 Distributions paid to unitholders (134 ) (147 ) Net loss (495 ) (93 ) Balance at end of the period $ 4,455 $ 4,888 Upon completion of the Partnership Merger, each outstanding FelCor LP Common Unit was converted into 0.362 common units of limited partnership interest in RLJ LP, unless the respective limited partner of FelCor LP elected to redeem his or her FelCor LP Common Units and receive 0.362 common shares of RLJ. Accordingly, for the Successor period, the Company no longer recognizes a redeemable noncontrolling interest (or redeemable units) in FelCor LP on the consolidated balance sheets. |
Severance (Notes)
Severance (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | Severance During the Predecessor period of January 1, 2017 through August 31, 2017, FelCor recognized severance charges of approximately $34.5 million (including $8.4 million of equity-based charges) related to the Mergers with RLJ. The severance charges are included in transaction costs in the consolidated statements of operations and comprehensive income (loss). During the Predecessor years ended December 31, 2016 and 2015, FelCor recognized severance charges of approximately $6.9 million (including $2.9 million of equity-based charges) and $3.7 million (including $1.4 million of equity-based charges), respectively. The severance charges are included in other expenses in the consolidated statements of operations and comprehensive income (loss) and primarily relate to FelCor's former Chief Executive Officer in 2016 and certain other executive officers in 2015. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to the Statements of Cash Flows The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor September 1 through December 31, January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2017 2016 2015 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 14,728 $ 47,396 $ 47,317 $ 59,786 Restricted cash reserves 3,303 17,038 19,491 17,702 Cash, cash equivalents, and restricted cash reserves $ 18,031 $ 64,434 $ 66,808 $ 77,488 Interest paid, net of capitalized interest $ 33,410 $ 38,677 $ 74,499 $ 74,585 Income taxes (refund) paid $ (85 ) $ 1,346 $ 332 $ 1,187 Supplemental non-cash transactions Accrued capital expenditures $ 8,587 $ 3,640 $ 3,124 $ 7,668 FelCor TRS Distribution (1) $ 51,267 $ — $ — $ — (1) Refer to Note 2, Merger with RLJ, for the non-cash assets and liabilities comprising the FelCor TRS distribution. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Operating Results [Abstract] | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial Data (unaudited) The tables below set forth the Company's unaudited condensed consolidated quarterly financial data for the years ended December 31, 2017 and 2016 (in thousands, except share and per share data). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly financial data for the hotel properties are not indicative of the financial results to be achieved in succeeding years or quarters. In order to obtain a more accurate indication of performance, there should be a review of the financial and operating results, changes in shareholders' equity, and cash flows for a period of several years. Rangers Predecessor Successor For the year ended December 31, 2017 First Quarter Second Quarter July 1 through August 31 September 1 through September 30 (1) Fourth Quarter (1) Total revenue $ 188,104 $ 220,440 $ 142,971 $ 20,854 $ 60,405 Net income (loss) from continuing operations $ (35,475 ) $ (1,253 ) $ (54,999 ) $ 4,539 $ 6,882 Loss from discontinued operations $ — $ — $ (3,415 ) $ — $ — Net income (loss) and comprehensive income (loss) attributable to Rangers $ (35,911 ) $ (1,759 ) $ (59,175 ) $ 4,321 $ (231 ) Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders $ (42,190 ) $ (8,038 ) $ (63,361 ) $ 4,321 $ (231 ) Basic and diluted per common share data: Net loss from continuing operations per share attributable to common shareholders $ (0.31 ) $ (0.06 ) $ (0.43 ) Discontinued operations $ — $ — $ (0.02 ) Net loss per share attributable to common shareholders $ (0.31 ) $ (0.06 ) $ (0.46 ) Basic weighted-average common shares outstanding 137,777,651 137,865,843 137,904,668 Diluted weighted-average common shares outstanding 137,777,651 137,865,843 137,904,668 (1) On August 31, 2017, RLJ, RLJ LP, Rangers, Partnership Merger Sub, FelCor and FelCor LP consummated the transactions contemplated by the Merger Agreement. The change in the quarterly financial data was a result of the financial impact related to the Mergers. Refer to Note 2, Merger with RLJ, for more information on the accounting for the business combination. Predecessor For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 210,144 $ 237,906 $ 222,981 $ 195,923 Net income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Loss from discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) and comprehensive income (loss) attributable to Rangers $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders $ (11,201 ) $ 7,112 $ (11,378 ) $ (6,150 ) Basic and diluted per common share data: Net income (loss) from continuing operations per share attributable to common shareholders $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net loss per share attributable to common shareholders $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted-average common shares outstanding 139,677,676 138,181,843 137,463,547 137,243,568 Diluted weighted-average common shares outstanding 139,677,676 138,678,288 137,463,547 137,243,568 FelCor LP Predecessor Successor For the year ended December 31, 2017 First Quarter Second Quarter July 1 through August 31 September 1 through September 30 (1) Fourth Quarter (1) Total revenue $ 188,104 $ 220,440 $ 142,971 $ 20,854 $ 60,405 Net income (loss) from continuing operations $ (35,475 ) $ (1,253 ) $ (54,999 ) $ 4,539 $ 6,882 Loss from discontinued operations $ — $ — $ (3,415 ) $ — $ — Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ (36,097 ) $ (1,794 ) $ (59,449 ) $ 4,366 $ (235 ) Net income (loss) and comprehensive income (loss) attributable to FelCor LP partners and common unitholders $ (42,376 ) $ (8,073 ) $ (63,635 ) $ 4,366 $ (235 ) Basic and diluted per common unit data: Net loss from continuing operations per share attributable to common unitholders $ (0.31 ) $ (0.06 ) $ (0.43 ) Discontinued operations $ — $ — $ (0.02 ) Net loss per unit $ (0.31 ) $ (0.06 ) $ (0.45 ) Basic weighted-average common units outstanding 138,387,834 138,476,026 138,514,851 Diluted weighted-average common units outstanding 138,387,834 138,476,026 138,514,851 (1) On August 31, 2017, RLJ, RLJ LP, Rangers, Partnership Merger Sub, FelCor and FelCor LP consummated the transactions contemplated by the Merger Agreement. The change in the quarterly financial data was a result of the financial impact related to the Mergers. Refer to Note 2, Merger with RLJ, for more information on the accounting for the business combination. Predecessor For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 210,144 $ 237,906 $ 222,981 $ 195,923 Net income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Loss from discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Net income (loss) and comprehensive income (loss) attributable to FelCor LP and common unitholders $ (11,249 ) $ 7,143 $ (11,428 ) $ (6,176 ) Basic and diluted per common unit data: Net income (loss) from continuing operations per share attributable to common unitholders $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net loss per unit $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted-average common units outstanding 140,289,138 138,793,305 138,074,647 137,853,751 Diluted weighted-average common units outstanding 140,289,138 139,289,770 138,074,647 137,853,751 |
FelCor LP's Consolidating Finan
FelCor LP's Consolidating Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
FelCor LP's Consolidating Financial Information | FelCor LP's Consolidating Financial Information Certain of FelCor LP's 100% owned subsidiaries (FCH/PSH, L.P.; FelCor/CMB Buckhead Hotel, L.L.C.; FelCor/CMB Marlborough Hotel, L.L.C.; FelCor/CMB Orsouth Holdings, L.P.; FelCor/CMB SSF Holdings, L.P.; FelCor/CSS Holdings, L.P.; FelCor Dallas Love Field Owner, L.L.C.; FelCor Milpitas Owner, L.L.C.; FelCor TRS Borrower 4, L.L.C.; FelCor Hotel Asset Company, L.L.C.; FelCor St. Pete (SPE), L.L.C.; FelCor Esmeralda (SPE), L.L.C.; FelCor S-4 Hotels (SPE), L.L.C.; Madison 237 Hotel, L.L.C.; Myrtle Beach Owner, L.L.C.; and Royalton 44 Hotel, L.L.C., collectively the “Subsidiary Guarantors”), together with Rangers, guaranty, fully and unconditionally, except where subject to customary release provisions as described below, and jointly and severally, our senior notes debt. The guaranties by the Subsidiary Guarantors may be automatically and unconditionally released upon (i) the sale or other disposition of all of the capital stock of the Subsidiary Guarantor or the sale or disposition of all or substantially all of the assets of the Subsidiary Guarantor, if, in each case, as a result of such sale or disposition, such Subsidiary Guarantor ceases to be a subsidiary of FelCor LP, (ii) the consolidation or merger of any such Subsidiary Guarantor with any person other than FelCor LP, or a subsidiary of FelCor LP, if, as a result of such consolidation or merger, such Subsidiary Guarantor ceases to be a subsidiary of the Operating Partnership, (iii) a legal defeasance or covenant defeasance of the indenture, (iv) the unconditional and complete release of such Subsidiary Guarantor in accordance with the modification and waiver provisions of the indenture, or (v) the designation of a restricted subsidiary that is a Subsidiary Guarantor as an unrestricted subsidiary under and in compliance with the indenture. For the Predecessor period, FelCor TRS was a subsidiary guarantor in the condensed consolidating balance sheet, the condensed consolidating statements of operations and comprehensive income, and the condensed consolidating statements of cash flows. Pursuant to the terms of each of the indentures governing the Senior Notes, upon completion of the distribution of the equity interests in FelCor TRS, FelCor TRS' guarantee of the Senior Notes was automatically released and FelCor TRS Holdings, L.L.C. ceased being a subsidiary guarantor of the Senior Notes. Accordingly, FelCor TRS is not a subsidiary guarantor in the FelCor LP consolidating financial information for the Company. The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 2,384,094 $ — $ — $ (2,384,094 ) $ — Investment in hotel properties, net — 856,541 1,641,339 — 2,497,880 Intangible assets, net — 48,846 69,324 — 118,170 Investment in unconsolidated joint ventures 16,912 — — — 16,912 Cash and cash equivalents 9,202 — 5,526 — 14,728 Restricted cash reserves 436 — 2,867 — 3,303 Related party rent receivable — 32,200 47,890 — 80,090 Prepaid expense and other assets 4,405 3,292 4,994 — 12,691 Total assets $ 2,415,049 $ 940,879 $ 1,771,940 $ (2,384,094 ) $ 2,743,774 Debt, net $ 1,062,716 $ — $ 269,098 $ (32,709 ) $ 1,299,105 Accounts payable and other liabilities 20,018 13,605 20,568 — 54,191 Related party lease termination fee payable — — 7,707 — 7,707 Accrued interest 12,286 — — — 12,286 Distributions payable — — 126 — 126 Total liabilities 1,095,020 13,605 297,499 (32,709 ) 1,373,415 Partnership interests 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Total FelCor LP partners' capital 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Noncontrolling interests — — 5,900 — 5,900 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,320,029 927,274 1,474,441 (2,351,385 ) 1,370,359 Total liabilities and partners’ capital $ 2,415,049 $ 940,879 $ 1,771,940 $ (2,384,094 ) $ 2,743,774 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Investment in hotel properties, net $ — $ 488,528 $ 1,078,295 $ — $ 1,566,823 Equity investment in consolidated entities 1,190,737 — — (1,190,737 ) — Investment in unconsolidated joint ventures 2,410 4,800 1,102 — 8,312 Cash and cash equivalents 13,532 29,141 4,644 — 47,317 Restricted cash reserves — 16,433 3,058 — 19,491 Hotel and other receivables, net — 26,651 — — 26,651 Prepaid expense and other assets 8,438 16,696 13,364 — 38,498 Total assets $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 Debt, net $ 985,767 $ — $ 391,995 $ (39,436 ) $ 1,338,326 Accounts payable and other liabilities 15,209 54,960 8,113 — 78,282 Advance deposits and deferred revenue 923 24,479 3 — 25,405 Accrued interest 12,299 — 451 — 12,750 Distributions payable 14,734 — 124 — 14,858 Total liabilities 1,028,932 79,439 400,686 (39,436 ) 1,469,621 Redeemable units, at redemption value 4,888 — — — 4,888 Preferred units 309,337 — — — 309,337 Common units (128,040 ) 503,765 647,536 (1,151,301 ) (128,040 ) Total partners’ capital 181,297 503,765 647,536 (1,151,301 ) 181,297 Noncontrolling interest in consolidated joint ventures — (955 ) 8,458 — 7,503 Preferred capital in a consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 181,297 502,810 699,777 (1,151,301 ) 232,583 Total liabilities and partners’ capital $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Related party lease revenue $ — $ 32,572 $ 48,687 $ — $ 81,259 Total revenue — 32,572 48,687 — 81,259 Expense Depreciation and amortization 151 12,164 16,650 — 28,965 Property tax, insurance and other 25 8,800 8,237 — 17,062 General and administrative 904 59 56 — 1,019 Transaction costs 4,079 105 9 — 4,193 Total operating expense 5,159 21,128 24,952 — 51,239 Operating (expense) income (5,159 ) 11,444 23,735 — 30,020 Interest income 113 — 1 (104 ) 10 Interest expense (15,918 ) — (3,456 ) 104 (19,270 ) Income (loss) before equity in income from joint ventures (20,964 ) 11,444 20,280 — 10,760 Equity in income from consolidated entities 24,434 — — (24,434 ) — Equity in income from unconsolidated joint ventures 661 — — — 661 Income before loss on sale of hotel properties 4,131 11,444 20,280 (24,434 ) 11,421 Loss on sale of hotel properties — — (6,637 ) — (6,637 ) Net income and comprehensive income 4,131 11,444 13,643 (24,434 ) 4,784 Income attributable to noncontrolling interests — — (157 ) — (157 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Net income and comprehensive income attributable to FelCor LP $ 4,131 $ 11,444 $ 12,990 $ (24,434 ) $ 4,131 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Percentage lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenue 41 551,137 84,846 (84,509 ) 551,515 Expense Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expense 69,478 535,476 68,630 (84,509 ) 589,075 Operating (expense) income (69,437 ) 15,661 16,216 — (37,560 ) Intercompany interest income (expense) 241 — (241 ) — — Other income (expense) — — 100 — 100 Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (107,852 ) 15,720 (170 ) — (92,302 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax (93,892 ) 15,643 (200 ) (12,779 ) (91,228 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,927 ) 15,179 (200 ) (12,779 ) (91,727 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (97,342 ) 15,179 (200 ) (12,779 ) (95,142 ) Loss on sale of hotel properties 2 (1,565 ) (201 ) — (1,764 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 661,640 $ — $ — $ 661,640 Food and beverage revenue — 155,227 — — 155,227 Percentage lease revenue — — 134,462 (134,462 ) — Other revenue 210 49,449 428 — 50,087 Total revenue 210 866,316 134,890 (134,462 ) 866,954 Expense Room expense — 171,883 — — 171,883 Food and beverage expense — 119,047 — — 119,047 Management and franchise fee expense — 32,935 — — 32,935 Other operating expense — 227,300 — — 227,300 Depreciation and amortization 261 45,763 68,030 — 114,054 Impairment loss — 26,459 — — 26,459 Property tax, insurance and other 7,415 173,588 23,516 (134,462 ) 70,057 General and administrative — 14,848 12,189 — 27,037 Total operating expense 7,676 811,823 103,735 (134,462 ) 788,772 Operating (expense) income (7,466 ) 54,493 31,155 — 78,182 Intercompany interest income (expense) 378 — (378 ) — — Other income — — 342 — 342 Interest income 31 30 1 — 62 Interest expense (58,674 ) — (19,570 ) — (78,244 ) Income before equity in income from joint ventures (65,731 ) 54,523 11,550 — 342 Equity in income from consolidated entities 69,540 — — (69,540 ) — Equity in income from unconsolidated joint ventures 1,781 (202 ) (46 ) — 1,533 Income before income tax 5,590 54,321 11,504 (69,540 ) 1,875 Income tax expense 559 (1,586 ) 154 — (873 ) Income from continuing operations 6,149 52,735 11,658 (69,540 ) 1,002 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties 3,018 52,735 11,658 (69,540 ) (2,129 ) Gain on sale of hotel properties 387 6,450 (515 ) — 6,322 Net income and comprehensive income 3,405 59,185 11,143 (69,540 ) 4,193 Loss attributable to noncontrolling interests in consolidated joint ventures — 520 153 — 673 Preferred distributions - consolidated joint venture — — (1,461 ) — (1,461 ) Net income and comprehensive income attributable to FelCor LP 3,405 59,705 9,835 (69,540 ) 3,405 Preferred distributions (25,115 ) — — — (25,115 ) Net loss attributable to FelCor LP common unitholders $ (21,710 ) $ 59,705 $ 9,835 $ (69,540 ) $ (21,710 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2015 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 673,276 $ — $ — $ 673,276 Food and beverage revenue — 158,531 — — 158,531 Percentage lease revenue — — 126,867 (126,867 ) — Other revenue 143 53,852 452 — 54,447 Total revenue 143 885,659 127,319 (126,867 ) 886,254 Expense Room expense — 172,252 — — 172,252 Food and beverage expense — 123,384 — — 123,384 Management and franchise fee expense — 35,572 — — 35,572 Other operating expense — 241,051 — — 241,051 Depreciation and amortization 188 49,589 64,675 — 114,452 Impairment loss — 20,861 — — 20,861 Property tax, insurance and other 4,485 171,178 22,890 (126,867 ) 71,686 General and administrative — 15,022 12,261 — 27,283 Total operating expense 4,673 828,909 99,826 (126,867 ) 806,541 Operating income (4,530 ) 56,750 27,493 — 79,713 Intercompany interest income (expense) 379 — (379 ) — — Other income (expense) — — 166 — 166 Interest income 5 11 8 — 24 Interest expense (57,446 ) — (21,696 ) — (79,142 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Loss before equity in income from joint ventures (90,051 ) 56,761 3,142 — (30,148 ) Equity in income from consolidated entities 73,274 — — (73,274 ) — Equity in income from unconsolidated joint ventures 8,368 (489 ) (46 ) — 7,833 Loss before income tax (8,409 ) 56,272 3,096 (73,274 ) (22,315 ) Income tax expense (252 ) (993 ) — — (1,245 ) Income from continuing operations (8,661 ) 55,279 3,096 (73,274 ) (23,560 ) Income from discontinued operations — 11 658 — 669 Loss before gain on sale of hotel properties (8,661 ) 55,290 3,754 (73,274 ) (22,891 ) Gain on sale of hotel properties (398 ) (17 ) 19,841 — 19,426 Net loss and comprehensive loss (9,059 ) 55,273 23,595 (73,274 ) (3,465 ) Income attributable to noncontrolling interests in consolidated joint ventures — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Net loss and comprehensive loss attributable to FelCor LP (9,059 ) 56,042 17,232 (73,274 ) (9,059 ) Preferred distributions (36,234 ) — — — (36,234 ) Net loss attributable to FelCor LP common unitholders $ (45,293 ) $ 56,042 $ 17,232 $ (73,274 ) $ (45,293 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (44,202 ) $ (11,078 ) $ (16,872 ) $ — $ (72,152 ) Investing activities: Improvements and additions to hotel properties — (5,704 ) (17,933 ) — (23,637 ) Proceeds from the sale of hotel properties, net — — 165,893 — 165,893 Intercompany financing 108,590 — — (108,590 ) — Cash flows from investing activities 108,590 (5,704 ) 147,960 (108,590 ) 142,256 Financing activities: Repayment of borrowings (990 ) — (1,174 ) — (2,164 ) Contributions from partners 130,076 — — — 130,076 Distributions to partners (187,616 ) — — — (187,616 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Payments of deferred financing costs — — (254 ) — (254 ) Distributions to preferred unitholders (4,186 ) — — — (4,186 ) Intercompany financing — 20,142 (128,732 ) 108,590 — Cash flows from financing activities (62,716 ) (31,725 ) (130,656 ) 108,590 (116,507 ) Net change in cash, cash equivalents, and restricted cash reserves 1,672 (48,507 ) 432 — (46,403 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 7,965 48,507 7,962 — 64,434 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,637 $ — $ 8,394 $ — $ 18,031 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Distributions from unconsolidated joint ventures 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 13,532 45,574 7,702 — 66,808 Cash, cash equivalents, and restricted cash reserves, end of period $ 7,965 $ 48,507 $ 7,962 $ — $ 64,434 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (65,416 ) $ 115,577 $ 84,759 $ — $ 134,920 Investing activities: Acquisition of land — — (8,226 ) — (8,226 ) Improvements and additions to hotel properties (11 ) (31,309 ) (42,944 ) — (74,264 ) Proceeds from the sale of hotel properties, net (1,433 ) 102,726 (323 ) — 100,970 Insurance proceeds — — 341 — 341 Distributions from unconsolidated joint ventures 1,586 — — — 1,586 Intercompany financing 149,667 — — (149,667 ) — Cash flows from investing activities 149,809 71,417 (51,152 ) (149,667 ) 20,407 Financing activities: Proceeds from borrowings — — 85,000 — 85,000 Repayment of borrowings — — (158,662 ) — (158,662 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 397 239 — 636 Repurchase of common units (30,462 ) — — — (30,462 ) Distributions to preferred unitholders (25,115 ) — — — (25,115 ) Distributions to common unitholders (33,606 ) — — — (33,606 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 597 — 597 Intercompany financing — (191,117 ) 41,450 149,667 — Other (2,897 ) — (1,461 ) — (4,358 ) Cash flows from financing activities (92,080 ) (190,734 ) (32,851 ) 149,667 (165,998 ) Effect of exchange rate changes on cash — — (9 ) — (9 ) Net change in cash, cash equivalents, and restricted cash reserves (7,687 ) (3,740 ) 747 — (10,680 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 21,219 49,314 6,955 — 77,488 Cash, cash equivalents, and restricted cash reserves, end of period $ 13,532 $ 45,574 $ 7,702 $ — $ 66,808 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (54,129 ) $ 123,302 $ 77,490 $ — $ 146,663 Investing activities: Improvements and additions to hotel properties 242 (42,039 ) (6,639 ) — (48,436 ) Hotel development — — (33,525 ) — (33,525 ) Proceeds from the sale of hotel properties, net (569 ) (669 ) 189,187 — 187,949 Insurance proceeds 274 — 203 — 477 Distributions from unconsolidated joint ventures 6,517 800 — — 7,317 Contributions to unconsolidated entities (15 ) — — — (15 ) Intercompany financing 184,776 — — (184,776 ) — Cash flows from investing activities 191,225 (41,908 ) 149,226 (184,776 ) 113,767 Financing activities: Proceeds from borrowings 475,000 — 550,438 — 1,025,438 Repayment of borrowings (545,453 ) — (658,356 ) — (1,203,809 ) Payment of deferred financing fees (8,505 ) — (6,447 ) — (14,952 ) Distributions to noncontrolling interests — (444 ) (17,151 ) — (17,595 ) Contributions from noncontrolling interests — 548 2,261 — 2,809 Redemption of preferred units (169,986 ) — — — (169,986 ) Repurchase of common units (14,362 ) — — — (14,362 ) Distributions to preferred unitholders (32,404 ) — — — (32,404 ) Net proceeds from common unit issuance 198,648 — — — 198,648 Distributions to common unitholders (22,385 ) — — — (22,385 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 1,744 — 1,744 Intercompany financing — (76,697 ) (108,079 ) 184,776 — Other (2,147 ) — (1,431 ) — (3,578 ) Cash flows from financing activities (121,594 ) (76,593 ) (237,021 ) 184,776 (250,432 ) Effect of exchange rate changes on cash — — (153 ) — (153 ) Net change in cash, cash equivalents, and restricted cash reserves 15,502 4,801 (10,458 ) — 9,845 Cash, cash equivalents, and restricted cash reserves, beginning of period 5,717 44,513 17,413 — 67,643 Cash, cash equivalents, and restricted cash reserves, end of period $ 21,219 $ 49,314 $ 6,955 $ — $ 77,488 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based Compensation As a result of the Mergers, the Company does not have an equity incentive plan. For the Predecessor period, FelCor issued share-based awards as compensation to executive officers and employees. The share-based awards vest over a period of time as determined at the date of grant. FelCor accounted for the share-based compensation using the fair value based method of accounting. FelCor classified the share-based payment awards granted in exchange for employee services as either equity awards or liability awards. The equity classified awards were measured based on the fair value on the date of grant. The liability classified awards were remeasured to fair value each reporting period. The share-based awards that were settled in cash (i.e. phantom stock) were classified as liability awards. FelCor recognized compensation expense for the share-based awards on a straight-line basis over the requisite service period during which an employee was required to provide services in exchange for the award. No share-based compensation expense was recognized for the awards when the employees did not render the requisite services. |
Equity Method Investments [Policy Text Block] | Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, third-party appraisals, or if appropriate, the net sales proceeds from pending offers. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. The Company tracks the inception-to-date contributions, distributions, and earnings for each of our unconsolidated joint ventures. Any cash distributions received up to the aggregate historical earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distributions in excess of the aggregate historical earnings of the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. |
Preferred Equity in a Consolidated Joint Venture [Policy Text Block] | Preferred Equity in a Consolidated Joint Venture The Knickerbocker joint venture raised capital through the sale of redeemable preferred equity under the EB-5 Immigrant Investor Program. Based on the redemption features of the preferred equity, the Company presents the preferred equity raised by the Knickerbocker joint venture as preferred equity in a consolidated joint venture within the equity section of the consolidated balance sheets. |
Advertising Barter Transactions, Policy [Policy Text Block] | Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees, architectural costs, environmental reviews, market studies, financial advisory, and other professional service fees. In addition, if the Company does complete a hotel property acquisition or a business combination, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. These costs are expensed as incurred in transaction costs in the consolidated statements of operations and comprehensive income. |
Intangible Assets, Costs Incurred to Renew or Extend, Policy [Policy Text Block] | Intangible Assets In a business combination, the Company may acquire intangible assets related to in-place leases, management agreements, franchise agreements, advanced bookings, and other intangible assets. The Company recognizes each of the intangible assets at fair value. The Company estimated the fair value of the intangible assets by using market data and independent appraisals and making numerous estimates and assumptions. The below market lease intangible assets are amortized over the remaining terms of the respective leases as adjustments to rental expense in property tax, insurance and other in the consolidated statements of operations and comprehensive income. The advanced bookings intangible asset is amortized over the duration of the hotel room and guest event reservations period at the respective hotel property to depreciation and amortization in the consolidated statements of operations and comprehensive income. The other intangible assets are amortized over the remaining non-cancelable term of the related agreement or the useful life of the respective intangible asset to depreciation and amortization in the consolidated statements of operations and comprehensive income. The Company assesses the carrying value of the intangible assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models or third-party appraisals. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. |
Reclassifications | Reclassifications As a result of the merger with RLJ, certain prior period amounts in the Predecessor consolidated financial statements have been reclassified to conform to the financial statement presentation of the Company's parent company, RLJ. At December 31, 2016, the following reclassifications were made to the consolidated balance sheet: • Approximately $15.4 million was reclassified from accounts receivable to prepaid expense and other assets. • Approximately $4.5 million was reclassified from deferred expenses to prepaid expense and other assets. • Approximately $25.4 million was reclassified from accrued expenses and other liabilities to advance deposits and deferred revenue. • Approximately $12.8 million was reclassified from accrued expenses and other liabilities to accrued interest. For the years ended December 31, 2016 and 2015, respectively, the following reclassifications were made to the consolidated statements of operations and comprehensive income (loss): • Approximately $661.6 million and $673.3 million , respectively, was reclassified from hotel operating revenue to room revenue. • Approximately $155.2 million and $158.5 million , respectively, was reclassified from hotel operating revenue to food and beverage revenue. • Approximately $46.0 million and $46.6 million , respectively, was reclassified from hotel operating revenue to other revenue. • Approximately $171.9 million and $172.3 million , respectively, was reclassified from hotel departmental expenses to room expense. • Approximately $119.0 million and $123.4 million , respectively, was reclassified from hotel departmental expenses to food and beverage expense. • Approximately $15.1 million and $17.5 million , respectively, was reclassified from hotel departmental expenses to other operating expense. • Approximately $12.7 million and $12.5 million , respectively, was reclassified from other expenses to property tax, insurance and other. • Approximately $62,000 and $24,000 , respectively, was reclassified from interest expense, net to interest income. The Company also conformed the consolidated statements of operations and comprehensive loss for the Predecessor period of January 1, 2017 through August 31, 2017 to the financial statement presentation of the Company's parent company, RLJ. The reclassifications mentioned above had no impact to net income (loss) and comprehensive income (loss), member's/shareholders’ equity (partners' capital), or cash flows. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company's hotel properties are leased through intercompany lease agreements between the Lessors and the Lessees. As a result of the distribution of the equity interests in FelCor TRS to RLJ LP, the Lessees' lease payments pursuant to the leases are no longer eliminated in consolidation. Base lease revenue is reported as income by the Lessor on a straight-line basis over the lease term. Percentage lease revenue is reported as income by the Lessor over the lease term when it is earned and becomes receivable from the Lessees, according to the provisions of the respective lease agreements. The Lessees are in compliance with their rental obligations under their respective lease agreements. For the Predecessor period, the Company’s revenue consisted of room revenue, food and beverage revenue, and revenue from other hotel operating departments (such as parking fees, golf, pool and other resort fees, gift shop sales and other guest service fees). These revenues were recorded net of any sales and occupancy taxes collected from the hotel guests. All rebates or discounts were recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotels. All revenues were recorded on an accrual basis as they were earned. An allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the existing accounts receivable portfolio and it was recorded as a bad debt expense. The allowance for doubtful accounts was calculated as a percentage of the aged accounts receivable. Any cash received prior to a guest's arrival was recorded as an advance deposit from the guest and recognized as revenue at the time of the guest's occupancy at the hotel property. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which supersedes or replaces nearly all GAAP revenue recognition guidance. The guidance establishes a new control-based revenue recognition model that changes the basis for deciding when revenue is recognized over time or at a point in time and expands the disclosures about revenue. The guidance also applies to sales of real estate and the new principles-based approach is largely based on the transfer of control of the real estate to the buyer. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods, with early adoption permitted. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Based on the Company's assessment, the adoption of this standard will not have a material impact on the Company's consolidated financial statements but it will result in additional disclosures in the notes to the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance will require lessees to recognize a right-of-use asset and a lease liability for most of their leases on the balance sheet, and an entity will need to classify its leases as either an operating or finance lease in order to determine the income statement presentation. Leases with a term of 12 months or less will be accounted for similar to the existing guidance today for operating leases. Lessors will classify their leases using an approach that is substantially equivalent to the existing guidance today for operating, direct financing, or sales-type leases. Lessors may only capitalize the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. The new guidance requires an entity to separate the lease components from the non-lease components in a contract, with the lease components being accounted for in accordance with ASC 842 and the non-lease components being accounted for in accordance with other applicable accounting guidance. The guidance is effective for annual reporting periods beginning after December 15, 2018, and the interim periods within those annual periods, with early adoption permitted. The Company expects to adopt this standard on January 1, 2019. The Company has not yet completed its analysis on this standard. For leases in which the Company is the lessor, specifically for a lease of the hotel property, the Company believes the application of the standard will be similar to the current accounting for operating leases, in which the Company will continue to recognize the underlying leased asset as a hotel property on the consolidated balance sheet. For leases in which the Company is the lessee, the Company believes the application of the standard will result in the recording of a right-of-use asset and a lease liability on the consolidated balance sheet for each of its ground leases and equipment leases, which represent the majority of the Company's current operating lease payments. The Company does not expect the adoption of this standard will materially affect its consolidated statements of operations and comprehensive income. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This guidance requires that the statement of cash flows reconcile the change during the period in the total of cash, cash equivalents, and restricted cash reserves. As a result, the restricted cash reserves will be included with cash and cash equivalents when reconciling the beginning-of-period and the end-of-period total amounts presented in the statement of cash flows. The Company adopted the guidance on October 1, 2017, and applied its provisions retrospectively. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business . The guidance clarifies the definition of a business with the objective of adding guidance to assist companies and other reporting organizations with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions across all industries. The guidance is effective for annual reporting periods beginning after December 15, 2017, and the interim periods within those annual periods. The Company adopted this guidance on January 1, 2018. The Company will evaluate each future acquisition (or disposal) to determine whether it will be considered to be an acquisition (or disposal) of assets or a business. The Company does not believe the accounting for each future acquisition (or disposal) of assets or a business will be materially different, therefore, the adoption of this guidance will not have a material impact on the Company's consolidated financial statements. |
Management Agreements | Management Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' management agreements. During the Predecessor comparative periods, the Company's hotel properties were operated pursuant to long-term management agreements with initial terms ranging from 5 to 20 years. Certain hotel properties also received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. The management agreements, including those that include the benefits of a franchise agreement, have a base management fee generally between 2.0% and 5.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, the Company recognized management fee expense of approximately $19.1 million , $23.2 million and $24.0 million , respectively. The Wyndham management agreements guarantee minimum levels of annual net operating income at each of the Wyndham-managed hotels for each year of the initial 10 -year term to 2023, subject to an aggregate $100 million limit over the term and an annual $21.5 million limit. For the Predecessor period of January 1, 2017 through August 31, 2017, the Company recorded $3.8 million for the pro-rata portion of the projected aggregate full-year guaranties. For the Predecessor years ended December 31, 2016 and 2015, the Company recorded $5.3 million and $1.4 million , respectively, for the aggregate full-year guaranties. The Company recognized these amounts as a reduction of Wyndham's contractual management and other fees. |
Income Taxes | Income Taxes The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements. Significant differences may exist between the results of operations reported in these consolidated financial statements and those determined for income tax purposes primarily due to the use of different asset valuation methods for tax purposes. The partnership files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the partnership is subject to examination by federal, state, and local jurisdictions, where applicable. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. For the Predecessor period, FelCor elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code, as amended. To qualify as a REIT, FelCor was required to meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain, to shareholders. As a REIT, FelCor generally was not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If FelCor failed to qualify for taxation as a REIT in any taxable year, it would be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. Even if FelCor qualified for taxation as a REIT, it could have been subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on its undistributed taxable income. Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to U.S. federal, state and local income taxes. FelCor recorded income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. FelCor performed an annual review for any uncertain tax positions and, as required, recorded the expected future tax consequences of uncertain tax positions in the consolidated financial statements. |
Franchise Agreements | Franchise Agreements As discussed in Note 2, Merger with RLJ, the Company distributed its equity interests in FelCor TRS to RLJ LP immediately after consummation of the Mergers. As a result of the distribution of its equity interests in FelCor TRS, the Company's consolidated financial statements do not include the financial information related to the Lessees' franchise agreements. During the Predecessor comparative periods, certain of the Company’s hotel properties were operated under franchise agreements with initial terms of 15 years. These franchise agreements exclude certain hotel properties that received the benefits of a franchise agreement pursuant to management agreements with Hilton, Wyndham, Marriott and other hotel brands. In addition, The Knickerbocker is not operated with a hotel brand so the hotel did not have a franchise agreement. Franchise agreements allow the hotel properties to operate under the respective brands. Pursuant to the franchise agreements, the Company pays a royalty fee, generally 5.5% of room revenue, plus additional fees for marketing, central reservation systems and other franchisor costs of 4.0% of room revenue. Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income. For the Predecessor period of January 1, 2017 through August 31, 2017 and for the Predecessor years ended December 31, 2016 and 2015, the Company recognized franchise fee expense of approximately $0.8 million , $9.8 million and $11.5 million , respectively. |
Earnings (Loss) per Common Share/Unit | Earnings Per Common Share/Unit RLJ LP, through direct and indirect wholly-owned subsidiaries, owns 100% of the ownership interests and is the sole member and partner of Rangers and FelCor LP, respectively. For the Predecessor period, basic earnings (loss) per common share/unit was calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings (loss) per common share/unit was calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of unvested share/unit-based awards, calculated using the treasury stock method. Any anti-dilutive shares (units) were excluded from the diluted earnings (loss) per common share/unit calculation. Basic earnings (loss) per common share/unit is calculated by dividing net income (loss) attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period excluding the weighted-average number of unvested restricted shares (units) outstanding during the period. Diluted earnings per common share/unit is calculated by dividing net income attributable to common shareholders (unitholders) by the weighted-average number of common shares (units) outstanding during the period, plus any shares (units) that could potentially be outstanding during the period. The potential shares (units) consist of the unvested restricted share (unit) grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares (units) have been excluded from the diluted earnings (loss) per share (unit) calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends (distributions) or dividend (distribution) equivalents (whether paid or unpaid) are participating shares (units) and are considered in the computation of earnings (loss) per share (unit) pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares (units), they would be deducted from net income (loss) attributable to common shareholders (unitholders) used in the basic and diluted earnings (loss) per share (unit) calculations. The limited partners’ outstanding limited partnership units in FelCor LP (which may be redeemed for common shares of beneficial interest under certain circumstances) have been excluded from the diluted earnings (loss) per share (unit) calculation as there was no effect on the per share (unit) amounts, since the limited partners’ share of income would also be added back to net income (loss) attributable to common shareholders. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consists of all cash that is required to be maintained in a reserve escrow account by a hotel management agreement, franchise agreement and/or a mortgage loan agreement for the replacement of furniture, fixtures and equipment and the funding of real estate taxes and insurance. |
Receivables, Policy [Policy Text Block] | Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company does not generally require collateral, as ongoing credit evaluations are performed, and an allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense. The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before maturity unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes (as defined in Note 8) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability. The Predecessor company presented the deferred financing costs for its line of credit on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the Successor period of September 1, 2017 through December 31, 2017, the amortization expense recorded as a component of interest expense in the consolidated statements of operations and comprehensive income was de minimis. For the Predecessor period of January 1, 2017 through August 31, 2017, and the Predecessor years ended December 31, 2016 and 2015, approximately $2.8 million , $4.0 million and $5.4 million , respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income. |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), and inventory. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company determines the fair value by using market data and independent appraisals available to us and making numerous estimates and assumptions. Transaction costs are expensed for acquisitions that are considered business combinations and capitalized for asset acquisitions. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of 15 years for land improvements, 15 years for building improvements, 40 years for buildings and three to five years for FF&E. For the Predecessor period, FelCor's investments in hotel properties were carried at cost and depreciated using the straight-line method over the estimated useful lives of 15 to 30 years for improvements, 40 years for buildings and three to 10 years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Interest used to finance the real estate under development is capitalized as an additional cost of development. The Company discontinues the capitalization of interest once the real estate development project is substantially complete. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income. A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income. In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider "held for sale" classification on the consolidated balance sheet until it is probable that the sale will be completed within one year and the other requisite criteria for such classification have been met. The Company does not depreciate hotel properties so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the estimated future undiscounted cash flows which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on an undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions or third-party appraisals. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general and the Company’s expected use of the underlying hotel properties. The assumptions and estimates related to the future cash flows and the capitalization rates are complex and subjective in nature. Changes in economic and operating conditions that occur subsequent to a current impairment analysis and the Company’s ultimate use of the hotel property could impact the assumptions and result in future impairment losses to the hotel properties. For acquisitions that are considered business combinations, the Company recognizes the cumulative impact of a measurement period adjustment, if any, in the reporting period in which the adjustment is identified. Depending on the circumstances of the measurement period adjustment, the Company will disclose the prior period impact of the adjustment separately on the face of the consolidated statement of operations or in the notes to the consolidated financial statements. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2017, Rangers owned 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers GP's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP in the equity section of the consolidated balance sheets of Rangers. The portion of the income and losses associated with Rangers GP's partnership interest are included in the noncontrolling interest in FelCor LP in the consolidated statements of operations and comprehensive income. As of December 31, 2017, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income. For the Predecessor period, the redeemable noncontrolling interests in FelCor LP represent the FelCor LP units that were not owned by FelCor. FelCor allocated the income and loss to the redeemable noncontrolling interests in FelCor LP based on the weighted-average percentage ownership throughout the year. FelCor characterized the redeemable noncontrolling interests in FelCor LP in the mezzanine section (between liabilities and equity) on the consolidated balance sheets as a result of the redemption feature of the units. The units were redeemable at the option of the holder for a like number of shares of FelCor's common stock or, at FelCor's option, the cash equivalent thereof. FelCor adjusted the redeemable noncontrolling interests in FelCor LP (or redeemable units) each reporting period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. |
Merger with RLJ Lodging Trust (
Merger with RLJ Lodging Trust (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Allocation of Purchase Price | The following table reflects the new basis of accounting for the assets and liabilities that existed on the Acquisition Date and the impact of the distribution of the equity interests in FelCor TRS to RLJ LP: August 31, 2017 New Basis Before FelCor TRS Distribution (1) FelCor TRS Distribution (1) New Basis After FelCor TRS Distribution (1) Investment in hotel properties $ 2,661,114 $ (2,000 ) $ 2,659,114 Investment in unconsolidated joint ventures 25,651 (7,900 ) 17,751 Cash and cash equivalents 47,396 (40,878 ) 6,518 Restricted cash reserves 17,038 (10,989 ) 6,049 Hotel and other receivables 28,308 (28,308 ) — Deferred income tax assets 58,170 (58,170 ) — Intangible assets 139,673 (20,262 ) 119,411 Prepaid expenses and other assets 23,811 (11,417 ) 12,394 Debt (1,305,337 ) — (1,305,337 ) Accounts payable and other liabilities (118,360 ) 52,995 (65,365 ) Advance deposits and deferred revenue (23,795 ) 23,795 — Accrued interest (22,612 ) — (22,612 ) Distributions payable (4,312 ) — (4,312 ) Total equity $ 1,526,745 $ (103,134 ) $ 1,423,611 (1) During the fourth quarter of 2017, RLJ refined its valuation models to reflect changes in inputs and assumptions related to cash flow projections, discount rates, and tax attributes. Therefore, RLJ recorded certain measurement period adjustments to decrease investment in hotel properties by $12.5 million , to decrease intangible assets by $12.0 million , to increase deferred income tax assets by approximately $26.2 million , to increase prepaid expenses and other assets by $1.2 million , and to increase accounts payable and other liabilities by $2.6 million . |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The Company recognized the following intangible assets in the Mergers (dollars in thousands): Weighted Average Amortization Period (in Years) Below market ground leases $ 118,050 54 Advanced bookings 13,862 1 Other intangible assets 7,761 6 Total intangible assets $ 139,673 46 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): Successor Predecessor December 31, 2017 December 31, 2016 Land and improvements $ 597,451 $ 271,662 Buildings and improvements 1,801,302 1,801,355 Furniture, fixtures and equipment 126,590 426,692 2,525,343 2,499,709 Accumulated depreciation (27,463 ) (932,886 ) Investment in hotel properties, net $ 2,497,880 $ 1,566,823 |
Investment in Unconsolidated 29
Investment in Unconsolidated Entities Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investment in Unconsolidated Entities [Abstract] | |
Schedule of Components of Investment In Unconsolidated Entities | The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): Successor Predecessor December 31, 2017 December 31, 2016 Equity basis of the joint venture investments $ (4,733 ) $ 1,370 Cost of the joint venture investments in excess of the joint venture book value 21,645 6,942 Investment in unconsolidated joint ventures $ 16,912 $ 8,312 |
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities | The following table summarizes the components of the Company's equity in income from unconsolidated joint ventures (in thousands): Successor Predecessor September 1 through December 31, January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2017 2016 2015 Unconsolidated joint ventures net income attributable to the Company $ 1,034 $ 1,332 $ 1,920 $ 11,400 Depreciation of cost in excess of book value (373 ) (258 ) (387 ) (427 ) Cost in excess of book value of a sold hotel property — — — (3,140 ) Equity in income from unconsolidated joint ventures $ 661 $ 1,074 $ 1,533 $ 7,833 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The Company's intangible assets consisted of the following (in thousands): Successor December 31, 2017 Weighted Average Amortization Period (in Years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Below market ground leases 53 $ 118,050 $ (1,176 ) $ 116,873 Other intangible assets P7Y00M00D 1,361 (65 ) 1,297 Intangible assets, net P53Y00M00D $ 119,411 $ (1,241 ) $ 118,170 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | As of December 31, 2017, the estimated amortization expense for the intangible assets over the next five years is as follows (in thousands): 2018 2019 2020 2021 2022 Estimated amortization expense $ 3,724 $ 3,724 $ 3,724 $ 3,724 $ 3,724 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of property disposed during period | The following table discloses the hotel properties that were sold during the Predecessor period of January 1, 2017 through August 31, 2017: Hotel Property Name Location Sale Date Rooms Morgans New York New York, NY July 17, 2017 117 Royalton New York New York, NY August 1, 2017 168 Total 285 The following table discloses the hotel properties that were sold during the Predecessor year ended December 31, 2016 : Hotel Property Name Location Sale Date Rooms Renaissance Esmeralda Indian Wells Resort & Spa Indian Wells, CA August 2, 2016 560 Holiday Inn Nashville Airport Nashville, TN September 1, 2016 383 Total 943 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Successor Predecessor Number of Assets Encumbered Interest Rate at December 31, 2017 Maturity Date December 31, 2017 December 31, 2016 Senior secured notes (1)(2)(3) 9 5.63% March 2023 $ 552,669 $ 525,000 Senior unsecured notes (1)(2)(4) — 6.00% June 2025 510,047 475,000 PNC Bank/Wells Fargo (5) 4 4.95% October 2022 120,893 120,109 Prudential (6) 1 4.94% October 2022 30,323 30,184 Scotiabank (1) (7) 1 LIBOR + 3.00% November 2018 85,404 85,000 Line of credit (8) 7 LIBOR + 2.75% June 2019 — 119,000 22 1,299,336 1,354,293 Deferred financing costs, net (231 ) (15,967 ) Debt, net $ 1,299,105 $ 1,338,326 (1) Requires payments of interest only through maturity. (2) Includes $28.7 million and $35.1 million at December 31, 2017 related to fair value adjustments on the senior secured notes and the senior unsecured notes, respectively, that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) On February 27, 2018, RLJ announced that it will early redeem the senior secured notes in full on March 9, 2018 (the "Redemption Date"). In accordance with the terms and conditions set forth in the indenture governing the senior secured notes, the aggregate amount payable upon redemption will be approximately $539.4 million , which includes the redemption price of 102.813% for the outstanding principal amount plus accrued and unpaid interest thereon through, but not including the Redemption Date. (4) The Company has the option to redeem the senior unsecured notes beginning June 1, 2020 at a premium of 103.0% . (5) Includes $3.0 million at December 31, 2017 related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) Includes $0.7 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (7) Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (8) At December 31, 2016 , there was $281.0 million of borrowing capacity on the line of credit. The line of credit was paid down and terminated in connection with the Mergers. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2017, the future minimum lease payments to the Company under the noncancelable operating leases were as follows (in thousands): 2018 $ 86,593 2019 75,901 2020 (1) — 2021 (1) — 2022 (1) — Thereafter (1) — Total $ 162,494 (1) In 2020, the lease terms for the in-place lease agreements will be reset to market-based rental terms. At that time, the future minimum lease payments to the Company under the noncancelable operating leases will be determined. |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Incentive Plan | |
Schedule of Share-based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions [Table Text Block] | The fair value of the market-based awards was determined using a Monte Carlo simulation with the following assumptions: 2017 2016 2015 Volatility (1) 43.92 % 45.92 % 48.11 % Dividend rate (2) $ 0.06 $ 0.05 $ 0.04 Risk-free interest rate 1.51 % 0.93 % 1.32 % (1) Based on the share price history. (2) Based on the dividend rate at the time of the award. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | A summary of the unvested shares of restricted stock and restricted stock units is as follows: January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Number of Weighted-Average Fair Number of Weighted-Average Fair Number of Weighted-Average Fair Unvested at the beginning of the period 1,870,393 $ 6.21 1,830,123 $ 6.79 1,509,519 $ 5.70 Granted 1,398,705 5.53 1,207,926 6.24 1,116,394 8.14 Vested (2,241,683 ) 6.52 (771,508 ) 7.72 (793,540 ) 6.61 Forfeited (1,027,415 ) 4.61 (396,148 ) 6.04 (2,250 ) 9.62 Unvested at the end of the period — $ — 1,870,393 $ 6.21 1,830,123 $ 6.79 |
Earnings (Loss) per Common Sh35
Earnings (Loss) per Common Share/Unit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share/Unit | The computation of basic and diluted earnings (loss) per common share (unit) is as follows (in thousands, except share/unit and per share/unit data): Rangers Loss Per Common Share Predecessor January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to Rangers $ (96,845 ) $ 3,498 $ (8,865 ) Discontinued operations attributable to Rangers 3,400 3,118 (674 ) Income (loss) from continuing operations attributable to Rangers (93,445 ) 6,616 (9,539 ) Less: Preferred dividends (16,744 ) (25,115 ) (30,138 ) Less: Redemption of preferred stock — — (6,096 ) Less: Dividends paid on unvested restricted stock (73 ) (129 ) (56 ) Numerator for the loss from continuing operations attributable to Rangers common stockholders (110,262 ) (18,628 ) (45,829 ) Numerator for the discontinued operations attributable to Rangers common stockholders (3,400 ) (3,118 ) 674 Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock $ (113,662 ) $ (21,746 ) $ (45,155 ) Denominator: Weighted-average number of common shares - basic 137,331,743 138,128,165 137,730,438 Unvested restricted stock units — — — Weighted-average number of common shares - diluted 137,331,743 138,128,165 137,730,438 Basic and diluted loss per share: Loss from continuing operations $ (0.80 ) $ (0.13 ) $ (0.33 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ — Net loss $ (0.83 ) $ (0.16 ) $ (0.33 ) FelCor LP Loss Per Common Unit Predecessor January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Numerator: Net income (loss) attributable to FelCor LP $ (97,340 ) $ 3,405 $ (9,059 ) Discontinued operations attributable to FelCor LP 3,415 3,131 (677 ) Income (loss) from continuing operations attributable to FelCor LP (93,925 ) 6,536 (9,736 ) Less: Preferred distributions (16,744 ) (25,115 ) (30,138 ) Less: Redemption of preferred units — — (6,096 ) Less: Distributions paid on FelCor unvested restricted stock (73 ) (129 ) (56 ) Numerator for the loss from continuing operations attributable to FelCor LP common unitholders (110,742 ) (18,708 ) (46,026 ) Numerator for the discontinued operations attributable to FelCor LP common unitholders (3,415 ) (3,131 ) 677 Numerator for the net loss attributable to FelCor LP common unitholders excluding amounts attributable to FelCor unvested restricted stock $ (114,157 ) $ (21,839 ) $ (45,349 ) Denominator: Weighted-average number of common units - basic 137,941,926 138,739,214 138,341,900 Unvested restricted stock units — — — Weighted-average number of common units - diluted 137,941,926 138,739,214 138,341,900 Basic and diluted loss per unit: Loss from continuing operations $ (0.80 ) $ (0.13 ) $ (0.33 ) Discontinued operations $ (0.02 ) $ (0.02 ) $ — Net loss $ (0.83 ) $ (0.16 ) $ (0.33 ) |
Income Taxes Schedule of Income
Income Taxes Schedule of Income Tax Reconciliation (Tables) | 4 Months Ended | 12 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | FelCor's TRSs had a consolidated deferred tax asset, which had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2016 Accumulated net operating losses of TRSs $ 94,219 Tax property basis compared to book 4,844 Accrued employee benefits not deductible for tax 4,966 Historic tax credits (1) 19,357 Other 26 Deferred tax asset 123,412 Valuation allowance (123,412 ) Deferred tax asset, net $ — (1) Because of the completion of construction at The Knickerbocker hotel property in 2015, one of FelCor's TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and they do not expire. Upon the filing of the 2015 state tax return in 2016, the state credit became refundable to FelCor. Accordingly, the historic tax credits for 2016 reflect the federal credits only. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2017 Deferred tax liabilities: Partnership basis $ (1,209 ) Deferred tax liabilities $ (1,209 ) Deferred tax assets: Property and equipment $ 9,841 Net operating loss carryforwards 5,805 Federal historic tax credits 631 Valuation allowance (15,068 ) Deferred tax assets $ 1,209 | |
Schedule of Characterization of Cash Dividends Distrubuted [Table Text Block] | For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Amount (3) % Amount (4) % Amount (5) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 $ — — $ 1.23 63.08 Cash liquidating distributions (1) 0.4875 1.62 — — — — Non-cash liquidating distributions (2) 28.49 95.12 — — — — Dividend income — — 1.03 52.82 0.72 36.92 Non-dividend distribution — — 0.92 47.18 — — $ 29.9525 100.00 $ 1.95 100.00 $ 1.95 100.00 Preferred Stock – Series C Capital gains $ — — $ — — $ 0.63 63.00 Dividend income — — — — 0.37 37.00 Non-dividend distribution — — — — — — $ — — $ — — $ 1.00 100.00 Common Stock Capital gains $ 0.12 1.59 $ — — $ — — Cash liquidating distributions (1) 0.10 1.33 — — — — Non-cash liquidating distributions (2) 7.31 97.08 — — — — Dividend income — — — — — — Non-dividend distribution — — 0.24 100.00 0.16 100.00 $ 7.53 100.00 $ 0.24 100.00 $ 0.16 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. (4) The fourth quarter 2015 preferred and common stock distributions were paid on January 29, 2016, so they were treated as 2016 distributions for tax purposes. (5) The fourth quarter 2014 preferred and common stock distributions were paid on January 29, 2015, so they were treated as 2015 distributions for tax purposes. | |
Income Taxes | Income Taxes Successor Period The Company is considered to be a partnership for income tax purposes, and is not subject to federal, state, or local income taxes. Any taxable income or loss will be recognized by the partners. Accordingly, no federal, state, or local income taxes have been reflected in the accompanying consolidated financial statements with respect to the Company. The Company retains an ownership of one taxable REIT subsidiary related to one hotel property (the "TRS Sub") which is treated as a C-corporation for income tax purposes. The TRS Sub pays federal, state and local income taxes on its net taxable income, and its after-tax net income will be available for distribution to the Company but it is not required to be distributed. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the "Tax Reform Act"). The legislation significantly changed U.S. tax law by, among other things, lowering corporate income tax rates, implementing limitations on net operating loss carryovers, and allowing dividend income from a REIT to be eligible for a 20% qualified business income deduction. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company uses the asset and liability method of accounting for income taxes of the TRS Sub. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. The deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse. The provisional estimate of $0.2 million incorporates assumptions made based upon the best available interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance. The provision for income taxes of the TRS Sub differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): September 1 through December 31, 2017 Expected TRS Sub federal tax expense at statutory rate $ 1,627 Tax impact of REIT election (560 ) Expected TRS Sub tax expense 1,067 Change in valuation allowance (879 ) Impact of rate change (188 ) TRS Sub income tax (expense) benefit $ — A reconciliation of the TRS Sub's effective tax rate and the U.S. federal statutory income tax rate is as follows: September 1 through December 31, 2017 Statutory U.S. federal income tax rate 34.0 % Impact of REIT election (11.7 )% Change in valuation allowance (18.4 )% Impact of rate change (3.9 )% Effective tax rate of TRS Sub — % The TRS Sub's deferred income taxes represent the tax effect of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) of the TRS Sub include the following (in thousands): December 31, 2017 Deferred tax liabilities: Partnership basis $ (1,209 ) Deferred tax liabilities $ (1,209 ) Deferred tax assets: Property and equipment $ 9,841 Net operating loss carryforwards 5,805 Federal historic tax credits 631 Valuation allowance (15,068 ) Deferred tax assets $ 1,209 The Company records a valuation allowance to reduce the TRS Sub's deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. As of December 31, 2017, the Company had a valuation allowance of approximately $15.1 million related to net operating loss ("NOL") carryforwards, historic tax credits, and other deferred tax assets of the TRS Sub. The Company considered all available evidence, both positive and negative, including cumulative income in recent years and its current forecast of future income in its analysis. The Company recognized a 100% valuation allowance related to the TRS Sub's net deferred tax asset because the Company believed it is more likely than not that the deferred tax assets of the TRS Sub will not be fully realized. The realization of the deferred tax assets associated with the TRS Sub's NOLs and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering the TRS Sub's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income. The TRS Sub's NOLs and historic tax credits begin to expire in 2035. Additionally, the annual utilization of these NOLs and historic tax credits is limited pursuant to Sections 382 and 383 of the Internal Revenue Code. The Company files tax returns as prescribed by the tax laws of the United States of America, the jurisdiction in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. As of December 31, 2017, the tax years that remain subject to examination under the statute of limitations are from 2014 forward. The Company had no accruals for tax uncertainties as of December 31, 2017. Predecessor Period For the Predecessor period, FelCor LP was a partnership for federal income tax purposes and was not subject to federal income tax. However, under its partnership agreement, FelCor LP was required to reimburse FelCor for any tax payments FelCor was required to make relative to its taxable income or loss. Accordingly, the tax information herein represents the disclosures regarding FelCor and its taxable subsidiaries. FelCor elected to be treated as a REIT under the federal income tax laws. As a REIT, FelCor generally was not subject to federal income taxation at the corporate level on taxable income that was distributed to its stockholders. FelCor was, however, subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. FelCor’s taxable REIT subsidiaries, or TRSs, formed to lease its hotel properties were subject to federal, state and local income taxes. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its annual taxable income to its stockholders. If FelCor fails to qualify as a REIT in any taxable year for which the statute of limitations remains open, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) for such taxable year and may not qualify as a REIT for four subsequent years. In connection with FelCor’s election to be treated as a REIT, its charter imposed restrictions on the ownership and transfer of shares of its common stock. It was FelCor LP's intention to make distributions on its units sufficient to enable FelCor to meet its distribution obligations as a REIT. FelCor accounted for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The following table reconciles FelCor's TRSs’ GAAP net (loss) income to federal taxable income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP consolidated net (loss) income attributable to FelCor LP $ (97,340 ) $ 3,405 $ (9,059 ) Loss (income) allocated to FelCor LP unitholders 495 93 194 GAAP consolidated net income (loss) attributable to FelCor (96,845 ) 3,498 (8,865 ) GAAP net loss (income) from REIT operations 105,888 21,332 21,838 GAAP net income of taxable subsidiaries 9,043 24,830 12,973 Gain/loss differences from dispositions — — (872 ) Depreciation and amortization (1) 1,571 (12,437 ) (1,877 ) Employee benefits not deductible for tax 1,531 (2,965 ) (588 ) Management fee recognition — — (107 ) Other book/tax differences 5,480 386 3,827 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 9,814 13,356 Utilization of net operating loss (17,625 ) (9,814 ) (13,356 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (1) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. FelCor's state income taxes of $0.5 million , $0.9 million and $1.2 million are included in income tax expense in the consolidated statements of operations and comprehensive income for the period of January 1, 2017 through August 31, 2017, and for the years ended December 31, 2016 and 2015, respectively. FelCor's TRSs had a consolidated deferred tax asset, which had a 100% valuation allowance, primarily comprised of the following (in thousands): December 31, 2016 Accumulated net operating losses of TRSs $ 94,219 Tax property basis compared to book 4,844 Accrued employee benefits not deductible for tax 4,966 Historic tax credits (1) 19,357 Other 26 Deferred tax asset 123,412 Valuation allowance (123,412 ) Deferred tax asset, net $ — (1) Because of the completion of construction at The Knickerbocker hotel property in 2015, one of FelCor's TRSs became entitled to the future benefits of historic tax credits that vest over a five year period and they do not expire. Upon the filing of the 2015 state tax return in 2016, the state credit became refundable to FelCor. Accordingly, the historic tax credits for 2016 reflect the federal credits only. FelCor recognized a 100% valuation allowance related to its TRSs’ net deferred tax asset because FelCor believed it is more likely than not that the deferred tax asset will not be fully realized. The realization of the deferred tax assets associated with FelCor's net operating losses and historic tax credits was dependent on projections of future taxable income, for which there was uncertainty when considering FelCor's historic results and the cyclical nature of the lodging industry. Accordingly, no provision or benefit for deferred income taxes is reflected in the accompanying consolidated statements of operations and comprehensive income. At December 31, 2016, FelCor's TRSs had net operating loss carryforwards for federal income tax purposes of $254.8 million, which are available to offset future taxable income, if any, and do not begin to expire until 2024. The following table reconciles the REIT's GAAP net loss to taxable (loss) income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP net loss from REIT operations $ (105,888 ) $ (21,332 ) $ (21,838 ) Book/tax differences, net: Dividend income from TRS 17,794 25,650 24,809 Depreciation and amortization (1) 12,908 19,582 3,937 Noncontrolling interests (495 ) (93 ) (400 ) Gain/loss differences from dispositions (46,054 ) (16,572 ) 18,335 Impairment loss not deductible for tax 35,109 26,459 20,861 Conversion costs (2,155 ) (3,233 ) (3,233 ) Compensation 20,402 — — Other 10,035 (446 ) 1,505 Taxable (loss) income (2) $ (58,344 ) $ 30,015 $ 43,976 (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017 and 2016, FelCor's distributions were in excess of 100% of taxable income. At December 31, 2016, FelCor had net operating loss carryforwards for federal income tax purposes of $534.2 million, which it expected to use to offset future distribution requirements. For income tax purposes, the dividends paid consist of ordinary income, capital gains, return of capital or a combination thereof. The dividends paid per share were characterized, in accordance with the requirements under the Internal Revenue Code, as follows: January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 Amount (3) % Amount (4) % Amount (5) % Preferred Stock – Series A Capital gains $ 0.9750 3.26 $ — — $ 1.23 63.08 Cash liquidating distributions (1) 0.4875 1.62 — — — — Non-cash liquidating distributions (2) 28.49 95.12 — — — — Dividend income — — 1.03 52.82 0.72 36.92 Non-dividend distribution — — 0.92 47.18 — — $ 29.9525 100.00 $ 1.95 100.00 $ 1.95 100.00 Preferred Stock – Series C Capital gains $ — — $ — — $ 0.63 63.00 Dividend income — — — — 0.37 37.00 Non-dividend distribution — — — — — — $ — — $ — — $ 1.00 100.00 Common Stock Capital gains $ 0.12 1.59 $ — — $ — — Cash liquidating distributions (1) 0.10 1.33 — — — — Non-cash liquidating distributions (2) 7.31 97.08 — — — — Dividend income — — — — — — Non-dividend distribution — — 0.24 100.00 0.16 100.00 $ 7.53 100.00 $ 0.24 100.00 $ 0.16 100.00 (1) All cash dividends declared after the execution of the Merger Agreement in April 2017 were characterized as cash liquidating distributions for tax purposes. (2) Represents the value per share of the RLJ shares received by FelCor shareholders upon consummation of the Mergers on August 31, 2017. (3) The fourth quarter 2016 preferred and common stock distributions were paid on January 31, 2017, so they were treated as 2017 distributions for tax purposes. All 2017 cash dividends declared prior to the execution of the Merger Agreement in April 2017 were designated by FelCor as capital gains dividends. (4) The fourth quarter 2015 preferred and common stock distributions were paid on January 29, 2016, so they were treated as 2016 distributions for tax purposes. (5) The fourth quarter 2014 preferred and common stock distributions were paid on January 29, 2015, so they were treated as 2015 distributions for tax purposes. | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The provision for income taxes of the TRS Sub differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands): September 1 through December 31, 2017 Expected TRS Sub federal tax expense at statutory rate $ 1,627 Tax impact of REIT election (560 ) Expected TRS Sub tax expense 1,067 Change in valuation allowance (879 ) Impact of rate change (188 ) TRS Sub income tax (expense) benefit $ — A reconciliation of the TRS Sub's effective tax rate and the U.S. federal statutory income tax rate is as follows: September 1 through December 31, 2017 Statutory U.S. federal income tax rate 34.0 % Impact of REIT election (11.7 )% Change in valuation allowance (18.4 )% Impact of rate change (3.9 )% Effective tax rate of TRS Sub — % | The following table reconciles the REIT's GAAP net loss to taxable (loss) income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP net loss from REIT operations $ (105,888 ) $ (21,332 ) $ (21,838 ) Book/tax differences, net: Dividend income from TRS 17,794 25,650 24,809 Depreciation and amortization (1) 12,908 19,582 3,937 Noncontrolling interests (495 ) (93 ) (400 ) Gain/loss differences from dispositions (46,054 ) (16,572 ) 18,335 Impairment loss not deductible for tax 35,109 26,459 20,861 Conversion costs (2,155 ) (3,233 ) (3,233 ) Compensation 20,402 — — Other 10,035 (446 ) 1,505 Taxable (loss) income (2) $ (58,344 ) $ 30,015 $ 43,976 (1) The book/tax differences in depreciation and amortization primarily result from the differences in depreciable lives and accelerated depreciation methods. (2) The dividend distribution requirement is 90% of any taxable income (net of capital gains). For 2017 and 2016, FelCor's distributions were in excess of 100% of taxable income. |
Subsidiaries | ||
Income Taxes [Line Items] | ||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles FelCor's TRSs’ GAAP net (loss) income to federal taxable income (in thousands): January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2016 2015 GAAP consolidated net (loss) income attributable to FelCor LP $ (97,340 ) $ 3,405 $ (9,059 ) Loss (income) allocated to FelCor LP unitholders 495 93 194 GAAP consolidated net income (loss) attributable to FelCor (96,845 ) 3,498 (8,865 ) GAAP net loss (income) from REIT operations 105,888 21,332 21,838 GAAP net income of taxable subsidiaries 9,043 24,830 12,973 Gain/loss differences from dispositions — — (872 ) Depreciation and amortization (1) 1,571 (12,437 ) (1,877 ) Employee benefits not deductible for tax 1,531 (2,965 ) (588 ) Management fee recognition — — (107 ) Other book/tax differences 5,480 386 3,827 Federal tax income of taxable subsidiaries before utilization of net operating losses 17,625 9,814 13,356 Utilization of net operating loss (17,625 ) (9,814 ) (13,356 ) Net federal tax income of taxable subsidiaries $ — $ — $ — (1) The changes in book/tax differences in depreciation and amortization principally result from book and tax basis differences, differences in depreciable lives and accelerated depreciation methods. |
Redeemable Noncontrolling Int37
Redeemable Noncontrolling Interests/Units in FelCor LP (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests (or Redeemable Units) | The following table summarizes the changes in the redeemable noncontrolling interests (or redeemable units) (in thousands): Predecessor January 1 through August 31, For the year ended December 31, 2017 2016 Balance at beginning of the period $ 4,888 $ 4,464 Conversion of units — (9 ) Redemption value allocation 196 673 Distributions paid to unitholders (134 ) (147 ) Net loss (495 ) (93 ) Balance at end of the period $ 4,455 $ 4,888 |
Supplemental Information to S38
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Information to Statements of Cash Flows | The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): Successor Predecessor September 1 through December 31, January 1 through August 31, For the year ended December 31, For the year ended December 31, 2017 2017 2016 2015 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 14,728 $ 47,396 $ 47,317 $ 59,786 Restricted cash reserves 3,303 17,038 19,491 17,702 Cash, cash equivalents, and restricted cash reserves $ 18,031 $ 64,434 $ 66,808 $ 77,488 Interest paid, net of capitalized interest $ 33,410 $ 38,677 $ 74,499 $ 74,585 Income taxes (refund) paid $ (85 ) $ 1,346 $ 332 $ 1,187 Supplemental non-cash transactions Accrued capital expenditures $ 8,587 $ 3,640 $ 3,124 $ 7,668 FelCor TRS Distribution (1) $ 51,267 $ — $ — $ — (1) Refer to Note 2, Merger with RLJ, for the non-cash assets and liabilities comprising the FelCor TRS distribution. |
Quarterly Operating Results (39
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Operating Results [Line Items] | |
Quarterly Financial Information [Table Text Block] | Rangers Predecessor Successor For the year ended December 31, 2017 First Quarter Second Quarter July 1 through August 31 September 1 through September 30 (1) Fourth Quarter (1) Total revenue $ 188,104 $ 220,440 $ 142,971 $ 20,854 $ 60,405 Net income (loss) from continuing operations $ (35,475 ) $ (1,253 ) $ (54,999 ) $ 4,539 $ 6,882 Loss from discontinued operations $ — $ — $ (3,415 ) $ — $ — Net income (loss) and comprehensive income (loss) attributable to Rangers $ (35,911 ) $ (1,759 ) $ (59,175 ) $ 4,321 $ (231 ) Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders $ (42,190 ) $ (8,038 ) $ (63,361 ) $ 4,321 $ (231 ) Basic and diluted per common share data: Net loss from continuing operations per share attributable to common shareholders $ (0.31 ) $ (0.06 ) $ (0.43 ) Discontinued operations $ — $ — $ (0.02 ) Net loss per share attributable to common shareholders $ (0.31 ) $ (0.06 ) $ (0.46 ) Basic weighted-average common shares outstanding 137,777,651 137,865,843 137,904,668 Diluted weighted-average common shares outstanding 137,777,651 137,865,843 137,904,668 (1) On August 31, 2017, RLJ, RLJ LP, Rangers, Partnership Merger Sub, FelCor and FelCor LP consummated the transactions contemplated by the Merger Agreement. The change in the quarterly financial data was a result of the financial impact related to the Mergers. Refer to Note 2, Merger with RLJ, for more information on the accounting for the business combination. Predecessor For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 210,144 $ 237,906 $ 222,981 $ 195,923 Net income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Loss from discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) and comprehensive income (loss) attributable to Rangers $ (4,922 ) $ 13,391 $ (5,099 ) $ 128 Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders $ (11,201 ) $ 7,112 $ (11,378 ) $ (6,150 ) Basic and diluted per common share data: Net income (loss) from continuing operations per share attributable to common shareholders $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net loss per share attributable to common shareholders $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted-average common shares outstanding 139,677,676 138,181,843 137,463,547 137,243,568 Diluted weighted-average common shares outstanding 139,677,676 138,678,288 137,463,547 137,243,568 |
FelCor Lodging LP | |
Quarterly Operating Results [Line Items] | |
Quarterly Financial Information [Table Text Block] | FelCor LP Predecessor Successor For the year ended December 31, 2017 First Quarter Second Quarter July 1 through August 31 September 1 through September 30 (1) Fourth Quarter (1) Total revenue $ 188,104 $ 220,440 $ 142,971 $ 20,854 $ 60,405 Net income (loss) from continuing operations $ (35,475 ) $ (1,253 ) $ (54,999 ) $ 4,539 $ 6,882 Loss from discontinued operations $ — $ — $ (3,415 ) $ — $ — Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ (36,097 ) $ (1,794 ) $ (59,449 ) $ 4,366 $ (235 ) Net income (loss) and comprehensive income (loss) attributable to FelCor LP partners and common unitholders $ (42,376 ) $ (8,073 ) $ (63,635 ) $ 4,366 $ (235 ) Basic and diluted per common unit data: Net loss from continuing operations per share attributable to common unitholders $ (0.31 ) $ (0.06 ) $ (0.43 ) Discontinued operations $ — $ — $ (0.02 ) Net loss per unit $ (0.31 ) $ (0.06 ) $ (0.45 ) Basic weighted-average common units outstanding 138,387,834 138,476,026 138,514,851 Diluted weighted-average common units outstanding 138,387,834 138,476,026 138,514,851 (1) On August 31, 2017, RLJ, RLJ LP, Rangers, Partnership Merger Sub, FelCor and FelCor LP consummated the transactions contemplated by the Merger Agreement. The change in the quarterly financial data was a result of the financial impact related to the Mergers. Refer to Note 2, Merger with RLJ, for more information on the accounting for the business combination. Predecessor For the year ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 210,144 $ 237,906 $ 222,981 $ 195,923 Net income (loss) from continuing operations $ (4,367 ) $ 14,400 $ (9,761 ) $ 730 Loss from discontinued operations $ — $ — $ (3,131 ) $ — Net income (loss) and comprehensive income (loss) attributable to FelCor LP $ (4,970 ) $ 13,422 $ (5,149 ) $ 102 Net income (loss) and comprehensive income (loss) attributable to FelCor LP and common unitholders $ (11,249 ) $ 7,143 $ (11,428 ) $ (6,176 ) Basic and diluted per common unit data: Net income (loss) from continuing operations per share attributable to common unitholders $ (0.08 ) $ 0.05 $ (0.06 ) $ (0.04 ) Discontinued operations $ — $ — $ (0.02 ) $ — Net loss per unit $ (0.08 ) $ 0.05 $ (0.08 ) $ (0.04 ) Basic weighted-average common units outstanding 140,289,138 138,793,305 138,074,647 137,853,751 Diluted weighted-average common units outstanding 140,289,138 139,289,770 138,074,647 137,853,751 |
FelCor LP's Consolidating Fin40
FelCor LP's Consolidating Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | The following tables present the consolidating financial information for the Subsidiary Guarantors: FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Equity investment in consolidated entities $ 2,384,094 $ — $ — $ (2,384,094 ) $ — Investment in hotel properties, net — 856,541 1,641,339 — 2,497,880 Intangible assets, net — 48,846 69,324 — 118,170 Investment in unconsolidated joint ventures 16,912 — — — 16,912 Cash and cash equivalents 9,202 — 5,526 — 14,728 Restricted cash reserves 436 — 2,867 — 3,303 Related party rent receivable — 32,200 47,890 — 80,090 Prepaid expense and other assets 4,405 3,292 4,994 — 12,691 Total assets $ 2,415,049 $ 940,879 $ 1,771,940 $ (2,384,094 ) $ 2,743,774 Debt, net $ 1,062,716 $ — $ 269,098 $ (32,709 ) $ 1,299,105 Accounts payable and other liabilities 20,018 13,605 20,568 — 54,191 Related party lease termination fee payable — — 7,707 — 7,707 Accrued interest 12,286 — — — 12,286 Distributions payable — — 126 — 126 Total liabilities 1,095,020 13,605 297,499 (32,709 ) 1,373,415 Partnership interests 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Total FelCor LP partners' capital 1,320,029 927,274 1,424,111 (2,351,385 ) 1,320,029 Noncontrolling interests — — 5,900 — 5,900 Preferred capital in a consolidated joint venture — — 44,430 — 44,430 Total partners’ capital 1,320,029 927,274 1,474,441 (2,351,385 ) 1,370,359 Total liabilities and partners’ capital $ 2,415,049 $ 940,879 $ 1,771,940 $ (2,384,094 ) $ 2,743,774 FelCor Lodging Limited Partnership Condensed Consolidating Balance Sheet December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Investment in hotel properties, net $ — $ 488,528 $ 1,078,295 $ — $ 1,566,823 Equity investment in consolidated entities 1,190,737 — — (1,190,737 ) — Investment in unconsolidated joint ventures 2,410 4,800 1,102 — 8,312 Cash and cash equivalents 13,532 29,141 4,644 — 47,317 Restricted cash reserves — 16,433 3,058 — 19,491 Hotel and other receivables, net — 26,651 — — 26,651 Prepaid expense and other assets 8,438 16,696 13,364 — 38,498 Total assets $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 Debt, net $ 985,767 $ — $ 391,995 $ (39,436 ) $ 1,338,326 Accounts payable and other liabilities 15,209 54,960 8,113 — 78,282 Advance deposits and deferred revenue 923 24,479 3 — 25,405 Accrued interest 12,299 — 451 — 12,750 Distributions payable 14,734 — 124 — 14,858 Total liabilities 1,028,932 79,439 400,686 (39,436 ) 1,469,621 Redeemable units, at redemption value 4,888 — — — 4,888 Preferred units 309,337 — — — 309,337 Common units (128,040 ) 503,765 647,536 (1,151,301 ) (128,040 ) Total partners’ capital 181,297 503,765 647,536 (1,151,301 ) 181,297 Noncontrolling interest in consolidated joint ventures — (955 ) 8,458 — 7,503 Preferred capital in a consolidated joint venture — — 43,783 — 43,783 Total partners’ capital 181,297 502,810 699,777 (1,151,301 ) 232,583 Total liabilities and partners’ capital $ 1,215,117 $ 582,249 $ 1,100,463 $ (1,190,737 ) $ 1,707,092 |
Condensed Consolidating Statement of Operations and Comprehensive Loss | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Related party lease revenue $ — $ 32,572 $ 48,687 $ — $ 81,259 Total revenue — 32,572 48,687 — 81,259 Expense Depreciation and amortization 151 12,164 16,650 — 28,965 Property tax, insurance and other 25 8,800 8,237 — 17,062 General and administrative 904 59 56 — 1,019 Transaction costs 4,079 105 9 — 4,193 Total operating expense 5,159 21,128 24,952 — 51,239 Operating (expense) income (5,159 ) 11,444 23,735 — 30,020 Interest income 113 — 1 (104 ) 10 Interest expense (15,918 ) — (3,456 ) 104 (19,270 ) Income (loss) before equity in income from joint ventures (20,964 ) 11,444 20,280 — 10,760 Equity in income from consolidated entities 24,434 — — (24,434 ) — Equity in income from unconsolidated joint ventures 661 — — — 661 Income before loss on sale of hotel properties 4,131 11,444 20,280 (24,434 ) 11,421 Loss on sale of hotel properties — — (6,637 ) — (6,637 ) Net income and comprehensive income 4,131 11,444 13,643 (24,434 ) 4,784 Income attributable to noncontrolling interests — — (157 ) — (157 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Net income and comprehensive income attributable to FelCor LP $ 4,131 $ 11,444 $ 12,990 $ (24,434 ) $ 4,131 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Loss For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 425,682 $ — $ — $ 425,682 Food and beverage revenue — 90,572 — — 90,572 Percentage lease revenue — — 84,509 (84,509 ) — Other revenue 41 34,883 337 — 35,261 Total revenue 41 551,137 84,846 (84,509 ) 551,515 Expense Room expense — 112,813 — — 112,813 Food and beverage expense — 71,828 — — 71,828 Management and franchise fee expense — 19,901 — — 19,901 Other operating expense — 147,827 — — 147,827 Depreciation and amortization 309 28,064 44,692 — 73,065 Impairment loss — 35,109 — — 35,109 Property tax, insurance and other 921 111,020 16,846 (84,509 ) 44,278 General and administrative — 8,914 7,092 — 16,006 Transaction costs 68,248 — — — 68,248 Total operating expense 69,478 535,476 68,630 (84,509 ) 589,075 Operating (expense) income (69,437 ) 15,661 16,216 — (37,560 ) Intercompany interest income (expense) 241 — (241 ) — — Other income (expense) — — 100 — 100 Interest income 66 59 1 — 126 Interest expense (38,722 ) — (12,968 ) — (51,690 ) Loss on debt extinguishment — — (3,278 ) — (3,278 ) Loss before equity in income from joint ventures (107,852 ) 15,720 (170 ) — (92,302 ) Equity in income from consolidated entities 12,779 — — (12,779 ) — Equity in income from unconsolidated joint ventures 1,181 (77 ) (30 ) — 1,074 Loss before income tax (93,892 ) 15,643 (200 ) (12,779 ) (91,228 ) Income tax expense (35 ) (464 ) — — (499 ) Loss from continuing operations (93,927 ) 15,179 (200 ) (12,779 ) (91,727 ) Loss from discontinued operations (3,415 ) — — — (3,415 ) Loss before loss on sale of hotel properties (97,342 ) 15,179 (200 ) (12,779 ) (95,142 ) Loss on sale of hotel properties 2 (1,565 ) (201 ) — (1,764 ) Net loss and comprehensive loss (97,340 ) 13,614 (401 ) (12,779 ) (96,906 ) Loss attributable to noncontrolling interests in consolidated joint ventures — 336 209 — 545 Preferred distributions - consolidated joint venture — — (979 ) — (979 ) Net loss and comprehensive loss attributable to FelCor LP (97,340 ) 13,950 (1,171 ) (12,779 ) (97,340 ) Preferred distributions (16,744 ) — — — (16,744 ) Net loss attributable to FelCor LP common unitholders $ (114,084 ) $ 13,950 $ (1,171 ) $ (12,779 ) $ (114,084 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 661,640 $ — $ — $ 661,640 Food and beverage revenue — 155,227 — — 155,227 Percentage lease revenue — — 134,462 (134,462 ) — Other revenue 210 49,449 428 — 50,087 Total revenue 210 866,316 134,890 (134,462 ) 866,954 Expense Room expense — 171,883 — — 171,883 Food and beverage expense — 119,047 — — 119,047 Management and franchise fee expense — 32,935 — — 32,935 Other operating expense — 227,300 — — 227,300 Depreciation and amortization 261 45,763 68,030 — 114,054 Impairment loss — 26,459 — — 26,459 Property tax, insurance and other 7,415 173,588 23,516 (134,462 ) 70,057 General and administrative — 14,848 12,189 — 27,037 Total operating expense 7,676 811,823 103,735 (134,462 ) 788,772 Operating (expense) income (7,466 ) 54,493 31,155 — 78,182 Intercompany interest income (expense) 378 — (378 ) — — Other income — — 342 — 342 Interest income 31 30 1 — 62 Interest expense (58,674 ) — (19,570 ) — (78,244 ) Income before equity in income from joint ventures (65,731 ) 54,523 11,550 — 342 Equity in income from consolidated entities 69,540 — — (69,540 ) — Equity in income from unconsolidated joint ventures 1,781 (202 ) (46 ) — 1,533 Income before income tax 5,590 54,321 11,504 (69,540 ) 1,875 Income tax expense 559 (1,586 ) 154 — (873 ) Income from continuing operations 6,149 52,735 11,658 (69,540 ) 1,002 Loss from discontinued operations (3,131 ) — — — (3,131 ) Loss before gain on sale of hotel properties 3,018 52,735 11,658 (69,540 ) (2,129 ) Gain on sale of hotel properties 387 6,450 (515 ) — 6,322 Net income and comprehensive income 3,405 59,185 11,143 (69,540 ) 4,193 Loss attributable to noncontrolling interests in consolidated joint ventures — 520 153 — 673 Preferred distributions - consolidated joint venture — — (1,461 ) — (1,461 ) Net income and comprehensive income attributable to FelCor LP 3,405 59,705 9,835 (69,540 ) 3,405 Preferred distributions (25,115 ) — — — (25,115 ) Net loss attributable to FelCor LP common unitholders $ (21,710 ) $ 59,705 $ 9,835 $ (69,540 ) $ (21,710 ) FelCor Lodging Limited Partnership Condensed Consolidating Statement of Operations and Comprehensive Income For the Year Ended December 31, 2015 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Revenue Room revenue $ — $ 673,276 $ — $ — $ 673,276 Food and beverage revenue — 158,531 — — 158,531 Percentage lease revenue — — 126,867 (126,867 ) — Other revenue 143 53,852 452 — 54,447 Total revenue 143 885,659 127,319 (126,867 ) 886,254 Expense Room expense — 172,252 — — 172,252 Food and beverage expense — 123,384 — — 123,384 Management and franchise fee expense — 35,572 — — 35,572 Other operating expense — 241,051 — — 241,051 Depreciation and amortization 188 49,589 64,675 — 114,452 Impairment loss — 20,861 — — 20,861 Property tax, insurance and other 4,485 171,178 22,890 (126,867 ) 71,686 General and administrative — 15,022 12,261 — 27,283 Total operating expense 4,673 828,909 99,826 (126,867 ) 806,541 Operating income (4,530 ) 56,750 27,493 — 79,713 Intercompany interest income (expense) 379 — (379 ) — — Other income (expense) — — 166 — 166 Interest income 5 11 8 — 24 Interest expense (57,446 ) — (21,696 ) — (79,142 ) Debt extinguishment (28,459 ) — (2,450 ) — (30,909 ) Loss before equity in income from joint ventures (90,051 ) 56,761 3,142 — (30,148 ) Equity in income from consolidated entities 73,274 — — (73,274 ) — Equity in income from unconsolidated joint ventures 8,368 (489 ) (46 ) — 7,833 Loss before income tax (8,409 ) 56,272 3,096 (73,274 ) (22,315 ) Income tax expense (252 ) (993 ) — — (1,245 ) Income from continuing operations (8,661 ) 55,279 3,096 (73,274 ) (23,560 ) Income from discontinued operations — 11 658 — 669 Loss before gain on sale of hotel properties (8,661 ) 55,290 3,754 (73,274 ) (22,891 ) Gain on sale of hotel properties (398 ) (17 ) 19,841 — 19,426 Net loss and comprehensive loss (9,059 ) 55,273 23,595 (73,274 ) (3,465 ) Income attributable to noncontrolling interests in consolidated joint ventures — 769 (4,926 ) — (4,157 ) Preferred distributions - consolidated joint venture — — (1,437 ) — (1,437 ) Net loss and comprehensive loss attributable to FelCor LP (9,059 ) 56,042 17,232 (73,274 ) (9,059 ) Preferred distributions (36,234 ) — — — (36,234 ) Net loss attributable to FelCor LP common unitholders $ (45,293 ) $ 56,042 $ 17,232 $ (73,274 ) $ (45,293 ) |
Condensed Consolidating Statement of Cash Flows | FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of September 1, 2017 through December 31, 2017 (Successor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (44,202 ) $ (11,078 ) $ (16,872 ) $ — $ (72,152 ) Investing activities: Improvements and additions to hotel properties — (5,704 ) (17,933 ) — (23,637 ) Proceeds from the sale of hotel properties, net — — 165,893 — 165,893 Intercompany financing 108,590 — — (108,590 ) — Cash flows from investing activities 108,590 (5,704 ) 147,960 (108,590 ) 142,256 Financing activities: Repayment of borrowings (990 ) — (1,174 ) — (2,164 ) Contributions from partners 130,076 — — — 130,076 Distributions to partners (187,616 ) — — — (187,616 ) Distribution of FelCor TRS — (51,867 ) — — (51,867 ) Preferred distributions - consolidated joint venture — — (496 ) — (496 ) Payments of deferred financing costs — — (254 ) — (254 ) Distributions to preferred unitholders (4,186 ) — — — (4,186 ) Intercompany financing — 20,142 (128,732 ) 108,590 — Cash flows from financing activities (62,716 ) (31,725 ) (130,656 ) 108,590 (116,507 ) Net change in cash, cash equivalents, and restricted cash reserves 1,672 (48,507 ) 432 — (46,403 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 7,965 48,507 7,962 — 64,434 Cash, cash equivalents, and restricted cash reserves, end of period $ 9,637 $ — $ 8,394 $ — $ 18,031 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Period of January 1, 2017 through August 31, 2017 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (40,773 ) $ 85,899 $ 54,214 $ — $ 99,340 Investing activities: Improvements and additions to hotel properties 1 (16,727 ) (47,076 ) — (63,802 ) Proceeds from the sale of hotel properties, net (696 ) 74,281 (169 ) — 73,416 Distributions from unconsolidated joint ventures 840 — — — 840 Intercompany financing 91,391 — — (91,391 ) — Cash flows from investing activities 91,536 57,554 (47,245 ) (91,391 ) 10,454 Financing activities: Proceeds from borrowings — — 66,000 — 66,000 Repayment of borrowings — — (121,691 ) — (121,691 ) Distributions to noncontrolling interests — — (150 ) — (150 ) Contributions from noncontrolling interests — 333 — — 333 Distributions to preferred unitholders (18,836 ) — — — (18,836 ) Distributions to common unitholders (30,926 ) — — — (30,926 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 647 — 647 Intercompany financing — (140,853 ) 49,462 91,391 — Other (6,568 ) — (977 ) — (7,545 ) Cash flows from financing activities (56,330 ) (140,520 ) (6,709 ) 91,391 (112,168 ) Net change in cash, cash equivalents, and restricted cash reserves (5,567 ) 2,933 260 — (2,374 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 13,532 45,574 7,702 — 66,808 Cash, cash equivalents, and restricted cash reserves, end of period $ 7,965 $ 48,507 $ 7,962 $ — $ 64,434 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2016 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (65,416 ) $ 115,577 $ 84,759 $ — $ 134,920 Investing activities: Acquisition of land — — (8,226 ) — (8,226 ) Improvements and additions to hotel properties (11 ) (31,309 ) (42,944 ) — (74,264 ) Proceeds from the sale of hotel properties, net (1,433 ) 102,726 (323 ) — 100,970 Insurance proceeds — — 341 — 341 Distributions from unconsolidated joint ventures 1,586 — — — 1,586 Intercompany financing 149,667 — — (149,667 ) — Cash flows from investing activities 149,809 71,417 (51,152 ) (149,667 ) 20,407 Financing activities: Proceeds from borrowings — — 85,000 — 85,000 Repayment of borrowings — — (158,662 ) — (158,662 ) Payment of deferred financing fees — — (12 ) — (12 ) Distributions to noncontrolling interests — (14 ) (2 ) — (16 ) Contributions from noncontrolling interests — 397 239 — 636 Repurchase of common units (30,462 ) — — — (30,462 ) Distributions to preferred unitholders (25,115 ) — — — (25,115 ) Distributions to common unitholders (33,606 ) — — — (33,606 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 597 — 597 Intercompany financing — (191,117 ) 41,450 149,667 — Other (2,897 ) — (1,461 ) — (4,358 ) Cash flows from financing activities (92,080 ) (190,734 ) (32,851 ) 149,667 (165,998 ) Effect of exchange rate changes on cash — — (9 ) — (9 ) Net change in cash, cash equivalents, and restricted cash reserves (7,687 ) (3,740 ) 747 — (10,680 ) Cash, cash equivalents, and restricted cash reserves, beginning of period 21,219 49,314 6,955 — 77,488 Cash, cash equivalents, and restricted cash reserves, end of period $ 13,532 $ 45,574 $ 7,702 $ — $ 66,808 FelCor Lodging Limited Partnership Condensed Consolidating Statement of Cash Flows For the Year Ended December 31, 2015 (Predecessor) (in thousands) FelCor LP Subsidiary Guarantors Non-Guarantor Subsidiaries Eliminations Total Consolidated Operating activities: Cash flows from operating activities $ (54,129 ) $ 123,302 $ 77,490 $ — $ 146,663 Investing activities: Improvements and additions to hotel properties 242 (42,039 ) (6,639 ) — (48,436 ) Hotel development — — (33,525 ) — (33,525 ) Proceeds from the sale of hotel properties, net (569 ) (669 ) 189,187 — 187,949 Insurance proceeds 274 — 203 — 477 Distributions from unconsolidated joint ventures 6,517 800 — — 7,317 Contributions to unconsolidated entities (15 ) — — — (15 ) Intercompany financing 184,776 — — (184,776 ) — Cash flows from investing activities 191,225 (41,908 ) 149,226 (184,776 ) 113,767 Financing activities: Proceeds from borrowings 475,000 — 550,438 — 1,025,438 Repayment of borrowings (545,453 ) — (658,356 ) — (1,203,809 ) Payment of deferred financing fees (8,505 ) — (6,447 ) — (14,952 ) Distributions to noncontrolling interests — (444 ) (17,151 ) — (17,595 ) Contributions from noncontrolling interests — 548 2,261 — 2,809 Redemption of preferred units (169,986 ) — — — (169,986 ) Repurchase of common units (14,362 ) — — — (14,362 ) Distributions to preferred unitholders (32,404 ) — — — (32,404 ) Net proceeds from common unit issuance 198,648 — — — 198,648 Distributions to common unitholders (22,385 ) — — — (22,385 ) Net proceeds from the issuance of preferred capital in a consolidated joint venture — — 1,744 — 1,744 Intercompany financing — (76,697 ) (108,079 ) 184,776 — Other (2,147 ) — (1,431 ) — (3,578 ) Cash flows from financing activities (121,594 ) (76,593 ) (237,021 ) 184,776 (250,432 ) Effect of exchange rate changes on cash — — (153 ) — (153 ) Net change in cash, cash equivalents, and restricted cash reserves 15,502 4,801 (10,458 ) — 9,845 Cash, cash equivalents, and restricted cash reserves, beginning of period 5,717 44,513 17,413 — 67,643 Cash, cash equivalents, and restricted cash reserves, end of period $ 21,219 $ 49,314 $ 6,955 $ — $ 77,488 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2017 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life DoubleTree Suites by Hilton Austin — 7,072 50,827 21 7,072 50,848 57,920 428 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 47 899 44,553 45,452 392 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 41 31,279 46,056 77,335 444 2017 15 - 40 years Embassy Suites Birmingham 22,908 10,495 33,568 — 10,495 33,568 44,063 296 2017 15 - 40 years Embassy Suites Boston Marlborough — 5,233 18,114 376 5,233 18,490 23,723 177 2017 15 - 40 years Embassy Suites Dallas - Love Field — 6,408 34,694 131 6,408 34,825 41,233 299 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa 30,323 7,527 56,128 590 7,528 56,717 64,245 527 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street 34,339 30,933 54,592 479 31,051 54,953 86,004 534 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South — 13,110 94,733 148 13,110 94,881 107,991 799 2017 15 - 40 years Embassy Suites Mandalay Beach - Hotel & Resort — 35,769 53,280 75 35,780 53,344 89,124 482 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 1,157 14,813 19,208 34,021 174 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 787 43,216 27,127 70,343 253 2017 15 - 40 years Embassy Suites Minneapolis - Airport 36,832 7,248 41,202 2,213 7,248 43,415 50,663 436 2017 15 - 40 years Embassy Suites Myrtle Beach - Oceanfront Resort — 14,103 55,236 696 14,501 55,534 70,035 491 2017 15 - 40 years Embassy Suites Napa Valley 26,814 24,429 63,188 190 24,429 63,378 87,807 559 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 148 4,743 37,835 42,578 328 2017 15 - 40 years Embassy Suites Phoenix - Biltmore — 24,680 24,487 264 24,701 24,730 49,431 222 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 594 39,634 55,739 95,373 476 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 315 3,729 85,555 89,284 794 2017 15 - 40 years Hilton Myrtle Beach Resort — 17,864 73,713 83 17,870 73,790 91,660 646 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 2,317 46,812 110,119 156,931 910 2017 15 - 40 years DoubleTree by Hilton Burlington Vermont — 8,362 30,812 1,178 8,410 31,942 40,352 342 2017 15 - 35 years Sheraton Philadelphia Society Hill Hotel — 13,304 83,333 289 13,317 83,608 96,925 711 2017 15 - 40 years The Knickerbocker New York 85,404 113,613 119,453 191 113,614 119,643 233,257 1,000 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2017 Description Debt Land & Improvements Building & Improvements Land, Building & Improvements Land & Improvements Buildings & Improvements Total (1) Accumulated Depreciation Date Acquired Depreciation Life The Mills House Wyndham Grand Hotel — 9,599 68,932 — 9,599 68,932 78,531 579 2017 15 - 40 years The Vinoy Renaissance St. Petersburg Resort & Golf Club — 3,754 64,024 7,710 4,934 70,554 75,488 694 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 43 174 51,977 52,151 1,580 2017 12 years Wyndham Houston - Medical Center Hotel & Suites — 7,776 43,475 87 7,776 43,562 51,338 370 2017 15 - 40 years Wyndham New Orleans - French Quarter — 300 72,711 410 300 73,121 73,421 615 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 78 8,367 51,992 60,359 439 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 21 154 31,646 31,800 267 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 338 989 29,778 30,767 848 2017 13 years Wyndham Santa Monica At The Pier — 27,054 45,866 129 27,063 45,986 73,049 390 2017 15 - 40 years Holiday Inn San Francisco - Fisherman's Wharf — 12,203 13,877 19 12,203 13,896 26,099 1,031 2017 2 - 40 years $ 236,620 $ 595,447 $ 1,782,140 $ 21,165 $ 597,451 $ 1,801,302 $ 2,398,753 $ 18,533 _______________________________________________________________________________ (1) The aggregate cost of real estate for federal income tax purposes was approximately $2.2 billion at December 31, 2017. The change in the total cost of the hotel properties is as follows: Successor Predecessor September 1, 2017 through December 31, 2017 January 1, 2017 through August 31, 2017 2016 2015 Reconciliation of Land and Buildings and Improvements Balance at the beginning of the period (1) $ 2,537,854 $ 2,108,117 $ 2,229,492 $ 2,062,289 Add: Improvements 22,305 30,403 20,973 15,324 Add: Purchase of land — — 8,226 — Add: Completed hotel development — — — 299,341 Less: Sale of hotel properties (161,406 ) (133,922 ) (150,574 ) (147,462 ) Balance at the end of the period before impairment charges (1) $ 2,398,753 $ 2,004,598 $ 2,108,117 $ 2,229,492 Cumulative impairment charges on the real estate assets owned at the end of the period — (55,145 ) (75,227 ) (76,008 ) Balance at the end of the period after impairment charges $ 2,398,753 $ 1,949,453 $ 2,032,890 $ 2,153,484 (1) The balance at the end of the Predecessor period of January 1, 2017 through August 31, 2017 does not equal the balance at the beginning of the Successor period of September 1, 2017 through December 31, 2017 due to the impact of RLJ electing to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired in the Mergers on August 31, 2017. The change in the accumulated depreciation of the real estate assets is as follows: Successor Predecessor September 1, 2017 through December 31, 2017 January 1, 2017 through August 31, 2017 2016 2015 Reconciliation of Accumulated Depreciation Balance at the beginning of the period (1) $ — $ (716,376 ) $ (697,386 ) $ (661,758 ) Add: Depreciation for the period (19,518 ) (37,966 ) (57,044 ) (57,022 ) Less: Sale of hotel properties 985 13,838 38,054 21,394 Balance at the end of the period (1) $ (18,533 ) $ (740,504 ) $ (716,376 ) $ (697,386 ) (1) The balance at the end of the Predecessor period of January 1, 2017 through August 31, 2017 does not equal the balance at the beginning of the Successor period of September 1, 2017 through December 31, 2017 due to the impact of RLJ electing to apply pushdown accounting to the Company's consolidated financial statements in order to reflect the new basis of accounting established by RLJ for the individual assets acquired in the Mergers on August 31, 2017. |
Organization (Details)
Organization (Details) | 12 Months Ended | ||||
Dec. 31, 2017property | Dec. 31, 2017room | Dec. 31, 2017hotel | Dec. 31, 2017state | Aug. 31, 2017 | |
Sale of Stock | |||||
Business combination, stock conversion ratio | 0.362 | ||||
Number of Real Estate Properties | 36 | ||||
Number of hotel rooms owned | room | 10,800 | ||||
Number of states in which hotels owned by the entity are located | state | 14 | ||||
Wholly Owned Properties | |||||
Sale of Stock | |||||
Number of Real Estate Properties | 33 | ||||
Hotel property ownership interest (as a percent) | 100.00% | ||||
Partially Owned Properties [Member] | 95% owned | |||||
Sale of Stock | |||||
Hotel property ownership interest (as a percent) | 95.00% | ||||
Partially Owned Properties [Member] | 50% owned | |||||
Sale of Stock | |||||
Number of Real Estate Properties | 2 | ||||
Hotel property ownership interest (as a percent) | 50.00% | ||||
Consolidated Properties | |||||
Sale of Stock | |||||
Number of Real Estate Properties | 34 | ||||
Number of leased real estate properties | 35 | ||||
Unconsolidated Properties | |||||
Sale of Stock | |||||
Number of Real Estate Properties | 2 | 2 | |||
Hotel property ownership interest (as a percent) | 50.00% | ||||
Rangers Sub I, LLC | |||||
Sale of Stock | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 99.00% | ||||
Rangers General Partner, LLC [Member] | |||||
Sale of Stock | |||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 1.00% |
Merger with RLJ Lodging Trust -
Merger with RLJ Lodging Trust - Narrative (Details) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||||
Off-market Lease, Unfavorable | $ 15,489,544 | |||
Debt Instrument, Fair Value Adjustment, Net | $ 67,900,000 | 71,700,000 | ||
Transaction costs | 4,200,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 139,673,000 | |||
Changes Measurement [Member] | ||||
Business Acquisition [Line Items] | ||||
Investment in hotel properties | 12,500,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 12,000,000 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 26,200,000 | |||
Prepaid expenses and other assets | 1,200,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 2,600,000 | |||
FelCor Lodging LP | ||||
Business Acquisition [Line Items] | ||||
Investment in hotel properties | 2,661,114,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 139,673,000 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 58,170,000 | |||
Prepaid expenses and other assets | 23,811,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 118,360,000 | |||
Rangers Sub I, LLC | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 4,193,000 | |||
Predecessor | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | 68,200,000 | |||
Predecessor | Rangers Sub I, LLC | ||||
Business Acquisition [Line Items] | ||||
Transaction costs | $ 68,248,000 | $ 0 | $ 0 |
Merger with RLJ Lodging Trust44
Merger with RLJ Lodging Trust - Schedule of Allocation of Purchase Price (Details) $ in Thousands | Aug. 31, 2017USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 139,673 |
FelCor Lodging LP | |
Business Acquisition [Line Items] | |
Investment in hotel properties | 2,661,114 |
FelCor TRS Distribution, investment in hotel properties | (2,000) |
New Basis after FelCor TRS Distribution, investment in hotel properties | 2,659,114 |
Investment in unconsolidated joint ventures | 25,651 |
FelCor TRS Distribution, investment in unconsolidated joint ventures | (7,900) |
New Basis After FelCor TRS Distribution, investment in unconsolidated joint ventures | 17,751 |
Cash and cash equivalents | 47,396 |
FelCor TRS Distribution, cash and cash equivalents | (40,878) |
New Basis After FelCor TRS Distribution, cash and cash equivalents | 6,518 |
Restricted cash reserves | 17,038 |
FelCor TRS Distribution, restricted cash reserves | (10,989) |
New Basis After FelCor TRS Distribution, restricted cash reserves | 6,049 |
Hotel and other receivables | 28,308 |
FelCor TRS Distribution, hotel and other receivables | (28,308) |
New Basis After FelCor TRS Distribution, hotel and other receivables | 0 |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets | 58,170 |
FelCor TRS Distribution, deferred income tax asset | (58,170) |
New Basis After FelCor TRS Distribution, deferred income tax asset | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 139,673 |
FelCor TRS Distribution, intangible assets | (20,262) |
New Basis After FelCor TRS Distribution, intangible assets | 119,411 |
Prepaid expenses and other assets | 23,811 |
FelCor TRS Distribution, prepaid expenses and other assets | (11,417) |
New Basis After FelCor TRS Distribution, prepaid expenses and other assets | 12,394 |
Debt | (1,305,337) |
FelCor TRS Distribution, debt | 0 |
New Basis After FelCor TRS Distribution, debt | 1,305,337 |
Accounts payable and other liabilities | (118,360) |
FelCor TRS Distribution, accounts payable and other liabilities | 52,995 |
New Basis After FelCor TRS Distribution, accounts payable and other liabilities | 65,365 |
Advance deposits and deferred revenue | (23,795) |
FelCor TRS Distribution, advance deposits and deferred revenue | 23,795 |
New Basis After FelCor TRS Distribution, advance deposits and deferred revenue | 0 |
Accrued interest | (22,612) |
FelCor TRS Distribution, accrued interest | 0 |
New Basis After FelCor TRS Distribution, accrued interest | 22,612 |
Distributions payable | (4,312) |
FelCor TRS Distribution, distributions payable | 0 |
New Basis After FelCor TRS Distribution, distributions payable | 4,312 |
Total equity | 1,526,745 |
FelCor TRS Distribution, total equity | (103,134) |
New Basis After FelCor TRS Distribution, total equity | $ 1,423,611 |
Merger with RLJ Lodging Trust M
Merger with RLJ Lodging Trust Merger with RLJ Logging Trust - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 8 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market ground leases | $ 118,050 | |
Advanced bookings | 13,862 | |
Other intangible assets | 7,761 | |
Total intangible assets | $ 139,673 | |
Weighted Average Amortization Period (in Years) | 46 years | |
Below market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market ground leases | $ 118,050 | |
Weighted Average Amortization Period (in Years) | 54 years | |
Advanced bookings | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 1 year | |
Other intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in Years) | 6 years |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)joint_venture | Aug. 31, 2017USD ($) | Dec. 31, 2017joint_venture | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |||||
Real estate interests, number of joint ventures | joint_venture | 2 | 2 | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Summary of Significant Accounting Policies | |||||
Hotel operating revenue | $ (14,159,000) | $ (70,181,000) | $ (117,059,000) | ||
Hotel departmental expenses | (53,930,000) | (94,632,000) | (132,545,000) | ||
Interest expense, net | $ (19,270,340) | ||||
Transaction costs | $ 4,200,000 | ||||
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as REIT | (11.70%) | 90.00% | |||
Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Amortization of deferred financing costs | 2,800,000 | 4,000,000 | 5,400,000 | ||
Interest expense, net | (51,700,000) | (78,200,000) | (79,100,000) | ||
Transaction costs | $ 68,200,000 | ||||
Accounts Receivable to Prepaid Expenses And Other Assets | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Accounts receivable | 15,400,000 | ||||
Deferred Expenses To Prepaid Expenses And Other Assets | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Deferred expenses | 4,500,000 | ||||
Accrued Expenses And Other Liabilities To Advance Deposits And Deferred Revenue | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Accrued expenses and other liabilities | 25,400,000 | ||||
Accrued Expenses And Other Liabilities To Accrued Interest | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Accrued expenses and other liabilities | 12,800,000 | ||||
Hotel Operating Revenue To Room Revenue | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel operating revenue | 661,600,000 | 673,300,000 | |||
Hotel Operating Revenue To Food And Beverage Revenue | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel operating revenue | 155,200,000 | 158,500,000 | |||
Hotel Operating Revenue To Other Operating Department Revenue | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel operating revenue | 46,000,000 | 46,600,000 | |||
Hotel Departmental Expenses To Room Expense | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel departmental expenses | 171,900,000 | 172,300,000 | |||
Hotel Departmental Expenses To Food And Beverage Expense | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel departmental expenses | 119,000,000 | 123,400,000 | |||
Hotel Departmental Expenses To Other Operating Expense | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Hotel departmental expenses | 15,100,000 | 17,500,000 | |||
Other Expenses To Property Tax, Insurance And Other | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Other expenses | 12,700,000 | 12,500,000 | |||
Interest Expense, Net To Interest Income | Restatement Adjustment | |||||
Summary of Significant Accounting Policies | |||||
Interest expense, net | $ 62,000 | $ 24,000 | |||
Land Improvements [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Building Improvements [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Building [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Building [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 40 years | ||||
Furniture and Fixtures [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 10 years | ||||
Minimum | Furniture and Fixtures [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 3 years | ||||
Minimum | Land, Buildings and Improvements [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 15 years | ||||
Maximum | Furniture and Fixtures [Member] | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 5 years | ||||
Maximum | Land, Buildings and Improvements [Member] | Predecessor | |||||
Summary of Significant Accounting Policies | |||||
Property, Plant and Equipment, Useful Life | 30 years | ||||
Unconsolidated Properties | |||||
Accounting Policies [Abstract] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Unconsolidated Properties | Predecessor | |||||
Accounting Policies [Abstract] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | 50.00% | ||
The Knickerbocker New York [Member] | |||||
Summary of Significant Accounting Policies | |||||
Real Estate Properties Ownership Percentage | 5.00% | 5.00% |
Investment in Hotel Propertie47
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||
Land and improvements | $ 597,451 | |||
Buildings and improvements | 1,801,302 | |||
Furniture, fixtures and equipment | 126,590 | |||
Total | 2,525,343 | |||
Accumulated depreciation | (27,463) | |||
Investment in hotel and other properties, net | 2,497,880 | |||
Predecessor | ||||
Real Estate Properties [Line Items] | ||||
Real Estate Depreciation and Amortization Excluding Discontinued Operations Expense | $ 28,700 | $ 73,100 | $ 114,100 | $ 114,500 |
Land and improvements | 271,662 | |||
Buildings and improvements | 1,801,355 | |||
Furniture, fixtures and equipment | 426,692 | |||
Total | 2,499,709 | |||
Accumulated depreciation | (932,886) | |||
Investment in hotel and other properties, net | $ 1,566,823 |
Investment in Hotel Propertie48
Investment in Hotel Properties - Narrative (Details) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Mar. 31, 2017USD ($)property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Aug. 31, 2017USD ($)property | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($)property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Jun. 30, 2017property | |
Real Estate Properties [Line Items] | ||||||||||
Impairment loss | $ 0 | $ 35.1 | $ 26.5 | $ 20.9 | ||||||
Predecessor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Depreciation and amortization expense related to investment in hotel and other properties, excluding discontinued operations | $ 28,700,000 | 73,100,000 | 114,100,000 | 114,500,000 | ||||||
Impairment loss | $ 24,800,000 | $ 20,100,000 | $ 6,300,000 | $ 20,900,000 | $ 35,100,000 | $ 26,500,000 | $ 20,900,000 | |||
Number of real estate properties impaired | property | 1 | 2 | 2 | 2 | ||||||
Discontinued Operations, Held-for-sale | Predecessor | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Impairment loss | $ 10,300,000 | |||||||||
Number of properties held-for-sale | property | 2 | |||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Fair Value Inputs, Long-term Revenue Growth Rate | 3.00% | |||||||||
Fair Value Assumptions, Expected Term | 5 years | |||||||||
Fair Value Inputs, Cap Rate | 8.00% | |||||||||
Fair Value Inputs, Discount Rate | 11.00% |
Investment in Unconsolidated 49
Investment in Unconsolidated Entities - Narrative (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($)property | Aug. 31, 2017USD ($) | Dec. 31, 2016USD ($)propertyhotel | Dec. 31, 2015USD ($) | Dec. 31, 2017 | Dec. 31, 2017hotel | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on sale of hotel properties | $ (1,600,000) | $ 7,516,464 | $ 19,873,000 | |||
Equity method investment, ownership percentage | 50.00% | |||||
Noncash Divestiture of Real Estate | 92,000,000 | 107,500,000 | 176,000,000 | |||
Equity in income from unconsolidated joint ventures | $ 661,000 | |||||
Number of Real Estate Properties | property | 36 | |||||
Predecessor | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity in income from unconsolidated joint ventures | $ 1,074,000 | $ 1,533,000 | 7,833,000 | |||
Unconsolidated Properties | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on sale of hotel properties | 7,100,000 | |||||
Equity method investment, ownership percentage | 50.00% | |||||
Noncash Divestiture of Real Estate | 32,000,000 | |||||
Number of Real Estate Properties | 2 | 2 | ||||
Unconsolidated Properties | Predecessor | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Gain (loss) on sale of hotel properties | 7,100,000 | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||
Noncash Divestiture of Real Estate | $ 32,000,000 | |||||
Number of Real Estate Properties | hotel | 2,000 | |||||
Hotel, Condominium Units [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Number of Real Estate Properties | property | 2,000 | |||||
Hotel, Condominium Units [Member] | Predecessor | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percentage | 50.00% | |||||
Number of Real Estate Properties | property | 2 |
Investment in Unconsolidated 50
Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities(Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 661 | |||
Equity Method Investments | 16,912 | |||
Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 1,074 | $ 1,533 | $ 7,833 | |
Equity Method Investments | 8,312 | |||
Equity Method Investments [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | (4,733) | |||
Equity Method Investments [Member] | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | 1,370 | |||
Equity basis of the joint venture investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | 1,034 | |||
Equity basis of the joint venture investments | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | 1,332 | 1,920 | 11,400 | |
Cost of the joint venture investments in excess of the joint venture book value | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | (373) | |||
Equity Method Investments | 21,645 | |||
Cost of the joint venture investments in excess of the joint venture book value | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | (258) | (387) | (427) | |
Equity Method Investments | 6,942 | |||
Cost in Excess of Book Value of Sold Hotel [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 0 | |||
Cost in Excess of Book Value of Sold Hotel [Member] | Predecessor | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Income (Loss) from Equity Method Investments | $ 0 | $ 0 | $ (3,140) |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 1,200 | |
Other intangible assets | $ 7,761 | |
Below market ground leases | $ 118,050 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,724 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3,724 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 3,724 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 3,724 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | $ 3,724 | |
Finite-Lived Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 53 years | |
Finite-Lived Intangible Assets, Gross | $ 119,411 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,241) | |
Finite-Lived Intangible Assets, Net | 118,170 | |
Below market ground leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below Market Lease, Net | $ 116,873 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 53 years | |
Below Market Lease, Accumulated Amortization | $ (1,176) | |
Below market ground leases | $ 118,050 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years | |
Other intangible assets | $ 1,361 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (65) | |
Other Intangible Assets, Net | $ 1,297 |
Sale of Hotel Properties - Nar
Sale of Hotel Properties - Narrative (Details) | Feb. 21, 2018USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($)property | Dec. 31, 2017property | Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($)property | Dec. 14, 2017room |
Discontinued operations | |||||||
Disposal of hotel properties | $ 92,000,000 | $ 107,500,000 | $ 176,000,000 | ||||
Gain (loss) on sale of hotel properties | $ 1,600,000 | $ (7,516,464) | $ (19,873,000) | ||||
Number of hotel properties sold | property | 2 | 2 | 2 | 8 | |||
Morgans New York | |||||||
Discontinued operations | |||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 383 | ||||||
Gain (Loss) on Sale of Properties | $ 6,600,000 | ||||||
Real Estate Held-for-Sale, Sale Price | 170,000,000 | ||||||
Gain (Loss) on Termination of Lease | $ 7,700,000 | ||||||
Subsequent Event [Member] | Embassy Suites Boston Marlborough [Member] | |||||||
Discontinued operations | |||||||
Real Estate Held-for-Sale, Sale Price | $ 23,700,000 | ||||||
Unconsolidated Properties | |||||||
Discontinued operations | |||||||
Disposal of hotel properties | $ 32,000,000 | ||||||
Noncash Divestiture of Real Estate Pro Rata Share | 16,000,000 | ||||||
Gain (loss) on sale of hotel properties | $ (7,100,000) |
Sale of Hotel Properties - Sch
Sale of Hotel Properties - Schedule of Properties Disposed (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2017USD ($)property | Aug. 31, 2017USD ($)property | Dec. 31, 2017property | Dec. 31, 2016USD ($)propertyroom | Dec. 31, 2015USD ($)propertyroom | Dec. 31, 2017room | Dec. 31, 2017hotel | Dec. 14, 2017room | Aug. 01, 2017room | Jul. 17, 2017room | Sep. 01, 2016room | Aug. 02, 2016room | Sep. 18, 2015room | Jul. 21, 2015room | Jun. 30, 2015room | Mar. 17, 2015room | Feb. 12, 2015room | Feb. 10, 2015room | |
Discontinued operations | ||||||||||||||||||
Number of Real Estate Properties | property | 36 | 36 | ||||||||||||||||
Disposal Group, Number of Properties Disposed During Period | property | 2 | 2 | 2 | 8 | ||||||||||||||
Impairment loss | $ 0 | $ 35.1 | $ 26.5 | $ 20.9 | ||||||||||||||
Revenue from Hotels | 14,159,000 | 70,181,000 | 117,059,000 | |||||||||||||||
Hotel departmental expenses | (53,930,000) | (94,632,000) | (132,545,000) | |||||||||||||||
Operating Income (Loss) | (39,771,000) | (24,451,000) | (15,486,000) | |||||||||||||||
Interest Income (Expense), Net | 0 | 1,000 | (1,031,000) | |||||||||||||||
Loss on debt extinguishment | 0 | 0 | (309,000) | |||||||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | 7,111,000 | |||||||||||||||
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | (39,771,000) | (24,450,000) | (9,715,000) | |||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (1,764,000) | 6,322,000 | 19,426,000 | |||||||||||||||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Impairment Loss | (41,535,000) | (18,128,000) | 9,711,000 | |||||||||||||||
Noncontrolling interest in consolidated joint ventures | 0 | 0 | (5,166,000) | |||||||||||||||
Net loss | 179,000 | 78,000 | (19,000) | |||||||||||||||
Net income (loss) attributable to FelCor LP | (41,356,000) | (18,050,000) | 4,526,000 | |||||||||||||||
Noncash Divestiture of Real Estate | 92,000,000 | 107,500,000 | 176,000,000 | |||||||||||||||
Gain (loss) on sale of hotel properties | $ (1,600,000) | $ 7,516,464 | $ 19,873,000 | |||||||||||||||
Morgans New York [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 117 | |||||||||||||||||
2017 Disposals | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 285 | |||||||||||||||||
Morgans New York | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Gain (Loss) on Termination of Lease | $ 7,700,000 | |||||||||||||||||
Number of Real Estate Properties | property | 1 | 1 | ||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 383 | |||||||||||||||||
Royalton New York | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 168 | |||||||||||||||||
2016 Disposals | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 943 | |||||||||||||||||
Renaissance Esmeralda Indian Wells Resort & Spa | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 560 | |||||||||||||||||
Holiday Inn Nashville Airport | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 383 | |||||||||||||||||
2015 Disposals | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 2,048 | |||||||||||||||||
Embassy Suites Raleigh [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 225 | |||||||||||||||||
Westin - Dallas Park Central [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 536 | |||||||||||||||||
Embassy Suites San Antonio Airport [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 261 | |||||||||||||||||
Embassy Suites San Antonio Northwest [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 216 | |||||||||||||||||
Embassy Suites Austin [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 260 | |||||||||||||||||
Holiday Inn Select Orlando International Airport [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 288 | |||||||||||||||||
Embassy Suites Chicago - Lombard [Member] | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Property Disposed During Period, Number of Rooms | room | 262 | |||||||||||||||||
Unconsolidated Properties | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Number of Real Estate Properties | 2 | 2 | 2 | |||||||||||||||
Noncash Divestiture of Real Estate | $ 32,000,000 | |||||||||||||||||
Gain (loss) on sale of hotel properties | $ 7,100,000 | |||||||||||||||||
Subsidiaries | ||||||||||||||||||
Discontinued operations | ||||||||||||||||||
Disposal Group, Number of Properties Disposed During Period | property | 7 |
Debt (Details)
Debt (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)asset | Aug. 31, 2017USD ($) | Dec. 31, 2017USD ($)asset | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | $ 67,900,000 | $ 71,700,000 | $ 67,900,000 | ||
Number of Assets Encumbered | asset | 22 | 22 | |||
Long-term debt, gross | $ 1,299,336,000 | $ 1,299,336,000 | |||
Deferred financing costs | 231,000 | 231,000 | |||
Debt, net | 1,299,105,000 | 1,299,105,000 | $ 1,300,000,000 | ||
Interest Expense | 19,270,340 | ||||
Successor [Member] | |||||
Debt | |||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 87,726,000 | 87,726,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 3,106,000 | 3,106,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,245,000 | 3,245,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,432,000 | 3,432,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 134,919,000 | 134,919,000 | |||
Long-term debt, gross | 1,231,438,000 | 1,231,438,000 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | $ 999,010,000 | 999,010,000 | |||
Predecessor | |||||
Debt | |||||
Long-term debt, gross | 1,354,293,000 | ||||
Deferred financing costs | 15,967,000 | ||||
Debt, net | 1,338,326,000 | ||||
Interest Expense | 51,700,000 | 78,200,000 | $ 79,100,000 | ||
Interest Costs Capitalized | $ 1,100,000 | 1,000,000 | $ 6,000,000 | ||
Senior Secured Notes [Member] | |||||
Debt | |||||
Debt Instrument, Redemption Price, Percentage | 102.813% | ||||
Debt Instrument, Repurchase Amount | $ 539,400,000 | $ 539,400,000 | |||
Senior Unsecured Notes [Member] | |||||
Debt | |||||
Debt Instrument, Redemption Price, Percentage | 103.00% | ||||
Unsecured Debt | 6.00% Percent, Due June 2025 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 0 | 0 | |||
Interest rate | 6.00% | 6.00% | |||
Long-term debt, gross | $ 510,047,000 | $ 510,047,000 | |||
Unsecured Debt | 6.00% Percent, Due June 2025 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 475,000,000 | ||||
Secured Debt | 5.63 Percent, Due March 23 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 9 | 9 | |||
Interest rate | 5.625% | 5.625% | |||
Long-term debt, gross | $ 552,669,000 | $ 552,669,000 | |||
Secured Debt | 5.63 Percent, Due March 23 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 525,000,000 | ||||
Mortgage loans | 4.95 Percent, Due October 2022 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 4 | 4 | |||
Interest rate | 4.95% | 4.95% | |||
Long-term debt, gross | $ 120,893,000 | $ 120,893,000 | |||
Mortgage loans | 4.95 Percent, Due October 2022 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 120,109,000 | ||||
Mortgage loans | 4.94 Percent, Due October 2022 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 1 | 1 | |||
Interest rate | 4.94% | 4.94% | |||
Long-term debt, gross | $ 30,323,000 | $ 30,323,000 | |||
Mortgage loans | 4.94 Percent, Due October 2022 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 30,184,000 | ||||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 1 | 1 | |||
Long-term debt, gross | $ 85,404,000 | $ 85,404,000 | |||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 85,000,000 | ||||
Mortgage loans | LIBOR Plus 3.00 Percent, Due November 2017 | LIBOR | |||||
Debt | |||||
Basis spread | 3.00% | ||||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | |||||
Debt | |||||
Number of Assets Encumbered | asset | 7 | 7 | |||
Long-term debt, gross | $ 0 | $ 0 | |||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | Predecessor | |||||
Debt | |||||
Long-term debt, gross | 119,000,000 | ||||
Remaining borrowing capacity | $ 281,000,000 | ||||
Line of Credit | LIBOR Plus 2.75 Percent, Due June 2019 | LIBOR | |||||
Debt | |||||
Basis spread | 2.75% | ||||
Senior Unsecured Notes [Member] | Unsecured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 35,100,000 | 35,100,000 | |||
Senior Secured Notes [Member] | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 28,659,000 | 28,659,000 | |||
LIBOR Plus 3.00 Percent, Due November 2017 | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 400,000 | 400,000 | |||
4.94 Percent, Due October 2022 | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | 700,000 | 700,000 | |||
4.95 Percent, Due October 2022 | Secured Debt | |||||
Debt | |||||
Debt Instrument, Fair Value Adjustment, Net | $ 3,000,000 | $ 3,000,000 |
Debt - Components of Interest
Debt - Components of Interest Expense (Details) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt | ||||
Total interest expense | $ 19,270,340 | |||
Predecessor | ||||
Debt | ||||
Amortization of deferred financing costs | $ 2,800,000 | $ 4,000,000 | $ 5,400,000 | |
Capitalized interest | (1,100,000) | (1,000,000) | (6,000,000) | |
Total interest expense | $ 51,700,000 | $ 78,200,000 | $ 79,100,000 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt, carrying value | $ 1,299,105 | $ 1,300,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 1,300,000 | 1,400,000 |
Senior notes | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | 1,000,000 | 1,000,000 |
Mortgage loans | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 236,200 | |
Mortgages and Line of Credit | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Long-term debt fair value | $ 364,600 |
Commitments and Contingencies
Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue | 4.00% | |||
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue | 5.00% | |||
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 3,300 | |||
Predecessor | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash reserves for future capital expenditures, real estate taxes and insurance | $ 17,038 | $ 19,500 | $ 17,702 |
Commitments and Contingencies58
Commitments and Contingencies - Future Minimum Lease Payments to the Company Under Noncancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2017USD ($)property |
Commitments and Contingencies Disclosure [Abstract] | |
Number of TRS Leases Expiring in 2018 | 1 |
Number of TRS Leases Expiring in 2019 | property | 26 |
Number of TRS Leases Expiring in 2022 | property | 7 |
Number of Real Estate Properties | property | 36 |
2,018 | $ 86,593 |
2,019 | 75,901 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter (1) | 0 |
Total | $ 162,494 |
Number of TRS Leases expiring Thereafter | property | 1 |
Commitments and Contingencies59
Commitments and Contingencies - Pension Trust Litigation (Details) $ in Millions | 1 Months Ended | |
Apr. 30, 2016USD ($)hotel | Dec. 31, 2017USD ($)property | |
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | property | 36 | |
Loss contingency accrual | $ | $ 5.4 | |
Predecessor | ||
Loss Contingencies [Line Items] | ||
Withdrawal liability | $ | $ 8.3 | |
Predecessor | InterContinental Hotels Group PLC | ||
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | 3 | |
Predecessor | InterContinental Hotels Group PLC | Disposed of by sale | ||
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | 2 | |
Predecessor | Wyndham Hotel Group | ||
Loss Contingencies [Line Items] | ||
Number of Real Estate Properties | 1 |
Commitments and Contingencies60
Commitments and Contingencies - Management Agreements (Details) - USD ($) $ in Millions | 2 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Commitments | ||||||
Management agreement term | 10 years | |||||
NOI Guarantee over life of agreement | $ 100 | |||||
NOI Guarantee annual limit | $ 21.5 | |||||
Predecessor | ||||||
Other Commitments | ||||||
Management fee expense | $ 19.1 | $ 23.2 | $ 24 | |||
Management Agreement, Guarantee Earnings Recognized During Period | $ 3.8 | $ 5.3 | $ 1.4 | |||
Minimum | ||||||
Other Commitments | ||||||
Management agreement term | 5 years | |||||
Base management fee as percentage of hotel revenues | 2.00% | |||||
Maximum | ||||||
Other Commitments | ||||||
Management agreement term | 20 years | |||||
Base management fee as percentage of hotel revenues | 5.00% |
Commitments and Contingencies61
Commitments and Contingencies - Franchise Agreements (Details) - USD ($) $ in Millions | 2 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended |
Aug. 31, 2017 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
Predecessor | ||||
Other Commitments | ||||
Franchise fee expense | $ 0.8 | $ 9.8 | $ 11.5 | |
Minimum | ||||
Other Commitments | ||||
Franchise agreements, royalty fee as percentage of room revenue | 5.50% | |||
Maximum | ||||
Other Commitments | ||||
Franchise agreements term | 15 years | |||
Franchise agreements, additional fees for marketing central reservation systems and other franchisor costs as percentage of room revenue | 4.00% |
Commitments and Contingencies G
Commitments and Contingencies Ground Lease (Details) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017USD ($)property | Aug. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | property | 36 | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 8,269 | |||
Operating Leases, Future Minimum Payments, Due in Two Years | 6,271 | |||
Operating Leases, Future Minimum Payments, Due in Three Years | 6,283 | |||
Operating Leases, Future Minimum Payments, Due in Four Years | 6,295 | |||
Operating Leases, Future Minimum Payments, Due in Five Years | 6,307 | |||
Operating Leases, Future Minimum Payments, Due Thereafter | 215,549 | |||
Operating Leases, Future Minimum Payments Due | $ 248,974 | |||
Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of Real Estate Properties | property | 9 | |||
Operating Leases, Rent Expense, Net | $ 5,600 | |||
Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 9,900 | $ 14,200 | $ 15,500 | |
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 200 | |||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 600 | 800 | 800 | |
Embassy Suites San Francisco Airport Waterfront [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 700 | |||
Embassy Suites San Francisco Airport Waterfront [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 1,000 | 1,500 | 1,400 | |
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 1,000 | |||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 1,200 | 1,800 | 1,800 | |
Wyndham Boston Beacon Hill [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 300 | |||
Wyndham Boston Beacon Hill [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 400 | 600 | 600 | |
Wyndham New Orleans French Quarter [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 100 | |||
Wyndham New Orleans French Quarter [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 400 | 500 | 400 | |
Wyndham Pittsburgh University Center [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 100 | |||
Wyndham Pittsburgh University Center [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 300 | 500 | 2,100 | |
Wyndham San Diego Bayside [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 1,500 | |||
Wyndham San Diego Bayside [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | 2,100 | 2,600 | 2,600 | |
Holiday Inn San Francisco Fisherman's Wharf [Member] | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 1,600 | |||
Holiday Inn San Francisco Fisherman's Wharf [Member] | Predecessor | Land Lease [Member] | ||||
Loss Contingencies [Line Items] | ||||
Operating Leases, Rent Expense, Net | $ 3,800 | $ 5,700 | $ 5,300 |
Equity (Details)
Equity (Details) - USD ($) | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 33 Months Ended | 45 Months Ended | ||||
May 31, 2015 | Apr. 30, 2015 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2014 | |
Equity, Class of Treasury Stock | ||||||||||
Shares Issued, Price Per Share | $ 11.25 | |||||||||
Proceeds from Issuance of Common Stock | $ 198,600,000 | |||||||||
Units of Partnership Interest, Amount | 18,400,000 | |||||||||
Series A Preferred Stock | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | 20,000,000 | ||||||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | |||||||||
Conversion ratio | 0.7752 | 0.7752 | ||||||||
Series C Preferred Stock [Member] | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Annual return (as a percent) | 8.00% | |||||||||
Redemption of Preferred Stock, Value | $ 170,400,000 | |||||||||
Redeemable Preferred Stock Dividends | 491,000 | |||||||||
Series C Preferred Stock [Member] | Accumulated Deficit | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Redemption of Preferred Stock, Value | $ 6,100,000 | |||||||||
Joint Venture | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Proceeds from redeemable preferred equity | $ 700,000 | $ 600,000 | $ 1,800,000 | $ 45,000,000 | ||||||
Annual return (as a percent) | 3.25% | |||||||||
Annual return equity not redeemed (as a percent) | 8.00% | |||||||||
Non-compounding annual return (as a percent) | 0.25% | |||||||||
RLJ Lodging Trust Limited Partnership [Member] | General Partner | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 100.00% | |||||||||
Rangers Sub I, LLC | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Membership units, units outstanding (in shares) | 1 | 1 | ||||||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | $ 44,430,000 | $ 44,430,000 | ||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | ||||||||
Proceeds from Issuance of Common Stock | $ 0 | |||||||||
Preferred shares, shares authorized (in shares) | 0 | 0 | ||||||||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | ||||||||
Rangers Sub I, LLC | Predecessor | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Membership units, units outstanding (in shares) | 0 | |||||||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | $ 43,783,000 | |||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |||||||||
Stock repurchased during the period, Value | $ 30,462,000 | 14,362,000 | ||||||||
Proceeds from Issuance of Common Stock | $ 0 | $ 0 | 198,648,000 | |||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | |||||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | |||||||||
Redemption of Preferred Stock, Value | $ 0 | $ 0 | $ (169,986,000) | |||||||
Rangers Sub I, LLC | Predecessor | Common Stock | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Common shares repurchased and retired (in shares) | 4,609,855 | 1,971,188 | ||||||||
Stock repurchased during the period, Value | $ 45,000 | $ 20,000 | ||||||||
Shares, Issued | 139,095,285 | 137,990,097 | 141,807,821 | 124,605,074 | ||||||
Rangers Sub I, LLC | Predecessor | Accumulated Deficit | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Stock repurchased during the period, Value | $ 30,417,000 | $ 14,342,000 | ||||||||
Redemption of Preferred Stock, Value | (6,096,000) | |||||||||
Rangers Sub I, LLC | Limited Partners | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 99.00% | |||||||||
Rangers General Partner, LLC [Member] | General Partner | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent) | 1.00% | |||||||||
FelCor Lodging LP | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Membership units, units outstanding (in shares) | 1 | 1 | ||||||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | $ 44,430,000 | $ 44,430,000 | ||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0 | $ 0 | ||||||||
Proceeds from Issuance of Common Stock | $ 0 | |||||||||
Preferred shares, shares authorized (in shares) | 0 | 0 | ||||||||
Preferred shares, par value (in dollars per share) | $ 0 | $ 0 | ||||||||
FelCor Lodging LP | Predecessor | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Membership units, units outstanding (in shares) | 0 | |||||||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | $ 43,783,000 | |||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |||||||||
Stock repurchased during the period, Value | $ 30,462,000 | 14,362,000 | ||||||||
Proceeds from Issuance of Common Stock | $ 0 | $ 0 | 198,648,000 | |||||||
Preferred shares, shares authorized (in shares) | 20,000,000 | |||||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | |||||||||
Redemption of Preferred Stock, Value | $ 0 | $ 0 | (169,986,000) | |||||||
FelCor Lodging LP | Predecessor | Common Stock | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Share repurchase program, authorized amount | $ 100,000,000 | |||||||||
Common shares repurchased and retired (in shares) | 4,600,000 | 2,000,000 | 6,600,000 | |||||||
Stock repurchased during the period, Value | $ 30,462,000 | $ 14,362,000 | $ 44,800,000 | |||||||
Shares, Issued | 18,400,000 | |||||||||
Redemption of Preferred Stock, Value | $ (574,000) | |||||||||
FelCor Lodging Trust | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | |||||||||
Common stock, conversion basis | 0.362 | |||||||||
Annual cumulative dividend (in dollars per share) | $ 1.95 | |||||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | |||||||||
RLJ Lodging Trust [Member] | Series A Cumulative Preferred Stock | ||||||||||
Equity, Class of Treasury Stock | ||||||||||
Annual cumulative dividend (in dollars per share) | 1.95 | |||||||||
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Equity Incentive Plan (Details)
Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
Equity Incentive Plan | ||||
Maximum number of common shares available for issuance (in shares) | 6,100,000 | |||
Other Disclosures | ||||
Total fair value of shares vested | $ 1.1 | $ 3.3 | ||
Amortization | $ 0.5 | $ 0.8 | ||
Restricted share awards | ||||
Summary of non-vested shares/units | ||||
Unvested at the beginning of the period (in shares) | 1,870,393 | 1,830,123 | 1,509,519 | |
Granted (in shares) | 1,398,705 | 1,207,926 | 1,116,394 | |
Vested (in shares) | (2,241,683) | (771,508) | (793,540) | |
Forfeited (in shares) | (1,027,415) | (396,148) | (2,250) | |
Unvested at the end of the period (in shares) | 1,870,393 | 1,830,123 | ||
Weighted Average Grant Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 6.21 | $ 6.79 | $ 5.70 | |
Granted (in dollars per share) | 5.53 | 6.24 | 8.14 | |
Vested (in dollars per share) | 6.52 | 7.72 | 6.61 | |
Forfeited (in dollars per share) | $ 4.61 | 6.04 | 9.62 | |
Unvested at the end of the period (in dollars per share) | $ 6.21 | $ 6.79 | ||
Other Disclosures | ||||
Share-based compensation expense | $ (8.4) | |||
2016 Performance Shares | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 0.93% | |||
Fair value assumptions, expected volatility rate | 45.92% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 5.00% | |||
2015 Performance Shares [Member] | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 1.32% | |||
Fair value assumptions, expected volatility rate | 48.11% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 4.00% | |||
2017 Performance Shares | ||||
Other Disclosures | ||||
Fair value assumptions, risk free interest rate | 1.51% | |||
Fair value assumptions, expected volatility rate | 43.92% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 6.00% | |||
Predecessor | Restricted share awards | ||||
Other Disclosures | ||||
Share-based compensation expense | $ (2.7) | $ (5) | $ (5.1) |
Earnings (Loss) per Common Sh65
Earnings (Loss) per Common Share/Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to FelCor LP | $ (41,356) | $ (18,050) | $ 4,526 | ||||||||||
Rangers Sub I, LLC | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to FelCor LP | $ 4,321 | $ (231) | |||||||||||
Less: Preferred dividends | $ 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,321 | (231) | |||||||||||
Rangers Sub I, LLC | Predecessor | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to FelCor LP | $ (59,175) | $ (1,759) | $ (35,911) | $ 128 | $ (5,099) | $ 13,391 | $ (4,922) | (96,845) | 3,498 | (8,865) | |||
Discontinued operations | (3,400) | (3,118) | 674 | ||||||||||
Income (loss) from continuing operations attributable to FelCor LP | (93,445) | 6,616 | (9,539) | ||||||||||
Less: Preferred dividends | (16,744) | (25,115) | (36,234) | ||||||||||
Preferred stock distributions | 30,138 | ||||||||||||
Redemption of Preferred Stock, Value | 0 | 0 | (169,986) | ||||||||||
Less: Dividends paid on unvested restricted stock | (73) | (129) | (56) | ||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (63,361) | $ (8,038) | $ (42,190) | $ (6,150) | $ (11,378) | $ 7,112 | $ (11,201) | (110,262) | (18,628) | (45,829) | |||
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (113,662) | $ (21,746) | $ (45,155) | ||||||||||
Denominator: | |||||||||||||
Weighted-average number of common shares - basic (in shares) | 137,904,668 | 137,865,843 | 137,777,651 | 137,243,568 | 137,463,547 | 138,181,843 | 139,677,676 | 137,331,743 | 138,128,165 | 137,730,438 | |||
Unvested restricted shares (in shares) | 0 | 0 | 0 | ||||||||||
Weighted-average number of common shares - diluted (in shares) | 137,904,668 | 137,865,843 | 137,777,651 | 137,243,568 | 137,463,547 | 138,678,288 | 139,677,676 | 137,331,743 | 138,128,165 | 137,730,438 | |||
Basic and diluted loss per share: | |||||||||||||
Loss from continuing operations - basic (in dollars per share) | $ (0.43) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.80) | $ (0.13) | $ (0.33) | |||
Discontinued operations (in dollars per share) | (0.02) | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | (0.02) | 0 | |||
Net loss - diluted (in dollars per share) | $ (0.46) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.83) | $ (0.16) | $ (0.33) | |||
FelCor Lodging LP | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to FelCor LP | 4,366 | (235) | $ (97,340) | $ 3,405 | $ (9,059) | ||||||||
Less: Preferred dividends | $ 0 | ||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ 4,366 | $ (235) | |||||||||||
FelCor Lodging LP | Predecessor | |||||||||||||
Numerator: | |||||||||||||
Net income (loss) attributable to FelCor LP | $ (59,449) | $ (1,794) | $ (36,097) | $ 102 | $ (5,149) | $ 13,422 | $ (4,970) | (97,340) | 3,405 | (9,059) | |||
Discontinued operations | (3,415) | (3,131) | 677 | ||||||||||
Income (loss) from continuing operations attributable to FelCor LP | (93,925) | 6,536 | (9,736) | ||||||||||
Less: Preferred dividends | (16,744) | (25,115) | (36,234) | ||||||||||
Preferred stock distributions | 30,138 | ||||||||||||
Redemption of Preferred Stock, Value | 0 | 0 | (169,986) | ||||||||||
Redemption of Preferred Units, Value | (6,096) | ||||||||||||
Less: Dividends paid on unvested restricted stock | (73) | (129) | (56) | ||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | $ (63,635) | $ (8,073) | $ (42,376) | $ (6,176) | $ (11,428) | $ 7,143 | $ (11,249) | (110,742) | (18,708) | (46,026) | |||
Numerator for the loss attributable to Rangers common stockholders excluding amounts attributable to unvested restricted stock | $ (114,157) | $ (21,839) | $ (45,349) | ||||||||||
Denominator: | |||||||||||||
Weighted-average number of common shares - basic (in shares) | 138,514,851 | 138,476,026 | 138,387,834 | 137,853,751 | 138,074,647 | 138,793,305 | 140,289,138 | 137,941,926 | 138,739,214 | 138,341,900 | |||
Unvested restricted shares (in shares) | 0 | 0 | 0 | ||||||||||
Weighted-average number of common shares - diluted (in shares) | 138,514,851 | 138,476,026 | 138,387,834 | 137,853,751 | 138,074,647 | 139,289,770 | 140,289,138 | 137,941,926 | 138,739,214 | 138,341,900 | |||
Basic and diluted loss per share: | |||||||||||||
Loss from continuing operations - basic (in dollars per share) | $ (0.43) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.80) | $ (0.13) | $ (0.33) | |||
Discontinued operations (in dollars per share) | (0.02) | 0 | 0 | 0 | (0.02) | 0 | 0 | (0.02) | (0.02) | 0 | |||
Net loss - diluted (in dollars per share) | $ (0.45) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.83) | $ (0.16) | $ (0.33) | |||
Subsidiaries | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | |||||||||||
Retained Earnings [Member] | Rangers Sub I, LLC | Predecessor | |||||||||||||
Numerator: | |||||||||||||
Redemption of Preferred Stock, Value | $ (6,096) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Contingency [Line Items] | ||||||||||||||
Deferred Tax Liabilities, Other | $ (1,209) | $ (1,209) | $ (1,209) | |||||||||||
Deferred Tax Liabilities, Gross | $ (1,209) | $ (1,209) | $ (1,209) | |||||||||||
REIT Dividends Qualified Business Income Deduction | 20.00% | 20.00% | 20.00% | |||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 35.00% | ||||||||||||
Tax Reform Act, New Corporate Income Tax Rate | 21.00% | 21.00% | 21.00% | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 1,627 | |||||||||||||
GAAP Net Income (loss) from REIT Operations | $ (105,888) | $ (21,332) | $ (21,838) | |||||||||||
Income Tax Expense (Benefit) | 0 | 500 | 900 | 1,200 | ||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | $ 5,805 | 5,805 | $ 5,805 | |||||||||||
Net income (loss) attributable to FelCor LP | (41,356) | (18,050) | 4,526 | |||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in FelCor LP | 495 | 93 | $ 194 | |||||||||||
Deferred Tax Assets, Historic Tax Credits | 631 | 631 | 631 | |||||||||||
Deferred Tax Assets, Property, Plant and Equipment | $ 9,841 | $ 9,841 | $ 9,841 | |||||||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | $ 4,966 | 4,966 | ||||||||||||
Deferred Tax Assets, Foreign Exchange | 19,357 | 19,357 | ||||||||||||
Deferred Tax Assets, Tax Credit Carryforwards | 26 | 26 | ||||||||||||
Deferred Tax Assets, Gross | $ 123,412 | $ 123,412 | ||||||||||||
Deferred Tax Assets, Valuation Allowance Percentage | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | |||||||||
Deferred Tax Assets, Historic Tax Credits, Vesting Period | 5 years | |||||||||||||
Disqualification of REIT status | 4 years | |||||||||||||
Income Tax Reconciliation, Income (Loss) of Passthrough Entities | $ (560) | |||||||||||||
Income Tax Expense (Benefit) at TRS | 1,067 | |||||||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (879) | |||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ (188) | |||||||||||||
Minimum Percentage of Adjusted Taxable Income Currently Distributed to Qualify as REIT | (11.70%) | 90.00% | ||||||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | (18.40%) | |||||||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | (3.90%) | |||||||||||||
Effective Income Tax Rate Reconciliation, Percent | 0.00% | |||||||||||||
Deferred Tax Assets, Valuation Allowance | $ (15,068) | $ (15,068) | $ (15,068) | |||||||||||
Deferred Tax Assets, Net of Valuation Allowance | 1,209 | 1,209 | $ 1,209 | |||||||||||
FelCor Lodging LP | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Tax Expense (Benefit) | 0 | |||||||||||||
Net income (loss) attributable to FelCor LP | $ 4,366 | $ (235) | (97,340) | $ 3,405 | $ (9,059) | |||||||||
Net income (loss) and comprehensive income (loss) | 4,784 | |||||||||||||
FelCor Lodging LP | Predecessor | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Tax Expense (Benefit) | (499) | (873) | (1,245) | |||||||||||
Net income (loss) attributable to FelCor LP | $ (59,449) | $ (1,794) | $ (36,097) | $ 102 | $ (5,149) | $ 13,422 | $ (4,970) | (97,340) | 3,405 | (9,059) | ||||
Net income (loss) and comprehensive income (loss) | (96,906) | 4,193 | (3,465) | |||||||||||
FelCor Lodging Trust | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Net income (loss) attributable to FelCor LP | (96,845) | 3,498 | (8,865) | |||||||||||
Subsidiaries | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 94,219 | 94,219 | ||||||||||||
GAAP Net Loss from REIT Operations | 105,888 | 21,332 | 21,838 | |||||||||||
Net income (loss) and comprehensive income (loss) | 9,043 | 24,830 | 12,973 | |||||||||||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | 0 | 0 | (872) | |||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation and Amortization, Amount | 1,571 | (12,437) | (1,877) | |||||||||||
Income Tax Reconciliation, Nondeductible Expense, Employee Benefits | 1,531 | (2,965) | (588) | |||||||||||
Income Tax Reconciliation, Management Fee Recognition | 0 | 0 | (107) | |||||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 5,480 | 386 | 3,827 | |||||||||||
Income Tax Reconciliation, Tax Income (Loss) Before Utilization of Net Operating Losses | 17,625 | 9,814 | 13,356 | |||||||||||
Income Tax Reconciliation, Utilization of Net Operating Loss | (17,625) | (9,814) | (13,356) | |||||||||||
Net Tax Income (Loss) | 0 | 0 | 0 | |||||||||||
Deferred Tax Assets, Property, Plant and Equipment | 4,844 | 4,844 | ||||||||||||
Deferred Tax Assets, Valuation Allowance | (123,412) | (123,412) | ||||||||||||
Deferred Tax Assets, Net | 0 | 0 | ||||||||||||
Parent Company [Member] | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | 35,109 | 26,459 | 20,861 | |||||||||||
Effective Income Tax Rate Reconciliation, Disposition of Asset, Amount | (46,054) | (16,572) | 18,335 | |||||||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Depreciation and Amortization, Amount | 12,908 | 19,582 | 3,937 | |||||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 10,035 | (446) | 1,505 | |||||||||||
Net Tax Income (Loss) | (58,344) | 30,015 | 43,976 | |||||||||||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | 17,794 | 25,650 | 24,809 | |||||||||||
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount | (495) | (93) | (400) | |||||||||||
Income Tax Reconciliation, Conversion Costs | (2,155) | (3,233) | (3,233) | |||||||||||
Income Tax Reconciliation, Compensation | 20,402 | 0 | 0 | |||||||||||
Parent Company [Member] | FelCor Lodging LP | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Net income (loss) and comprehensive income (loss) | $ 4,131 | |||||||||||||
Parent Company [Member] | FelCor Lodging LP | Predecessor | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Tax Expense (Benefit) | (35) | 559 | (252) | |||||||||||
Net income (loss) and comprehensive income (loss) | $ (97,340) | 3,405 | $ (9,059) | |||||||||||
Internal Revenue Service (IRS) [Member] | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Operating Loss Carryforwards | 0 | 0 | ||||||||||||
Internal Revenue Service (IRS) [Member] | Subsidiaries | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Operating Loss Carryforwards | $ 0 | $ 0 | ||||||||||||
Series A Preferred Stock | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains | $ 0.975 | $ 0 | $ 1.23 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains, Percent | 3.25515% | 0.00% | 63.08% | |||||||||||
Income Taxes, Cash Liquidating Distributions | $ 0.4875 | $ 0 | $ 0 | |||||||||||
Income Taxes, Cash Liquidating Distributions, Percent | 1.62% | 0.00% | 0.00% | |||||||||||
Income Taxes, Non-cash Liquidating Distributions | $ 28.49 | $ 0 | $ 0 | |||||||||||
Income Taxes, Non-cash Liquidating Distributions, Percent | 95.12% | 0.00% | 0.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income | $ 0 | $ 1.03 | $ 0.72 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income, Percent | 0.00% | 52.82% | 36.92% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0 | $ 0.92 | $ 0 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 0.00% | 47.18% | 0.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Total | $ 29.9525000 | $ 1.95000 | $ 1.95000 | |||||||||||
Income Taxes, Cash Dividends Distributed Total, Percent | 100.00% | 100.00% | 100.00% | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains | $ 0 | $ 0 | $ 0.63 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains, Percent | 0.00% | 0.00% | 63.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income | $ 0 | $ 0 | $ 0.37 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income, Percent | 0.00% | 0.00% | 37.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0 | $ 0 | $ 0 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 0.00% | 0.00% | 0.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Total | $ 0 | $ 0 | $ 1 | |||||||||||
Income Taxes, Cash Dividends Distributed Total, Percent | 0.00% | 0.00% | 100.00% | |||||||||||
Common Stock | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains | $ 0.12 | $ 0 | $ 0 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Capital Gains, Percent | 1.59363% | 0.00% | 0.00% | |||||||||||
Income Taxes, Cash Liquidating Distributions | $ 0.10 | $ 0 | $ 0 | |||||||||||
Income Taxes, Cash Liquidating Distributions, Percent | 1.33% | 0.00% | 0.00% | |||||||||||
Income Taxes, Non-cash Liquidating Distributions | $ 7.31 | $ 0 | $ 0 | |||||||||||
Income Taxes, Non-cash Liquidating Distributions, Percent | 97.08% | 0.00% | 0.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income | $ 0 | $ 0 | $ 0 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Dividend Income, Percent | 0.00% | 0.00% | 0.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution | $ 0 | $ 0.24 | $ 0.16 | |||||||||||
Income Taxes, Cash Dividends Distributed Attributable to Non-Dividend Distribution, Percent | 0.00% | 100.00% | 100.00% | |||||||||||
Income Taxes, Cash Dividends Distributed Total | $ 7.53000 | $ 0.24000 | $ 0.16000 | |||||||||||
Income Taxes, Cash Dividends Distributed Total, Percent | 100.00% | 100.00% | 100.00% | |||||||||||
Minimum | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Distribution % of annual taxable income to stockholders | 90.00% | 90.00% | ||||||||||||
Maximum | ||||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||||
Distribution % of annual taxable income to stockholders | 100.00% |
Redeemable Noncontrolling Int67
Redeemable Noncontrolling Interests/Units in FelCor LP - Narrative (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2017USD ($) | Aug. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) |
Noncontrolling Interest [Line Items] | ||||
Business combination, stock conversion ratio | 0.362 | |||
FelCor Lodging LP | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units, at redemption value | $ 0 | |||
Predecessor | FelCor Lodging LP | ||||
Noncontrolling Interest [Line Items] | ||||
Redeemable units, at redemption value | $ 4,455 | $ 4,888 | $ 4,464 | |
Predecessor | Common Stock | FelCor Lodging LP | ||||
Noncontrolling Interest [Line Items] | ||||
Outstanding limited partnership units (in shares) | shares | 610,183 | |||
Redeemable units, at redemption value | $ 4,500 | $ 4,900 | ||
Closing price of common stock | $ / shares | $ 7.30 | $ 8.01 |
Redeemable Noncontrolling Int68
Redeemable Noncontrolling Interests/Units in FelCor LP - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Net loss | $ 179 | $ 78 | $ (19) |
Predecessor | FelCor Lodging LP | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||
Balance at beginning of the period | 4,888 | 4,464 | |
Conversion of units | 0 | (9) | |
Redemption value allocation | 196 | 673 | |
Distributions paid to unitholders | (134) | (147) | |
Net loss | (495) | (93) | |
Balance at end of the period | $ 4,455 | $ 4,888 | $ 4,464 |
Severance (Details)
Severance (Details) - Predecessor - USD ($) $ in Millions | 8 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Severance Costs | $ 34.5 | $ 6.9 | $ 3.7 |
Equity based severance | $ 8.4 | $ 2.9 | $ 1.4 |
Supplemental Information to S70
Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flows [Line Items] | ||||
Restricted cash reserves | $ 3,300 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18,031 | |||
Capital Expenditures Incurred but Not yet Paid | 8,587 | |||
Interest paid, net of capitalized interest | 33,410 | |||
Income taxes (refund) paid | (85) | |||
Distribution of FelCor TRS, non-cash transaction | $ 51,267 | |||
Predecessor | ||||
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | $ 47,396 | $ 59,786 | ||
Restricted cash reserves | 17,038 | $ 19,500 | 17,702 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 64,434 | 66,808 | 77,488 | |
Capital Expenditures Incurred but Not yet Paid | 3,640 | 3,124 | 7,668 | |
Interest paid, net of capitalized interest | 38,677 | 74,499 | 74,585 | |
Income taxes (refund) paid | 1,346 | 332 | 1,187 | |
Distribution of FelCor TRS, non-cash transaction | $ 0 | $ 0 | $ 0 |
Quarterly Operating Results (71
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) attributable to FelCor LP | $ (41,356) | $ (18,050) | $ 4,526 | ||||||||||
FelCor Lodging LP | |||||||||||||
Revenues | $ 20,854 | $ 60,405 | $ 81,259 | ||||||||||
Income from continuing operations | 4,539 | 6,882 | 11,421 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | |||||||||||
Net income (loss) attributable to FelCor LP | 4,366 | (235) | (97,340) | 3,405 | (9,059) | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 4,366 | (235) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131 | ||||||||||||
FelCor Lodging LP | Predecessor | |||||||||||||
Revenues | $ 142,971 | $ 220,440 | $ 188,104 | $ 195,923 | $ 222,981 | $ 237,906 | $ 210,144 | 551,515 | 866,954 | 886,254 | |||
Income from continuing operations | (54,999) | (1,253) | (35,475) | 730 | (9,761) | 14,400 | (4,367) | (91,727) | 1,002 | (23,560) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3,415) | 0 | 0 | 0 | (3,131) | 0 | 0 | (3,415) | (3,131) | 669 | |||
Net income (loss) attributable to FelCor LP | (59,449) | (1,794) | (36,097) | 102 | (5,149) | 13,422 | (4,970) | (97,340) | 3,405 | (9,059) | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ (63,635) | $ (8,073) | $ (42,376) | $ (6,176) | $ (11,428) | $ 7,143 | $ (11,249) | (110,742) | (18,708) | (46,026) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (97,340) | $ 3,405 | $ (9,059) | ||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.43) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.80) | $ (0.13) | $ (0.33) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | (0.02) | 0 | 0 | 0 | (0.02) | 0 | 0 | (0.02) | (0.02) | 0 | |||
Earnings Per Share, Basic and Diluted | $ (0.45) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.83) | $ (0.16) | $ (0.33) | |||
Weighted Average Number of Shares Outstanding, Basic | 138,514,851 | 138,476,026 | 138,387,834 | 137,853,751 | 138,074,647 | 138,793,305 | 140,289,138 | 137,941,926 | 138,739,214 | 138,341,900 | |||
Weighted Average Number of Shares Outstanding, Diluted | 138,514,851 | 138,476,026 | 138,387,834 | 137,853,751 | 138,074,647 | 139,289,770 | 140,289,138 | 137,941,926 | 138,739,214 | 138,341,900 | |||
Rangers Sub I, LLC | |||||||||||||
Revenues | 20,854 | 60,405 | 81,259 | ||||||||||
Income from continuing operations | 4,539 | 6,882 | 11,421 | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | |||||||||||
Net income (loss) attributable to FelCor LP | 4,321 | (231) | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 4,321 | $ (231) | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 4,090 | ||||||||||||
Rangers Sub I, LLC | Predecessor | |||||||||||||
Revenues | $ 142,971 | $ 220,440 | $ 188,104 | $ 195,923 | $ 222,981 | $ 237,906 | $ 210,144 | $ 551,515 | $ 866,954 | $ 886,254 | |||
Income from continuing operations | (54,999) | (1,253) | (35,475) | 730 | (9,761) | 14,400 | (4,367) | (91,727) | 1,002 | (23,560) | |||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3,415) | 0 | 0 | 0 | (3,131) | 0 | 0 | ||||||
Net income (loss) attributable to FelCor LP | (59,175) | (1,759) | (35,911) | 128 | (5,099) | 13,391 | (4,922) | (96,845) | 3,498 | (8,865) | |||
Net Income (Loss) Available to Common Stockholders, Basic | $ (63,361) | $ (8,038) | $ (42,190) | $ (6,150) | $ (11,378) | $ 7,112 | $ (11,201) | (110,262) | (18,628) | (45,829) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (96,845) | $ 3,498 | $ (8,865) | ||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.43) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.06) | $ 0.05 | $ (0.08) | $ (0.80) | $ (0.13) | $ (0.33) | |||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | (0.02) | 0 | 0 | 0 | 0 | 0 | 0 | (0.02) | (0.02) | 0 | |||
Earnings Per Share, Basic and Diluted | $ (0.46) | $ (0.06) | $ (0.31) | $ (0.04) | $ (0.08) | $ 0.05 | $ (0.08) | $ (0.83) | $ (0.16) | $ (0.33) | |||
Weighted Average Number of Shares Outstanding, Basic | 137,904,668 | 137,865,843 | 137,777,651 | 137,243,568 | 137,463,547 | 138,181,843 | 139,677,676 | 137,331,743 | 138,128,165 | 137,730,438 | |||
Weighted Average Number of Shares Outstanding, Diluted | 137,904,668 | 137,865,843 | 137,777,651 | 137,243,568 | 137,463,547 | 138,678,288 | 139,677,676 | 137,331,743 | 138,128,165 | 137,730,438 |
FelCor LP's Consolidating Fin72
FelCor LP's Consolidating Financial Information - Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 01, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||||
Investment in hotel properties, net | $ 2,497,880 | |||||
Restricted cash reserves | 3,300 | |||||
Debt, net | $ 1,299,105 | $ 1,300,000 | ||||
Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Investment in hotel properties, net | 1,566,823 | |||||
Cash and cash equivalents | $ 47,396 | $ 59,786 | ||||
Restricted cash reserves | 17,038 | 19,500 | 17,702 | |||
Debt, net | 1,338,326 | |||||
FelCor Lodging LP | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Percentage of subsidiary guarantor owned by company | 100.00% | |||||
Equity investment in consolidated entities | $ 0 | |||||
Investment in hotel properties, net | 2,497,880 | |||||
Intangible assets, net | 118,170 | |||||
Investment in unconsolidated joint ventures | 16,912 | |||||
Cash and cash equivalents | 14,728 | |||||
Restricted cash reserves | 3,303 | |||||
Related party rent receivable | 80,090 | |||||
Hotel and other receivables, net | 0 | |||||
Prepaid expense and other assets | 12,691 | |||||
Total assets | 2,743,774 | |||||
Debt, net | 1,299,105 | |||||
Accounts payable and other liabilities | 54,191 | |||||
Related party lease termination fee payable | 7,707 | |||||
Advance deposits and deferred revenue | 0 | |||||
Accrued interest | 12,286 | |||||
Distributions payable | 126 | |||||
Total liabilities | 1,373,415 | |||||
Redeemable units, at redemption value | 0 | |||||
Common units | 1,320,029 | |||||
Total member's/shareholders’ equity | 1,320,029 | |||||
Noncontrolling interests | 5,900 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 44,430 | |||||
Total equity | 1,370,359 | $ 1,526,745 | ||||
Total liabilities and equity | 2,743,774 | |||||
FelCor Lodging LP | Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 0 | |||||
Investment in hotel properties, net | 1,566,823 | |||||
Investment in unconsolidated joint ventures | 8,312 | |||||
Cash and cash equivalents | 47,317 | |||||
Restricted cash reserves | 19,491 | |||||
Related party rent receivable | 0 | |||||
Hotel and other receivables, net | 26,651 | |||||
Prepaid expense and other assets | 38,498 | |||||
Total assets | 1,707,092 | |||||
Debt, net | 1,338,326 | |||||
Accounts payable and other liabilities | 78,282 | |||||
Related party lease termination fee payable | 0 | |||||
Advance deposits and deferred revenue | 25,405 | |||||
Accrued interest | 12,750 | |||||
Distributions payable | 14,858 | |||||
Total liabilities | 1,469,621 | |||||
Redeemable units, at redemption value | 4,455 | 4,888 | 4,464 | |||
Preferred units | 309,337 | |||||
Common units | (128,040) | |||||
Total member's/shareholders’ equity | 181,297 | |||||
Noncontrolling interests | 7,503 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 43,783 | |||||
Total equity | $ 102,986 | 232,583 | $ 311,145 | $ 362,867 | ||
Total liabilities and equity | 1,707,092 | |||||
FelCor Lodging LP | Eliminations | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | (2,384,094) | |||||
Investment in hotel properties, net | 0 | |||||
Intangible assets, net | 0 | |||||
Investment in unconsolidated joint ventures | 0 | |||||
Cash and cash equivalents | 0 | |||||
Restricted cash reserves | 0 | |||||
Related party rent receivable | 0 | |||||
Prepaid expense and other assets | 0 | |||||
Total assets | (2,384,094) | |||||
Debt, net | (32,709) | |||||
Accounts payable and other liabilities | 0 | |||||
Related party lease termination fee payable | 0 | |||||
Accrued interest | 0 | |||||
Distributions payable | 0 | |||||
Total liabilities | (32,709) | |||||
Common units | (2,351,385) | |||||
Total member's/shareholders’ equity | (2,351,385) | |||||
Noncontrolling interests | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | (2,351,385) | |||||
Total liabilities and equity | (2,384,094) | |||||
FelCor Lodging LP | Eliminations | Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | (1,190,737) | |||||
Investment in hotel properties, net | 0 | |||||
Investment in unconsolidated joint ventures | 0 | |||||
Cash and cash equivalents | 0 | |||||
Restricted cash reserves | 0 | |||||
Hotel and other receivables, net | 0 | |||||
Prepaid expense and other assets | 0 | |||||
Total assets | (1,190,737) | |||||
Debt, net | (39,436) | |||||
Accounts payable and other liabilities | 0 | |||||
Advance deposits and deferred revenue | 0 | |||||
Accrued interest | 0 | |||||
Distributions payable | 0 | |||||
Total liabilities | (39,436) | |||||
Redeemable units, at redemption value | 0 | |||||
Preferred units | 0 | |||||
Common units | (1,151,301) | |||||
Total member's/shareholders’ equity | (1,151,301) | |||||
Noncontrolling interests | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | (1,151,301) | |||||
Total liabilities and equity | (1,190,737) | |||||
FelCor Lodging LP | Parent Company | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 2,384,094 | |||||
Investment in hotel properties, net | 0 | |||||
Intangible assets, net | 0 | |||||
Investment in unconsolidated joint ventures | 16,912 | |||||
Cash and cash equivalents | 9,202 | |||||
Restricted cash reserves | 436 | |||||
Related party rent receivable | 0 | |||||
Prepaid expense and other assets | 4,405 | |||||
Total assets | 2,415,049 | |||||
Debt, net | 1,062,716 | |||||
Accounts payable and other liabilities | 20,018 | |||||
Related party lease termination fee payable | 0 | |||||
Accrued interest | 12,286 | |||||
Distributions payable | 0 | |||||
Total liabilities | 1,095,020 | |||||
Common units | 1,320,029 | |||||
Total member's/shareholders’ equity | 1,320,029 | |||||
Noncontrolling interests | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | 1,320,029 | |||||
Total liabilities and equity | 2,415,049 | |||||
FelCor Lodging LP | Parent Company | Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 1,190,737 | |||||
Investment in hotel properties, net | 0 | |||||
Investment in unconsolidated joint ventures | 2,410 | |||||
Cash and cash equivalents | 13,532 | |||||
Restricted cash reserves | 0 | |||||
Hotel and other receivables, net | 0 | |||||
Prepaid expense and other assets | 8,438 | |||||
Total assets | 1,215,117 | |||||
Debt, net | 985,767 | |||||
Accounts payable and other liabilities | 15,209 | |||||
Advance deposits and deferred revenue | 923 | |||||
Accrued interest | 12,299 | |||||
Distributions payable | 14,734 | |||||
Total liabilities | 1,028,932 | |||||
Redeemable units, at redemption value | 4,888 | |||||
Preferred units | 309,337 | |||||
Common units | (128,040) | |||||
Total member's/shareholders’ equity | 181,297 | |||||
Noncontrolling interests | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | 181,297 | |||||
Total liabilities and equity | 1,215,117 | |||||
FelCor Lodging LP | Subsidiary Guarantors | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 0 | |||||
Investment in hotel properties, net | 856,541 | |||||
Intangible assets, net | 48,846 | |||||
Investment in unconsolidated joint ventures | 0 | |||||
Cash and cash equivalents | 0 | |||||
Restricted cash reserves | 0 | |||||
Related party rent receivable | 32,200 | |||||
Prepaid expense and other assets | 3,292 | |||||
Total assets | 940,879 | |||||
Debt, net | 0 | |||||
Accounts payable and other liabilities | 13,605 | |||||
Related party lease termination fee payable | 0 | |||||
Accrued interest | 0 | |||||
Distributions payable | 0 | |||||
Total liabilities | 13,605 | |||||
Common units | 927,274 | |||||
Total member's/shareholders’ equity | 927,274 | |||||
Noncontrolling interests | 0 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | 927,274 | |||||
Total liabilities and equity | 940,879 | |||||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 0 | |||||
Investment in hotel properties, net | 488,528 | |||||
Investment in unconsolidated joint ventures | 4,800 | |||||
Cash and cash equivalents | 29,141 | |||||
Restricted cash reserves | 16,433 | |||||
Hotel and other receivables, net | 26,651 | |||||
Prepaid expense and other assets | 16,696 | |||||
Total assets | 582,249 | |||||
Debt, net | 0 | |||||
Accounts payable and other liabilities | 54,960 | |||||
Advance deposits and deferred revenue | 24,479 | |||||
Accrued interest | 0 | |||||
Distributions payable | 0 | |||||
Total liabilities | 79,439 | |||||
Redeemable units, at redemption value | 0 | |||||
Preferred units | 0 | |||||
Common units | 503,765 | |||||
Total member's/shareholders’ equity | 503,765 | |||||
Noncontrolling interests | (955) | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 0 | |||||
Total equity | 502,810 | |||||
Total liabilities and equity | 582,249 | |||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 0 | |||||
Investment in hotel properties, net | 1,641,339 | |||||
Intangible assets, net | 69,324 | |||||
Investment in unconsolidated joint ventures | 0 | |||||
Cash and cash equivalents | 5,526 | |||||
Restricted cash reserves | 2,867 | |||||
Related party rent receivable | 47,890 | |||||
Prepaid expense and other assets | 4,994 | |||||
Total assets | 1,771,940 | |||||
Debt, net | 269,098 | |||||
Accounts payable and other liabilities | 20,568 | |||||
Related party lease termination fee payable | 7,707 | |||||
Accrued interest | 0 | |||||
Distributions payable | 126 | |||||
Total liabilities | 297,499 | |||||
Common units | 1,424,111 | |||||
Total member's/shareholders’ equity | 1,424,111 | |||||
Noncontrolling interests | 5,900 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 44,430 | |||||
Total equity | 1,474,441 | |||||
Total liabilities and equity | $ 1,771,940 | |||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Equity investment in consolidated entities | 0 | |||||
Investment in hotel properties, net | 1,078,295 | |||||
Investment in unconsolidated joint ventures | 1,102 | |||||
Cash and cash equivalents | 4,644 | |||||
Restricted cash reserves | 3,058 | |||||
Hotel and other receivables, net | 0 | |||||
Prepaid expense and other assets | 13,364 | |||||
Total assets | 1,100,463 | |||||
Debt, net | 391,995 | |||||
Accounts payable and other liabilities | 8,113 | |||||
Advance deposits and deferred revenue | 3 | |||||
Accrued interest | 451 | |||||
Distributions payable | 124 | |||||
Total liabilities | 400,686 | |||||
Redeemable units, at redemption value | 0 | |||||
Preferred units | 0 | |||||
Common units | 647,536 | |||||
Total member's/shareholders’ equity | 647,536 | |||||
Noncontrolling interests | 8,458 | |||||
Preferred equity in a consolidated joint venture, liquidation value of $45,430 and $44,667 at December 31, 2017 and 2016, respectively | 43,783 | |||||
Total equity | 699,777 | |||||
Total liabilities and equity | $ 1,100,463 |
FelCor LP's Consolidating Fin73
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Operations and Comprehensive Loss (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Aug. 31, 2017 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expense | |||||||||||||||||
Impairment loss | $ 0 | $ 35.1 | $ 26.5 | $ 20.9 | |||||||||||||
Transaction costs | 4,200,000 | ||||||||||||||||
Operating income (loss) | (39,771,000) | (24,451,000) | (15,486,000) | ||||||||||||||
Interest expense | (19,270,340) | ||||||||||||||||
Loss on debt extinguishment | 0 | 0 | (309,000) | ||||||||||||||
Equity in income from unconsolidated joint ventures | 661,000 | ||||||||||||||||
Income tax expense | 0 | 500,000 | 900,000 | 1,200,000 | |||||||||||||
Predecessor | |||||||||||||||||
Expense | |||||||||||||||||
Impairment loss | $ 24,800,000 | $ 20,100,000 | $ 6,300,000 | $ 20,900,000 | 35,100,000 | 26,500,000 | 20,900,000 | ||||||||||
Transaction costs | 68,200,000 | ||||||||||||||||
Interest expense | (51,700,000) | (78,200,000) | (79,100,000) | ||||||||||||||
Equity in income from unconsolidated joint ventures | 1,074,000 | 1,533,000 | 7,833,000 | ||||||||||||||
FelCor Lodging LP | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 0 | ||||||||||||||||
Food and beverage revenue | 0 | ||||||||||||||||
Percentage lease revenue | 81,259,000 | ||||||||||||||||
Other revenue | 0 | ||||||||||||||||
Total revenue | $ 20,854,000 | $ 60,405,000 | 81,259,000 | ||||||||||||||
Expense | |||||||||||||||||
Room expense | 0 | ||||||||||||||||
Food and beverage expense | 0 | ||||||||||||||||
Food and beverage expense | 0 | ||||||||||||||||
Other operating expense | 0 | ||||||||||||||||
Depreciation and amortization | 28,965,000 | ||||||||||||||||
Impairment loss | 0 | ||||||||||||||||
Property tax, insurance and other | 17,062,000 | ||||||||||||||||
General and administrative | 1,019,000 | ||||||||||||||||
Transaction costs | 4,193,000 | ||||||||||||||||
Total operating expense | 51,239,000 | ||||||||||||||||
Operating income (loss) | 30,020,000 | ||||||||||||||||
Other Nonoperating Income (Expense) | 0 | ||||||||||||||||
Interest income | 10,000 | ||||||||||||||||
Interest expense | (19,270,000) | ||||||||||||||||
Loss on debt extinguishment | 0 | ||||||||||||||||
Income (loss) before income tax expense | 10,760,000 | ||||||||||||||||
Equity in income from consolidated entities | 0 | ||||||||||||||||
Equity in income from unconsolidated joint ventures | 661,000 | ||||||||||||||||
Income (loss) before income tax expense | 11,421,000 | ||||||||||||||||
Income tax expense | 0 | ||||||||||||||||
Income from continuing operations | 4,539,000 | 6,882,000 | 11,421,000 | ||||||||||||||
Loss from discontinued operations | $ 0 | $ 0 | |||||||||||||||
Loss before gain on sale of hotel properties | 11,421,000 | ||||||||||||||||
(Loss) gain on sale of hotel properties | (6,637,000) | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 4,784,000 | ||||||||||||||||
Income attributable to noncontrolling interests | (157,000) | ||||||||||||||||
Preferred distributions - consolidated joint venture | (496,000) | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | ||||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 4,131,000 | ||||||||||||||||
FelCor Lodging LP | Predecessor | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 425,682,000 | 661,640,000 | 673,276,000 | ||||||||||||||
Food and beverage revenue | 90,572,000 | 155,227,000 | 158,531,000 | ||||||||||||||
Percentage lease revenue | 0 | 0 | 0 | ||||||||||||||
Other revenue | 35,261,000 | 50,087,000 | 54,447,000 | ||||||||||||||
Total revenue | $ 142,971,000 | $ 220,440,000 | $ 188,104,000 | $ 195,923,000 | $ 222,981,000 | $ 237,906,000 | $ 210,144,000 | 551,515,000 | 866,954,000 | 886,254,000 | |||||||
Expense | |||||||||||||||||
Room expense | 112,813,000 | 171,883,000 | 172,252,000 | ||||||||||||||
Food and beverage expense | 71,828,000 | 119,047,000 | 123,384,000 | ||||||||||||||
Food and beverage expense | 19,901,000 | 32,935,000 | 35,572,000 | ||||||||||||||
Other operating expense | 147,827,000 | 227,300,000 | 241,051,000 | ||||||||||||||
Depreciation and amortization | 28,965,000 | 73,065,000 | 114,054,000 | 114,452,000 | |||||||||||||
Impairment loss | 35,109,000 | 26,459,000 | 20,861,000 | ||||||||||||||
Property tax, insurance and other | 44,278,000 | 70,057,000 | 71,686,000 | ||||||||||||||
General and administrative | 16,006,000 | 27,037,000 | 27,283,000 | ||||||||||||||
Transaction costs | 68,248,000 | 0 | 0 | ||||||||||||||
Total operating expense | 589,075,000 | 788,772,000 | 806,541,000 | ||||||||||||||
Operating income (loss) | (37,560,000) | 78,182,000 | 79,713,000 | ||||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | ||||||||||||||
Other Nonoperating Income (Expense) | 100,000 | 342,000 | 166,000 | ||||||||||||||
Interest income | 126,000 | 62,000 | 24,000 | ||||||||||||||
Interest expense | (51,690,000) | (78,244,000) | (79,142,000) | ||||||||||||||
Loss on debt extinguishment | (3,278,000) | 0 | (30,909,000) | ||||||||||||||
Income (loss) before income tax expense | (92,302,000) | 342,000 | (30,148,000) | ||||||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||||||
Equity in income from unconsolidated joint ventures | 1,074,000 | 1,533,000 | 7,833,000 | ||||||||||||||
Income (loss) before income tax expense | (91,228,000) | 1,875,000 | (22,315,000) | ||||||||||||||
Income tax expense | (499,000) | (873,000) | (1,245,000) | ||||||||||||||
Income from continuing operations | (54,999,000) | (1,253,000) | (35,475,000) | 730,000 | (9,761,000) | 14,400,000 | (4,367,000) | (91,727,000) | 1,002,000 | (23,560,000) | |||||||
Loss from discontinued operations | $ (3,415,000) | $ 0 | $ 0 | $ 0 | $ (3,131,000) | $ 0 | $ 0 | (3,415,000) | (3,131,000) | 669,000 | |||||||
Loss before gain on sale of hotel properties | (95,142,000) | (2,129,000) | (22,891,000) | ||||||||||||||
(Loss) gain on sale of hotel properties | (1,764,000) | 6,322,000 | 19,426,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) | (96,906,000) | 4,193,000 | (3,465,000) | ||||||||||||||
Income attributable to noncontrolling interests | 545,000 | 673,000 | (4,157,000) | ||||||||||||||
Preferred distributions - consolidated joint venture | (979,000) | (1,461,000) | (1,437,000) | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (97,340,000) | 3,405,000 | (9,059,000) | ||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (114,084,000) | (21,710,000) | (45,293,000) | ||||||||||||||
Preferred distributions | (16,744,000) | (25,115,000) | (36,234,000) | ||||||||||||||
FelCor Lodging LP | Eliminations | |||||||||||||||||
Revenue | |||||||||||||||||
Percentage lease revenue | 0 | ||||||||||||||||
Total revenue | 0 | ||||||||||||||||
Expense | |||||||||||||||||
Depreciation and amortization | 0 | ||||||||||||||||
Property tax, insurance and other | 0 | ||||||||||||||||
General and administrative | 0 | ||||||||||||||||
Transaction costs | 0 | ||||||||||||||||
Total operating expense | 0 | ||||||||||||||||
Operating income (loss) | 0 | ||||||||||||||||
Interest income | (104,000) | ||||||||||||||||
Interest expense | 104,000 | ||||||||||||||||
Income (loss) before income tax expense | 0 | ||||||||||||||||
Equity in income from consolidated entities | (24,434,000) | ||||||||||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||||||||||
Loss before gain on sale of hotel properties | (24,434,000) | ||||||||||||||||
(Loss) gain on sale of hotel properties | 0 | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | (24,434,000) | ||||||||||||||||
Income attributable to noncontrolling interests | 0 | ||||||||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (24,434,000) | ||||||||||||||||
FelCor Lodging LP | Eliminations | Predecessor | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 0 | 0 | 0 | ||||||||||||||
Food and beverage revenue | 0 | 0 | 0 | ||||||||||||||
Percentage lease revenue | (84,509,000) | (134,462,000) | (126,867,000) | ||||||||||||||
Other revenue | 0 | 0 | 0 | ||||||||||||||
Total revenue | (84,509,000) | (134,462,000) | (126,867,000) | ||||||||||||||
Expense | |||||||||||||||||
Room expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Other operating expense | 0 | 0 | 0 | ||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||
Impairment loss | 0 | 0 | 0 | ||||||||||||||
Property tax, insurance and other | (84,509,000) | (134,462,000) | (126,867,000) | ||||||||||||||
General and administrative | 0 | 0 | 0 | ||||||||||||||
Transaction costs | 0 | ||||||||||||||||
Total operating expense | (84,509,000) | (134,462,000) | (126,867,000) | ||||||||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | ||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||||||||
Interest income | 0 | 0 | 0 | ||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||
Loss on debt extinguishment | 0 | 0 | |||||||||||||||
Income (loss) before income tax expense | 0 | 0 | 0 | ||||||||||||||
Equity in income from consolidated entities | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Equity in income from unconsolidated joint ventures | 0 | 0 | 0 | ||||||||||||||
Income (loss) before income tax expense | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Income tax expense | 0 | 0 | 0 | ||||||||||||||
Income from continuing operations | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Loss from discontinued operations | 0 | 0 | 0 | ||||||||||||||
Loss before gain on sale of hotel properties | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
(Loss) gain on sale of hotel properties | 0 | 0 | 0 | ||||||||||||||
Net income (loss) and comprehensive income (loss) | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (12,779,000) | (69,540,000) | (73,274,000) | ||||||||||||||
Preferred distributions | 0 | 0 | 0 | ||||||||||||||
FelCor Lodging LP | Parent Company | |||||||||||||||||
Revenue | |||||||||||||||||
Percentage lease revenue | 0 | ||||||||||||||||
Total revenue | 0 | ||||||||||||||||
Expense | |||||||||||||||||
Depreciation and amortization | 151,000 | ||||||||||||||||
Property tax, insurance and other | 25,000 | ||||||||||||||||
General and administrative | 904,000 | ||||||||||||||||
Transaction costs | 4,079,000 | ||||||||||||||||
Total operating expense | 5,159,000 | ||||||||||||||||
Operating income (loss) | (5,159,000) | ||||||||||||||||
Interest income | 113,000 | ||||||||||||||||
Interest expense | (15,918,000) | ||||||||||||||||
Income (loss) before income tax expense | (20,964,000) | ||||||||||||||||
Equity in income from consolidated entities | 24,434,000 | ||||||||||||||||
Equity in income from unconsolidated joint ventures | 661,000 | ||||||||||||||||
Loss before gain on sale of hotel properties | 4,131,000 | ||||||||||||||||
(Loss) gain on sale of hotel properties | 0 | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 4,131,000 | ||||||||||||||||
Income attributable to noncontrolling interests | 0 | ||||||||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 4,131,000 | ||||||||||||||||
FelCor Lodging LP | Parent Company | Predecessor | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 0 | 0 | 0 | ||||||||||||||
Food and beverage revenue | 0 | 0 | 0 | ||||||||||||||
Percentage lease revenue | 0 | 0 | 0 | ||||||||||||||
Other revenue | 41,000 | 210,000 | 143,000 | ||||||||||||||
Total revenue | 41,000 | 210,000 | 143,000 | ||||||||||||||
Expense | |||||||||||||||||
Room expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Other operating expense | 0 | 0 | 0 | ||||||||||||||
Depreciation and amortization | 309,000 | 261,000 | 188,000 | ||||||||||||||
Impairment loss | 0 | 0 | 0 | ||||||||||||||
Property tax, insurance and other | 921,000 | 7,415,000 | 4,485,000 | ||||||||||||||
General and administrative | 0 | 0 | 0 | ||||||||||||||
Transaction costs | 68,248,000 | ||||||||||||||||
Total operating expense | 69,478,000 | 7,676,000 | 4,673,000 | ||||||||||||||
Operating income (loss) | (69,437,000) | (7,466,000) | (4,530,000) | ||||||||||||||
Intercompany interest income (expense) | 241,000 | 378,000 | 379,000 | ||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||||||||
Interest income | 66,000 | 31,000 | 5,000 | ||||||||||||||
Interest expense | (38,722,000) | (58,674,000) | (57,446,000) | ||||||||||||||
Loss on debt extinguishment | 0 | (28,459,000) | |||||||||||||||
Income (loss) before income tax expense | (107,852,000) | (65,731,000) | (90,051,000) | ||||||||||||||
Equity in income from consolidated entities | 12,779,000 | 69,540,000 | 73,274,000 | ||||||||||||||
Equity in income from unconsolidated joint ventures | 1,181,000 | 1,781,000 | 8,368,000 | ||||||||||||||
Income (loss) before income tax expense | (93,892,000) | 5,590,000 | (8,409,000) | ||||||||||||||
Income tax expense | (35,000) | 559,000 | (252,000) | ||||||||||||||
Income from continuing operations | (93,927,000) | 6,149,000 | (8,661,000) | ||||||||||||||
Loss from discontinued operations | (3,415,000) | (3,131,000) | 0 | ||||||||||||||
Loss before gain on sale of hotel properties | (97,342,000) | 3,018,000 | (8,661,000) | ||||||||||||||
(Loss) gain on sale of hotel properties | 2,000 | 387,000 | (398,000) | ||||||||||||||
Net income (loss) and comprehensive income (loss) | (97,340,000) | 3,405,000 | (9,059,000) | ||||||||||||||
Income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (97,340,000) | 3,405,000 | (9,059,000) | ||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (114,084,000) | (21,710,000) | (45,293,000) | ||||||||||||||
Preferred distributions | (16,744,000) | (25,115,000) | (36,234,000) | ||||||||||||||
FelCor Lodging LP | Subsidiary Guarantors | |||||||||||||||||
Revenue | |||||||||||||||||
Percentage lease revenue | 32,572,000 | ||||||||||||||||
Total revenue | 32,572,000 | ||||||||||||||||
Expense | |||||||||||||||||
Depreciation and amortization | 12,164,000 | ||||||||||||||||
Property tax, insurance and other | 8,800,000 | ||||||||||||||||
General and administrative | 59,000 | ||||||||||||||||
Transaction costs | 105,000 | ||||||||||||||||
Total operating expense | 21,128,000 | ||||||||||||||||
Operating income (loss) | 11,444,000 | ||||||||||||||||
Interest income | 0 | ||||||||||||||||
Interest expense | 0 | ||||||||||||||||
Income (loss) before income tax expense | 11,444,000 | ||||||||||||||||
Equity in income from consolidated entities | 0 | ||||||||||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||||||||||
Loss before gain on sale of hotel properties | 11,444,000 | ||||||||||||||||
(Loss) gain on sale of hotel properties | 0 | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 11,444,000 | ||||||||||||||||
Income attributable to noncontrolling interests | 0 | ||||||||||||||||
Preferred distributions - consolidated joint venture | 0 | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 11,444,000 | ||||||||||||||||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 425,682,000 | 661,640,000 | 673,276,000 | ||||||||||||||
Food and beverage revenue | 90,572,000 | 155,227,000 | 158,531,000 | ||||||||||||||
Percentage lease revenue | 0 | 0 | 0 | ||||||||||||||
Other revenue | 34,883,000 | 49,449,000 | 53,852,000 | ||||||||||||||
Total revenue | 551,137,000 | 866,316,000 | 885,659,000 | ||||||||||||||
Expense | |||||||||||||||||
Room expense | 112,813,000 | 171,883,000 | 172,252,000 | ||||||||||||||
Food and beverage expense | 71,828,000 | 119,047,000 | 123,384,000 | ||||||||||||||
Food and beverage expense | 19,901,000 | 32,935,000 | 35,572,000 | ||||||||||||||
Other operating expense | 147,827,000 | 227,300,000 | 241,051,000 | ||||||||||||||
Depreciation and amortization | 28,064,000 | 45,763,000 | 49,589,000 | ||||||||||||||
Impairment loss | 35,109,000 | 26,459,000 | 20,861,000 | ||||||||||||||
Property tax, insurance and other | 111,020,000 | 173,588,000 | 171,178,000 | ||||||||||||||
General and administrative | 8,914,000 | 14,848,000 | 15,022,000 | ||||||||||||||
Transaction costs | 0 | ||||||||||||||||
Total operating expense | 535,476,000 | 811,823,000 | 828,909,000 | ||||||||||||||
Operating income (loss) | 15,661,000 | 54,493,000 | 56,750,000 | ||||||||||||||
Intercompany interest income (expense) | 0 | 0 | 0 | ||||||||||||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | ||||||||||||||
Interest income | 59,000 | 30,000 | 11,000 | ||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||
Loss on debt extinguishment | 0 | 0 | |||||||||||||||
Income (loss) before income tax expense | 15,720,000 | 54,523,000 | 56,761,000 | ||||||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||||||
Equity in income from unconsolidated joint ventures | (77,000) | (202,000) | (489,000) | ||||||||||||||
Income (loss) before income tax expense | 15,643,000 | 54,321,000 | 56,272,000 | ||||||||||||||
Income tax expense | (464,000) | (1,586,000) | (993,000) | ||||||||||||||
Income from continuing operations | 15,179,000 | 52,735,000 | 55,279,000 | ||||||||||||||
Loss from discontinued operations | 0 | 0 | 11,000 | ||||||||||||||
Loss before gain on sale of hotel properties | 15,179,000 | 52,735,000 | 55,290,000 | ||||||||||||||
(Loss) gain on sale of hotel properties | (1,565,000) | 6,450,000 | (17,000) | ||||||||||||||
Net income (loss) and comprehensive income (loss) | 13,614,000 | 59,185,000 | 55,273,000 | ||||||||||||||
Income attributable to noncontrolling interests | 336,000 | 520,000 | 769,000 | ||||||||||||||
Preferred distributions - consolidated joint venture | 0 | 0 | 0 | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 13,950,000 | 59,705,000 | 56,042,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | 13,950,000 | 59,705,000 | 56,042,000 | ||||||||||||||
Preferred distributions | 0 | 0 | 0 | ||||||||||||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||||||||||||||
Revenue | |||||||||||||||||
Percentage lease revenue | 48,687,000 | ||||||||||||||||
Total revenue | 48,687,000 | ||||||||||||||||
Expense | |||||||||||||||||
Depreciation and amortization | 16,650,000 | ||||||||||||||||
Property tax, insurance and other | 8,237,000 | ||||||||||||||||
General and administrative | 56,000 | ||||||||||||||||
Transaction costs | 9,000 | ||||||||||||||||
Total operating expense | 24,952,000 | ||||||||||||||||
Operating income (loss) | 23,735,000 | ||||||||||||||||
Interest income | 1,000 | ||||||||||||||||
Interest expense | (3,456,000) | ||||||||||||||||
Income (loss) before income tax expense | 20,280,000 | ||||||||||||||||
Equity in income from consolidated entities | 0 | ||||||||||||||||
Equity in income from unconsolidated joint ventures | 0 | ||||||||||||||||
Loss before gain on sale of hotel properties | 20,280,000 | ||||||||||||||||
(Loss) gain on sale of hotel properties | (6,637,000) | ||||||||||||||||
Net income (loss) and comprehensive income (loss) | 13,643,000 | ||||||||||||||||
Income attributable to noncontrolling interests | (157,000) | ||||||||||||||||
Preferred distributions - consolidated joint venture | (496,000) | ||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 12,990,000 | ||||||||||||||||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||||||||||||||
Revenue | |||||||||||||||||
Room revenue | 0 | 0 | 0 | ||||||||||||||
Food and beverage revenue | 0 | 0 | 0 | ||||||||||||||
Percentage lease revenue | 84,509,000 | 134,462,000 | 126,867,000 | ||||||||||||||
Other revenue | 337,000 | 428,000 | 452,000 | ||||||||||||||
Total revenue | 84,846,000 | 134,890,000 | 127,319,000 | ||||||||||||||
Expense | |||||||||||||||||
Room expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Food and beverage expense | 0 | 0 | 0 | ||||||||||||||
Other operating expense | 0 | 0 | 0 | ||||||||||||||
Depreciation and amortization | 44,692,000 | 68,030,000 | 64,675,000 | ||||||||||||||
Impairment loss | 0 | 0 | 0 | ||||||||||||||
Property tax, insurance and other | 16,846,000 | 23,516,000 | 22,890,000 | ||||||||||||||
General and administrative | 7,092,000 | 12,189,000 | 12,261,000 | ||||||||||||||
Transaction costs | 0 | ||||||||||||||||
Total operating expense | 68,630,000 | 103,735,000 | 99,826,000 | ||||||||||||||
Operating income (loss) | 16,216,000 | 31,155,000 | 27,493,000 | ||||||||||||||
Intercompany interest income (expense) | (241,000) | (378,000) | (379,000) | ||||||||||||||
Other Nonoperating Income (Expense) | 100,000 | 342,000 | 166,000 | ||||||||||||||
Interest income | 1,000 | 1,000 | 8,000 | ||||||||||||||
Interest expense | (12,968,000) | (19,570,000) | (21,696,000) | ||||||||||||||
Loss on debt extinguishment | (3,278,000) | (2,450,000) | |||||||||||||||
Income (loss) before income tax expense | (170,000) | 11,550,000 | 3,142,000 | ||||||||||||||
Equity in income from consolidated entities | 0 | 0 | 0 | ||||||||||||||
Equity in income from unconsolidated joint ventures | (30,000) | (46,000) | (46,000) | ||||||||||||||
Income (loss) before income tax expense | (200,000) | 11,504,000 | 3,096,000 | ||||||||||||||
Income tax expense | 0 | 154,000 | 0 | ||||||||||||||
Income from continuing operations | (200,000) | 11,658,000 | 3,096,000 | ||||||||||||||
Loss from discontinued operations | 0 | 0 | 658,000 | ||||||||||||||
Loss before gain on sale of hotel properties | (200,000) | 11,658,000 | 3,754,000 | ||||||||||||||
(Loss) gain on sale of hotel properties | (201,000) | (515,000) | 19,841,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) | (401,000) | 11,143,000 | 23,595,000 | ||||||||||||||
Income attributable to noncontrolling interests | 209,000 | 153,000 | (4,926,000) | ||||||||||||||
Preferred distributions - consolidated joint venture | (979,000) | (1,461,000) | (1,437,000) | ||||||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,171,000) | 9,835,000 | 17,232,000 | ||||||||||||||
Net income (loss) and comprehensive income (loss) attributable to ownership interests/common shareholders | (1,171,000) | 9,835,000 | 17,232,000 | ||||||||||||||
Preferred distributions | $ 0 | $ 0 | $ 0 |
FelCor LP's Consolidating Fin74
FelCor LP's Consolidating Financial Information - Condensed Consolidating Statement of Cash Flows (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing activities: | |||||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 18,031 | ||||
Predecessor | |||||
Financing activities: | |||||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 64,434 | $ 66,808 | $ 77,488 | ||
FelCor Lodging LP | |||||
Operating activities: | |||||
Cash flows from operating activities | (72,152) | ||||
Investing activities: | |||||
Acquisition of land | 0 | ||||
Improvements and additions to hotel properties | (23,637) | ||||
Proceeds from the sale of hotel properties, net | 165,893 | ||||
Insurance proceeds | 0 | ||||
Distributions from unconsolidated entities | 0 | ||||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | 0 | ||||
Net cash flow provided by investing activities | 142,256 | ||||
Financing activities: | |||||
Proceeds from borrowings | 0 | ||||
Repayment of borrowings | (2,164) | ||||
Contributions from members | 130,076 | ||||
Distributions to noncontrolling interests | 0 | ||||
Contributions from noncontrolling interests | 0 | ||||
Redemption of preferred units | 0 | ||||
Repurchase of common units | 0 | ||||
Payment of deferred financing fees | (254) | ||||
Distributions to partners | 187,616 | ||||
Distribution of FelCor TRS | (51,867) | ||||
Preferred distributions - consolidated joint venture | (496) | ||||
Distributions to preferred unitholders | (4,186) | ||||
Distributions to common unitholders | 0 | ||||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | ||||
Intercompany financing | 0 | ||||
Net cash flow used in financing activities | (116,507) | ||||
Effect of exchange rate changes on cash | 0 | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (46,403) | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | 18,031 | 64,434 | |||
FelCor Lodging LP | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | 99,340 | 134,920 | 146,663 | ||
Investing activities: | |||||
Acquisition of land | 0 | (8,226) | 0 | ||
Improvements and additions to hotel properties | (63,802) | (74,264) | (48,436) | ||
Payments for development projects | (33,525) | ||||
Proceeds from the sale of hotel properties, net | 73,416 | 100,970 | 187,949 | ||
Insurance proceeds | 0 | 341 | 477 | ||
Distributions from unconsolidated entities | 840 | 1,586 | 7,317 | ||
Payments for Advance to Affiliate | 0 | 0 | (15) | ||
Intercompany financing | 0 | 0 | 0 | ||
Net cash flow provided by investing activities | 10,454 | 20,407 | 113,767 | ||
Financing activities: | |||||
Proceeds from borrowings | 66,000 | 85,000 | 1,025,438 | ||
Repayment of borrowings | (121,691) | (158,662) | (1,203,809) | ||
Contributions from members | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | (150) | (16) | (17,595) | ||
Contributions from noncontrolling interests | 333 | 636 | 2,809 | ||
Redemption of preferred units | 0 | 0 | (169,986) | ||
Repurchase of common units | 0 | (30,462) | (14,362) | ||
Payment of deferred financing fees | 0 | (12) | (14,952) | ||
Preferred distributions - consolidated joint venture | (977) | (1,461) | (1,431) | ||
Distributions to preferred unitholders | (18,836) | (25,115) | (32,404) | ||
Proceeds from Issuance of Common Limited Partners Units | 198,648 | ||||
Distributions to common unitholders | (30,926) | (33,606) | (22,385) | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | 597 | 1,744 | ||
Intercompany financing | 0 | 0 | 0 | ||
Other | (7,545) | (4,358) | (3,578) | ||
Net cash flow used in financing activities | (112,168) | (165,998) | (250,432) | ||
Effect of exchange rate changes on cash | 0 | (9) | (153) | ||
Net change in cash, cash equivalents, and restricted cash reserves | (2,374) | (10,680) | 9,845 | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | 64,434 | 66,808 | 77,488 | $ 67,643 | |
FelCor Lodging LP | Eliminations | |||||
Operating activities: | |||||
Cash flows from operating activities | 0 | ||||
Investing activities: | |||||
Improvements and additions to hotel properties | 0 | ||||
Proceeds from the sale of hotel properties, net | 0 | ||||
Intercompany financing | (108,590) | ||||
Net cash flow provided by investing activities | (108,590) | ||||
Financing activities: | |||||
Repayment of borrowings | 0 | ||||
Contributions from members | 0 | ||||
Payment of deferred financing fees | 0 | ||||
Distributions to partners | 0 | ||||
Distribution of FelCor TRS | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | 0 | ||||
Intercompany financing | 108,590 | ||||
Net cash flow used in financing activities | 108,590 | ||||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 0 | |||
FelCor Lodging LP | Eliminations | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | 0 | 0 | 0 | ||
Investing activities: | |||||
Acquisition of land | 0 | ||||
Improvements and additions to hotel properties | 0 | 0 | 0 | ||
Payments for development projects | 0 | ||||
Proceeds from the sale of hotel properties, net | 0 | 0 | 0 | ||
Insurance proceeds | 0 | 0 | |||
Distributions from unconsolidated entities | 0 | 0 | 0 | ||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | (91,391) | (149,667) | (184,776) | ||
Net cash flow provided by investing activities | (91,391) | (149,667) | (184,776) | ||
Financing activities: | |||||
Proceeds from borrowings | 0 | 0 | 0 | ||
Repayment of borrowings | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | 0 | ||
Redemption of preferred units | 0 | ||||
Repurchase of common units | 0 | 0 | |||
Payment of deferred financing fees | 0 | 0 | |||
Distributions to preferred unitholders | 0 | 0 | 0 | ||
Proceeds from Issuance of Common Limited Partners Units | 0 | ||||
Distributions to common unitholders | 0 | 0 | 0 | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | 0 | ||
Intercompany financing | 91,391 | 149,667 | 184,776 | ||
Other | 0 | 0 | 0 | ||
Net cash flow used in financing activities | 91,391 | 149,667 | 184,776 | ||
Effect of exchange rate changes on cash | 0 | 0 | |||
Net change in cash, cash equivalents, and restricted cash reserves | 0 | 0 | 0 | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 0 | 0 | 0 | |
FelCor Lodging LP | Parent Company | |||||
Operating activities: | |||||
Cash flows from operating activities | (44,202) | ||||
Investing activities: | |||||
Improvements and additions to hotel properties | 0 | ||||
Proceeds from the sale of hotel properties, net | 0 | ||||
Intercompany financing | 108,590 | ||||
Net cash flow provided by investing activities | 108,590 | ||||
Financing activities: | |||||
Repayment of borrowings | (990) | ||||
Contributions from members | 130,076 | ||||
Payment of deferred financing fees | 0 | ||||
Distributions to partners | 187,616 | ||||
Distribution of FelCor TRS | 0 | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | (4,186) | ||||
Intercompany financing | 0 | ||||
Net cash flow used in financing activities | (62,716) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | 1,672 | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | 9,637 | 7,965 | |||
FelCor Lodging LP | Parent Company | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | (40,773) | (65,416) | (54,129) | ||
Investing activities: | |||||
Acquisition of land | 0 | ||||
Improvements and additions to hotel properties | 1 | (11) | 242 | ||
Payments for development projects | 0 | ||||
Proceeds from the sale of hotel properties, net | (696) | (1,433) | (569) | ||
Insurance proceeds | 0 | 274 | |||
Distributions from unconsolidated entities | 840 | 1,586 | 6,517 | ||
Payments for Advance to Affiliate | (15) | ||||
Intercompany financing | 91,391 | 149,667 | 184,776 | ||
Net cash flow provided by investing activities | 91,536 | 149,809 | 191,225 | ||
Financing activities: | |||||
Proceeds from borrowings | 0 | 0 | 475,000 | ||
Repayment of borrowings | 0 | 0 | (545,453) | ||
Distributions to noncontrolling interests | 0 | 0 | 0 | ||
Contributions from noncontrolling interests | 0 | 0 | 0 | ||
Redemption of preferred units | (169,986) | ||||
Repurchase of common units | (30,462) | (14,362) | |||
Payment of deferred financing fees | 0 | (8,505) | |||
Distributions to preferred unitholders | (18,836) | (25,115) | (32,404) | ||
Proceeds from Issuance of Common Limited Partners Units | 198,648 | ||||
Distributions to common unitholders | (30,926) | (33,606) | (22,385) | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | 0 | ||
Intercompany financing | 0 | 0 | 0 | ||
Other | (6,568) | (2,897) | (2,147) | ||
Net cash flow used in financing activities | (56,330) | (92,080) | (121,594) | ||
Effect of exchange rate changes on cash | 0 | 0 | |||
Net change in cash, cash equivalents, and restricted cash reserves | (5,567) | (7,687) | 15,502 | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | 7,965 | 13,532 | 21,219 | 5,717 | |
FelCor Lodging LP | Subsidiary Guarantors | |||||
Operating activities: | |||||
Cash flows from operating activities | (11,078) | ||||
Investing activities: | |||||
Improvements and additions to hotel properties | (5,704) | ||||
Proceeds from the sale of hotel properties, net | 0 | ||||
Intercompany financing | 0 | ||||
Net cash flow provided by investing activities | (5,704) | ||||
Financing activities: | |||||
Repayment of borrowings | 0 | ||||
Contributions from members | 0 | ||||
Payment of deferred financing fees | 0 | ||||
Distributions to partners | 0 | ||||
Distribution of FelCor TRS | (51,867) | ||||
Preferred distributions - consolidated joint venture | 0 | ||||
Distributions to preferred unitholders | 0 | ||||
Intercompany financing | 20,142 | ||||
Net cash flow used in financing activities | (31,725) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | (48,507) | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | 0 | 48,507 | |||
FelCor Lodging LP | Subsidiary Guarantors | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | 85,899 | 115,577 | 123,302 | ||
Investing activities: | |||||
Acquisition of land | 0 | ||||
Improvements and additions to hotel properties | (16,727) | (31,309) | (42,039) | ||
Payments for development projects | 0 | ||||
Proceeds from the sale of hotel properties, net | 74,281 | 102,726 | (669) | ||
Insurance proceeds | 0 | 0 | |||
Distributions from unconsolidated entities | 0 | 0 | 800 | ||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | 0 | 0 | 0 | ||
Net cash flow provided by investing activities | 57,554 | 71,417 | (41,908) | ||
Financing activities: | |||||
Proceeds from borrowings | 0 | 0 | 0 | ||
Repayment of borrowings | 0 | 0 | 0 | ||
Distributions to noncontrolling interests | 0 | (14) | (444) | ||
Contributions from noncontrolling interests | 333 | 397 | 548 | ||
Redemption of preferred units | 0 | ||||
Repurchase of common units | 0 | 0 | |||
Payment of deferred financing fees | 0 | 0 | |||
Distributions to preferred unitholders | 0 | 0 | 0 | ||
Proceeds from Issuance of Common Limited Partners Units | 0 | ||||
Distributions to common unitholders | 0 | 0 | 0 | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 0 | 0 | 0 | ||
Intercompany financing | (140,853) | (191,117) | (76,697) | ||
Other | 0 | 0 | 0 | ||
Net cash flow used in financing activities | (140,520) | (190,734) | (76,593) | ||
Effect of exchange rate changes on cash | 0 | 0 | |||
Net change in cash, cash equivalents, and restricted cash reserves | 2,933 | (3,740) | 4,801 | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | 48,507 | 45,574 | 49,314 | 44,513 | |
FelCor Lodging LP | Non-Guarantor Subsidiaries | |||||
Operating activities: | |||||
Cash flows from operating activities | (16,872) | ||||
Investing activities: | |||||
Improvements and additions to hotel properties | (17,933) | ||||
Proceeds from the sale of hotel properties, net | 165,893 | ||||
Intercompany financing | 0 | ||||
Net cash flow provided by investing activities | 147,960 | ||||
Financing activities: | |||||
Repayment of borrowings | (1,174) | ||||
Contributions from members | 0 | ||||
Payment of deferred financing fees | (254) | ||||
Distributions to partners | 0 | ||||
Distribution of FelCor TRS | 0 | ||||
Preferred distributions - consolidated joint venture | (496) | ||||
Distributions to preferred unitholders | 0 | ||||
Intercompany financing | (128,732) | ||||
Net cash flow used in financing activities | (130,656) | ||||
Net change in cash, cash equivalents, and restricted cash reserves | 432 | ||||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 8,394 | 7,962 | |||
FelCor Lodging LP | Non-Guarantor Subsidiaries | Predecessor | |||||
Operating activities: | |||||
Cash flows from operating activities | 54,214 | 84,759 | 77,490 | ||
Investing activities: | |||||
Acquisition of land | (8,226) | ||||
Improvements and additions to hotel properties | (47,076) | (42,944) | (6,639) | ||
Payments for development projects | (33,525) | ||||
Proceeds from the sale of hotel properties, net | (169) | (323) | 189,187 | ||
Insurance proceeds | 341 | 203 | |||
Distributions from unconsolidated entities | 0 | 0 | 0 | ||
Payments for Advance to Affiliate | 0 | ||||
Intercompany financing | 0 | 0 | 0 | ||
Net cash flow provided by investing activities | (47,245) | (51,152) | 149,226 | ||
Financing activities: | |||||
Proceeds from borrowings | 66,000 | 85,000 | 550,438 | ||
Repayment of borrowings | (121,691) | (158,662) | (658,356) | ||
Distributions to noncontrolling interests | (150) | (2) | (17,151) | ||
Contributions from noncontrolling interests | 0 | 239 | 2,261 | ||
Redemption of preferred units | 0 | ||||
Repurchase of common units | 0 | 0 | |||
Payment of deferred financing fees | (12) | (6,447) | |||
Distributions to preferred unitholders | 0 | 0 | 0 | ||
Proceeds from Issuance of Common Limited Partners Units | 0 | ||||
Distributions to common unitholders | 0 | 0 | 0 | ||
Net proceeds from the issuance of preferred capital in a consolidated joint venture | 647 | 597 | 1,744 | ||
Intercompany financing | 49,462 | 41,450 | (108,079) | ||
Other | (977) | (1,461) | (1,431) | ||
Net cash flow used in financing activities | (6,709) | (32,851) | (237,021) | ||
Effect of exchange rate changes on cash | (9) | (153) | |||
Net change in cash, cash equivalents, and restricted cash reserves | 260 | 747 | (10,458) | ||
Cash, Cash Equivalents, and Restricted Cash Reserves | $ 7,962 | $ 7,702 | $ 6,955 | $ 17,413 |
Schedule III - Real Estate an75
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 01, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | $ 18,533 | $ 0 | $ 740,504 | $ 716,376 | $ 697,386 | $ 661,758 |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 21,165 | |||||
SEC Schedule III, Real Estate, Federal Income Tax Basis | 2,200,000 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 236,620 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 595,447 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,782,140 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 597,451 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,801,302 | |||||
SEC Schedule III, Real Estate, Gross | 2,398,753 | $ 2,537,854 | $ 2,004,598 | $ 2,108,117 | $ 2,229,492 | $ 2,062,289 |
Holiday Inn San Francisco Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 1,031 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 19 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,203 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,877 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,203 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,896 | |||||
SEC Schedule III, Real Estate, Gross | 26,099 | |||||
Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 390 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 129 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 27,054 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,866 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 27,063 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 45,986 | |||||
SEC Schedule III, Real Estate, Gross | 73,049 | |||||
Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 848 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 338 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 989 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,440 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 989 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 29,778 | |||||
SEC Schedule III, Real Estate, Gross | 30,767 | |||||
Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 267 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 21 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 154 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,625 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 154 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,646 | |||||
SEC Schedule III, Real Estate, Gross | 31,800 | |||||
Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 439 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 78 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,367 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,914 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,367 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,992 | |||||
SEC Schedule III, Real Estate, Gross | 60,359 | |||||
Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 615 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 410 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 300 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,711 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 300 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 73,121 | |||||
SEC Schedule III, Real Estate, Gross | 73,421 | |||||
Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 370 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 87 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,776 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,475 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,776 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,562 | |||||
SEC Schedule III, Real Estate, Gross | 51,338 | |||||
Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 1,580 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 43 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 174 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 51,934 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 174 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,977 | |||||
SEC Schedule III, Real Estate, Gross | 52,151 | |||||
Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 694 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 7,710 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,754 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,024 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,934 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,554 | |||||
SEC Schedule III, Real Estate, Gross | 75,488 | |||||
Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 579 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,599 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,932 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,599 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 68,932 | |||||
SEC Schedule III, Real Estate, Gross | 78,531 | |||||
The Knickerbocker New York [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 1,000 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 191 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 85,404 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 113,613 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 119,453 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 113,614 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 119,643 | |||||
SEC Schedule III, Real Estate, Gross | 233,257 | |||||
Sheraton Philadelphia Society Hill Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 711 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 289 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,304 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,333 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,317 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 83,608 | |||||
SEC Schedule III, Real Estate, Gross | 96,925 | |||||
Doubletree by Hilton Burlington Vermont [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 342 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 1,178 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,362 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,812 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,410 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,942 | |||||
SEC Schedule III, Real Estate, Gross | 40,352 | |||||
San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 910 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 2,317 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 46,773 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 107,841 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 46,812 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 110,119 | |||||
SEC Schedule III, Real Estate, Gross | 156,931 | |||||
Hilton Myrtle Beach Resort [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 646 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 83 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,864 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,713 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,870 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 73,790 | |||||
SEC Schedule III, Real Estate, Gross | 91,660 | |||||
Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 794 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 315 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,698 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 85,270 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,729 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 85,555 | |||||
SEC Schedule III, Real Estate, Gross | 89,284 | |||||
Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 476 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 594 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 39,616 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 55,163 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 39,634 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 55,739 | |||||
SEC Schedule III, Real Estate, Gross | 95,373 | |||||
Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 222 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 264 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 24,680 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,487 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 24,701 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,730 | |||||
SEC Schedule III, Real Estate, Gross | 49,431 | |||||
Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 328 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 148 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,743 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,687 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,743 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,835 | |||||
SEC Schedule III, Real Estate, Gross | 42,578 | |||||
Embassy Suites Napa Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 559 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 190 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 26,814 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 24,429 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,188 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 24,429 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,378 | |||||
SEC Schedule III, Real Estate, Gross | 87,807 | |||||
Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 491 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 696 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,103 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 55,236 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,501 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 55,534 | |||||
SEC Schedule III, Real Estate, Gross | 70,035 | |||||
Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 436 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 2,213 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 36,832 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,248 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,202 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,248 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,415 | |||||
SEC Schedule III, Real Estate, Gross | 50,663 | |||||
Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 253 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 787 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 43,157 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,399 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 43,216 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,127 | |||||
SEC Schedule III, Real Estate, Gross | 70,343 | |||||
Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 174 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 1,157 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,765 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,099 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,813 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 19,208 | |||||
SEC Schedule III, Real Estate, Gross | 34,021 | |||||
Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 482 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 75 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 35,769 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 53,280 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 35,780 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 53,344 | |||||
SEC Schedule III, Real Estate, Gross | 89,124 | |||||
Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 799 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 148 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,110 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 94,733 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,110 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 94,881 | |||||
SEC Schedule III, Real Estate, Gross | 107,991 | |||||
Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 534 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 479 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 34,339 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 30,933 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 54,592 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 31,051 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 54,953 | |||||
SEC Schedule III, Real Estate, Gross | 86,004 | |||||
Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 527 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 590 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,323 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,527 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,128 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,528 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 56,717 | |||||
SEC Schedule III, Real Estate, Gross | 64,245 | |||||
Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 299 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 131 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,408 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,694 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,408 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,825 | |||||
SEC Schedule III, Real Estate, Gross | 41,233 | |||||
Embassy Suites Boston Marlborough [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 177 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 376 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,233 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,114 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,233 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,490 | |||||
SEC Schedule III, Real Estate, Gross | 23,723 | |||||
Embassy Suites Birmingham [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 296 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 22,908 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,495 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,568 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,495 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,568 | |||||
SEC Schedule III, Real Estate, Gross | 44,063 | |||||
Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 444 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 41 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 31,279 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 46,015 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 31,279 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,056 | |||||
SEC Schedule III, Real Estate, Gross | 77,335 | |||||
DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 392 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 47 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 896 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,508 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 899 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,553 | |||||
SEC Schedule III, Real Estate, Gross | 45,452 | |||||
DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | 428 | |||||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Land | 21 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,072 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,827 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,072 | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 50,848 | |||||
SEC Schedule III, Real Estate, Gross | $ 57,920 | |||||
Minimum | Holiday Inn San Francisco Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | The Knickerbocker New York [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Sheraton Philadelphia Society Hill Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Doubletree by Hilton Burlington Vermont [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Hilton Myrtle Beach Resort [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Napa Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Boston Marlborough [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Birmingham [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Minimum | DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | |||||
Maximum | Holiday Inn San Francisco Fisherman's Wharf [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Santa Monica At The Pier [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham San Diego Bayside [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Pittsburgh University Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Philadelphia Historic District [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham New Orleans French Quarter [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Houston Medical Center [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Wyndham Boston Beacon Hill [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Vinoy Renaissance St. Petersburg Resort & Golf Club [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Mills House Wyndham Grand Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | The Knickerbocker New York [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Sheraton Philadelphia Society Hill Hotel [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Doubletree by Hilton Burlington Vermont [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | San Francisco Marriott Union Square [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Hilton Myrtle Beach Resort [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites San Francisco Airport Waterfront [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites San Francisco Airport South San Francisco [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Phoenix Biltmore [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Orlando International Drive [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Napa Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Myrtle Beach - Oceanfront Resort, SC [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Minneapolis Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Milpitas Silicon Valley [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Miami International Airport [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Mandalay Beach [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Los Angeles International Airport South [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Fort Lauderdale 17th Street [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Deerfield Beach - Resort & Spa, FL [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Dallas Love Field [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Boston Marlborough [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Birmingham [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | Embassy Suites Atlanta Buckhead [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | DoubleTree Suites by Hilton Orlando - Lake Buena Vista [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||||
Maximum | DoubleTree Suites by Hilton Austin [Member] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |
Schedule III - Real Estate an76
Schedule III - Real Estate and Accumulated Depreciation Reconciliation of Land and Buildings and Improvements (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 01, 2017 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (18,533) | $ (740,504) | $ (716,376) | $ (697,386) | $ 0 | $ (661,758) |
SEC Schedule III, Real Estate, Gross | 2,398,753 | 2,004,598 | 2,108,117 | 2,229,492 | $ 2,537,854 | $ 2,062,289 |
SEC Schedule III, Real Estate, Improvements | 22,305 | 30,403 | 20,973 | 15,324 | ||
Payments to Acquire Real Estate | 0 | 0 | 8,226 | 0 | ||
Real Estate, Completed Hotel Development | 0 | 0 | 0 | 299,341 | ||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | (161,406) | (133,922) | (150,574) | (147,462) | ||
Real Estate, Cumulative Impairment Charges on Real Estate Assets Owned | 0 | (55,145) | (75,227) | (76,008) | ||
Real Estate, Net of Impairment | 2,398,753 | 1,949,453 | 2,032,890 | 2,153,484 | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | (19,518) | (37,966) | (57,044) | (57,022) | ||
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | $ 985 | $ 13,838 | $ 38,054 | $ 21,394 |
Uncategorized Items - rlj-20171
Label | Element | Value |
FelCor Lodging LP [Member] | Predecessor [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 67,643,000 |
Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | 67,643,000 |
Additional Paid-in Capital [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,476,822,000 |
Additional Paid-in Capital [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,462,054,000 |
Additional Paid-in Capital [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 2,353,666,000 |
Retained Earnings [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Retained Earnings [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 0 |
Retained Earnings [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (2,530,671,000) |
Preferred Stock [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 478,749,000 |
Preferred Stock [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 478,749,000 |
Common Stock [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (175,759,000) |
Common Stock [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 1,246,000 |
Noncontrolling Interest, Operating Partnerships [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 14,768,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,493,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 18,435,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,493,000 |
Noncontrolling Interest, Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 18,435,000 |
Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 44,430,000 |
Preferred Capital in Consolidated Joint Venture [Member] | FelCor Lodging LP [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 41,442,000 |
Preferred Capital in Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 44,430,000 |
Preferred Capital in Consolidated Joint Venture [Member] | Rangers Sub I, LLC [Member] | Predecessor [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 41,442,000 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 596,560 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 1,363,293 |